Zaggle Prepaid Ocean Services, a B2B SaaS fintech firm, has announced two acquisitions with an investment of around Rs 48 crore. Zaggle has infused Rs 32.07 crore for a 98.32 percent controlling stake in Span Across IT Solutions, consequent to which the company will become a subsidiary of Zaggle, following the completion of the procedural requirements. It has also acquired a significant minority stake in Mobileware Technologies by investing Rs 15.60 crores for a 26 percent ownership stake on a post-issue and fully diluted basis.
Span Across IT Solutions known as TaxSpanner, is one of India's largest income tax preparation and e-filing companies. They specialise in providing digital solutions for tax and accounting services, helping businesses streamline their tax processes. By outsourcing these services, they enhance employee benefits and promote financial wellness, making tax management easier and more efficient for their clients. Their focus on digital transformation in the tax sector positions them as a key player in improving financial literacy and compliance for individuals and organizations alike. The acquisition gives Zaggle the opportunity to provide employees with an end-to-end solution that helps them right from tax filing to tax saving.
The other company, Mobileware, is a player in India's digital payments ecosystem empowering banks, financial services, NBFCs, and all financial institutions with their extensive suite of products, encompassing NPCI-certified switch solutions, including UPI, IMPS, AEPS, BBPS and proprietary API banking platform, TransXT,(also known as ‘Bank In A Box’!). This investment will strengthen Zaggle’s ability to deliver cutting-edge embedded payment experiences to its clientele.
The acquisition will enable Zaggle to leverage Mobileware’s expertise and infrastructure to enhance its payment offerings. Mobileware’s UPI switch solutions, available both on-premises and in the cloud, will empower Zaggle to develop and co-create new use cases for clients, including solutions for lending, credit, and card management services. This collaboration will strengthen Zaggle’s ability to deliver cutting-edge embedded payment experiences to its clientele.
“These strategic investments will not only enhance our offerings but also open up new opportunities to co-develop advanced solutions for our customers. Mobileware has been at the forefront of driving innovation in digital payments in India. Their expertise in developing robust payment infrastructure, especially in UPI and other NPCI-certified solutions, aligns seamlessly with our vision of providing integrated and effortless payment experiences, said, Raj Narayanam, Founder & Executive Chairman, Zaggle Prepaid Ocean Services Limited.
Mobileware founded in 2010 by Satyajit Kanekar and Amitabh Kanekar has played a pivotal role in transforming the digital payments landscape in India through its integrated suite of NPCI-certified switch solutions, including UPI, IMPS, AEPS, and BBPS.
“Our collaboration with Zaggle marks a significant milestone in the journey of both brands. As the industry evolves, customers increasingly seek integrated and holistic solutions, particularly in the BFSI sector. Zaggle’s strategic vision aligns perfectly with our goal of transforming the digital payments landscape. Together, we will leverage our combined strengths to deliver enhanced, secure, and more integrated payment experiences for our diverse clientele.,” said Satyajit Kanekar Co-Founder and CEO, Mobileware.
“At TaxSpanner, our mission has always been to simplify tax filing and compliance for both individuals and businesses. The acquisition by Zaggle presents an exciting opportunity for us to expand our reach and enhance our offerings. With Zaggle's innovative approach and robust presence in the SaaS FinTech space, we can now provide a more comprehensive, end-to-end tax solution for employees and businesses across India. We are eager to begin this new chapter and are committed to delivering even greater value to our customers through this partnership,” said Sudhir Kaushik, Co-Founder of TaxSpanner.
