Zaggle Expands Mobileware Technologies Stake, Reports Strong Q3 Growth
Zaggle Prepaid Ocean Services has announced plans to acquire an additional 16.67% stake in Mobileware Technologies, strengthening its position in the digital payments sector. The board's approved cash transaction is expected to close within 90 days.
Strategic Investment Details
The latest acquisition builds upon Zaggle's initial 26% stake in Mobileware Technologies. At the moment, the financial terms of the new deal remain undisclosed. However, the increased shareholding aligns with Zaggle's latest strategy, enhancing its digital infrastructure. Zaggle is mainly focused on lending, credit, and card management services.
Mobileware's Digital Payment Ecosystem
Mumbai-based Mobileware Technologies has established itself as a significant player in the digital payments space, offering solutions across:
- UPI, IMPS, BBPS, and AePS platforms
- TransXT is an API banking platform called 'Bank in a Box.'
- Services to over 80 banks and 20 fintech firms
Strong Q3 FY25 Performance
Zaggle's third-quarter results for FY25 demonstrate robust growth:
- Revenue increased 69% year-on-year to INR 336.89 crore
- Net profit grew 30% year-on-year to INR 19.74 crore
- The revenue growth forecast for FY25 was revised upward to 58-63%
Technology and Expansion Initiatives
The company is advancing its technological capabilities through:
- AI-driven automation, with its Razbot chatbot handling 60% of customer inquiries
- Planned expansion of AI capabilities across product lines
- Active exploration of additional fintech acquisitions
The company's stock closed at INR 472.00 on February 7, 2025, a 75.5% gain over the previous year. This undoubtedly reflects the market's confidence in Zaggle's growth strategy and expanded digital payments infrastructure.