Zaggle Prepaid Ocean Services, a B2B SaaS fintech company, has announced two significant acquisitions with a total investment of around Rs 48 crore. This move includes an infusion of Rs 32.07 crore for a 98.32% controlling stake in Span Across IT Solutions, which will become a subsidiary of Zaggle once all procedural requirements are completed. Additionally, Zaggle has acquired a 26% minority stake in Mobileware Technologies by investing Rs 15.60 crore on a post-issue and fully diluted basis.
Key Player in Tax Solutions
Span Across IT Solutions, known as TaxSpanner, is among India’s largest firms for income tax preparation and e-filing. The company specializes in digital solutions for tax and accounting, helping businesses streamline their tax processes. By outsourcing these services, TaxSpanner enhances employee benefits and promotes financial wellness. This acquisition allows Zaggle to provide an end-to-end solution that supports clients from tax filing to savings, improving financial literacy and compliance.
Zaggle Span Across Mobileware Deal
On the other hand, Mobileware plays a crucial role in India’s digital payments landscape. It empowers banks, financial services, and other financial institutions with a comprehensive suite of products, including NPCI-certified switch solutions like UPI, IMPS, AEPS, and BBPS. The investment in Mobileware will enable Zaggle to enhance its payment offerings by leveraging Mobileware’s expertise in payment infrastructure.
The acquisition will help Zaggle co-create innovative payment solutions for clients, focusing on lending, credit, and card management services. Raj Narayanam, Founder & Executive Chairman of Zaggle, stated, “These strategic investments will not only enhance our offerings but also create new opportunities for developing advanced solutions for our customers. Mobileware’s expertise in digital payments aligns with our vision of delivering integrated and effortless payment experiences.”
Vision for the Future
Founded in 2010 by Satyajit Kanekar and Amitabh Kanekar, Mobileware has significantly transformed the digital payments landscape in India. Satyajit Kanekar emphasized the importance of the collaboration, saying, “Together, we will leverage our strengths to provide enhanced and secure payment experiences for our diverse clientele.”
Sudhir Kaushik, Co-Founder of TaxSpanner, expressed enthusiasm about the acquisition, stating, “With Zaggle’s innovative approach in the SaaS FinTech space, we can expand our reach and provide a more comprehensive tax solution for businesses and employees across India.”
