Zaggle Acquires 38.34% Stake in Mobileware for ?22.85 Cr

29 Mar 2025 CW Team

Hyderabad-based spend management solutions provider, Zaggle Prepaid Ocean Services Limited, has acquired a 26% stake in Mobileware Technologies for ?156 million ($1.87 million). Additionally, it has purchased a 12.34% stake from Mobileware’s promoters for ?72.5 million ($870,000), bringing its total shareholding in the company to 38.34% on a fully diluted basis.

Mobileware Technologies is a key player in India's digital payments sector, offering solutions to banks, financial services firms, and non-banking financial companies (NBFCs). Zaggle stated that this strategic investment would bolster its position in the spend management and SaaS FinTech space.

“The integration with Mobileware has already started to enhance Zaggle’s offerings, enabling embedded payment experiences for its clientele,” the company said in a statement.

Raj P. Narayanam, Founder & Executive Chairman of Zaggle, highlighted that the investment aligns with Zaggle’s vision of delivering seamless digital payment solutions.

“Mobileware’s proven expertise in building robust payment infrastructures, particularly in UPI and NPCI-certified solutions, complements our strategy of offering integrated financial services,” Narayanam added.

Zaggle reported a 29.6% increase in consolidated profit after tax, reaching ?197 million ($2.36 million) in Q3 FY24, up from ?152 million ($1.82 million) in the previous year. The company recently raised ?5.95 billion ($71 million) via a Qualified Institutional Placement (QIP), with plans to fund strategic acquisitions and drive revenue growth towards a $1 billion target.

Infrastructure Transport

06 Feb 2026

Lucknow Metro East-West Corridor Consultancy Contract Awarded

The Uttar Pradesh Metro Rail Corporation has awarded the first construction-related consultancy contract for the Lucknow Metro East West Corridor to a joint venture of AYESA Ingenieria Arquitectura SAU and AYESA India Pvt Ltd. The firm was declared the lowest bidder for the Detailed Design Consultant contract for Lucknow Metro Line-2 under Phase 1B and the contract was recommended following the financial bid. The contract is valued at Rs 159.0 million (mn), covering design services for the corridor. Lucknow Metro Line-2 envisages the construction of an 11.165 kilometre corridor connecting Cha..

Div Com Kashmir Urges Fast Tracking Of Jhelum Water Transport Project

The Divisional Commissioner of Kashmir has called for the fast-tracking of the Jhelum water transport project, urging district administrations and relevant agencies to accelerate planning and clearances. In a meeting convened at the divisional headquarters, the commissioner instructed officials from irrigation, public health engineering and municipal departments to prioritise the project and coordinate survey and design work. The directive emphasised removal of administrative bottlenecks and close monitoring to ensure timely mobilisation of resources and contractors. Officials were told to in..

Interarch Reports Strong Q3 And Nine Month Results

Interarch Building Solutions Limited reported unaudited results for the third quarter and nine months ended 31 December 2025, recording strong revenue growth driven by execution and a robust order book. Net revenue for the third quarter rose by 43.7 per cent to Rs 5.225 billion (bn), compared with Rs 3.636 bn a year earlier, reflecting heightened demand in pre-engineered building projects. The company’s total order book as at 31 January 2026 stood at Rs 16.85 bn, supporting near-term visibility. EBITDA excluding other income for the quarter increased by 43.2 per cent to Rs 503 million (mn),..