Zaggle Prepaid Ocean Services Ltd, a leading Mumbai-based fintech company, has announced its plan to acquire Dice Enterprises Private Limited in a deal valued at ₹123 crore. The acquisition, disclosed through a regulatory filing on June 5, 2025, marks a strategic move by Zaggle to broaden its product offerings and strengthen its position in India’s rapidly growing expense management sector.
The transaction will see Zaggle take full ownership of Dice Enterprises, a company recognized for its strong spend management platform specializing in corporate travel expense tracking, procurement, and accounts payable solutions. The acquisition is expected to be completed within 90 days of board clearance, with the final mode of payment—either cash or share swap—to be determined by Zaggle’s board.
Strengthening Product Portfolio and Market Reach:
This acquisition aligns closely with Zaggle’s strategy to not only expand its suite of digital financial solutions but also to gain access to Dice’s established customer base and highly skilled technical workforce. By integrating Dice’s expertise and technology, Zaggle aims to accelerate product innovation and enhance service delivery for its clients.
Dice Enterprises, founded in January 2018, has shown strong growth in recent years. Its revenue surged from ₹1.39 crore in FY22 to ₹6.32 crore in FY24, reflecting the increasing demand for digital spend management solutions among Indian businesses. The company’s platform is widely used for streamlining financial processes, including travel and expense management, procurement, and accounts payable, making it a valuable addition to Zaggle’s portfolio.
Zaggle’s leadership emphasized that the acquisition would not only expand their offerings but also provide opportunities for international growth. The move comes on the heels of Zaggle’s strong financial performance, with the company reporting a 67% year-on-year jump in net profit to ₹32 crore for Q4 FY25 and a 68% rise in annual revenue to ₹1,302.6 crore.
Rising Demand for Spend Management Solutions:
The acquisition comes at a time when the Indian corporate sector is witnessing a surge in demand for efficient spend management tools. As businesses increasingly shift toward digital processes, platforms like Dice’s have become essential for managing complex financial workflows and ensuring compliance.
Dice Enterprises recently closed its Series A funding round, raising ₹42 crore led by Dallas Venture Capital, underscoring investor confidence in the company’s growth prospects. The spend management market is expected to expand further as companies focus on optimizing operational costs and improving transparency in financial transactions.
Zaggle’s move to acquire Dice is part of a broader trend of consolidation in the fintech sector, as established players seek to enhance their technological capabilities and capture a larger share of the market. The deal also follows Zaggle’s recent board-approved acquisition of a significant stake in EffiaSoft, another software-as-a-service provider, and a non-binding term sheet to acquire Greenedge Enterprises, which operates in the loyalty and rewards segment.
Integration and Future Prospects:
Once finalized, the acquisition will grant Zaggle full control over Dice’s share capital and voting rights, paving the way for seamless integration of Dice’s solutions into Zaggle’s existing platform. The company expects that Dice’s team of technically skilled professionals will play a key role in driving future product development and innovation.
The deal does not require additional regulatory approvals and is subject only to the execution of definitive agreements and customary closing conditions. Zaggle’s management is optimistic that the combined entity will be well-positioned to address the evolving needs of businesses in India and potentially expand its reach to international markets.
With this acquisition, Zaggle is set to consolidate its leadership in the domestic spend management space, leveraging Dice’s technology and talent to deliver enhanced value to its customers. As the fintech landscape continues to evolve, Zaggle’s strategic investments signal its commitment to staying ahead in the competitive digital finance sector.
