Software-as-a-services firm Zaggle Prepaid Ocean Services Ltd said Thursday it has agreed to acquire spend management startup Dice Enterprises for Rs 123 crore ($14.3 million).
“The acquisition will product offerings for our customers and gives us access to a large base of existing customers of the target entity,” Zaggle said in a stock-exchange filing.
It said that the combined product offering enables the company to expand further in the Indian market as well as open opportunities for providing solutions globally. The acquisition will allow Zaggle to onboard a highly technically skilled workforce which would enhance its future product capabilities as well, it added.
Zaggle expects to complete the acquisition within 90 days.
Dice Enterprises is a spend management platform providing travel and expense management, accounts payable management and procurement management solutions. The company clocked revenue of Rs 6.3 crore in the financial year ended March 2024.
The acquisition comes about a year after Dice closed its Series A round of funding. It raised Rs 42 crore in the round led by Dallas Venture Capital. VC firm GVFL also took part in the round.
In another deal, Zaggle signed a non-binding term sheet to acquire Greenedge Enterprises Pvt Ltd for Rs 27 crore. Greenedge operates in the loyalty and rewards segment, focused on golf-based corporate engagement, Zaggle said. The acquisition will strengthen Zaggle’s product offerings in loyalty and rewards as well as the travel segments, the company said.
Zaggle has been on an acquisition spree since going public. In September 2024, the company acquired a 98.3% stake in Span Across IT Solutions for Rs 32 crore to help enter a new segment of employee related businesses. Additionally, the company acquired a 26% stake in digital payments infrastructure company Mobileware Technologies. Subsequently, the company increased its stake in Mobileware Technologies to 38.3%.
In March 2025, Zaggle’s board approved the acquisition of a 45.3% stake in EffiaSoft from existing shareholders Koushik Shree and Krishna Rao Akula for nearly Rs 37 crore.
In an interaction with VCCircle earlier this year, Zaggle founder and executive chairman Raj P Narayanam had said that the company was looking to make acquisitions in merchant card software, FASTag, and account receivable segments. Further, he said that the company had zeroed in on three firms.
Zaggle is banking on these acquisitions to fuel overall growth and expected to close these deals by March 2026.
The company’s net profit rose nearly 99% year-on-year to Rs 87.4 crore in the financial year ended March 2025.
