Zaggle Prepaid Ocean Services Acquires 100% Stake in Dice Enterprises for ₹123 Crore

Zaggle Prepaid Ocean Services Limited has announced its acquisition of 100% of Dice Enterprises Private Limited for ₹123 Crore. 

Acquisition of Dice Enterprises by Zaggle

Zaggle Prepaid Ocean Services Limited, a leading name in prepaid card services and digital payment solutions, has entered into a significant agreement to acquire 100% of Dice Enterprises Private Limited.

This deal, which was formalised on June 5, 2025, involves the acquisition of both the share capital and the voting rights of Dice Enterprises, a prominent player in spend management services. This move marks a crucial step in Zaggle's expansion strategy, broadening its portfolio of products and services to cater to a growing customer base both in India and internationally.

Details of the Proposed Acquisition

The target company, Dice Enterprises, is a leading spend management platform, offering a range of solutions including travel and expense management, accounts payable management, and procurement management services. 

Founded on January 12, 2018, Dice has witnessed impressive growth over the years, with a turnover of ₹6.32 Crore for the financial year 2023-24. Zaggle intends to fully acquire Dice's shareholding for ₹123 Crore, with the final mode of payment – whether in cash or shares swap – to be determined by Zaggle's Board of Directors in due course.

Strategic Impact and Objectives of the Acquisition

The acquisition is expected to significantly enhance Zaggle’s product offerings and access to Dice’s established customer base. By integrating Dice's innovative solutions into its portfolio, Zaggle aims to strengthen its presence in the Indian market and open avenues for global expansion. 

Additionally, this acquisition will provide Zaggle access to a technically skilled workforce that will play a pivotal role in enhancing its future product capabilities.

Financial Considerations and Timeline

The transaction, valued at ₹123 Crore, will see Zaggle acquiring all of Dice's equity and compulsory convertible preference shares. As the acquisition is still subject to the execution of definitive agreements and certain pre-conditions, it is expected to be completed within 90 days from the Board's approval.

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Background on Dice Enterprises

Dice Enterprises, founded in 2018, has made substantial progress in the spend management industry, serving a wide array of clients with its robust software solutions. The company’s turnover has steadily increased, from ₹1.39 Crore in FY 2021-22 to ₹6.32 Crore in FY 2023-24. 

Conclusion 

With a focus on streamlining financial processes for businesses, Dice is positioned to complement Zaggle's strategic objectives of offering enhanced and diverse services to its expanding customer base.

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