Zaggle Boosts Loyalty Offerings with Greenedge Acquisition
Zaggle, a prominent player in India's B2B2C prepaid card market, has announced a significant acquisition to bolster its offerings. The company has received board approval to acquire Greenedge Enterprises Private Limited, a specialist in golf-based corporate engagement and loyalty experiences.
The acquisition involves purchasing 1,30,000 shares of Greenedge for up to INR 25 crore, subject to a definitive Share Purchase Agreement. Dr Raj P Narayam, Founder and Executive Chairman of Zaggle, views this deal as a major milestone in enhancing the company's employee engagement capabilities.
Zaggle, founded in 2011, has already established itself as one of India's leading issuers of prepaid cards. It has issued over 50 million cards in collaboration with 16 banking partners, serving over 3,500 corporate clients across diverse industries. As of June 30, 2025, its user base exceeds 3.3 million. Greenedge, founded in 2009, operates in the B2B space, offering exclusive golf-related benefits and integrated rewards through its partnership with the RuPay Card network.
Through this acquisition, Zaggle plans to invest up to INR 25 crore in Greenedge in multiple tranches under a proposed share subscription agreement. The move is expected to strengthen Zaggle's offerings across loyalty, rewards, and travel, and enhance its Propel platform.
The acquisition of Greenedge by Zaggle is set to expand Zaggle's corporate engagement capabilities and strengthen its position in the loyalty and rewards market. The deal, subject to a definitive Share Purchase Agreement, is expected to close soon, with no specific timeline provided.
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