Zaggle to acquire spend management firm Dice Enterprises for Rs 123 Cr

The acquisition will give Zaggle full control of a spend management platform that helps businesses track travel expenses, manage accounts payable, and handle procurement processes.

Jun 5, 2025 - 22:40

Zaggle to acquire spend management firm Dice Enterprises for Rs 123 Cr

Zaggle Prepaid Ocean Services Ltd., a Mumbai-listed financial technology company, said on Wednesday it has agreed to acquire the entire share capital of Dice Enterprises Private Limited for Rs 123 crore.

The acquisition, disclosed in a regulatory filing to India's stock exchanges, will give Zaggle full control of a spend management platform that helps businesses track travel expenses, manage accounts payable, and handle procurement processes.

Zaggle said the deal will expand its product offerings and provide access to Dice's existing customer base. The combined entity aims to strengthen its position in India's corporate expense management market while exploring global expansion opportunities.

"The acquisition expands our product offerings for our customers and gives us access to a large base of existing customers," Zaggle stated in its filing. The company also highlighted plans to integrate Dice's "highly technically skilled workforce" to enhance future product capabilities.

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Founded in January 2018, Dice Enterprises has grown steadily over the past three years. The company's revenue jumped from 1.39 crore rupees in fiscal 2022 to 6.32 crore rupees in fiscal 2024

Zaggle has signed a non-binding term sheet dated June 5, 2025, with Dice's existing shareholders. The company's board will determine whether to pay in cash or through a share swap arrangement at a later stage.

The transaction requires the execution of definitive agreements and the completion of certain conditions. Zaggle expects to close the deal within 90 days of board approval, with no regulatory approvals needed.

Zaggle delivered a strong performance in the fourth quarter ended March 2025, with a significant jump in both net profit and revenue.

The company posted a 67% rise in net profit to Rs 32 crore for the fourth quarter, as compared to a net profit of Rs 19.2 crore in the year-ago period, Zaggle said in a regulatory filing.

During the quarter under review, the company's operating revenue jumped 50% to Rs 411.4 crore compared to Rs 273.4 crore a year ago. For the full year FY25, Zaggle delivered its strongest financial performance to date, with revenue rising 68% to Rs 1,302.6 crore from Rs 775.6 crore in FY24. Net profit (PAT) for the year nearly doubled, growing 98.7% to Rs 87.5 crore from Rs 44 crore in the previous year.