Zaggle Prepaid Ocean Services has announced the acquisition of Greenedge Enterprises Private Limited for up to ₹25 crore, aiming to bolster its offerings in the loyalty and rewards segment. The acquisition includes 100% of Greenedge’s equity shares, along with an additional investment of up to ₹25 crore to support growth initiatives.
Acquisition Details
The company’s board has approved the purchase of 1,30,000 equity shares, representing Greenedge’s entire issued and paid-up capital. An additional investment of up to ₹25 crore will be made in one or more tranches. The transaction is expected to be completed within 45 days.
Strategic Rationale
Zaggle’s acquisition of Greenedge is designed to enhance its product portfolio and strengthen its position in the travel and rewards segments, particularly through its ‘Propel’ offering. By integrating Greenedge’s capabilities, Zaggle aims to offer more innovative corporate engagement solutions in the loyalty and rewards space.
About Greenedge Enterprises
Founded in March 2009, Greenedge specializes in golf-based corporate engagement solutions, including travel experiences and access-based rewards. The company operates exclusively in the B2B sector and partners with RuPay Card (NPCI) for rewards and benefits programs.
Greenedge has demonstrated strong financial growth over the past three years:
| Financial Year | Turnover (₹ Crore) |
| 2021-22 | 7.28 |
| 2022-23 | 13.67 |
| 2023-24 | 19.82 |
Regulatory Compliance
Zaggle confirmed that the transaction is not a related party transaction and does not require any governmental or regulatory approvals, simplifying the acquisition process.
Outlook
This acquisition reflects Zaggle’s strategic focus on expanding its footprint in niche loyalty and rewards segments, leveraging Greenedge’s expertise in golf-based corporate engagement. The move is expected to enhance customer engagement, broaden Zaggle’s service offerings, and strengthen its position in the evolving fintech landscape.
Summary
Zaggle Prepaid Ocean Services is set to acquire 100% of Greenedge Enterprises for up to ₹25 crore, with an additional investment of ₹25 crore to support growth. Greenedge, a specialist in golf-based corporate engagement solutions, has demonstrated strong growth over the past three years, with turnover rising from ₹7.28 crore in FY2021-22 to ₹19.82 crore in FY2023-24. The acquisition is expected to enhance Zaggle’s ‘Propel’ offering, strengthen its position in the travel and rewards segment, and further its strategy to expand customer engagement solutions in the B2B fintech space.
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