Zaggle is investing ₹7.97 crore to acquire nearly 20% of Unobanc, a cross-border payments tech provider. The deal expands Zaggle's reach into digital remittances, a segment with high regulatory entry barriers. Unobanc’s existing FFMC and pending AD Category-II licenses are the real prize for Zaggle.
How We Got Here
Zaggle reported a strong Q4 FY26, with net profit up 30.4% to ₹40.6 crore and revenue up 49.9% to ₹617.9 crore. Unobanc, founded in 2019, already holds an FFMC licence and secured RBI's in-principle approval for an AD Category-II licence.
The Numbers
- The investment will occur in tranches, expected to close within 90 days after definitive agreements.
- Unobanc reported ₹17.4 crore turnover in FY25, up from ₹14.4 crore in FY23, with EBITDA rising to ₹1.37 crore.
- Unobanc operates as a wholly owned subsidiary of Hop Financial Solutions.
- Zaggle's cofounder Raj P Narayanam projects standalone revenue growth of 25-30% for FY27.
What Happens Next
🇮🇳 Why This Matters for India
For mid-sized enterprises and digital-first startups in Pune and Hyderabad dealing with international payments, this acquisition could mean faster, fully digital forex services from Zaggle.
The Take
Zaggle is buying a strategic asset here: RBI licenses for a fraction of the time and cost it would take to acquire them directly. Expect competitors eyeing similar inorganic routes to snap up smaller, licensed players in the next 12 months.
Source:
Inc42 ↗