Zaggle Executes Asset Purchase Agreements with Dice Enterprises for Approx ₹67.9 Crores
Zaggle Prepaid Ocean Services formally executed the Asset Purchase Agreement – Contracts, Intellectual Property Assignment Agreement, and Asset Purchase Agreement – Software with Dice Enterprises Private Limited on May 13, 2026. The deal, valued at approx Rs. 67.9 Crores plus applicable taxes, covers assets in the Spend Management space including Software, Databases/Codebase, Contracts, Intellectual Property, and Domain Names, with completion expected within 120 days from Board approval on May 8, 2026.
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Zaggle Prepaid Ocean Services has announced a significant update to its acquisition plan involving Dice Enterprises Private Limited (Dice), confirming the formal execution of key transaction agreements on May 13, 2026. This development follows the Board of Directors' approval on May 8, 2026, which restructured the deal from an acquisition of Dice's entire shareholding to a targeted purchase of specific assets. The disclosure was made pursuant to Regulation 30 of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015.
Agreement Execution Update
In its latest regulatory filing (Letter No. ZAGGLE/26-27/23 dated May 13, 2026), Zaggle Prepaid Ocean Services confirmed that it has entered into the Asset Purchase Agreement – Contracts, the Intellectual Property Assignment Agreement, and the Asset Purchase Agreement – Software with Dice Enterprises. The execution of these three agreements marks a key milestone in the consummation of the transaction, which was originally intimated vide letter no. ZAGGLE/25-26/28 dated June 5, 2025, and subsequently restructured vide letter no. ZAGGLE/26-27/18 dated May 8, 2026.
| Agreement: | Execution Date |
|---|---|
| Asset Purchase Agreement – Software: | May 13, 2026 |
| Intellectual Property Assignment Agreement: | May 13, 2026 |
| Asset Purchase Agreement – Contracts: | May 13, 2026 |
Revised Deal Structure and Consideration
Under the modified arrangement, Zaggle Prepaid Ocean Services will acquire assets from Dice comprising, but not limited to, Software, Databases/Codebase, Contracts, Intellectual Property, and Domain Names, along with all related assets in the Spend Management space. The consideration for this asset purchase has been set at approx Rs. 67.9 Crores plus taxes, if applicable. The transaction is structured as a cash consideration and does not involve any acquisition of shares or transfer of shareholding.
The following table summarises the key parameters of the proposed transaction:
| Parameter: | Details |
|---|---|
| Target Entity: | Dice Enterprises Private Limited |
| Assets Being Acquired: | Software, Databases/Codebase, Contracts, Intellectual Property, Domain Names, and related assets |
| Consideration: | Approx Rs. 67.9 Crores plus taxes, if applicable |
| Mode of Payment: | Cash |
| Industry Segment: | Spend Management |
| Regulatory Approvals Required: | Not Applicable |
| Related Party Transaction: | No |
| Indicative Completion Timeline: | Within 120 days from Board approval date |
| Governing Agreements: | Asset Purchase Agreement – Software, Intellectual Property Assignment Agreement, Asset Purchase Agreement – Contracts |
About Dice Enterprises Private Limited
Dice Enterprises Private Limited, incorporated on January 12, 2018, is a spend management platform that provides travel and expense management, accounts payable management, and procurement management solutions. The entity operates exclusively in India. Dice has demonstrated consistent revenue growth over the last three financial years, as detailed below:
| Financial Year: | Turnover (Amount in Crores) |
|---|---|
| FY 2022-23: | 3.87 |
| FY 2023-24: | 6.32 |
| FY 2024-25: | 10.85 |
Dice achieved a turnover of Rs. 10.85 Crores for the financial year 2024-25, reflecting a growth trajectory over the preceding years.
Strategic Rationale
According to the disclosure, the asset acquisition is intended to expand Zaggle Prepaid Ocean Services' AI-enabled product offerings for its customers and provide access to a large base of existing customers. The combined product offering is aimed at enabling further expansion in the Indian market, as well as creating opportunities for providing solutions globally. The acquisition is not classified as a related party transaction, and neither the promoter nor the promoter group nor group companies hold any interest in Dice Enterprises.
Transaction Timeline and Compliance
The consummation of the proposed transaction is subject to the fulfillment of closing actions as identified in the Asset Purchase Agreement – Software, the Intellectual Property Assignment Agreement, and the Asset Purchase Agreement – Contracts. The transaction is expected to be completed within 120 days from the date of approval by the Board of Directors. The Board meeting at which the approval was granted commenced at 12:30 PM and concluded at 01:55 PM on May 8, 2026.
How will Zaggle integrate Dice's spend management platform with its existing prepaid and expense solutions, and what synergies could emerge for enterprise clients?
Could the acquisition of Dice's IP and customer base accelerate Zaggle's international expansion, particularly in markets outside India where spend management demand is growing?
Given Dice's rapid revenue growth from Rs. 3.87 Cr to Rs. 10.85 Cr over three years, how might the acquired assets contribute to Zaggle's top-line growth in FY 2026-27?
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