Zaggle to Snap Up Dice Enterprises in INR 123 Cr Spend Management Deal

For INR 123 Cr, or roughly $14.3 million, Zaggle plans to purchase Pune-based enterprise spend management startup Dice Enterprises Limited. According to Zaggle, the acquisition will expand its product line, provide access to Dice's clientele, and aid in its expansion in India and internationally.

In an exchange filing, Zaggle stated that it would like to notify the current shareholders of Dice Enterprises Private Limited that it has agreed to purchase all of the company's capital and voting rights, contingent upon the execution of final agreements and the fulfilment of specific predetermined requirements.

On June 5, 2025, the business signed a non-binding term sheet in this respect. Dice is a spend management company that was launched in 2018 by Lakshay Jain, Sonam Khubchandani, Prashant Kushwah, and Manohar Vashishta.

It provides tools for managing accounts payable, travel, costs, and procurement. Revenue for the company increased from INR 3.9 Cr in FY23 to INR 6.3 Cr in FY24.

Zaggle Signed Non-Binding Term Sheet

It is noteworthy that major corporations like Tata 1mg, BigBasket, Fino, Britannia, and DTDC use Dice's solutions. The filing states that Zaggle has agreed to buy all of Dice's shares under a non-binding term sheet.

Depending on board and regulatory approvals, the deal should close in 90 days. Due to robust revenue growth, Zaggle recorded a 62% year-over-year increase in consolidated net profit in Q4 FY25, rising to INR 31.1 Cr from INR 19.2 Cr in the same quarter the previous year. Net profit increased 57% from INR 19.8 Cr to INR 19.8 Cr to INR 19.8 Cr.

Operating revenue increased by more than 22% sequentially from INR 336.9 Cr to INR 412.1 Cr in the March quarter, up approximately 51% year over year from INR 273.4 Cr.

Zaggle Expanding its Product Portfolio

It is anticipated that the acquisition will greatly expand Zaggle's product line and give it access to Dice's existing clientele. Zaggle hopes to increase its market share in India and create opportunities for international growth by incorporating Dice's cutting-edge technology into its offering.

Additionally, Zaggle will have access to a highly proficient workforce through this acquisition, which will be crucial to improving its future product capabilities. Earlier this year, Raj P Narayanam, the founder and executive chairman of Zaggle, stated in an interview with a prominent media outlet that the company was seeking to acquire businesses in the FASTag, merchant card software, and accounts receivable sectors.

He added that the business had narrowed its focus to three companies. Zaggle anticipates closing these agreements by March 2026 and is counting on these acquisitions to support overall growth. In the fiscal year that concluded in March 2025, the company's net profit increased by about 99% year over year to INR 87.4 crore.