Zaggle Prepaid Ocean Services Invests Up To Rs 7.97 Crores in Unobanc for Cross-Border Payments Expansion

Zaggle Prepaid Ocean Services Invests Up To Rs 7.97 Crores in Unobanc for Cross-Border Payments Expansion​

Zaggle Prepaid Ocean Services Limited has announced an investment amounting to up to Rs 7.97 Crores in Unobanc Private Limited. The investment, which will be made in one or more tranches, is set to grant Zaggle a stake of up to 19.9% of the Equity Share Capital of Unobanc Private Limited upon the completion of definitive agreements.

The investment utilizes cash consideration and is expected to take place within 90 days.

Overview of the Acquisition and Target Company​

Unobanc Private Limited, a wholly owned subsidiary of Hop Financial Solutions Limited, operates in the Cross-Border Payments & Remittances industry. The company provides tech infrastructure for digital cross-border payments and remittances within India. Unobanc holds a Fully Fledged Money Changing (FFMC) license and has received in principal approval from the Reserve Bank of India for an Authorised Dealer Category II license, offering customers a streamlined and entirely digital user experience.

The acquisition is noted to be non related party, and the promoter or promoter group companies have no interest in Unobanc Private Limited.

Strategic Impact on Zaggle Prepaid Ocean Services​

This strategic investment by Zaggle Prepaid Ocean Services is intended to strengthen the company's capabilities in cross-border payments, foreign exchange (forex), and remittances. The transaction enhances Zaggle’s ability to offer forex financial solutions to corporate and retail customers extending beyond Indian borders.

Financial Snapshot of Unobanc Private Limited​

Unobanc Private Limited was incorporated on January 24, 2019. The company has an issued share capital of Rs 25,00,000 aggregate nominal value divided into a total number of 2,50,000 Equity Shares of Rs 10/- each.

The following table summarizes the financial performance of Unobanc Private Limited based on its last audited financials:


The entity maintains its presence in India across all three reported fiscal years.

ZAGGLE Stock Price Movement​

Shares of Zaggle Prepaid Ocean Services Limited are edging higher to ₹211.28 as of 1:07 PM in live trading, having climbed by 1.68% during the session. The stock has seen substantial intra-day movement, trading within a range defined by a low of ₹207.01 and a high of ₹212.5.