Enterprise fintech company Zaggle has revised its planned acquisition of Pune-based spend management startup Dice Enterprises, reducing the transaction size to approximately ₹68 crore from the originally announced ₹123 crore (about $14.3 million).
The updated deal, announced on May 8, 2026, moves away from a full share acquisition to a targeted asset and IP purchase. Under the revised structure, Zaggle’s board has approved the acquisition of DICE’s AI-enabled spend management platform, enterprise contracts, intellectual property, proprietary algorithms, platform infrastructure, and around 100 technology professionals — including the company’s CTO and CPO.
Zaggle founder and executive chairman Raj Narayanam described the rationale in a statement: “In today’s environment, where AI platforms are attracting unprecedented global investment and valuations, we have secured a fantastic deal… We are not acquiring an entity, we are acquiring the engine.”
The company said the restructured deal is intended to deliver “capital efficiency and integration precision” while advancing its AI and enterprise automation strategy.
Dice Enterprises, founded in 2018 by Lakshay Jain, Sonam Khubchandani, Prashant Kushwah, and Manohar Vashishta, provides tools for travel, expenses, procurement, and accounts payable management. Its client roster includes Tata 1mg, BigBasket, Britannia, Fino, and DTDC. The startup reported revenue of ₹6.3 crore in FY24, up from ₹3.9 crore in FY23.
Zaggle originally announced the acquisition in June 2025 via a non-binding term sheet to purchase 100% of Dice’s shares. The deal is still pending regulatory approvals.
The revised acquisition comes on the back of strong financial results for Zaggle. The company reported a 62% year-on-year rise in consolidated net profit to ₹31.1 crore in Q4 FY25, with operating revenue climbing 51% year-on-year to ₹412.1 crore in the same quarter.
Source: Inc42 Media