Acquisition · Financial Services

Zaggle revises Dice acquisition to asset deal

What they do

Zaggle provides spend management and fintech solutions for businesses

It revised its acquisition of Dice Enterprises to a strategic asset and IP deal, cutting cost to ₹68 Cr from ₹123 Cr

The move aims for capital efficiency and strengthening AI and enterprise automation capabilities

Zaggle revised its acquisition of Dice Enterprises from a full share purchase to a strategic asset and IP acquisition.
The original deal was ₹123 Cr (about $14.3 Mn) for 100% shares of Dice.
The revised deal is ₹68 Cr for Dice's AI-enabled spend management platform, enterprise contracts, IP, and about 100 tech professionals.
The acquisition includes Dice's platform infrastructure, proprietary algorithms, CTO and CPO.
The original non-binding term sheet was signed on June 5, 2025, with expected close within 90 days.
Zaggle's Q4 FY25 net profit was ₹31.1 Cr, up 62% YoY from ₹19.2 Cr.
Zaggle's Q4 FY25 operating revenue was ₹412.1 Cr, up about 51% YoY from ₹273.4 Cr.
Zaggle share price ended 0.72% lower at ₹439.9 on BSE on the day of the update.

The revised structure aims for capital efficiency and integration precision.
It strengthens Zaggle's AI and enterprise automation roadmap.
Raj Narayanam noted that AI platforms are attracting unprecedented global investment and valuations.

Zaggle provides spend management and fintech solutions for businesses.
Dice was founded in 2018 and offers spend management tools for travel, expenses, procurement, and accounts payable.
Dice's customers include Tata 1mg, BigBasket, Fino, Britannia, and DTDC.
Dice's revenue in FY24 was ₹6.3 Cr, up from ₹3.9 Cr in FY23.