Zaggle is acquiring Pune-based enterprise spend management startup Dice Enterprises for INR 123 Cr, aiming to expand its product suite and customer base
The acquisition, pending regulatory approvals, will give Zaggle access to high-profile clients like Tata 1mg and Britannia
The move follows Zaggle’s robust Q4 FY25 results, with a 62% YoY profit jump to INR 31.1 Cr and a 51% rise in operating revenue
Update | May 08, 2026, 9:30 PM IST
Enterprise fintech major Zaggle has revised the structure of its DICE acquisition, bringing down the transaction size to about ₹68 Cr from the previously announced ₹123 Cr.
Instead of acquiring the entire enterprise spend management platform, Zaggle said that its board has approved a strategic asset and IP acquisition structure. Under this, the listed company will acquire DICE’s AI-enabled spend management platform, enterprise contracts, intellectual property, and around 100 technology professionals.
The company said the revised structure is aimed at ensuring “capital efficiency and integration precision”, while strengthening its AI and enterprise automation roadmap.
“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,” said Zaggle founder and executive chairman Raj Narayanam.
The transaction also includes acquisition of DICE’s platform infrastructure, proprietary algorithms and key leadership talent, including the CTO and CPO.
Original | June 05, 2025, 3:49 PM IST
Enterprise Tech major Zaggle is set to acquire Pune-based enterprise spend management startup Dice Enterprises Limited for INR 123 Cr (about $14.3 Mn).
Zaggle said that the acquisition will strengthen its product portfolio, give access to Dice’s customer base, and help it scale both in India and globally.
“…we wish to inform that the company has agreed to acquire 100% shares capital and voting rights in Dice Enterprises Private Limited form the existing shareholders of Dice Enterprises Private Limited subject to execution of definitive agreements and completion of certain identified conditions precedent In this regard, the company has executed a non-binding term sheet on June 5, 2025,” Zaggle said in an exchange filing.
Dice, founded in 2018 by Lakshay Jain, Sonam Khubchandani, Prashant Kushwah and Manohar Vashishta, operates in the spend management space, offering tools for managing travel, expenses, procurement and accounts payable.
The company reported a revenue of INR 6.3 Cr in FY24, up from INR 3.9 Cr in FY23.
Notably, Dice’s solutions are used by large enterprises, including Tata 1mg, BigBasket, Fino, Britannia, and DTDC.
According to the filing, Zaggle has signed a non-binding term sheet to acquire 100% of Dice’s shares. The deal is expected to close within 90 days, pending regulatory and board approvals.
This comes as Zaggle reported a 62% year-on-year increase in consolidated net profit, reaching INR 31.1 Cr in Q4 FY25, up from INR 19.2 Cr in the same quarter last year, driven by strong revenue growth.
Quarter-on-quarter, net profit rose 57% from INR 19.8 Cr. Operating revenue surged nearly 51% year-on-year to INR 412.1 Cr in the March quarter, compared to INR 273.4 Cr, while sequentially, it climbed over 22% from INR 336.9 Cr.
Zaggle’s share today ended 0.72% lower at INR 439.9 Cr on BSE today.
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