Nykaa acquires skincare brand, Jio to join Dunzo’s fund-raising party, Funding Deals & more.
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CRED seeks to make users spend more on the platform with HipBar acquisition
Cred, a credit card bill payments platform, is set to enter the wallet payments business by acquiring liquor delivery startup HipBar Pvt. Ltd, which owns a prepaid payment instrument (PPI) licence.
The PPI licence, granted by the Reserve Bank of India (RBI), permits companies to operate payments systems such as digital wallets, pre-paid transit cards, vouchers and so on.
Only 37 firms in the country have been issued the license by the RBI so far. HipBar was granted the licence in August 2016.
With the acquisition,Ā CRED can start giving cashback in its wallets instead of user bank accounts and card accounts. Several experts point out that the wallet licence would allow the Bengaluru-based company to contain cash backs offered by the company inside its ecosystem.
IPO-bound Nykaa acquires D2C skincare brand Dot & Key
Nykaa, Indiaās biggest online retailer of cosmetics, has acquired homegrown skincare brand Dot & Key just days before the launch of its initial public offering (IPO) on October 28. The terms of the deal werenāt disclosed.
This is the first acquisition by the Falguni Nayar-led startup in the direct-to-consumer space. The deal, however, is indicative of the wider churn thatās afoot in the sector.
Founded by Suyash Saraf and Anisha Saraf,Ā Dot & Key makes skincare products such as serums, face masks, toners and cleansers. The brand recently expanded into nutraceuticals under the brand āIKWIā, whose products are dermatologically tested and cruelty-free.
Hot Shortsā”
- Clear (formerly ClearTax), which helps individuals and businesses file tax returns online, has raised $75 million from investors led by Kora Capital with participation from US-based payments major Stripe.
- FarMart, a food supply software platform, has raised $10 million in a Series A funding round headed by Matrix Partners India.
- ConveGenius, an edtech social enterprise, has raised $5 million in a new round of funding led by new investors BAce Capital, Heritas Capital, and 3Lines Venture Capital.
Jio All Set To Invest In Dunzoās $250 Million Funding Round
Google backed Dunzo is looking to raise as much as $200-250 million at a valuation of close to $800 million. Billionaire Mukesh Ambani-controlled Jio is in talks with Dunzo to finalize the financial investment, alongside with the start-upās current investors.
Founded by Dalvir Suri, Mukund Jha, Kabeer Biswas and Ankur Aggarwal in 2015, Dunzo connects consumers with stores and vendors in their vicinity and facilitates deliveries of products such as grocery, medicines, food and other everyday items.
Currently,Ā Relianceās portfolio of startup acquisitionsĀ includes epharmacy startupĀ Netmeds, drone startupĀ Asteria, deeptech startupĀ Tesseract, business search platformĀ JustDial, online furniture startupĀ Urban Ladder, logistics startupĀ Grab A Grub, edtechĀ Embibe, among others.
Tweet of the dayš„
- PhonePeĀ toĀ file a fresh suit against BharatPe over PostPeĀ trademark issue.
- Ā Indian investorsĀ increasing their holdings in digital currencies, not booking profits this time.
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