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Slice changes biz model💳, Shiprocket acquires Omuni🚀, Snapdeal to debut on ONDC🛒
Slice changes business model, Shiprocket acquires Arvind’s SaaS business for Rs 200 cr, Snapdeal will go live on ONDC platform next month, Funding Deals and more.
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Slice changes business model after RBI circular💳
Card-based fintech startup Slice will now offer real-time term loans to customers for each transaction, based on the user’s profile, the nature of the transaction and the merchant.
The change – Slice used to issue a revolving credit line to consumers – comes after the Reserve Bank of India (RBI) recently barred fintech firms from loading credit lines onto wallets and other prepaid payment instruments.
Slice told its consumers about the changes in a note on Tuesday, saying it would offer a real-time term loan for card customers for every transaction instead of a revolving credit line. The company is calling the new model ‘Purchase Power’, according to the note.
Slice also reassured customers that the change in its credit model will not hamper their credit scores, as it would continue to follow the credit bureau reporting process.
Shiprocket acquires Arvind’s SaaS business for Rs 200 crore🚀
Logistics and fulfillment startup Shiprocket has acquired textile company Arvind’s omnichannel SaaS business Omuni in a Rs 200-crore cash-and-stock deal.
The acquisition will help both the companies to facilitate quick, efficient deliveries of shipments from the nearest store or warehouse, thus reducing delivery timelines and enhancing customer satisfaction, a statement said.
The deal comes about a month after Shiprocket acquired a majority stake in logistics firm Pickrr for $200 million in a mix of equity and cash transaction. Prior to this, logistics player had acquired Glaucus, Rocketbox and Wigzo.
In 2021, Shiprocket raised $185 million in a Series E round co-led by Zomato and Singapore's sovereign wealth fund Temasek.
AnyMind Group, an end-to-end commerce enablement company, has raised $29.4 million in its Series D funding round from new investors including JIC Venture Growth Investments, Japan Post Investment Corporation, Nomura SPARX Investment, and PROTO Ventures.
Healthtech startup Eka Care has raised $15 million in Series A funding round led by Hummingbird Ventures with participation from 3one4Capital, Mirae Assets, Verlinvest and Aditya Birla Ventures, among others.
Shaka Harry, a plant-based meat brand has raised $2 million in a seed funding round led by Better Bite Ventures, Blue Horizon, and venture debt fund Panthera Peak.
B2B SaaS startup ElevateHQ has raised $1.1 Million in a Pre-Seed funding round led by Leo Capital.
100X.VC-backed BugBase, a marketplace for ethical hackers, has raised $500,000 in a funding round led by 2am VC.
➡️ Check out our LinkedIn space to read more on the funding deals.
Snapdeal will go live on ONDC platform next month, to cover over 2500 cities and towns🛒
E-commerce platform, Snapdeal, will debut on the Open Network for Digital Commerce (ONDC) next month. The company entered into the onboarding agreement to join the ONDC platform earlier this month.
At the time of launch, access will be available in over 2500 cities and towns nationwide, and as the ONDC network is expanded during the year, more cities and towns will be added.
Various inter-city and intra-city logistics will be provided by several independent logistics companies that collaborate with Snapdeal. Snapdeal will debut on ONDC with three major categories: fashion, home, and beauty & personal care.
The launch of ONDC is in line with Snapdeal's current goal of linking small and medium-sized businesses with a sizable and expanding online market, particularly among customers residing outside of India's metropolitan areas.
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