Pine Labs acquires Setu🤝🏻, Sale of Ola EV drops🛵, CoinDCX halts crypto withdrawals🚨

Pine Labs acquires API infra firm Setu, Sale of Ola Electric scooters drops, CoinDCX halts crypto withdrawals, Funding Deals and more.

Jun 24, 2022

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Pine Labs acquires API infra firm Setu for $70-75 million🤝🏻

IPO-bound merchant commerce platform Pine Labs has acquired fintech infrastructure specialist Setu in a cash-and-equity deal for about $70-75 million to strengthen its diversified online payments and lending offerings.

Setu's founders will continue to lead the company and brand name and the 90-100 employee team of Setu will be retained, the company said in a briefing.

This is the third acquisition for Pine Labs in 2022 after picking up a majority stake in payments solution provider Mosambee in April and Mumbai-based online payments startup Qfix in February.

The deal comes at a time when Pine Labs is expanding its offerings beyond merchant payments. It is expanding its Buy Now Pay Later (BNPL) offering in Southeast Asia and entered the consumer payments space with the acquisition of Fave in April 2021.

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Ola Electric’s scooter sales show signs of slowing down🛵

Electric vehicle maker Ola Electric has been selling only 130-200 of its S1 and S1 Pro scooters a day for the past two weeks after it moved away from the multiple-payment-window model and started accepting full payments for its scooters at one go.

The company sold around 500 scooters a day for three to four days after ditching the multiple payment window model, but sales have slumped since.

The company switched to the new model on May 28. Earlier, customers could only buy the EVs by making four partial payments on specific dates.

Even if Ola manages to sell 1,000 scooters a day, that translates to only 365,000 scooters a year, well below its ambition of making 10 million scooters a year. To date, the company has delivered about 50,000 vehicles.

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Hot Shorts⚡

Tea cafe chain Chaayos has raised $53 million in Series C funding led by Alpha Wave Ventures.
WeRize, a full-stack financial services platform has raised $15.5 million in a new funding round led by new investors, British International Investment (BII) and Sony Innovation Fund.
Neuron7.ai, an AI-powered customer and field service software, has secured $10 million in a Series A funding round led by Battery Ventures and Nexus Venture Partners.
Lithium-Ion Battery recycling startup BatX Energies has raised $1.6 million in a seed funding round led by JITO Angel Network.
Direct-to-consumer (D2C) oral beauty and wellness brand Perfora has raised $1 million in a seed round led by Sauce.VC and strategic investors like Lotus Herbals Family Office, Shiprocket Group, and Sara International Group.

➡️ Check out our LinkedIn space for more on the funding deals.

CoinDCX halts crypto withdrawals, sparks anger on social media🚨

Crypto exchange CoinDCX had paused all crypto withdrawals without informing its users in advance, causing a furor on social media.

The recent liquidity crises at several institutions, including Celsius Network, which paused crypto withdrawals and transfers, have stirred fear among Indian retail investors.

CoinDCX claimed it halted withdrawals to strengthen its safety protocols.

Retail investors say CoinDCX’s decision prevented them from cutting their losses and moving their crypto assets to other platforms that may offer better prices.

The overall crypto market has lost over 70% of its market cap since November due to high inflation, rising interest rates, the Ukraine-Russia conflict and fears of a looming recession.