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CRED to acquire CreditVidya💸; RBI to launch digital rupee on Dec 1🪙; Tata announces merger of Vistara with Air India✈️
CRED to acquire CreditVidya, RBI to launch pilot for digital rupee on Thursday, Tata announces merger of Vistara with Air India, Funding Deals and more.
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CRED to acquire lending-as-a-service platform CreditVidya💸
Fintech startup Cred said on Tuesday it has agreed to buy credit underwriting software provider CreditVidya in a mix of equity and cash. The acquisition is subject to requisite approvals from National Company Law Tribunal (NCLT).
After the acquisition, CreditVidya will continue to operate independently and its more than 200 employees will get access to Cred’s employee stock ownership plan (Esop).
Founded in 2012, CreditVidya provides a loan underwriting platform that helps banks and non-bank financial companies (NBFC) assess credit better.
While CreditVidya focuses on including first-time borrowers in the credit economy, Cred has largely focused on people with credit cards and high credit scores.
RBI to launch first pilot for retail digital rupee on Thursday🪙
The Reserve Bank of India said on Tuesday it will launch a pilot for the retail version of its central bank digital currency (CBDC), the digital rupee, on December 1.
Users will be able to transact with the retail CBDC through a digital mobile wallet offered by participating banks.
The RBI has chosen eight banks to participate in the pilot. The first phase will begin with State Bank of India, ICICI Bank, Yes Bank and IDFC First Bank. Bank of Baroda, Union Bank of India, HDFC Bank and Kotak Mahindra Bank will join in later.
The pilot will be rolled out first in Mumbai, New Delhi, Bengaluru and Bhubaneswar.
Talent supply chain software service provider Prismforce has raised $13.6 million in its Series A funding round led by Sequoia Capital India.
Business-to-business driven talent sourcing platform CBREX has raised $3 million in a pre-Series A round led by WaterBridge Ventures.
Intugine, a real-time multimodal supply chain visibility startup, has raised Rs 19 crore or $2.3 million in its pre-series A round led by Mela Ventures and Kaleesuwari Group, and Innoport.
On-demand manufacturing startup Prodo has secured a $1 million seed round led by Inflection Point Ventures along with participation from Titan Capital, LetsVenture and Dholakia Ventures.
Premium health and nutrition brand Suwasthi has raised Rs 2 crore from the revenue-based financing platform Velocity.
Tata group announces merger of Vistara with Air India✈️
The Tata group will merge Air India and Vistara, with partner Singapore Airlines holding 25.1% of the merged entity, creating an airline that could potentially challenge market leader IndiGo.
Singapore Airlines, which owns 49% of full-service carrier Vistara, will get a 25.1% stake in the merged carrier for a payment of ₹2,058.5 crores in cash, according to an exchange filing on Tuesday. The Tata group will own the remaining 74.9%.
Since the government’s sale of Air India and its low-cost international arm Air India Express in January this year, Tata Sons has been working to consolidate all their airline businesses into one group, including its joint venture with AirAsia Berhad in AirAsia India.
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