Cred Expands into Wealth Management💰

Feb 07, 2024

Hello, Dream Chasers and Pioneers of Purpose!

"Follow your dreams. They know the way."

Envision a life where the pursuit of dreams isn't just a desire but a profound journey led by innate wisdom.

Join us as we explore the transformative philosophy that your dreams carry the map to your unique path.

Get ready to embrace the spirit of purpose and follow the whispers of your deepest aspirations.

Cred enters wealth management with the acquisition of Kuvera

Fintech platform Cred is set to acquire Kuvera, an online wealth management startup for an undisclosed amount. The acquisition of Kuvera marks Cred’s entry into the mutual funds market, putting it in competition with industry leaders such as Zerodha, Groww, and ET Money.

SoftBank-backed Juspay acquires LotusPay

Payments infrastructure firm Juspay has acquired LotusPay in an all-cash deal. Juspay provides payment solutions for leading companies in various sectors such as BFSI, e-commerce, travel, fintech, and airlines. This acquisition strengthens Juspay’s offerings to the BFSI segment and merchants, with a particular focus on enhancing its recurring payment capabilities.

OneVerse acquires Spartan Poker for an undisclosed amount

Metaverse and gaming tech company OneVerse has acquired online poker startup Spartan Poker and earmarked $120 million (around Rs 1,000 crore) for mergers and acquisitions targeted towards real-money gaming companies in India.

Nykaa Q3 net profit doubles to Rs 17 crore; revenue up 22% YoY

Nykaa’s revenue from operations grew 18.7% to Rs 1,788.8 crore during the third quarter of FY24 from Rs 1,507 crore in Q2 of the same fiscal year. In line with scale, Nykaa’s profits also ramped up over 2X to Rs 17.45 crore in Q3 FY24 from Rs 7.8 crore in Q2.

Electric vehicle manufacturer River has raised $40 million in a Series B funding round led by Yamaha. The round also saw participation from existing investors Al Futtaim Group, Lowercarbon Capital, Toyota Ventures, and Maniv Mobility.
Electric Vehicle financing platform Mufin Green Finance has raised Rs 140 crore (approximately $17 million) in Series B round of equity funding. The equity investment is raised from prominent family offices while debt funding has been raised from State Bank of India, IREDA, AU Small Finance Bank, ICICI Bank, and Kotak Mahindra Investments.
Two-wheeler electric vehicle finance platform OTO has raised $10 million led by GMO Venture Partners and saw participation from Turbostart, Indian cricketer KL Rahul, and a few other family offices. Existing investors Prime Venture Partners, Matrix Partners, and 9Unicorns funds also participated in the round.
Supply chain financing platform Cashinvoice has closed $3.4 million as part of a Series A round from institutional investors comprising Pravega Ventures, HDFC Bank, and existing investor Accion Venture Lab.
Video commerce platform Swirl has raised $1.1 million in a seed round led by Shastra VC (formerly Veda VC) and supported by angel investors.

🎶Short Story: The Symphony of Dreams

In a lively town, a dreamer named Mia lived by the mantra, "Follow your dreams.

They know the way." Mia, composing her life's symphony with purpose, inspired the community to listen to the melodies of their dreams.

The town, inspired by Mia's purposeful pursuit, began to see that every dream, when followed, played a unique tune that resonated with the heart.

As we conclude this edition, reflect on the wisdom embedded in your dreams.

Stay tuned for a fresh perspective that invites transformation in the face of challenges.

Thank you for being part of our community, where together, we follow the celestial guidance of our dreams.

Feel free to share it with someone who could use a little inspiration. Let's pass on the good vibes and make someone's day!

Thanks for reading till the end!

Rise & Shine ☀