Welcome to a brand new edition of ETtech Unwrapped – our weekend newsletter. The week was packed with important stories broken by our reporters. Here’s a recap if you missed them.
Fintech Corner
Why Kunal Shah’s Cred is betting on secured loan products: Fintech firm Cred is evaluating secured credit disbursals through its platform, sources said. The Peak XV Partners-backed startup has conducted a market study and spoken with its leading partner, looking to launch two-wheeler, four-wheeler and home loans among other products.
The fintech already has a product named Cred Garage in vehicle management.
UPI integration gives a fillip to RuPay credit cards distribution: RuPay credit cards are seeing a growth in usage after linking with Unified Payment Interface (UPI). Around 30% of new credit cards issued in the country are on the RuPay network, sources said. However, industry insiders said while card issuance has gone up, transaction growth has not kept pace.
ETtech Exclusives
Scoop: DST Global, Lightspeed, others may join Zepto’s financing round | DST Global and Lightspeed Venture Partners are expected to join the ongoing financing round for Zepto, people in the know told ET. These new entrants may change the contours of the fundraise for the quick commerce unicorn, which was on track to raise $300-350 million, to be valued at $2.5-3 billion, ET reported on April 2.
Zomato to infuse Rs 300 crore in quick commerce unit Blinkit as battle intensifies with Swiggy, Zepto: Zomato will infuse fresh capital of Rs 300 crore in its quick commerce business Blinkit. With this investment, the food delivery platform has infused Rs 2,300 crore in Blinkit since it acquired the company in August 2022.
Insurtech startup Kenko Health stares at shutdown: What went wrong? Insurtech startup Kenko Health is close to shuttering down as a shareholder battle has made it impossible for the company to carry on operations, sources told ET. The firm valued at $39.7 million now stares at a shutdown with no immediate prospect of funding.
Ola Electric secures Sebi nod: India's largest two-wheeler maker Ola Electric has secured markets regulator Sebi’s nod for its initial public offering (IPO). The Securities and Exchange Board of India (Sebi) is expected to formally issue the approval in the coming days, sources confirmed.
Investors make a beeline for omnichannel beauty deals; Purplle closes $100 million round: ADIA leads a $100-million funding round for Mumbai-based beauty retailer Purplle, valuing the company at $1.2-1.3 billion. PE fund Creaegis is anticipated to participate in this investment round. Meanwhile, MCaffeine, a brand specialising in caffeine-based skincare and haircare products, is currently in the process of raising funds and seeking strategic investors.
ETtech Q&A | Public markets have reset, private tech valuations still lagging behind: Rubrik founders | In April this year, Palo Alto-based enterprise cybersecurity company Rubrik went public, joining a small set of US technology firms such as Reddit, Astera Labs and Walmart-backed Ibotta that have tapped the IPO market.
Other Top Stories This Week
Third-party firms look to sort out logistics of quick commerce race: Third-party logistics firms such as Delhivery and Xpressbees, which have hitherto focused on servicing ecommerce orders, are entering the quick-commerce sector as demand continues to surge on platforms like Swiggy Instamart, Blinkit, Zepto and others, multiple people aware of their plans told ET.
Q-commerce companies under regulatory scanner over food safety: Food safety regulators have stepped up checks at warehouses of quick commerce across multiple cities. This has come at a time when there are increasing instances of violations and customer complaints even as these firms continue to rapidly expand capacity.
NCLT directs Byju’s to halt $200-million rights issue: The National Company Law Tribunal (NCLT), in an order dated June 12, has directed edtech major Byju’s to maintain status quo in its shareholding, effectively pausing its controversial rights issue.
Tech Policy Updates
MeitY to discuss digital competition bill draft with industry associations: The government held meetings to address concerns about the draft Digital Competition Bill, which proposes obligations for big tech companies in core digital services under a new category of systemically significant digital enterprises.
Govt may release DPDP rules for public consultation before Parliament session | The government plans to release the proposed administrative rules under the Digital Personal Data Protection (DPDP) Act for public consultation before the start of the upcoming Parliament session in July, to give ample time to stakeholders to deliberate, a senior government official told ET.
