CRED enters wallet space by acquiring liquor delivery app HipBar
By MYBRANDBOOK
According to sources, credit card bill payments platform CRED is set to enter the wallet payments business by acquiring liquor delivery startup HipBar, which owns a prepaid payment instrument licence. With the acquisition, a bunch of HipBar employees will join CRED, including one of its founders – Prasanna Natrajan, the report added.
The deal follows HipBar’s decision to exit the liquor delivery business burdened with regulatory hurdles in such a model across states. Cred’s interest in the startup comes from its plans to add a layer of payment wallets to its platform using HipBar’s PPI, which will allow them to offer cashbacks to consumers.
CRED recently announced a $251 million raise in its Series E round at a valuation of $4.01 billion (post-money). The company is one of the handful of start-ups to raise three back-to-back rounds within a year.
HipBar has had a PPI licence since August 2016, allowing consumers to buy a range of alcoholic beverages and pay using its wallet. Apart from the digital wallet, it can also offer payment systems such as prepaid transit cards, vouchers, etc.
Global spirit major Diageo, which acquired a 26% stake in HipBar in 2018, exited the startup earlier in July this year, selling its entire ownership to HipBar promoter Natarajan. HipBar had a turnover of over Rs 50 lakh in fiscal year 2020.
BREAKING NEWS
TECHNO TRENDS
Legal Battle Over IT Act Intensifies Amid Musk’s India Plans
The outcome of the legal dispute between X Corp and the Indian government c...
Wipro inks 10-year deal with Phoenix Group's ReAssure UK worth
The agreement, executed through Wipro and its 100% subsidiary,...
Centre announces that DPDP Rules nearing Finalisation by April
The government seeks to refine the rules for robust data protection, ensuri...
Home Ministry cracks down on PoS agents in digital arrest scam
Digital arrest scams are a growing cybercrime where victims are coerced or ...
E-Magazine
TECHNOTAINMENT
Hrithik Roshan to endorse RuPay as Brand Ambassador
RuPay is reportedly planning to feature Bollywood superstar Hrithik Rosha
India Today Group launches – AI Pop Stars
Staying true to our industry leadership position in using cutting-edge tech
MOVERS & SHAKERS
TelioLabs ropes in Phaniraj V A as the Group CEO
TelioLabs has announced the onboarding of Phaniraj V A as its new Group CE
Wipro Appoints Amit Kumar as Managing Partner and Global Head
Wipro Limited (NYSE: WIT, BSE: 507685, NSE: WIPRO), a leading technology s
OPEN YOUR EYES
INTERVIEWS
Alpha Max offers high end solutions in the network space to en
The vision at Alpha Max is to attain quality as the trademark and create a
Alcatel-Lucent Enterprise Carrying a 100 year legacy ahead
A good amount of R&D works and global support services are operated out of
HOT PICK
MSI Announces the availability of RTX 50 series of laptops in
MSI, the innovative computing manufacturer in gaming, creator
Nothing Phone (3a) goes on sale today, starting at Rs 19,999
The phone was launched on March 4, featuring a 50MP main, ultra-wide, and t
MAKE IN INDIA BRANDS
HIMACHAL FUTURISTIC COMMUNICATIONS LTD.
BHARAT ELECTRONICS LTD.
EXATRON SERVERS MANUFACTURING PVT. LTD.
TAC SECURITY SOLUTIONS
EMINENT CIO'S OF INDIA
ICONS OF INDIA
ICONS OF INDIA : SANTHOSH VISWANATHAN
Santhosh Viswanathan is the the Vice President and Managing Director f...
Icons Of India : Kumar Mangalam Birla
Aditya Birla Group chairman Kumar Mangalam Birla recently made a comeb...
Icons Of India : NATARAJAN CHANDRASEKARAN
Natarajan Chandrasekaran (Chandra) is the Chairman of Tata Sons, the h...
PARTNER SPEAKERS
PSU
CSC - Common Service Centres
CSC initiative in India is a strategic cornerstone of the Digital Indi...
CERT-IN - Indian Computer Emergency Response Team
CERT-In is a national nodal agency for responding to computer security...
C-DOT - Center of Development of Telematics
India’s premier research and development center focused on telecommu...
VIDEOS
Top 25 Brands
Global Indian industry
Indian Tech Talent Excelling The Tech World - REVATHI ADVAITHI, CEO- Flex
Revathi Advaithi, the CEO of Flex, is a dynamic leader driving growth ...
Indian Tech Talent Excelling The Tech World - Anirudh Devgan , President, Cadence Design
Anirudh Devgan, the Global President and CEO of Cadence Design Systems...
Indian Tech Talent Excelling The Tech World - Aman Bhutani, CEO, GoDaddy
Aman Bhutani, the self-taught techie and CEO of GoDaddy, oversees a co...
ITFORUM 2025
CMO of the Year
WOMEN LEADERSHIP
IMAGE GALLERY
TRENDS IN TECHNOLOGY
MORE VIDEOS
ADVERTISEMENTS
TECHNOLOGY DISRUPTION
UNICORNS REVOLUTIONISING
of images belongs to the respective copyright holders
