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Startup digest: Top startup stories of the day


Here's a closer look at today's startups news and everything you need to know.

Startup digest: Top startup stories of the day
Here's a closer look at today's startups news and everything you need to know.
CCI approves acquisition of Rivigo by Spring Canter Investment
Fair trade regulator CCI on Friday approved acquisition of additional shareholding in Rivigo Services by Spring Canter Investment Ltd. Spring Canter proposes to subscribe to compulsorily convertible preference shares (CCPS) of the Rivigo in the first tranche, a combination notice filed with the Competition Commission of India (CCI) said.
Spring Canter also has the right but not the obligation to subscribe to additional CCPS in the second tranche, it added. Spring Canter is an investment holding company and Rivigo is a technology-enabled logistics company in the trucking industry. The regulator in a tweet on Friday said, "Commission approves acquisition of additional shareholding by Spring Canter Investment in Rivigo Services."
Funding of the day
Vistaar Finance raises $30 million from Dutch entrepreneurial development bank FMO
MSME lender Vistaar Finance raises $30 million from Dutch entrepreneurial development bank FMO. Vistaar has now raised over Rs. 550 crore of debt financing in just seven months of this financial year. These funds will be deployed to lend to small businesses across the country, especially in this time of need. This is the second line of funding from FMO to Vistaar.
Raskik raises $1 million in pre-Series A funding round led by Venture Catalysts and 9Unicorns
Beverage startup Raskik raised $1 million in pre-Series A funding round led by Venture Catalysts and 9Unicorns. The round also saw participation by a clutch of angel investors , including Snapdeal’s Founders Kunal Bahl and Rohit Bansal AND Santosh Desai- MD and CEO Future Brands among others.
9Unicorns leads an undisclosed pre-seed investment in NeoDocs
9Unicorns has led an undisclosed pre-seed investment in NeoDocs, an AI based health-tech platform. The funding round also saw participation from investors such as Dr. Rohit Srivastava,
Paytm waives off all charges on merchant transactions
Paytm waives of all charges on merchant transactions. The merchants no longer have to pay any fees to take payments from Paytm Wallet. Merchants can accept unlimited payments at Zero fees from Paytm Wallet, UPI apps and RuPay cards. Paytm will further absorb Rs 600 crore in MDR charged annually by banks and other charges to support MSMEs during the ongoing pandemic. This move would help in ensuring that they have adequate liquidity to expand their businesses.
Wendy’s partners with Rebel Foods to open 250 restaurants
Quick service restaurant chain Wendy’s will partner with Rebel Foods to open about 250 Wendy’s cloud kitchens across India. As part of the deal, Rebel Foods will partner with Sierra Nevada Restaurants to develop and operate approximately 250 Wendy’s cloud kitchens across India, and Sierra Nevada will develop 150 traditional Wendy’s restaurants.
Sierra Nevada Restaurants launched Wendy’s in India in 2015 and operates four traditional restaurants and five cloud kitchens in Delhi’s National Capital Region. Wendy’s and its franchisees operate more than 6,800 restaurants worldwide, In addition to Wendy’s, Rebel Food’s operates Faasos, Behrouz Biryani, Mandarin Oak, Oven Story, Sweet Truth and a host of brands globally, included region-specific players such as Holy Cow in the United Kingdom.
Yes Bank to invest in So Hum Bharat Digital Payments for new umbrella entity
Yes Bank is set to partner with So Hum Bharat Digital Payments, which will apply for a license to become a new umbrella entity for retail payments.
So Hum on Tuesday said that it is in discussion with Yes Bank for a 9.99 percent equity investment. Yes Bank also confirmed it is evaluating the partnership. The company had also announced last month that payments company Infibeam Avenue is picking up 33.33 percent stake, joining its entity as Promoter and Investor.
ServiceNow to acquire Element AI
ServiceNow has signed an agreement to acquire Element AI, an artificial intelligence (AI) company. With the acquisition of Element AI, ServiceNow will create an AI Innovation Hub in Canada to accelerate customer-focused AI innovation in the Now Platform.
Canada plans digital tax in 2022 on global tech giants such as Facebook, Google
Canada plans to impose a tax on corporations providing digital services from 2022 that will stay in place until major nations come up with a coordinated approach on taxation. The new tax would come into effect on January 1, 2022, and remain in place until a common approach is agreed upon by OECD countries.
Facebook to buy customer service startup Kustomer
Facebook to acquire customer service startup Kustomer, as the world’s largest social network adds tools to attract more sellers to its platforms. Kustomer allows businesses to aggregate customer conversations from multiple channels into a single-screen, and also to automate some of the responses to prospective buyers. The New York-based firm already has its services integrated on Facebook Messenger and Instagram.
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