Startup news and updates: daily roundup (December 8, 2022)
HGS announces two M&A developments
(HGS) announced two mergers and acquisitions (M&A) developments to support its transformation journey as HGS 2.0.
HGS said it has entered into a definitive agreement to acquire a 100% stake in TekLink International for a consideration of $58.8 million. The transaction with the analytics service provider is expected to close in the next two months.
In addition, HGS stated that it has signed a non-binding Letter of Intent to acquire uKnowva, a digital Human Resources Management System product business, from Convergence IT Services Ltd. uKnowva is a Cloud-based SaaS platform that leverages intelligent software to deliver human capital management, automation, and collaboration for midsize and growing companies.
Rahul Pagidipati returns as ZebPay CEO
Crypto asset exchangeannounced that Rahul Pagidipati has been back in-charge as CEO effective December 1, 2022. Former CEO, Avinash Shekhar, will launch his own Web3 startup.
Rahul will spearhead ZebPay’s operations and work with the current leadership team to grow current and new lines of business.
Dr Devaiah Pagidipati, current board member and founder of NAADAM (National Association for Advancement of Dalits, Adivasis, and Minorities), will also join ZebPay’s active leadership and will guide a new ZebPay unit focused on service to governments and NGOs.
Rahul Pagidipati first became CEO of ZebPay in January 2020, when he acquired majority ownership from the three co-founders. In June 2021, ZebPay announced that Rahul Pagidipati and Avinash Shekhar would share responsibilities as co-CEOs.
Anuj Berry joins Klub as Entrepreneur in Residence
Revenue-based financing platformannounced the appointment of Anuj Berry as an Entrepreneur in Residence. In his new role, Anuj would be responsible for driving key global initiatives for Klub.
Before joining Klub, Anuj was the head of Amazon India Launchpad. At Amazon India, Anuj led a team of 70 employees and worked closely on launching 2,800 brands, including YogaBar, The Whole Truth, The Moms Co., and Bare Anatomy.
“Our aim at Klub is to become India’s most loved capital platform and we are excited to have Anuj join us to further this mission. With his deep understanding of building and scaling brands, Anuj will expand our portfolio of offerings for loved brands and tap global scale,” Ishita Verma, Co-founder and Chief Operating Officer at Klub, said in a media statement.
Klub offers growth capital to digital businesses without founders having to dilute equity. Since its inception, Klub claims it has funded over 350 brands with over 725 investment rounds. Last year, Klub raised $20 million in seed funding from Sequoia Capital India's growth programme Surge, US-based Alter Global, Japan-based GMO Venture Partners, and 9Unicorns.
Lendingkart expands its team across key business functions
Fintech companyannounced the appointment of 11 new vertical directors to lead teams across technology, operations, and its growing platform business.
Ajitha K joined Lendingkart as Senior Director - Customer Service, Kiran Singh as Senior Director - Compliance, Akash Chitranshi and Mayank Bhawsar as Directors - Platforms, Biju Pillai as Head - Credit, Manish Kumar as Director - Capital Markets, Pushpa Latha Sreenivasan as Head - Talent Acquisition, Soumpyodipto Roy as Director - Technical Program Management, Surya Mohanty as Director - Zonal Manager South 1, Lakulesh Sharma as Director - Co lending, and Munish Sexana as Director - Collection, according to the company.
Founded in 2014 by Harshvardhan Lunia, Lendingkart has built a proprietary platform to solve the basic building blocks of MSME financing.
Shopify partners with Payoneer, PayGlocal, and TazaPay
announced its partnerships with cross-border payment providers , and Tazapay to streamline cross-border commerce for Indian merchants.
Shopify’s association with Payoneer, PayGlocal, and Tazapay will add more than 80 new payment methods to the platform. The ecommerce company claims the partnerships will offer stronger conversion, lower transaction fees, and broaden the acceptance of international payments.
“Reliable payments are a key enabler for merchants to go global effortlessly. Since cross-border transactions form an invaluable share of business for Shopify India merchants, we’ve collaborated with Payoneer, PayGlocal, and Tazapay in a bid to make international payments seamless and more cost effective,” Bharati Balakrishnan, India Country Head and Director at Shopify, said in a media statement.
The new payment methods will be available to all merchants across Shopify, and will enable them to seamlessly process payments made through localised payment modes present in different countries across the globe, according to the company.
(This article will be updated with the latest news throughout the day.)
Edited by Megha Reddy