Cloud kitchen player Big Spoon gets USD 2 mn from Grip Invest

Cloud kitchens startup Big Spoon has raised USD 2 million in lease financing deal from Grip Invest, its founder Kapil Mathrani said. The startup will use the fund to drive deeper consumer adoption in small towns. Grip is the first to offer asset leasing services to Big Spoon, which operates 80 internet restaurants and has a presence across 15 cities with 21 outlets.

Big Spoon offers 11 different brands covering varied cuisines including Makhni, Oven and Grill, Meals 101, Monkey Fries, the Wrap Co and East Pizza Co. Mathrani said his company delivers over 2,000 orders daily with a volume of up to 5,000 orders over the weekend. With this lease financing partnership with Grip, we can focus on increasing our presence in small towns which have lower brand affinity.

Also read: Rs 163 cr allocated to 41 incubators under Startup India Seed Fund Scheme: Goyal

Started in June 2020 by Nikhil Aggarwal and Vivek Gulati, Grip has seen a 35 per cent month-on-month growth is a growing destination for non-stock market linked investments. Today, Grip offers investment option of leasing assets to disruptive businesses like Udaan, Stanza Living, Furlenco, Bounce, Blue Tokai, Everest Fleet, IPLElectric, FabAlley and LetsTransport.

* * * * ICICI Prudential launches new income product

Mumbai: ICICI Prudential Life Insurance has launched a new non-participating savings product ‘ICICI Pru guaranteed income for tomorrow’, providng customers with the option to either receive regular guaranteed tax-free income or income with 110 per cent return of premium. Both these plan options provide income for up to 30 years but the life cover under this product continues for the entire duration of the policy including the income period, thereby providing financial security to loved ones, the insurer said.

One can select the premium payment term of either 7 or 10 years and based on their needs can opt to receive income for a period of 15, 20, 25, or 30 years, it said. The ‘save the date’ feature provides customers the flexibility to choose an income start date which can coincide with special dates such as marriage anniversaries and spouse’s birthday. This helps them receive income on dates with special significance, it said.

* * * * PayU Finance launches EMI option under Lazypay service

Mumbai: Lazypay, the ‘buy now pay later’ service from digital lender PayU Finance, has launched an EMI option to its customers wherein merchants can offer instant cardless-EMI option to their consumers for ticket size upto Rs 1 lakh. Lazypay EMI is currently live on partner platforms such as Policyboss, Medvarsity, Learningbix, Nexopay etc and is also integrating with PayU payment gateway to extend the solution to over 3.5 lakh PayU-enabled merchants.

The EMI service will enable merchants to offer instant signup for credit to their customers leading to quicker buying decisions and an increase in sales. PayU Finance is a digital lender and the NBFC unit of PayU which owns Lazypay, and Paysense which is into personal loans.