But, Spenny was shut. Isn't it?

CRED has acquihired Spenny. But - https://www.livemint.com/news/spenny-phase-out-android-ios-apps-21-april-recommends-funds-withdrawal-migration-11679398735720.html

Help me understand...

33mo ago

ZestyCoconut

MakemyTrip

33mo

It is an acquihire. You are basically hiring the people who built the company and any IP they may have created. The company's business in most such cases is not of value.

FloatingHamster

Stealth

33mo

Oh okay! Thanks 🙏

JazzyPancake

Stealth

33mo

CRED did not hire any employees working in spenny. They fired them all. The acquisition deal was just for the stock broking licenses that spenny had which got transferred to CRED.

Don’t believe just go check the current companies of all past employees of spenny.

source: my friend worked here.