Category

Private Markets

Dec 30
0

Daily Brief Private Markets: Tata-owned BigBasket adds $200m funding to cart and more

By | Daily Briefs, Private Markets

In today’s briefing:

  • Tata-owned BigBasket adds $200m funding to cart
  • Chinese driverless car firm nets nearly $100m series B money
  • Mitsubishi arm injects US$200M investment into digital finance platform Akulaku

Tata-owned BigBasket adds $200m funding to cart

By Tech in Asia

  • BigBasket, an India-based online grocery player owned by conglomerate Tata Sons, has raised US$200 million at a US$3.2 billion valuation, the platform’s co-founder and CEO Hari Menon told Tech in Asia.
  • Founded from a small office in Bengaluru in 2011 by Menon and four other partners, V S Sudhakar, Vipul Parek, Abhinay Choudhari, and V S Ramesh, BigBasket was acquired by Tata Sons through its subsidiary Tata Digital in 2021.
  • Largely focusing on online grocery, BigBasket has also expanded to quick commerce via BB Now and subscription-based service via BB Daily.

Chinese driverless car firm nets nearly $100m series B money

By Tech in Asia

  • Freetech Intelligent Systems, a China-based autonomous driving firm, has raised nearly US$100 million in its series B round, Nikkei Asia reported.
  • Chaos Investment led the round, with TCL Industries Holdings, BAIC Capital, and Hengxu Capital participating, among other investors.
  • Founded in 2016, Freetech creates a full-stack solution for autonomous vehicles, creating both software and hardware components to power cars.

Mitsubishi arm injects US$200M investment into digital finance platform Akulaku

By e27

  • Indonesia-based banking and digital finance platform Akulaku has secured a US$200 million investment from Japanese megabank Mitsubishi UFJ Financial Group (MUFG).
  • The investment will support its expansion of banking services across Southeast Asia, including underserved customers and markets.
  • The company’s future growth plans align with MUFG’s, and their joint expansion into new territories, markets, and products will accelerate heading into 2023.

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Dec 28
0

Daily Brief Private Markets: Yodobashi to Become Top 10 Retailer in Sogo Seibu Deal with Fortress and more

By | Daily Briefs, Private Markets

In today’s briefing:

  • Yodobashi to Become Top 10 Retailer in Sogo Seibu Deal with Fortress
  • BillionBricks Closes US$2.45M Seed Round to Build Affordable Net-Zero Homes

Yodobashi to Become Top 10 Retailer in Sogo Seibu Deal with Fortress

By Michael Causton

  • Although there are some points to iron out, Fortress Investment is in the final stages of negotiation to purchase Sogo Seibu from Seven & I, with Yodobashi Camera as partner. 
  • This is an exciting move for Yodobashi as it should be an excellent choice to leverage Sogo Seibu’s better locations and create more competition for rivals like Bic Camera.
  • Even so, some stores will no longer have a future under their existing banners and the acquisition will mark the final demise of a 170 year old brand and company.

BillionBricks Closes US$2.45M Seed Round to Build Affordable Net-Zero Homes

By e27

  • BillionBricks, a Singapore-based climate-tech startup combining clean energy and large-scale affordable housing, has closed a US$2.45 million seed funding round.
  • SGX-listed Thakral Corporation led the round with participation from ENGIE, a global low-carbon energy and services company.
  • BillionBricks was founded in 2013 as a non-profit by architect Prasoon Kumar and venture capitalist Anurag Srivastava to address the global climate and housing crises.

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Dec 24
0

Daily Brief Private Markets: ParagonCorp Arm Pours Funding into Indonesian Shariah Fintech Firm and more

By | Daily Briefs, Private Markets

In today’s briefing:

  • ParagonCorp Arm Pours Funding into Indonesian Shariah Fintech Firm

ParagonCorp Arm Pours Funding into Indonesian Shariah Fintech Firm

By Tech in Asia

  • Alami, an Indonesia-based Shariah fintech startup, has secured an undisclosed amount in a capital injection from Paragon Beneva Investama, an investment arm of local cosmetics firm ParagonCorp.
  • Founded in 2018, Alami is a peer-to-peer lender that provides invoice financing to MSMEs in Indonesia.
  • The company has disbursed over 3 trillion rupiah (over US$191 million) to fund over 10,000 MSME projects across various strategic sectors in the country.

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Dec 22
0

Daily Brief Private Markets: Doctor Anywhere Acquires SG Healthcare Provider and more

By | Daily Briefs, Private Markets

In today’s briefing:

  • Doctor Anywhere Acquires SG Healthcare Provider, Nets $38.8m Funding
  • Aktivolabs scores US$10M Series A to help populations manage risk of chronic diseases

Doctor Anywhere Acquires SG Healthcare Provider, Nets $38.8m Funding

By Tech in Asia

  • Singapore-headquartered Doctor Anywhere (DA) is set to acquire medical services group Asian Healthcare Specialists (AHS) in a cash deal valued at about S$109 million (US$76.7 million) at an offer price of S$0.188 (US$0.13) per share.
  • The healthtech firm has also announced a US$38.8 million series C1 financing round led by Novo Holdings to partly fund the AHS acquisition and accelerate growth.
  • According to DA’s financial statements, the company’s revenue hit S$31.9 million in 2021, an over 2.8x growth from the previous year

Aktivolabs scores US$10M Series A to help populations manage risk of chronic diseases

By e27

  • Singapore-based digital health-science company Aktivolabs has secured US$10 million in a Series A round of investment led by Mitsui & Co, Adaptive Capital Partners, and SEEDS Capital.
  • The company will develop the existing algorithm and data-analytics programme to enhance the efficiency and accuracy of predicting, preventing and self-managing chronic disease using digital biomarkers.
  • The platform harnesses real-time digital health data elements in a low-touch, cost-effective manner with measurable actuarial and actionable value to life and health insurers.

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Dec 20
0

Daily Brief Private Markets: Hyperlounge Raises US$8M in Series A to Grow Beyond Being a Business Analytics Platform and more

By | Daily Briefs, Private Markets

In today’s briefing:

  • Hyperlounge Raises US$8M in Series A to Grow Beyond Being a Business Analytics Platform
  • Venteny Raises $21m Via Indonesia IPO

Hyperlounge Raises US$8M in Series A to Grow Beyond Being a Business Analytics Platform

By e27

  • Hyperlounge, a real-time data analysis and management insights SaaS platform for small and medium-sized (SME) business executives, announced that it had raised US$8 million in Series A investment.
  • The funding round is led by Altara Ventures, together with FuturePlay, StoneBridge, BA Partners, RyuKyung PSG, and Nextrans.
  • South Korean software reseller UClick joined the funding round as a strategic investor.

Venteny Raises $21m Via Indonesia IPO

By Tech in Asia

  • The firm, which provides growth funding and human resource services, went public under the ticker symbol VTNY.
  • Venteny offered around 930 million shares – representing 15% of its enlarged share pool – at a price of 360 rupiah (US$0.023) apiece.
  • The company raised US$21 million, pegging its valuation at around US$158 million.

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Dec 16
0

Daily Brief Private Markets: DEA Raises US$10M from LDA Capital to Accelerate NFT Gaming Platform PlayMining and more

By | Daily Briefs, Private Markets

In today’s briefing:

  • DEA Raises US$10M from LDA Capital to Accelerate NFT Gaming Platform PlayMining

DEA Raises US$10M from LDA Capital to Accelerate NFT Gaming Platform PlayMining

By e27

  • Digital Entertainment Asset (DEA), operator of the PlayMining NFT gaming platform, announced that it had raised a US$10 million investment from Los Angeles-based LDA Capital
  • DEA manages intellectual property (IP) monetisation for content creators and operates the PlayMining platform
  • The funding was meant to further accelerate its business and market expansion and to help optimise the development of PlayMining.

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Dec 14
0

Daily Brief Private Markets: Line Parent’s VC Firm Leads $2.3m Funding for Korean ETF Startup and more

By | Daily Briefs, Private Markets

In today’s briefing:

  • Line Parent’s VC Firm Leads $2.3m Funding for Korean ETF Startup

Line Parent’s VC Firm Leads $2.3m Funding for Korean ETF Startup

By Tech in Asia

  • Akros Technologies, a South Korea-based fintech firm, has raised US$2.3 million in a strategic funding round.
  • The fundraise was led by ZVC – the investment arm of Line Corporation parent Z Holdings.
  • Founded last year, Akros Technologies manages its own exchange-traded funds (ETFs) powered by machine learning models. 

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Dec 09
0

Daily Brief Private Markets: Singapore-Based Glints Lays off 18% of Employees and more

By | Daily Briefs, Private Markets

In today’s briefing:

  • Singapore-Based Glints Lays off 18% of Employees
  • What Is ChatGPT and What Does It Bring to the Table?
  • Osome Rakes in US$25M Series B to Grow Its Accounting Solutions Beyond SG
  • Malaysian Earned Wage Access Startup Paywatch Bags US$9M for Philippines, HK Expansion

Singapore-Based Glints Lays off 18% of Employees

By Tech in Asia

  • Glints, a Singapore-based careers platform, is laying off employees “based on market conditions and business priorities,” the firm’s co-founder Oswald Yeo said in his address to staff.

  • The development comes after the startup raised US$50 million in a series D funding round in August.
  • In the same month, the firm claimed that its annual revenue and gross profits grew 2.5x over the past 12 months.

What Is ChatGPT and What Does It Bring to the Table?

By Tech in Asia

  • OpenAI, a US-based AI firm set up by Elon Musk and Sam Altman, released the preview version of a chatbot model called ChatGPT (Chat Generative Pre-Training).

  • Immediately, the model took the internet world by storm, as the chatbot produced accurate, human-like answers (most of the time) to questions and commands.

  • In a nutshell, the model was trained using a form of supervised fine-tuning called reinforcement learning from human feedback (RLHF).

Osome Rakes in US$25M Series B to Grow Its Accounting Solutions Beyond SG

By e27

  • Osome helps SMEs set up through a simple platform with easy-to-use software and an expert accountant to take care of financial admin

  • Singapore-based Osome, which has developed an accounting and corporate compliance app for small and medium enterprises (SMEs), has raked in US$25 million in a Series B round
  • The firm plans to expand its Asia operations, primarily in Singapore and Hong Kong

Malaysian Earned Wage Access Startup Paywatch Bags US$9M for Philippines, HK Expansion

By e27

  • Paywatch claims its solution has reached a 50 per cent engagement rate among its Malaysian users this year.

  • Paywatch, an earned wage access (EWA) service provider operating in South Korea and Malaysia, announced a US$9 million pre-Series A financing
  • Paywatch will utilise the money to grow its product offerings, strengthen its presence in existing markets, and accelerate expansion into new markets

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Dec 02
0

Daily Brief Private Markets: HuffPost Investor and more

By | Daily Briefs, Private Markets

In today’s briefing:

  • HuffPost Investor, Binance Join US$15.5M Series A+ Round of Fraud Detection Startup FrankieOne
  • Igloo Scores US$27M More to Extend Series B Financing Round to US$46M

HuffPost Investor, Binance Join US$15.5M Series A+ Round of Fraud Detection Startup FrankieOne

By e27

  • FrankieOne, a global platform connecting customers to multiple identity verification and fraud detection vendors via one API, has added US$15.5 million to its Series A+ round.

  • The new tranche will allow FrankieOne to expand its business across Asia Pacific and North America.

  • Founded in 2019 by Simon Costello and Aaron Chipper, FrankieOne is an identity and fraud detection engine helping companies onboard and protect their customers.

Igloo Scores US$27M More to Extend Series B Financing Round to US$46M

By e27

  • Igloo provides “competitively-priced” insurance for delivery riders in Thailand, Singapore, and the Philippines, and Vietnam
  • Singapore-headquartered insurtech startup Igloo announced an additional US$27 million to close its Series B round at US$46 million
  • The additional funds will provide Igloo with a comfortable multi-year runway

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Nov 25
0

Daily Brief Private Markets: Wealth Management Startup Kristal.AI Nets US$10M Funding and more

By | Daily Briefs, Private Markets

In today’s briefing:

  • Wealth Management Startup Kristal.AI Nets US$10M Funding, Expanding into UAE
  • Ayurveda Tech Startup NirogStreet Raises US$12M to Strengthen Supply Chain
  • Indonesia’s Hangry Posts 2.5x Revenue Jump in 2022
  • Vietnamese Electric Bike Firm Secures $8m from Jungle Ventures, Others

Wealth Management Startup Kristal.AI Nets US$10M Funding, Expanding into UAE

By e27

  • Kristal.AI, a private wealth management platform, has secured over US$10 million in its pre-series B round of investment.
  • Kristal.AI will use the new capital for expansion into new markets and driving product and platform innovation.
  • Established in 2016, Kristal is a digital-first private wealth advisory and fund management group serving mass-affluent clients globally.

Ayurveda Tech Startup NirogStreet Raises US$12M to Strengthen Supply Chain

By e27

  • NirogStreet, an Ayurveda tech startup based in Delhi, India, has received US$12 million in a Series B round of funding led by Jungle Ventures.

  • With technology-based interventions, NirogStreet enables doctors by giving technology to run their clinic, access to quality medicines inventory in real-time, and avenues to learn and earn while also closely working with the government, regulators, and research organisations.

  • It has over 50,000 Ayurvedic doctors in the community and encourages them to create and publish case studies and research reports to bring evidence-based treatment similar to modern medicine.

Indonesia’s Hangry Posts 2.5x Revenue Jump in 2022

By Tech in Asia

  • Hangry, an Indonesia-based culinary startup, said it posted a 2.5x revenue growth between January to October 2022 compared to its revenue last year.
  • At its third birthday event earlier this week, the firm’s president, Andreas Resha, said that he felt fortunate that Hangry was in a business that caters to a primary need: food.
  • That’s why demand for its product is “still strong,” he said, despite current macroeconomic disruptions pushing many tech startups to lay off employees.

Vietnamese Electric Bike Firm Secures $8m from Jungle Ventures, Others

By Tech in Asia

  • Dat Bike, a Vietnam-based electric motorbike startup, has raised US$8 million in a funding round.

  • The deal pushes the total funding Dat Bike has raised to date to US$16.5 million.

  • Founded in 2019, Dat Bike said that its electric motorcycles have 4x the range (200 kilometers versus 50 kilometers) and faster charging time (3 hours versus 6 hours) compared to most alternatives.

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