E-commerce in Asia witnessed end-of-fall investments
Vietnamese e-commerce platform expected to raise more in Series E
Tiki expects to close the Series E funding round with a larger scale than originally planned. This funding round is expected to raise $150 million. In July 2021, Tiki raised $100 million for a Series E funding round. Taiwan Mobile also invested $20 million in Tiki in August 2021. This Vietnamese e-commerce platform also successfully raised another $130 million. Northstar Group Private Fund led this funding round.
Southeast Asian e-commerce postal company raised a Series E funding
Ninja Van is an e-commerce postal company. This e-logistics company is operating in six Southeast Asian countries, including Vietnam. This company successfully raised $578 million in a Series E funding round. Geopost/DPDGroup, B Capital Group, Monk’s Hill Ventures, Zamrud, Alibaba all participated in this funding round. The funding is allocated to develop the technology system network. This network creates an optimal and sustainable operating model. The system also improves the quality and uniformity of Ninja Van’s operations. The capital is also used to build Ninja Van’s micro-supply chain solutions. These solutions help Southeast Asian SMBs optimise online business opportunities. Ninja Van plans to IPO in 2023.
First Thai fintech company to join the Southeast Asian “unicorn club”
Ascend Money is a Bangkok fintech company. This Southeast Asian company specialises in providing financial payment services. This company successfully raised $150 million. As a result, the company is valued at $1.5 billion, becoming the first fintech unicorn in Thailand. The new funding helps Ascend Money expand its TrueMoney Wallet user base. The company’s digital financial services include digital lending, digital investment, and cross-border remittance. Ascend Money serves more than 50 million e-wallet app users, 88,000 TrueMoney agents. The platform is already present in six Southeast Asian countries, including Vietnam.
Indian fintech unicorn doubled its valuation after a Series F funding round
OfBusiness is a B2B startup that has just raised $207 million. Tiger Global, Vision 2, Alpha Wave also participated in this funding round. This is OfBusiness’s third major fundraising in 2021. In April 2021, the startup successfully raised $110 million, increasing its valuation to $800 million. Ever since SoftBank invested $160 million in July 2021, this startup has grown in revenue 2.5 times. Over the past three months, the startup has continued to grow at 30% monthly. This startup will expand operations, strictly control large-scale supply chains.
The shares transfer between two Asian energy companies
Chubu Electric Power Co., Inc. (Chubu) signed a Share Purchase Agreement with Bitexco Energy Joint Stock Company (Bitexco Power). Chubu also signed a Share Purchase Agreement with some existing shareholders of Bitexco Power. After legal proceedings, Chubu owns 20% of Bitexco Power shares. This is Chubu’s first overseas investment in a renewable energy company in Asia. Both units will maximize the value of technology and expertise in the operation and maintenance of hydropower plants.
Sources of information include DealstreetAsia, Crunchbase, and NikkeiAsia.