Asia news roundup: Nykaa scores $11m, Nio and Horizon launch $500m EV fund

Nykaa founder and CEO Falguni Nayar / Photo credit: Nykaa

Here’s what happened in tech today and this weekend.

Ecommerce

Nykaa scores US$11.3 million, claims US$453 million valuation (India). The online beauty retailer secured the investment from a number of family offices and high-net-worth individuals. Nykaa – which is said to hold 33 percent of India’s online market in beauty products and services – claims it is “EBITDA-breakeven” and is aiming to be profitable by FY2019. The startup said it would use these latest funds to enhance retail distribution to boost its private label offering, which currently comprises less than 10 percent of its revenue. (The Economic Times)

Fintech

Soft Space raises series B funding from Sumitomo Mitsui (Malaysia). The Malaysian fintech startup reported the closing of a series B investment with Sumitomo Mitsui Card Company – a subsidiary of Japanese financial services group Sumitomo Mitsui – paving the way for its entry into the Japanese market. The investment is seen as positively spurring Soft Space’s business growth opportunities in Japan and the wider region . ([Soft Space])

Transportation

Electric car company and chipmaker spur fundraising efforts for automotive tech (China). Shanghai-based electric car maker Nio and Beijing startup Horizon Robotics – a provider of embedded Artificial Intelligence solutions – are stepping up their fundraising efforts to broaden their hold on self-driving cars and other automotive technologies. (Bloomberg)

Property and real estate

Revolution Precrafted lands US$300 million Caribbean deal(The Philippines). Prefab home maker Revolution Precrafted has expanded into the Caribbean market with an exclusive dealership deal with Trinidad and Tobago-based real estate company NOVO Development. The partnership is the first part of a multi-phase plan to develop up to $1 billion of property in the region’s growing housing sector. (Revolution Precrafted)

Health and well-being

Medical records startup Doxper secures US$1.1 million funding (India). The startup, which helps doctors manage out-patient records, said it will use the capital to expand to Southeast Asia, the UK, the Middle East, Brazil, and South Africa by early next year. It’s already piloting operations overseas in Bangladesh and Nigeria. Vidal Healthcare led the pre-series A round, having earlier joined Doxper’s August 2017 seed round alongside Capier Investments, Globevestor, and a number of angel investors. (Inc42)

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from Tech in Asia https://www.techinasia.com/apac-news-23-04-2018
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