Asia news roundup: Carousell confirms $85m series C, Carro nabs $60m, and more

Carousell co-founders Quek Siu Rui (L), Lucas Ngoo (M), and Marcus Tan (R) / Photo credit: Carousell

After months of rumors, Carousell today confirmed it has closed its series C funding round, while Carro, Docquity, and VersaFleet were among the other startups to announce fresh investment.

Ecommerce

Carousell confirms US$85 million series C raise, DBS among new investors (Singapore). The ecommerce site for new and used goods raised the money in a round co-led by current shareholder Rakuten Ventures, and the investment arm of Singapore’s Economic Development Board, EDBI. Joining the round was new investor DBS, with previous backers 500 Startups, Golden Gate Ventures, and Sequoia Capital’s India fund. Carousell will use part of the money on technology development and talent acquisition. (Tech in Asia)

Mercari launches US$1.1 billion IPO (Japan). The Japanese C2C marketplace has received approval to list on the Tokyo Stock Exchange’s Mothers market, with its IPO slated for June 19. Mercari is the only Japanese company to appear in the Global Unicorn Club, CB Insights’ list of startups with billion-dollar-plus valuations. (Reuters)

Transportation

Carro closes series B with US$60 million (Singapore). The online marketplace for used cars and auto finance secured the funding in a round co-led by B Capital, Insignia Ventures Partners, and SoftBank Ventures Korea. Other investors such as the family office of Manik Arora, founder of IDG Ventures India also joined the round, along with Alpha JWC, Golden Gate Ventures, Singtel Innov8, and Venturra Capital. According to Carro founder and CEO Aaron Tan, the funds will be used to “double down on our online marketplaces and financing in emerging markets.” (Tech in Asia)

Didi Chuxing suspends service after alleged murder of passenger (China). The ride-hailing company will cease operations of its carpool service Didi Hitch for a week as it looks into the alleged murder of a passenger by one of its drivers. Didi uses facial recognition technology to identify drivers as they log on to their shift. The company, however, said this feature was “defective”prior to the incident, potentially allowing the suspected killer to access the platform and take rides using another driver’s verified account. (TechCrunch)

Tencent gets green light to test self-drive cars in Shenzhen (China). The company’s automatic driving laboratory has been granted a smart network-linked automobile road test license by the city government. Tencent can now perform trials of its self-driving cars on designated roads in the city, where the company is based. (KrAsia)

Media and entertainment

Photo credit: Sim Yanting

M17 Entertainment files for US IPO (Singapore). The parent company of Singapore-based dating app Paktor is hoping to raise US$115 million in a US listing. But the dating service forms only a small part of M17’s income, so it’s capitalizing on its live-streaming video service. The company’s net revenue grew from US$7.68 million in 2016 to US$90.1 million in 2017, around 90 percent of which was accounted for by its live-streaming app Live17. (Tech in Asia)

Delivery and logistics

VersaFleet raises US$2.1 million in pre-series A round (Singapore). The logistics management platform secured the funding in a round led by Prestellar Ventures, with additional backing from angel investors. VersaFleet’s system automates logistics operations and assigns drivers’ route plans for over 100 companies across Southeast Asia. The money will be used to expand VersaFleet’s operations in Asia, and enhance its platform’s capabilities. (VersaFleet)

Social media

Docquity completes series A funding (Singapore). The doctors-only professional network secured the undisclosed amount in a round led by Genesia Ventures. A pharmaceutical company in Southeast Asia and a hospital group in Indonesia also participated in the investment. The startup’s invite-only mobile and web app allows doctors to securely and privately discuss clinical cases and experiences with their peers. Docquity is also launching an AI-driven search engine aimed at solving real-world clinical problems.The app already has over 60,000 verified doctors and support from medical associations in different countries. (Docquity)

WeChat Official Accounts finally gets mobile app (China). Previously only available on PC, the app will soon let account managers edit, publish, manage subscribers, and access analytics on their smartphones. Since 2013, WeChat Official Account allowed marketers, media practitioners, and organizations promote their brands at low cost on the social media platform. (TechNode)

Fintech

Regulators to keep closer eye on fintech sector (Indonesia). The country will impose new rules by June that would require peer-to-peer lending companies to register first with the Financial Services Authority (OJK). Unregistered fintech firms will be prohibited from gaining access to financial markets or raising funds from banks, according to an OJK board member. (Bloomberg)

Consumer tech

Xiaomi hit with patent infringement lawsuit ahead of IPO (China). Smartphone maker Coolpad said its Yulong unit has sued three Xiaomi group subsidiaries for allegedly infringing its patent on multiple SIM card design. Yulong is also demanding that Xiaomi immediately halt the production and sale of some smartphone models. (Reuters)

Big tech

Fujifilm headquarters, Tokyo / Photo credit: Rs1421 / Wikimedia Commons

Xerox drops US$6.1 billion Fujifilm takeover deal (Japan/US). The US office equipment supplier also agreed to part ways with its CEO, Jeff Jacobson, and several company directors. The deal was called off after interventions by activist shareholders Carl Icahn and Darwin Deason, who together own 13 percent of the company. Both opposed Fujifilm;s proposed buyout deal since it was announced in January. Fujifilm is urging the Xerox board to reconsider. (Bloomberg)

UnaBiz gets investment from Shin Kong Security (Singapore). Internet of Things (IoT) network operator UnaBiz secured the undisclosed amount from security service provider Shing Kong. UnaBiz launched Taiwan’s first islandwide IoT network last October, allowing government agencies and businesses to connect to millions of smart devices. (Yahoo Finance)

Tencent launches China’s first open-source Go-playing AI platform (China). The company released the source code and training model for its PhoenixGo program on Github. The project was developed by WeChat’s translation unit and made using extra processing power from the social media app’s servers. PhoenixGo’s performance is comparable to the level of a professional Go player. (TechNode)

See: Previous Asia tech news roundups

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from Tech in Asia https://www.techinasia.com/apac-news-14-05-2018
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