FB Pixel no scriptDeals in brief: 9Basil acquires AlteriQ Global, Empower buys Philippine-based Cashalo, Taiwania Capital invests in TransferGo, and more | KrASIA

Deals in brief: 9Basil acquires AlteriQ Global, Empower buys Philippine-based Cashalo, Taiwania Capital invests in TransferGo, and more

Written by Jeff Chay Published on   5 mins read

Bringing you the latest updates on funding deals and activities in the Asia Pacific.

9Basil Group acquires AlteriQ Global

9Basil Group, a Thailand-based alternative investments firm, has acquired AlteriQ Global, a private credit financier based in Singapore, for an undisclosed sum. The deal notably entails a USD 50 million capital boost for AlteriQ.

Founded in 2020, AlteriQ offers customized debt financing solutions to small and medium enterprises in the Asia Pacific. 9Basil Group’s acquisition of the firm marks its strategic entry into the private credit market amid reduced lending from conventional financing sources due to stricter regulations and volatile capital markets.

Empower acquires Cashalo to enter Southeast Asian credit arena

Empower Finance, a San Francisco-based financial technology company, has finalized its acquisition of Cashalo, a consumer credit and lending company based in the Philippines. The terms of the deal were not disclosed.

Founded in 2016, Empower provides alternative credit assessment and new financial products for consumers in the US and Mexico. Through its acquisition of Cashalo, it gains a strategic foothold in the Southeast Asian credit market, adding to its active user base of over two million people.

Empower has also reached a definitive agreement to acquire Petal, a New York-based consumer credit card and fintech company, for an undisclosed fee.

Taiwania Capital invests USD 10 million in TransferGo

TransferGo, a UK-based online money transfer platform operating in over 160 countries, has raised USD 10 million from Taiwania Capital, a venture capital firm in Taiwan. This investment aims to accelerate TransferGo’s growth in the Asia Pacific and expand its product range.

According to TechCrunch, TransferGo said its valuation has doubled after achieving profitability in 2023 and has experienced a 50% increase in revenue.

Recent deals completed in China:

  • Kuaizi, a generative artificial intelligence video platform, has secured RMB 50 million (USD 6.9 million) in a Series B1 funding round from GSR Ventures, Haizhu City Construction Development Group, Minghui Yide, and Hainan Bixin. Unique Capital served as the exclusive financial advisor. The company will utilize the funds to expand its domestic and international presence, train proprietary large models, and optimize its product matrix. 36Kr
  • Yupan Technology, a Tianjin-based company specializing in automotive chassis control technology, has raised nearly RMB 100 million (USD 13.8 million) in cumulative seed and angel funding rounds. The seed round was led by Landstone Capital, with Crystal Stream, W&W Capital, and other investors participating, while the angel round was jointly led by Xiaomi’s venture capital arm and Shunwei Capital, with continued support from Landstone Capital. The funds will primarily support Yupan’s production line construction, product R&D, and market expansion efforts. 36Kr
  • Zymo Biotech, a Wuhan-based synthetic biology company, has bagged an eight-figure RMB sum after completing consecutive Series A and A+ funding rounds. Cowin Venture Capital led the Series A round with the support of Huaheng Biotech, while the Series A+ round saw investments from CDH VGC and Shouyi Science and Technology Innovation Fund of Funds. 36Kr
  • Zhiguang Electric, a technology enterprise specializing in energy control and management solutions, has completed a new funding round, raising a sum totaling RMB 700 million (USD 96.7 million). The investors include China Development Bank Capital’s manufacturing-focused fund, Yuecai Holdings, a China Southern Power Grid-managed fund, and Guangzhou Industrial Investment Holdings Group. 36Kr
  • Aion, an electric vehicle manufacturer under GAC Group, has cumulatively raised over RMB 20 billion (USD 2.7 billion), securing investments from SCGC, China Structural Reform Fund, and PICC Capital, among others. 36Kr
  • ModelBest, a Beijing-based large model technology company, has secured a nine-figure RMB sum in a new funding round led by Primavera Capital Group and Huawei’s Habo Investments, with participation from the Beijing Artificial Intelligence Industry Investment Fund and continued support from strategic shareholder Zhihu. The funds will be used for talent acquisition, algorithmic and data infrastructure construction, and the implementation of large models. 36Kr
  • Genesis MedTech, a developer of an open innovation platform for medical technology, has announced the completion of a new funding round, securing a nine-figure RMB sum. Wuxi Capital Group and Binhu Industrial Group jointly led the round, with participation from a leading medical device company based in the US. The funds will support the company’s R&D and commercialization efforts. 36Kr
  • Iplus Mobot Technology, a mobile robotics solutions provider, has received around RMB 20 million (USD 2.7 million) in a capital infusion by Supcon. 36Kr
  • Hisun SuliKang, a developer of health and medical foods, has raised an eight-figure RMB sum in a new funding round from Zhandao Capital. This funding will be used for new product R&D and to establish its distribution channels. 36Kr

Latest funding deals in India:

  • Butterfly Learnings, a Thane-based pediatric health platform, has raised INR 320 million (USD 3.8 million) in a Series A funding round led by Insitor Impact Asia Fund II and Enzia Ventures, with participation from CIIE (IIMA Ventures), Foundation Botnar, 9 Unicorns, and Venture Catalysts. —Entrackr
  • AutoNxt, an electric tractor developer, has raised USD 3 million (INR 240 million) in a Pre-Series A funding round led by Saama Capital, with participation from Bluehill Capital, Keiretsu Forum, Soonicorn Ventures and others. —Inc42
  • Aviom India Housing Finance, a Delhi-based housing loan solutions provider, has raised USD 10 million in debt financing from BlueOrchard Microfinance Fund. This investment comes nearly a year after Aviom raised USD 30 million in Series D funding. —Inc42
  • Arrivae, a Mumbai-based home furnishing and interior design startup, has raised INR 210 million (USD 2.5 million) in equity funding from Mithun Sacheti (CaratLane). Arrivae had previously raised INR 750 million in a Series B funding round in 2022, jointly led by Think Investments and Havells Group. —The Economic Times
  • Garden of Joy, a Bengaluru-based landscaping startup, has raised INR 8.4 million (USD 100,750) in a seed funding round led by Inflection Point Ventures. The funds will go toward the company’s planned expansion into Karnataka, Telangana, Maharashtra, Tamil Nadu, and Kerala. —Startup Story
  • Singularity Growth, a Mumbai-based private equity firm, has invested INR 4 billion (USD 48 million) in five companies, namely EV battery startup Lohum, organic milk manufacturer Akshayakalpa, Mahindra-backed motorcycle brand Classic Legends, EV original equipment manufacturer Qucev, and data center firm Edville DC. —Inc42

Mindverse, CNV, Cornerstone Ventures, and more led yesterday’s headlines:

  • Mindverse, a Singapore-based artificial intelligence technology startup, raised USD 5 million in a seed funding round led by Square Peg. The company will utilize the funds to advance R&D of its personalization-focused large model.
  • CNV, a Vietnamese cloud-based business and marketing solutions provider, secured USD 1 million in a seed funding round from Wavemaker Partners. Established in 2020, CNV provides a variety of digital transformation products and services tailored to micro, small, and medium enterprises in Vietnam.
  • Cornerstone Ventures, headquartered in Mumbai, launched its second investment vehicle, targeting a corpus of USD 200 million, including a greenshoe option.

If there are any news or updates you’d like us to feature, get in touch with us at: [email protected].


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