Malaysia’s Carsome secures new financing to fuel expansion
Carsome, a leading car e-commerce platform in Southeast Asia, has locked in over MYR 200 million (USD 46.5 million) in fresh working capital through partnerships with Ambank Group and Maybank. The company plans to leverage the new capital to accelerate its expansion and strengthen its position in the region.
The additional financing will help Carsome enhance its ancillary services, such as financing, insurance, and aftersales, delivering a more comprehensive solution for dealers and customers alike.
This funding follows a strong Q2 2024, where Carsome traded around 35,000 vehicles and posted a 9% quarter-on-quarter revenue increase, reaching more than USD 310 million. The company’s gross margin topped 10%, and EBITDA tripled quarter-on-quarter.
Pathao raises USD 12 million to accelerate fintech ambitions
Pathao, a Bangladeshi consumer tech company, has raised USD 12 million in a pre-Series B funding round, bringing its total capital raised to over USD 50 million. The round was led by VentureSouq, with participation from Anchorless Bangladesh, Osiris Group, South Asia Tech, and Openspace Ventures.
Pathao plans to use the fresh capital to double down on fintech, scaling its digital wallet, Pathao Pay, and its buy now, pay later service, Pay Later. The company is targeting Bangladesh’s tech savvy youth and small business owners as it continues its push into the fintech space.
Razor Capital backs iFarmer to drive agritech growth in Bangladesh
iFarmer, an agritech startup in Bangladesh, has secured an investment from Razor Capital. The financial details were not disclosed.
Founded in 2019, iFarmer provides smallholder farmers with access to agricultural inputs, financing, advisory services, and market linkages through its extensive network.
With the fresh funding, iFarmer plans to expand its reach, strengthen its supply chain, and tap into the export market. As agriculture remains a critical pillar of Bangladesh’s economy, iFarmer is positioned to digitize the sector, helping farmers tackle issues like climate change and market access.
Tokenize Xchange secures investment from Animoca Brands
Tokenize Xchange, a Singapore-based digital asset exchange, has landed an undisclosed sum of investment from Animoca Brands to develop its Titan Chain mainnet.
As part of the deal, Animoca will assist with market making, node validation, and partnerships within its blockchain ecosystem, including gaming projects like Mocaverse.
Recent deals completed in China:
- Ant Group, China’s fintech giant, has acquired HaoDF, a leading digital health platform. According to Chinese registry data accessed by Nikkei Asia, an Ant Group affiliate became the sole owner of HaoDF’s operating company as of September 11, marking a full takeover.
- Quicktron, a Shanghai-based provider of robotic solutions for warehouses, has raised more than USD 100 million in a Series D funding round. The round was co-led by Golden Oriole Capital, Farglory Group, the Wuxi Liangxi Technology Innovation Fund, and the Weifang Yuanfei Industrial Fund.
- HitGoo, a Chinese discount store chain, has secured around RMB 100 million in a Series B funding round. While specific investor details remain under wraps, the company hinted at plans to use the fresh funds to broaden its business reach, strengthen its brand presence, and build up its team. With an eye on scaling, Hitgoo is looking to cement its spot as a go-to name for budget-conscious shoppers. —36Kr
- IHengPV, a solar energy company, has landed an eight-figure RMB equity financing round. Anshu Capital led the investment, while TPG stepped in as a long-term financial advisor. The capital will be directed toward rolling out Yiheng’s heterojunction and perovskite stacked high-efficiency solar cells and modules, a move expected to boost both production and operational capacity. —36Kr
- 3S Technology, a company dedicated to advancing the photochemical industry, has closed a pre-Series A+ funding round, pulling in tens of millions of RMB. Junke Danmu led the investment, with I&R Capital acting as its exclusive financial advisor. The new funding will be funneled into R&D, as well as ramping up its business operations. —36Kr
Happy5, Arta Finance, XenCapital, and more led last Friday’s headlines:
- Happy5, an Indonesian company specializing in enterprise performance management, acquired Singapore-based SugarOKR to expand internationally, particularly targeting the US market. The financial details were not disclosed.
- Arta Finance, a digital wealth platform co-founded by former Google executives, secured an undisclosed investment from EDBI, the investment arm of the Singapore Economic Development Board (EDB).
- XenCapital, the lending arm of Xendit, secured a USD 50 million credit facility from fintech platform Helicap.
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