Didi offloads smart cockpit assets for stake in AutoAi
Didi, China’s ride-hailing giant, is trading its smart cockpit division for a stake in AutoAi, a state-backed player specializing in intelligent cockpit software and hardware.
Details of the transaction emerged in a regulatory filing by NavInfo, AutoAi’s primary controller. According to Reuters, the deal values Didi’s assets at around RMB 500 million (USD 70.2 million), with Didi committing a total of RMB 670 million (USD 94.1 million) to acquire a 16.46% stake in AutoAi, making it the company’s second largest shareholder.
This strategic shift will allow Didi to double down on its core business, building on the momentum from its recent sale of electric vehicle assets to Xpeng Motors as it sharpens its focus on smart mobility.
Validus secures USD 50 million debt facility from HSBC
Validus, a Singapore-based digital lender serving small and medium enterprises, has secured a USD 50 million debt facility from HSBC under the ASEAN Growth Fund strategy. The funds will be directed through its Indonesian arm, Batumbu, which has seen strong profitability and sustained EBITDA margins above 50%.
This facility is designed to bolster financial inclusion for Indonesia’s micro, small, and medium enterprises (MSMEs), who are said to contribute 61% to the nation’s GDP yet face significant challenges in accessing capital. Validus, through this partnership, aims to bridge the financing gap in Indonesia, where MSME loans currently make up just 20% of total bank loans.
Genesia Ventures backs LaLa’s mushroom cultivation technology
LaLa, a biotechnology startup specializing in mushroom cultivation, has secured an undisclosed amount of funding from Japan-based investor Genesia Ventures.
Since its founding in 2019, LaLa has been developing an innovative, carbon-neutral system for cultivating organic mushrooms using a novel fermentation method with soil microorganisms to create bacteria beds.
This investment will help LaLa scale production and expand its market reach, bringing its mushroom products to more consumers.
Protege Ventures invests in Equatorial Space Systems
Equatorial Space Systems (ESS), a startup focused on sustainable rocket propulsion, has received SGD 25,000 (USD 19,126) in investment from student-led venture capital fund Protege Ventures, according to e27.
Founded by alumni from the National University of Singapore, ESS has developed a fuel called HRF-1 that could cut rocket launch costs by 90% and reduce emissions by 69%.
Latest funding deals in India:
- Blue Tokai Coffee Roasters, a specialty coffee and bakery brand, has secured USD 35 million in a Series C funding round led by Verlinvest. Existing investors Anicut Capital and A91 Partners also participated in the round. The company plans to use the funds to expand its footprint across India over the next three years.
- Agrim, a B2B platform for agricultural inputs, has raised USD 17.3 million in its Series B funding round led by Asia Impact. Existing investors Kalaari, India Quotient, Omnivore, and Accion Venture Lab also participated. The funds will be used to strengthen its technology, enhance offerings, and expand operations to become the preferred partner for agricultural retailers and manufacturers in India.
- Clean Electric, an energy storage solutions startup, has raised INR 485 million (USD 5.8 million) in a round of financing co-led by Info Edge and Pi Ventures. Kalaari Capital and several angel investors also participated in this round.
- Zepto, a quick commerce company, has raised USD 340 million in a follow-on financing round led by General Catalyst, with participation from Dragon Fund and Epiq Capital. The company plans to double its number of dark stores to 700 by March 2025 and expand into new markets.
- Pilgrim, a D2C beauty and personal care firm, has raised INR 750 million (USD 8.9 million) in an extended Series B funding round jointly led by Fireside Ventures and Vertex Ventures. The funds will be used for expansion and general corporate purposes.
- Servify, a device management platform, has raised INR 840 million (USD 10 million) in a fresh tranche of its Series D funding round from Bajaj Holdings, Trifecta, and Innoven Capital. Comprising a mix of debt and equity funding, the capital will be used for working capital and general corporate purposes.
TransTRACK, Lokatani, DCG, and more led last Friday’s headlines:
- TransTRACK, a Southeast Asian startup transforming fleet operations with its digital solutions, raised USD 12 million in a Series A funding round. Eurazeo and Cocoon Capital co-led the round, joined by IFP Securities, Bintang Delapan, and AppWorks.
- Lokatani, an agritech startup reimagining hydroponic vegetable farming, secured an undisclosed sum in pre-seed funding from Asiapay Capital and Jakarta Ventura (Jakvent).
- Digital Classifieds Group (DCG), the parent company of Lamudi, clinched a strategic investment from Living Lab Ventures (LLV), the venture capital arm of Sinar Mas Land.
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