FB Pixel no scriptDeals in brief: Flexii, Tability, and Zeroe secure funding, ComfortDelGro acquires A2B to expand footprint in Australia, multiple China and India deals, and more | KrASIA

Deals in brief: Flexii, Tability, and Zeroe secure funding, ComfortDelGro acquires A2B to expand footprint in Australia, multiple China and India deals, and more

Written by KrASIA Writers Published on   5 mins read

Bringing you the latest news briefs on fundraising activities in the Asia Pacific.

East Ventures lead investment in Singapore-based Flexii

Flexii, a Singapore-based staffing startup, has secured an undisclosed amount of funding in a round led by East Ventures Japan.

The startup intends to use the newly raised capital to expedite the progress of its development initiatives and expand its reach among businesses that are looking for staffing resources to operate more sustainably and effectively.

“[We are] pleased to be a part of Flexii’s team as a leading investor in its latest round. We firmly believe that Flexii paves the way for solving the economic issue of manpower shortage in Singapore. Also, considering the current circumstances in some countries experiencing the same problem, Flexii has considerable potential to expand its business to other markets,” said Takeshi Kaneko, managing partner of East Ventures Japan.

Tability bags AUD 1.4 million in seed round

The Australian productivity-focused platform has bagged AUD 1.4 million (USD 953,000) in a seed funding round led by Investible with the support of Right Click Capital, Skalata Ventures, Empress Capital, Jelix Ventures, and angel investors.

Zeroe secures USD 2.2 million in seed round

The UAE-based climate tech company has announced the completion of its seed funding round, securing USD 2.2 million. The round was led by Owen Rahadiyan, an Indonesian investor.

Zeroe intends to use the newly raised capital to further facilitate decarbonization efforts, following the launch of its platform to enterprise customers in the UAE. It will also leverage its newfound connection with Rahadiyan to access new markets in Southeast Asia.

ComfortDelGro expands footprint in Australia with acquisition of A2B

ComfortDelGro, a Singapore-based land transportation company, has announced the acquisition of A2B Australia, an Australia-listed taxi operator that also provides payment solutions.

The company previously owned 9.25% of A2B and has proposed to acquire the remaining shares at a price of AUD 1.45 (USD 0.98) per share, valuing the target company at AUD 182 million (USD 134.9 million). The aggregate consideration will be funded through existing cash and bank facilities. This deal is expected to conclude in the first half of 2024, pending shareholder and regulatory approvals. The A2B shareholder vote is scheduled for March 2024.

“This acquisition is in line with ComfortDelGro’s strategy to scale our point-to-point mobility business in our key markets. As a leading taxi network in Australia, A2B is highly complementary to our business. Its fundamentals are attractive, with a proven track record of expansion driven by underlying growth in customer demand and driver supply. It will also allow for diversification of our offerings in Australia,” said Cheng Siak Kian, managing director and group CEO of ComfortDelGro.

ComfortDelGro is also the preferred fleet partner of Drive Mate, the Australian brand of Singapore-founded peer-to-peer car sharing startup Drive Lah. ComfortDelGro invested in Drive Lah earlier this year.

Whampoa Digital and Wemade initiate USD 100 million Web3 fund in the Middle East

Whampoa Digital, a Web3 company under the umbrella of Singapore-based Whampoa Group, and Wemade, a South Korean gaming company, have entered into a strategic partnership to jointly initiate a USD 100 million fund.

Named the Wemade Web3 Fund, this fund will be established by Wemade in the Middle East to facilitate mutual deal and project referrals, as well as potential joint investment opportunities. In particular, the Wemade Web3 Fund will target promising gaming studios and blockchain projects interested in establishing an office in the Wemix Play Center, a Web3 gaming hub at the DIFC Innovation Hub in Dubai.

Recent deals completed in China:

  • Chinese livestreaming-focused platform Huya has agreed to purchase a mobile application service provider from Tencent for USD 81 million. Huya did not disclose the name of the provider, although China Star Market cited undisclosed sources stating it to be APKPure,  a Google Play alternative acquired by Tencent in January 2022. 36Kr
  • Kossel Medtech, a Suzhou-based medtech company, has banked over RMB 100 million (USD 14 million) in a Series B funding round led by Fortune Capital with the support of SIDVC, Suzhou New District Hi-tech Industrial, and Medpark. 36Kr
  • Boonray Technology, a Shanghai-headquartered robotics and autonomous driving solutions provider, has raised over RMB 100 million (USD 14 million) in a Series B1 funding round. The funds were jointly invested by JZ Capital, Jinshuihu Venture Capital Management, and Shanghai Rongxi Venture Capital Management. Boonray will utilize the funds to develop new energy vehicles and systems. 36Kr
  • The One (stylized as “THEONE”), a skincare brand, has completed an angel round of financing, securing RMB 5 million (USD 700,000). The company did not disclose the investors but stated that the funds will be used for product R&D and marketing, among other purposes. 36Kr
  • AutoAgents, an artificial intelligence company specializing in large model development, has bagged an eight-figure RMB sum in an angel funding round led by Sinovation Ventures. AutoAgents will allocate the funds toward product R&D, market expansion, and talent acquisition. 36Kr
  • CytosinLab, a Shanghai-based epigenetics-focused biotechnology company, has raised close to RMB 100 million (USD 14 million) in a Series A+ funding round from Fortune Capital and the Hangzhou Heda Industry Fund. CytosinLab intends to utilize the capital for clinical product development and to enhance its technology R&D platform. 36Kr
  • Wattman, a Beijing-based industrial technology company, has secured a nine-figure RMB sum in Series B and B+ funding. The investors include a China Mobile-managed fund and Gransing Securities. Wattman will use the funds for technology R&D and the expansion of its production line. 36Kr
  • Lingxi Shenzhi Technology, a Beijing-based AI generated content (AIGC) large model developer, has raised RMB 50 million (USD 7 million) in angel funding from Quwan, Cheetah Mobile, and 01VC. The company will utilize the capital to conduct technology R&D, business development, and team building. 36Kr

Latest deals in India:

  • InCred, a fintech company specializing in lending services, has raised USD 60 million in a Series D funding round. The round was led by Ranjai Pai (MEMG), Ravi Pillai (RP Group), and Ram Nayak (Deutsche Bank), who invested USD 9 million, USD 5.4 million, and USD 1.2 million respectively. Several high-net-worth individuals, family offices, as well as institutional investors like Varanium Capital Advisors and Sattva Group also participated in this round. The completion of this round elevates InCred’s valuation to approximately USD 1.04 billion.
Photo of Bhupinder Singh, founder and group CEO of InCred.
Photo of Bhupinder Singh, founder and group CEO of InCred. Photo courtesy of InCred.
  • Wolkus Technology Solutions, the operator of Bengaluru-based agritech startup Fasal, has raised USD 12 million in a Series A Funding round led by TDK Ventures and British International Investment (BII). The round also saw participation from ITI Growth Opportunities Fund, Navam Capital, and Aureolis Ventures, as well as existing investors 3one4 Capital, Omnivore, Wavemaker Partners, Genting ventures, and The Yield Labs Asia Pacific. Fasal plans to utilize the funds to enhance its technology and the supply chain, as well as to further develop Fasal Fresh, its B2B brand.

Nio, Riiid, GreyOrange, and more led the pre-Christmas headlines:

  • Nio announced a new agreement that will see CYVN Holdings invest USD 2.2 billion in cash to subscribe for 294 million newly issued Class A ordinary shares at a price of USD 7.5 per share. CYVN also acquired Class A ordinary shares from a Tencent affiliate for an aggregate consideration of USD 350 million.
  • Riiid, an artificial intelligence-powered edtech company, announced its acquisition of Qualson, a South Korea-based provider of English language education and content.
  • GreyOrange, a warehouse robotics company, raised USD 135 million in a Series D funding round led by Anthelion Capital (formerly known as Cowen Sustainable Investments). The round also saw participation from Mithril Capital Management, 3State Ventures, and Blume Ventures.

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


Auto loading next article...