FB Pixel no scriptDeals in brief: Inflow, Wind.app, and M Village secure funding, Alipay to sell entire stake in Zomato, multiple China and India deals, and more | KrASIA

Deals in brief: Inflow, Wind.app, and M Village secure funding, Alipay to sell entire stake in Zomato, multiple China and India deals, and more

Written by Gideon Ng Published on   8 mins read

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

Inflow secures USD 2 million in seed round

The Vietnam-based fashion supply chain platform has secured USD 2 million in a seed funding round led by AppWorks, with participation from other investors including 500 Global, January Capital, Spiral Ventures, and Saison Capital.

The funds will be allocated toward design R&D, as well as the advancement of its supply chain and manufacturing technology. The startup envisions empowering brands to introduce new designs to the market within a 30-day timeframe, with minimum order quantities as low as 50 units. Additionally, Inflow plans to establish sales channels in developed markets and foster partnerships with fashion export companies in regions like the US and Europe.

“With a dedicated team, impressive growth, and an unwavering mission to empower brands with agility and efficiency, Inflow is paving the way for a future where dynamic and innovative fashion manufacturing becomes a reality,” said Jamie Lin, chairman and partner of AppWorks.

“The global garment industry, like many others, is diversifying its reliance on China for manufacturing. Inflow’s fashion supply chain technology could capture this huge onshoring opportunity for Vietnam through a connected, convenient and scalable platform,” said Vishal Harnal, managing partner at 500 Global.

Photo of Khanh Le, founder and CEO of Inflow. Photo courtesy of Inflow.

Wind.app raises USD 3.8 million in pre-seed round

The Singapore-based payments company has raised USD 3.8 million in a pre-seed funding round jointly led by Global Founders Capital and Spartan Group.

Wind.app provides a non-custodial wallet with features that streamline global payments for businesses. It serves as a virtual bank account, offering on-ramp and off-ramp infrastructure for users to convert cryptocurrency to fiat and vice versa.

Wind.app will use the funds to develop its technology, obtain licenses, and expand its infrastructure. —TechCrunch

M Village secures USD 2.3 million in funding

The Vietnamese co-living startup has secured USD 2.3 million in an internal funding round aimed at expediting its expansion plans, as reported by DealStreetAsia.

Animoca Brands becomes largest validator of TON blockchain

The Hong Kong-based blockchain gaming group has solidified its position as the largest validator of The Open Network (TON) Blockchain. This strategic investment was facilitated by Manuel Stotz (Kingsway Capital).

“This strategic investment in TON is a key part of our broader commitment to help onboard the next million Web3 users by facilitating a seamless transition from Web2 to Web3. Taking part in the network’s validation underlines our faith in the successful realization of the vision behind the TON project as it looks to bring Web3 into the mainstream,” said Yat Siu, co-founder and executive chairman of Animoca Brands.

Saudi Arabia’s Public Investment Fund (PIF) and K-SURE reach financing agreement

Saudi Arabia’s Public Investment Fund (PIF) and the Korea Trade Insurance Corporation (K-SURE) have entered into an agreement where PIF has secured a term loan from a syndicate of nine leading international lenders, and this financing will be covered by K-SURE.

The funding, with a door-to-door tenor of 13 years, will initially be set at USD 3 billion, with an option to increase to USD 5 billion, subject to pre-agreed terms and conditions. This transaction represents PIF’s inaugural financing covered by an export credit agency, showcasing its commitment to diversifying its funding sources.

IFC invests USD 75 million in Apis Partners’ Fund III

The International Finance Corporation (IFC) has announced a USD 75 million equity investment in Apis Growth Markets Fund III, a newly established fund by Apis Partners. The fund’s objective is to enhance financial inclusion by investing in rapidly growing companies that leverage technological innovations, including embedded finance, commerce enablement, and environmental, social, and governance monitoring.

In addition to the equity investment, IFC has earmarked an additional USD 25 million for selective co-investment in companies within Apis Partners’ portfolio. The initiative is strategically focused on countries such as Egypt, India, Indonesia, Kenya, Nigeria, and South Africa, with the overarching goals of fostering sustainable economic growth, job creation, and enhancing the competitiveness of fintech companies and micro, small, and medium-sized enterprises.

Lotus Technology secures USD 870 million in funding

Lotus Technology, an electric vehicle manufacturer and subsidiary of the Lotus Group—jointly owned by Chinese automaker Geely and Malaysia’s Etika Automotive—has secured approximately USD 870 million in public equity (PIPE) financing and convertible notes. This funding comes in preparation for Lotus Technology’s planned business combination with L Catterton Asia Acquisition Corp (LCAA), a special purpose acquisition company (SPAC) formed by affiliates of L Catterton, a leading global consumer-focused investment firm.

The financing agreements, based on a USD 5.5 billion pre-money valuation, are strategically aimed at advancing Lotus Technology’s development of next-generation technologies, fostering product innovation, supporting the expansion of its global distribution network, and addressing general corporate needs. —TechNode Global

​​Alipay to sell its entire stake in Zomato through block deals

The Ant Group-owned payments platform intends to divest its entire 3.4% stake in the Indian food delivery giant Zomato, aiming to raise nearly USD 400 million.

The stake sale is set to be conducted through block deals on Indian stock exchanges, with Bank of America and Morgan Stanley serving as advisers for the transaction, expected to occur later this week.

Alipay’s exit mirrors the increasing trend of Chinese investors decreasing their holdings in Indian companies, as seen with Antfin selling a 10.3% stake in the Indian financial giant Paytm in August. —Reuters

Recent deals completed in China:

  • Chinese conglomerate Meituan has reportedly approved a share buyback program of up to USD 1 billion in value, scheduled to commence on December 1. This decision follows the recent statement by Wang Xing, CEO of Meituan, earlier this week, regarding the board’s authorization for the buyback. The buyback appears contingent on the company’s cash position, with Wang emphasizing that the decision is dependent on Meituan’s capacity to invest in new initiatives and explore opportunities for overseas investments. —36Kr
  • GCL System Integration Technology, a smart energy systems integrator, has received regulatory approval to issue approximately 1.75 billion shares on the Shenzhen Stock Exchange. This figure accounts for a maximum of 30% of the company’s total share capital and is anticipated to generate RMB 4.842 billion (USD 684.83 million) in funds. The net proceeds will be directed towards the company’s solar cell project in Wuhu, Anhui.
  • Weacar, an automotive retail platform, has announced the completion of its latest funding round, raising RMB 200 million (USD 28.29 million) from a consortium of investors led by Yuhang State-owned Capital Investment and Operation Group. The company will use the funds primarily to enhance its supply chain procurement capabilities, invest in R&D, and bolster the development of its brand. —36Kr
  • Kousai, a Zhongshan-based biotechnology company, has bagged a nine-figure RMB sum in a Series A funding round led by Fuho Capital, with follow-on investments from Triwise and Kaiqi Kangying. The newly raised funds will be used to advance the expansion of its product pipeline and clinical applications. —36Kr
  • Zhonghua Technology, a Hangzhou-based high-end organic pigment developer, has secured angel round investment totaling an eight-figure RMB sum, with participation from individual investors. —36Kr
  • UltraEDA, a Nanjing-based electronic design automation (EDA) company, has raised an eight-figure RMB sum in a pre-Series A round of financing. The funds will primarily be allocated to the R&D of EDA tools, expanding market reach and customer base, and strengthening its brand. —36Kr
  • Keshuimao, a Shenzhen-based sleep health platform, has secured an undisclosed sum of investment from Longling Capital. It will allocate the funds toward the R&D of sleep-focused products and its market expansion activities. —36Kr
  • GZDM Technology, a Guangzhou-based die-casting mold manufacturer, has completed a strategic financing round, raising a nine-figure RMB sum from Infore Capital, CICC Capital, Greater Bay Area Cultural Funds, Galaxy Yuanhui Investment, the Guangzhou Jinkong Fund, and other investors. —36Kr
  • Raythink Technology, a Shenzhen-based smart transportation and augmented reality technology company, has raised RMB 1 billion (USD 141.4 million) in a Series A+ funding round. The investors include Xiangcheng Fund, Qianhai FOF, Zhonggao Wantai, Soochow Securities, and the Suzhou High-Speed Rail New Town. The funds will be used to support product R&D and expand the company’s production lines. —36Kr

Latest venture capital deals in India:

  • Innovist, the parent company of D2C consumer brands Bare Anatomy, Chemist at Play, and SunScoop, has raised USD 7 million in a Series A funding round led by the Amazon Smbhav Venture Fund. The round also saw the participation of existing investors 72 Ventures and Sanjay Nayar, as well as Accel India and Sauce.vc. —Inc42
  • Pantomath, a diversified financial services firm, has completed the pre-IPO fundraising for its India Inflection Opportunity Fund (IIOF), amassing a total corpus of INR 5 billion (approximately USD 60 million). —Inc42
  • PhiCommerce, a Pune-based fintech company, has secured USD 10 million in a Series A1 funding round led by existing investor Beenext. Opus Ventures also participated in this round. —Inc42
  • Woovly, a Bengaluru-based social commerce startup, has raised an undisclosed amount of investment from Sony Innovation Fund, Real Time Angel Fund (RTAF), ViNners, and existing investor SOSV. The funds will be utilized to bolster its platform, expand its footprint, and venture into new market segments, including fashion, home decor, and lifestyle products. —VCCircle
  • HempStreet, a startup specializing in cannabis-based medications, has secured USD 1 million in a pre-Series A funding round led by existing investor Carl Waahlin. Andre Rodrigues and several high-net-worth individuals from Southeast Asia also participated in this round. The funds will aid HempStreet in expanding clinical trials for proprietary formulations and supporting its product R&D. —VCCircle
  • SustVest, a Gurugram-based green investment platform, has secured USD 250,000 in funding in a round led by WEH Ventures, with participation from Asav Partners and undisclosed angel investors. The funds will be utilized to expand SustVest’s user base, with a target to increase its assets under management to INR 1 billion (USD 12 million) in the next 12 months. —VCCircle
  • Miraggio, a female-focused fashion brand, has raised USD 1.2 million in a pre-Series A funding round jointly led by Seven Rivers Holding and Magnetic. It will use the funds to expand its range of products, including backpacks, wallets, and small leather goods, and finance its marketing initiatives. —VCCircle
  • GrowXCD Finance, a non-banking financial company (NBFC), has secured around USD 6 million in a Series A funding round led by Lok Capital. —DealStreetAsia

Jala Tech, AnotherBall, Neuralink, and more led yesterday’s headlines:

  • Jala Tech, an Indonesian aquaculture tech company, raised USD 13.1 million in a Series A funding round led by Intudo Ventures. Sinar Mas Digital Ventures (SMDV), Mirova, and Meloy Fund (Deliberate Capital) also participated in this round.
  • AnotherBall, a Singapore-based entertainment company, secured USD 12.7 million in a seed funding round led by ANRI and Hashed, with participation from Global Brain, Globis Capital Partners, Sfermion, HashKey Capital, Everyrealm, Ethereal Ventures, Emoote, and Kun Gao (Crunchyroll).
  • Neuralink, a neurotechnology company founded by Elon Musk, raised an additional USD 43 million in venture capital.

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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