FB Pixel no scriptDeals in brief: Jirnexu to acquire MoneyHero’s Malaysian arm, Xurya receives additional USD 55 million, ten China and India deals, and more | KrASIA

Deals in brief: Jirnexu to acquire MoneyHero’s Malaysian arm, Xurya receives additional USD 55 million, ten China and India deals, and more

Written by KrASIA Writers Published on   4 mins read

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

Jirnexu to acquire MoneyHero’s CompareHero in strategic tie-up

Jirnexu, a Malaysian fintech company, is set to acquire CompareHero, MoneyHero Group’s B2C brand in Malaysia, as part of a strategic partnership between both entities.

MoneyHero will retain an equity stake in Jirnexu to enhance its long-term strategy for the Malaysian market.

This deal is expected to complete in July 2024. Terms of the deal are undisclosed.

Xurya receives additional USD 55 million investment

Xurya, an Indonesian renewable energy company offering rooftop solar rentals, has received an additional USD 55 million investment. The deal was led by Norfund’s Norwegian Climate Investment Fund, with participation from Swedfund, Clime Capital, British International Investment (BII), and AC Ventures.

This brings Xurya’s total investment to over USD 90 million. The new funding will support Xurya’s goal to become globally competitive and continue its innovations in the renewable energy sector.

Longbridge Group lands over USD 100 million in added funding

Longbridge Group, a fintech company, has announced that it landed over USD 100 million in additional funding from various investment institutions, including Singaporean consortia, following the completion of its pre-Series A round.

To date, Longbridge Group has accumulated over USD 150 million in total financing.

With this new funding, Longbridge Group plans to accelerate its global market expansion, focusing on Singapore and Hong Kong and extending its reach across the Asia Pacific, Europe, the Americas, and the Middle East.

HSBC leads three-year private loan deal for FundPark

FundPark, a Hong Kong-based fintech company, has obtained a three-year USD 250 million private loan, with HSBC Holdings acting as the senior facility provider.

This deal brings FundPark’s total pool of funds to USD 750 million.

FundPark provides working capital to Chinese small and medium enterprises in the e-commerce space, aiding their international trade capabilities.

HSBC’s move to back FundPark follows similar support from Goldman Sachs. The capital from this latest loan will be used for growth and expansion, meeting general corporate expenses.

Esqa Cosmetics reportedly raises more funding from Unilever Ventures

Esqa Cosmetics, an Indonesian vegan cosmetics brand, has reportedly raised an additional USD 4 million from existing investor Unilever Ventures in its Series B funding round, according to regulatory filings accessed by DealStreetAsia.

Recent deals completed in China:

  • Rainier Technology, a Chengdu-based company specializing in fields such as digital beamforming algorithms, broadband signal digitization, and radio frequency (RF) frontend digitization, has completed its Series A funding round, led by Addor Capital. The investment sum was not disclosed. 36Kr
  • CreativeFitting, the startup behind the generative artificial intelligence app Reel.AI, has raised a seven-figure RMB sum of pre-Series A+ funding from Baidu. It will use the funds for technology R&D and market expansion. 36Kr
  • Urtopia, an electric two-wheeler brand, has secured over USD 10 million in Series A funding. The round was jointly led by Guangyuan Hesheng, Easy Click Worldwide, and Tongxiang Jintong Fund, with participation from Kongho Fund, Brizan Ventures, Gao Bingqiang, and DCM. The capital will be deployed toward sales network expansion, technology R&D, and factory construction. 36Kr
  • Sucheon Technologies, a Xiamen-registered industrial solutions provider, has raised tens of millions of RMB in Series C1 funding from BeFor Capital. The funds will be used for technology iteration, sales channel expansion, and customer acquisition. 36Kr
  • Mumuxili, a Nanjing-based technology development company, has secured tens of millions of RMB in a Series A+ round of financing. The round was led by Aerospace Jingkai Fund under China Aerospace Science and Industry Corporation (CASIC) , with participation from Integrity Capital Partners. The investment will be allocated toward R&D, talent acquisition, and building smart factories and supply chains. 36Kr
  • Kernelsoft, an automotive software provider, has raised nearly RMB 100 million (USD 13.7 million) in angel funding. The round was led by Mount Morning Capital, with participation from Innolink Fund and CASVC. The funds will be utilized to enhance the development of operating systems and software engineering tools. 36Kr
  • Zhongke Yingteng, an AI technology developer, has completed a multimillion-RMB angel funding round, which was led by Beijing Integrated Asset Management. The investment will be used for technology R&D, exploration of new applications, and market expansion. 36Kr

Latest funding deals in India:

  • Rare Rabbit, a high-end apparel brand, has raised INR 1.5 billion (USD 18 million) in primary capital. The round was led by A91 Partners. Other investors include NKSquared, Gruhas Proptech, the Ravi Modi Family Trust, and Vendant Modi. The funds will support Rare Rabbit’s expansion of its over 100 stores across India and its online presence. —Entrackr
  • UpGrad, an edtech company, has raised INR 2.875 billion (USD 34.4 million) in debt funding from EvolutionX. The funds will be used for growth, operating expenses, and general corporate purposes. According to Entrackr, UpGrad has raised over USD 265 million to date, including USD 36.5 million from Temasek and other investors last year. The company plans to close the acquisition of online education firm Udacity and expand its offline presence, investing USD 30 million to set up ten global campuses.
  • Smartworks, a Gurugram-based office space provider, has raised INR 1.68 billion (USD 20.1 million) from various investors including Keppel, Ananta Capital Ventures Fund I, Plutus Capital, family trusts, and high-net-worth individuals. The funds will be used for growth, expansion, and general corporate expenses. —Entrackr

Hubble, Perplexity AI, Etched, and more led last Friday’s headlines:

  • Hubble, a technology company serving the built environment sector, secured a USD 5 million private debt facility from AlteriQ Global, an Asia-focused private credit investment firm. This funding will accelerate the growth of its financial services division.
  • Perplexity AI, an artificial intelligence company, is finalizing an investment of USD 10–20 million from SoftBank Group’s Vision Fund 2. This deal is expected to value the company at USD 3 billion and forms part of a larger USD 250 million funding round.
  • Etched, an AI chip startup, raised USD 120 million in a Series A funding round to further develop its specialized chip, Sohu. Backers of the round include former PayPal CEO Peter Thiel and Replit CEO Amjad Masad.

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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