Vingroup pledges additional funding to keep VinFast rolling forward
Vingroup, one of Vietnam’s primary conglomerates, has pledged an additional VND 35 trillion (USD 1.4 billion) to support its electric vehicle arm, VinFast, through 2026. This commitment comes as VinFast ramps up efforts to establish itself as a key player in the global EV market, including production sites in Vietnam and forthcoming plants in Indonesia and India.
Founder Pham Nhat Vuong has personally committed a further VND 50 trillion (USD 2 billion). This backing is conditional, with funds drawn only if VinFast’s independent capital-raising efforts fall short, underscoring the EV maker’s goal of achieving financial autonomy.
To reduce immediate financial pressures, Vingroup is also converting approximately VND 80 trillion (USD 3.2 billion) in existing loans to VinFast into dividend-entitled preferred shares. The new loan will be funded through Vingroup’s own income, dividends from subsidiaries, and, if necessary, strategic divestments.
While this capital injection is intended as a financial safeguard, Vingroup said that VinFast will continue seeking external funding to meet its broader financial objectives.
VinFast also reported significant milestones, having delivered over 51,000 EVs domestically in 2024. The company operates a plant in Vietnam with an annual capacity of 300,000 vehicles and is expanding with new facilities planned for Indonesia and India by next year. The company is pivoting to a dealership-based distribution model to scale sales across key international markets, including the US, Canada, and Europe.
VinFast has been publicly listed on Nasdaq since August 2023, following a SPAC merger with Black Spade. Its stock closed at USD 3.98 on November 12, reflecting a year-to-date decline of over 43%.
Intudo Ventures raises USD 125 million to tap Indonesia’s growth potential
Intudo Ventures has raised USD 125 million across two funds focused on Indonesia, underscoring a growing belief in the country’s role as a rising economic force in Southeast Asia.
The firm’s Intudo Ventures IV fund will allocate USD 75 million to homegrown Indonesian startups in industries ranging from digitalization to industrialization, while a USD 50 million sidecar fund will invest in downstream natural resources and renewable energy.
With a limited partner base that includes Orient Growth Ventures, Black Kite Capital, and various family offices, Intudo plans to back 14–18 Indonesian companies.
Olea secures USD 100 million in warehouse financing to drive trade growth
Olea, a Singapore-based digital infrastructure platform, has secured USD 100 million in warehouse financing from HSBC and Manulife (CQS Investment Management).
This funding is set to bolster Olea’s liquidity as it scales its platform to bridge financing gaps for suppliers in emerging markets, particularly small and underbanked suppliers.
Veracity Trust Network lands SGD 1 million cybersecurity grant
Veracity Trust Network, a cybersecurity firm specializing in bot detection, has been awarded a SGD 1 million (USD 747,500) grant from Cyber Security Agency (CSA) of Singapore under its Cybersecurity Co-Innovation and Development Fund.
Veracity plans to use the funding to develop next-generation malicious bot detection technology in collaboration with a global fashion retailer, addressing an issue that has become a major threat for e-commerce businesses.
Recent deals completed in China:
- Qianjue Technology, a company specializing in embodied intelligence, has secured tens of millions of RMB in an angel funding round. The investment was led by Innoangel Fund, with participation from Shuimu Tsinghua Alumni Seed Fund, TusStar VC, Jiushang Capital, and Jiadao Gongcheng, the family office of Gong Hongjia. The funds will be used to enhance R&D, accelerate product iterations, and expand market reach. —36Kr
- Leman Biotech, a clinical-stage biotechnology company, has raised over RMB 100 million (USD 14 million) in a Series A funding round led by Fuho Capital and supported by Junyi Investment and XtalPi. Founded by a team from the Swiss Federal Institute of Technology Lausanne (EPFL) in collaboration with XtalPi, Leman Biotech focuses on immunotherapy drugs that combine metabolic reprogramming and artificial intelligence for cancer treatment. —36Kr
Crimson Education, Newmo, PepperHi, and more made recent headlines:
- Crimson Education, an edtech company with a significant presence in Singapore, raised SGD 53.5 million (USD 40.2 million) in a Series D funding round led by Movac, with participation from HEAL Partners, Icehouse Ventures, US News, Five Sigma, and HighSage Ventures.
- Newmo, a Japan-based startup specializing in taxi and ridesharing services, has secured an investment from MUFG Innovation Partners (MUIP), the venture capital arm of Mitsubishi UFJ Financial Group (MUFG). The amount was not disclosed.
- PepperHi Global Ventures, a venture studio bridging China and global markets, completed an angel funding round led by Wisee Capital, with additional participation from TusHoldings Seeds Fund and Kairous Capital.
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