FB Pixel no scriptDeals in brief: Zepto becomes first Indian unicorn in 2023, four Chinese companies secure funding, and more | KrASIA

Deals in brief: Zepto becomes first Indian unicorn in 2023, four Chinese companies secure funding, and more

Written by Gideon Ng Published on   2 mins read

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

Zepto raises USD 200 million to become India’s first unicorn in 2023

The Indian quick commerce company has raised USD 200 million in funding amidst challenging market conditions, achieving a valuation of USD 1.4 billion. The round was led by US-based investment firms StepStone Group and Goodwater Capital. Existing investors Nexus Venture Partners, Glade Brook Capital, and Lachy Groom also participated in the round.

The completion of the round marks a significant milestone for Zepto as it has become the first startup in India to become a unicorn this year. The capital will enable Zepto to further strengthen its presence in seven Indian cities where it currently operates, including Delhi, Mumbai, and Bengaluru. —The Business Times

Formal Tech Information Technology raises nine-figure RMB sum

The Chinese industrial technology company has raised over RMB 100 million (USD 13.7 million) in a Series A funding round led by GL Ventures. The round also saw participation from CDH Investments, Orange Land Capital, and several Chinese investors.

Formal Tech Information Technology will use the funds to expand into new markets, conduct product R&D, and develop its mass production facilities. 36Kr

Mateside secures nine-figure RMB sum in first round of financing

The China-based home rehabilitation medical equipment company has secured nearly RMB 100 million (USD 13.7 million) in its first round of financing, led by Yuanning Investment, with participation from Hengxu Capital and Xiangyu Medical. The funds will be utilized for product R&D, supply chain enhancement, and channel expansion. 36Kr

HC Scientific raises over RMB 300 million in Series B+ round

The China-based biotechnology company has completed a Series B+ round of financing, raising over RMB 300 million (USD 41.1 million). Investors that led the round include Lake Bleu Capital and Guotai Junan Securities, with participation from Eightfold Venture Partners and other investors. Existing shareholders, including Legend Capital and LYFE Capital, also contributed to the round.

The funds will primarily be allocated by HC Scientific to develop new products, expand into new markets, and acquire talent. 36Kr

Zhejiang Tianneng New Materials secures RMB 1 billion in Series A funding for waste lithium-ion battery recycling

The China-based battery recycling company has raised RMB 1 billion (USD 137.2 million) in a Series A funding round. —DealStreetAsia

GradRight, Mole, Qashier, and more led last week’s headlines:

  • GradRight, an edtech startup based in Mumbai, raised INR 500 million (USD 6.1 million) in a Series A funding round led by IvyCap Ventures. The funds will support the company’s growth and expansion to provide education funding solutions for lower- and middle-income students globally.
  • Mole, a Malaysia-based professional networking platform, received USD 110,000 in pre-seed funding from Antler. The funding will be utilized to expand Mole’s digital platform and develop a networking app and sustainable digital business card platform for small and medium enterprises.
  • Qashier, a Singapore-based point-of-sale (POS) systems provider, raised USD 10 million in its Series A funding round.

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