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… Corporation (SMBC)’s Singapore branch, and Baiduri Bank.</li>
</ul>
If there are any news or updates you'd like us to feature, get in touch with us at: <a href="mailto:hello@kr-asia.com">hello@kr-asia.com</a>.
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Deals in brief: Podium nets Series A1 funding, Gyges Labs backed to redefine wearables, xAI raises USD 5 billion, and more

Venture Capital

Private Equity

Investment

Merger &amp; Acquisition

Singapore

… <a href="https://36kr.com/p/3045850866551685">article</a> was written by Peng Qian for 36Kr.

Alibaba unites domestic and global e-commerce operations in major overhaul

Taobao

Tmall

China Tech

E-Commerce

… year’s product today, it would feel almost intolerable.
<h3>Q: What are your thoughts on going global?</h3>
YZ: Focus first, then globalize—we need to be more patient.
<h3>Q: Recently, everyone is talking about growth in large models and how to achieve commercial success. How do you maintain positive commercialization?</h3>
YZ: I think there’s definitely potential, but for us, the key is still retention. We need to think more long-term—at least until ROI becomes positive. This is highly correlated with technological advancement.
For us, the main focus is improving retention and organic growth. Proper marketing is needed, but balancing the relationships among these factors is crucial.
KrASIA Connection features translated and adapted content that was originally published by 36Kr. This <a href="https://36kr.com/p/3040100048596995">article</a> was written by Yong Yi for 36Kr.

Scaling law remains valid, but priorities are shifting, says Moonshot AI founder

Artificial Intelligence

Deep Tech

Artificial intelligence

Lawn mowing is often regarded as a tedious chore, but in Western cultures, a pristine lawn often reflects a household's status. With the rise of automation and the demand for convenience, lawn mowing robots are stepping up as the modern alternative to traditional tools, gradually becoming household staples.
Sales of lawn mowing robots are highly seasonal. Over the past six months, as lawns entered their growing season, sales of these robots have shown consistent growth. This trend has brought promising returns for many domestic pioneers and provided a boost to the market.
According to Ninebot's Q3 financial results, the company's total revenue for the third quarter was RMB 4.239 billion (USD 617 million), an increase of 34.75% year-on-year (YoY). Net profit reached RMB 374 million (USD 54 million), a YoY growth of 139.07%. Revenue from the lawn mowing robot segment alone was RMB 145 million (USD 21 million). For the first three quarters, the company’s cumulative revenue from lawn mowing robots totaled RMB 595 million (USD 87 million), up 379.28% YoY.
Despite this growth, the lawn mowing robot industry is still a nascent field with significant technological and product barriers. Practical applications remain fragmented and require tailored solutions. For instance, designs suitable for European gardens may not work for North American lawns. These challenges have historically led investors to be skeptical of this sector, despite its perceived technological advantages and development potential.
However, this year has seen a shift. Since early 2023, overseas sales of lawn mowing robots from brands like Ninebot, Ecovacs Robotics, and Agilex Robotics have risen sharply, with individual orders exceeding tens of thousands of units.
According to insights from MarketResearch.com and other research firms, the global market for lawn mowing robots will reach USD 1.5 billion by 2024 and potentially grow to USD 3.9 billion by 2029. In parallel, Chinese manufacturers are accelerating their entry into overseas channels.
Ninebot forecasted that its Navimow lawn mowing robot could achieve annual sales of over 100,000 units. During the first quarter of 2024, it sold 33,100 Navimow units, generating RMB 180 million (USD 26 million) in revenue. The second-quarter revenue climbed to RMB 270 million (USD 39 million) with an estimated 40,000 units sold. Adding the third-quarter revenue of RMB 145 million (USD 21 million) and forecasts for the fourth quarter, annual sales appear poised to exceed expectations.
Historically, lawn mowing robots have been divided into two categories: wire-guided and boundary-free. Wire-guided robots require preinstalled magnetic boundary wires, which the robot uses to navigate during operation. While this method is effective, it involves high deployment costs, complex setup, and limited efficiency, often confining robots to a fixed area. These limitations have increasingly given way to boundary-free smart lawn mowing robots over the past two years.
Boundary-free models offer significant advantages, such as eliminating the need for manual intervention. For instance, Ninebot’s Navimow i series, priced at under EUR 999, combines RTK and vision technology. Its proprietary positioning system, artificial intelligence-assisted mapping, and zoned mowing management enhance adaptability to various yard scenarios, improving efficiency and user experience. Following its launch, the product gained rapid traction in Europe, where penetration rates have increased noticeably.
Demand for lawn mowing robots aligns closely with seasonal patterns, typically peaking from April to October when lawns grow rapidly. During these months, the need for yard maintenance spikes, as evidenced by increased search volumes and inquiries on both online platforms and offline retail channels.
On platforms like Amazon, Ninebot and Agilex Robotics collectively held a 10–11% market share during Q1 2024. By May, their combined share surged to 51%, underscoring the importance of early production and inventory planning to capitalize on peak sales periods.
Unlike many hardware products that rely heavily on online platforms, most lawn mowing robot orders come from offline channels. This trend stems from the higher average selling price and the need for consumers to physically test products before purchase. Moreover, offline sales often come with shorter transaction cycles and stronger after-sales support.
This sales dynamic also highlights the importance of robust offline networks. European markets, for example, offer a more open yet highly competitive environment. The decentralized nature of these markets demands strong localization efforts and early partnerships with reliable distributors and service providers to secure an advantage.
China's exports to Europe dominate the lawn mowing machine category, with Germany, the UK, and the UK being the top markets. The varying levels of interest in this category across regions further influence distributor engagement. In high-demand areas such as Northern and Central Europe, distributors are eager to collaborate. However, in regions where interest is lukewarm, distributors may need additional persuasion through targeted sales strategies.
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To meet diverse needs, Ninebot has formed specialized teams to align production with demand. Efforts include synchronized production and sales teams, live chat mechanisms in apps for real-time customer interaction, and localized support teams in core markets.
Statista forecasts that Europe’s lawn mowing robot market will grow at a compound annual growth rate (CAGR) of 10.3% between 2022–2032, reaching USD 662 million by 2030. As smart technology gains traction and market penetration deepens, the lawn mowing robot sector may well be entering its golden age of rapid expansion.
KrASIA Connection features translated and adapted content that was originally published by 36Kr. This <a href="https://36kr.com/p/3034469303136260">article</a> was written by Huang Nan for 36Kr.

Ninebot taps into soaring global demand for lawn mowing robots

Robotics

… aria-describedby="caption-attachment-150806" style="width: 640px" class="wp-caption aligncenter"><img loading="lazy" decoding="async" class="wp-image-150806" src="https://console.kr-asia.com/wp-content/uploads/2024/11/OBSBot-Camera-Quality-1024x683.jpeg" alt="" width="640" height="427" srcset="https://console.kr-asia.com/wp-content/uploads/2024/11/OBSBot-Camera-Quality-1024x683.jpeg 1024w, https://console.kr-asia.com/wp-content/uploads/2024/11/OBSBot-Camera-Quality-300x200.jpeg 300w, https://console.kr-asia.com/wp-content/uploads/2024/11/OBSBot-Camera-Quality-768x512.jpeg 768w, https://console.kr-asia.com/wp-content/uploads/2024/11/OBSBot-Camera-Quality-1536x1024.jpeg 1536w, https://console.kr-asia.com/wp-content/uploads/2024/11/OBSBot-Camera-Quality.jpeg 1920w" sizes="(max-width: 640px) 100vw, 640px" /><figcaption id="caption-attachment-150806" class="wp-caption-text">Photo source: OBSBot via 36Kr.</figcaption></figure>
To boost brand visibility, OBSBot is negotiating with Apple stores and major camera retailers for in-store demos. It has also partnered with sports events and entertainment IPs, debuting OBSBot products at the preliminary rounds of the ITTF World Youth Championships, easing production teams' workload with a seamless, high-quality streaming experience.
Beyond the Tail Air, OBSBot recently introduced the Meet 2, a high-performance camera designed for domestic streamers, gamers, and content creators in need of versatile setups. Looking forward, OBSBot aims to expand its AI-driven offerings, advancing from entry-level to professional-grade automated devices.
KrASIA Connection features translated and adapted content that was originally published by 36Kr. This <a href="https://36kr.com/p/3026421285938440">article</a> was written by Huang Nan for 36Kr.

Turning your room into a studio: OBSBot’s latest camera makes professional streaming simple

Live Streaming

Video

Creative

Content

Creator Economy

China’s esports streaming heats up as Douyin draws top IP and talent

Bytedance

Douyin

Entertainment

Short Video

Gaming

Southeast Asia is rapidly expanding its global trade by pursuing diplomatic neutrality and engaging with various economies in conflict over political and economic issues. The region's external trade is projected to rise by USD 1.2 trillion from 2022 to 2032, marking the largest increase globally.
"Today, I offer our nation as the most neutral and nonaligned location," Malaysian Prime Minister Anwar Ibrahim said at the Semicon Southeast Asia 2024 trade show in Kuala Lumpur on May 28, unveiling the country's business strategy.
Malaysia is bolstering its economic ties with both the West and nations like China and Russia. In August, Anwar attended a ceremony hosted by Infineon Technologies, a prominent German semiconductor manufacturer, to mark the opening of its new plant in Malaysia. Just a month or two earlier, he held separate meetings with Chinese Premier Li Qiang and Russian foreign minister Sergey Lavrov to facilitate Malaysia's potential entry into the BRICS alliance, which includes Brazil, Russia, India, China, South Africa, and other nations.
"Southeast Asia is poised to be the biggest winner in global trade over the next decade, even amid escalating confrontations between the US and China," said Takeshi Konomi of Boston Consulting Group, which forecasts an increase of USD 1.2 trillion in combined external imports and exports of goods from 2022 to 2032. Of this growth, trade with China is expected to account for USD 616 billion, driven by the region's integration into its neighbor's supply chains.
In July, BYD, China's largest electric vehicle manufacturer, opened a large plant in eastern Thailand. The facility, which has the capacity to produce 150,000 units annually, imports key components from China, and BYD plans to establish it as its primary export base in the region.
Major US technology companies continue to show strong interest in investing in Southeast Asia. Malaysia, which hosts factories for Intel and other American companies, has emerged as a leading chip exporter to the US.
Manufacturing companies from Japan, South Korea, and Europe are joining the fray by establishing production bases in the region and expanding trade, all while reducing their reliance on China as part of a derisking strategy.
Southeast Asia's relatively relaxed government trade restrictions are also attracting foreign companies as the economic feud between the US and China intensifies. In September, the US administration under President Joe Biden quadrupled tariffs on Chinese EVs to 100%, provoking a strong backlash from China.
As of April 2023, the average US tariff on Chinese products was 19.3%, a 6.2-fold increase since early 2018, according to the Peterson Institute for International Economics, a Washington think tank. During the same period, the average duty imposed by Beijing on US products rose to 21.1%, reflecting a 2.6-fold increase.
Every year since 2020, countries have implemented an average of 5,600 trade- and investment-related restrictions and interventions, marking an 80% increase compared to the 2010s, according to the Global Trade Alert, a European research organization.
Looking back to 2008, the US has imposed a total of 10,200 restrictions and interventions, while China has enacted 7,800. Together they account for 30% of the overall total. In contrast, Southeast Asian nations have introduced 2,100 such measures during this period.
The International Monetary Fund forecasts that Southeast Asia's real gross domestic product will grow at an average annual rate of 4.6% from 2025 to 2029, compared to 3.2% for the global economy.
Southeast Asia's approach to fostering relationships with all parties is not without its risks.
With low trade restrictions, the region is attracting an influx of cheap imports from China. As domestic demand weakens, Chinese manufacturers of sundry goods, steel, synthetic fabrics, and other products have begun exporting "deflation" by shipping overstocked inventories. Consequently, Southeast Asia's trade deficit with China, based on a 12-month moving average, rose to USD 10.5 billion in June, marking a 40-fold increase over the same month 20 years earlier.
In Thailand, calls to ban the Chinese bargain shopping site Temu have gained traction on social media since its market entry in July. Many argue that the platform will not benefit the country economically.
Southeast Asia has expanded its external trade by leveraging growing geopolitical tensions worldwide. However, its heavy reliance on international commerce could backfire if global rivalries heat up. The territorial dispute between the Philippines and China in the South China Sea is becoming increasingly violent.
Southeast Asia thus needs to engage in a careful balancing act to navigate these troubled waters.
This article first appeared on <a tabindex="0" href="https://asia.nikkei.com/Spotlight/Datawatch/Southeast-Asia-expands-trade-as-a-neutral-hub-in-a-divided-world" rel="noopener noreferrer" data-token-index="1">Nikkei Asia</a>. It has been republished here as part of 36Kr’s ongoing <a tabindex="0" href="https://www.kr-asia.com/nikkei-teams-up-with-36kr-in-asia-tech-news-coverage/" rel="noopener noreferrer" data-token-index="3">partnership with Nikkei</a>.

Southeast Asia expands trade as a neutral hub in a divided world

Malaysia

Thailand

Vietnam

Indonesia

Philippines

<h3>Oneteam raises SGD 3.5 million to redefine SME succession through employee ownership</h3>
Singapore-based Oneteam has raised SGD 3.5 million (USD 2.6 million) in a seed funding round led by Wavemaker Ventures. The startup aims to tackle the succession planning challenges of small and medium enterprises by acquiring businesses from retiring owners and transitioning them into employee-owned entities. This model aims not only to retain jobs but also empower employees to take ownership of the businesses they help build.
The funds will be used to acquire small, cashflow-positive SMEs and to establish centralized support services, including HR, finance, IT, and legal, to help these businesses scale. Oneteam’s approach is tailored to Singapore’s SME landscape, with a focus on businesses generating under SGD 10 million (USD 7.5 million) in annual revenue.
<h3>Locad raises USD 9 million to expand global footprint and strengthen capabilities</h3>
Singapore-based <a href="https://golocad.com/">Locad</a> has raised USD 9 million in a pre-Series B funding round co-led by Global Ventures and Reefknot Investments, with participation from Sumitomo Equity Ventures, Antler Elevate, and JG Summit.
Locad’s platform integrates with leading e-commerce systems, enabling over 300 brands across Southeast Asia and Australia to optimize omnichannel distribution and provide localized fulfillment.
The new funding will accelerate Locad's international expansion, starting with the UAE and Saudi Arabia, and will also be used to enhance its smart logistics capabilities.
<h3>Atome Financial secures USD 200 million to deepen Southeast Asia presence</h3>
Atome Financial, a leading digital financial services platform, has secured a syndicated credit facility of up to USD 200 million. The facility was led by HSBC, with participation from DBS Bank, Sumitomo Mitsui Banking Corporation (SMBC)’s Singapore branch, and Baiduri Bank.
This capital will support the expansion of Atome’s lending services and the Atome Card product in Southeast Asian markets including Singapore, Malaysia, and the Philippines.
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<h3>South Korea’s Panmnesia nets over USD 60 million</h3>
South Korean fabless semiconductor startup <a href="https://panmnesia.com/">Panmnesia</a> has netted over USD 60 million in a Series A funding round led by InterVest, with support from Korea Investment Partners, KB Investment, and other investors.
This funding represents the largest Series A round in South Korea’s fabless industry and will drive Panmnesia’s development of Compute Express Link (CXL) technology, including its CXL 3.1 Switch silicon chip.
<figure id="attachment_150829" aria-describedby="caption-attachment-150829" style="width: 1024px" class="wp-caption alignnone"><img loading="lazy" decoding="async" class="size-large wp-image-150829" src="https://console.kr-asia.com/wp-content/uploads/2024/11/Panmnesia-Team-1024x576.jpg" alt="Photo of Panmnesia’s team." width="1024" height="576" srcset="https://console.kr-asia.com/wp-content/uploads/2024/11/Panmnesia-Team-1024x576.jpg 1024w, https://console.kr-asia.com/wp-content/uploads/2024/11/Panmnesia-Team-300x169.jpg 300w, https://console.kr-asia.com/wp-content/uploads/2024/11/Panmnesia-Team-768x432.jpg 768w, https://console.kr-asia.com/wp-content/uploads/2024/11/Panmnesia-Team-1536x864.jpg 1536w, https://console.kr-asia.com/wp-content/uploads/2024/11/Panmnesia-Team-480x270.jpg 480w, https://console.kr-asia.com/wp-content/uploads/2024/11/Panmnesia-Team.jpg 1920w" sizes="(max-width: 1024px) 100vw, 1024px" /><figcaption id="caption-attachment-150829" class="wp-caption-text">Photo of Panmnesia’s team. Photo courtesy of Panmnesia.</figcaption></figure>
<h3>Seasalt.ai banks USD 4.2 million to enhance omnichannel customer interactions</h3>
<a href="https://seasalt.ai/">Seasalt.ai</a>, an artificial intelligence-powered communication solutions provider, has banked USD 4.2 million in a seed funding round led by Unlock Venture Partners, with participation from Grand Vision Ventures, SparkLabs Taiwan, PatientsForce, and ZVC.
The funds will be used to scale its flagship product, SeaChat, which integrates phone lines and chat channels like WhatsApp and Messenger, enabling businesses to offer round-the-clock customer support without additional staffing.
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<h3>Portcast, Secai Marche, Boman Group, and more made recent headlines:</h3>
<ul>
<li aria-level="1"><a href="https://www.portcast.io/">Portcast</a>, a Singapore-based logistics tech startup, closed a USD 6.5 million Series A funding round led by Susquehanna Asia VC, with participation from Hearst Ventures and Signal Ventures, among other investors.</li>
<li aria-level="1"><a href="https://secai-marche.co.jp/">Secai Marche</a>, a Japan-headquartered business connecting farmers with restaurants and retailers in Southeast Asia, netted an additional JPY 250 million (USD 1.6 million) in its Series A round of financing. The new funding came from Mitsui Sumitomo Insurance Venture Capital (MSIVC) and debt partners Shizuoka Bank and Hokkoku Bank.</li>
<li aria-level="1">Boman Group, a Melbourne-based fund manager, is wrapping up the first tranche of a USD 1 billion fund designed to back Australian startups that can scale into China.</li>
</ul>
If there are any news or updates you'd like us to feature, get in touch with us at: <a href="mailto:hello@kr-asia.com">hello@kr-asia.com</a>.
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Deals in brief: Oneteam and Locad raise funding, Atome Financial lands syndicated credit facility, Panmnesia nets over USD 60 million, and more

As global businesses pivot toward Africa, Jumia, the continent’s homegrown e-commerce leader, is carving its own niche. Dominating with over 24% of Africa’s e-commerce market, Jumia has solidified itself as a central figure in the region’s online shopping landscape.
In a historic move for Africa’s tech ecosystem, Jumia went public on Nasdaq in April 2019. The company’s 2021 Black Friday campaign saw its gross merchandise volume (GMV) reach USD 150 million, a 30% jump year-on-year, with a 39% increase in orders, totaling 4.3 million.
However, Jumia recently chose to scale back, pulling operations from South Africa and Tunisia. This strategic retreat followed a close analysis of each market’s growth potential and profitability—the South African and Tunisian markets account for only 3.5% and 2.7% of total orders, respectively, and contribute minimally to GMV.
“We believe it’s the right decision,” CEO Francis Dufay said in a CNBC interview. “It enables us to refocus our resources on the other nine markets, where we see more promising trends in terms of scale and profitability.”
These nine core markets—namely Nigeria, Egypt, Kenya, Morocco, Algeria, Ghana, Ivory Coast, Senegal, and Uganda—represent Jumia’s best prospects for growth, aligning with a leaner, targeted strategy amid fierce international competition.
For years, foreign companies have eyed Africa’s e-commerce potential, especially in wealthier markets like South Africa and Nigeria. Yet, Jumia’s recent pullback underscores the continent’s e-commerce challenges, particularly in areas where infrastructure gaps and low disposable income curb expansion.
<h3>Adapting to local realities</h3>
Jumia, dubbed Africa’s answer to Amazon, is an e-commerce powerhouse, but not a purely African creation. Founded in 2012 by former McKinsey consultants Jeremy Hodara, Sacha Poignonnec, Tunde Kehinde, and Raphael Kofi Afaedor—two of whom are Nigerian—Jumia was incubated by Rocket Internet, a European investment firm.
Operating across 11 African countries, including Nigeria, Kenya, Egypt, and South Africa, Jumia offers a comprehensive platform that allows third-party sellers—a model much like Amazon’s. Thousands of sellers reach millions of consumers through Jumia, with each market site operating in local currency and managed independently with distinct frontend and backend systems.
Jumia’s reach is substantial: over 100,000 sellers, 1.1 billion monthly visits, and 80% of African online shoppers. Jumia now serves 8.4 million active users and oversees more than 38.9 million annual orders.
Beyond online shopping, Jumia has rolled out services like Jumia Logistics, JumiaPay, Jumia Travel, and Jumia Food, creating a broad ecosystem that includes logistics, payments, travel booking, and food delivery.
Yet, profitability remains elusive. Since its founding, Jumia has recorded losses annually, marking 11 years of red ink as of 2023. Even with revenue and GMV upticks in Q2 2022, a restructuring led to layoffs as Jumia trimmed down in pursuit of fiscal health.
Entering 2023, Jumia faced a fresh set of challenges. Currency devaluations in nine out of ten of its active markets weighed on GMV, contributing to double-digit declines in total orders, GMV, and active customers. The company halted first-party grocery, logistics, and food delivery in select markets, which reduced order volumes but freed resources for core initiatives.
Despite financial improvements in early 2023, customer engagement remains a concern. Retaining active users in competitive and price-sensitive markets will be a critical piece of Jumia’s path forward.
<h3>The promise of African e-commerce</h3>
Despite these hurdles, Africa’s e-commerce market holds promise. In 2021, African e-commerce users reached 334 million with a penetration rate of 27.9%. By 2025, user numbers are expected to hit 519 million, reaching a penetration rate of 39.5%. Mobile e-commerce dominates, with mobile shopping accounting for more than 50% of the market in countries like Morocco, Kenya, and Nigeria.
The continent’s e-commerce industry is still grappling with structural issues such as inadequate infrastructure, payment challenges, and high broadband costs.
Nevertheless, major global players are making inroads with an eye on the long game. They bring the patience and capital to wait for Africa’s market to mature.
In August 2022, Amazon launched local domains for South Africa and Nigeria. This May, Amazon’s South African site went live—marking its first venture into Sub-Saharan Africa. Amazon’s South African site includes 20 curated product categories with local and international brands, plus incentives like free shipping, easy returns, and next-day delivery, all designed to entice local consumers.
Meanwhile, Temu, a cross-border platform by Pinduoduo, has also expanded quickly in Africa. Earlier this year, Temu launched its South African site, signaling its entry into the African market.
<h3>Jumia’s path forward</h3>
As foreign competition ramps up, Jumia appears somewhat outmatched. While it has raised USD 885 million in six funding rounds, its recent valuation stands at USD 520 million. Observers wonder if Jumia, despite its first-mover advantage, can match the global giants pushing into Africa.
The company’s recent leaner approach might signal a prudent recalibration, emphasizing core markets where it holds a competitive edge. If Jumia can use this advantage to drive profitability, it may just carve a path toward sustainability—one that proves first-mover gains can evolve into long-term growth.
KrASIA Connection features translated and adapted content that was originally published by 36Kr. This <a href="https://36kr.com/p/3028944509101568">article</a> was written by Lin Qingqing for 36Kr.

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