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<h3>Broom lands USD 25 million in Series A+ round</h3>
<a href="https://www.broom.id/en/">Broom</a>, an Indonesia-based startup shaking up the used car market, has landed USD 25 million in a Series A+ funding round led by Openspace, with support from AC Ventures, Quona Capital, MUFG Innovation Partners, and PKSHA Capital. The startup also secured credit facilities from players like Komunal, Modalku (Funding Societies), Alami, and DBS Indonesia.
Broom is zeroing in on three key challenges that have long plagued the traditional automotive industry: car supply, stock turnover, and sales. For instance, its “Buyback” product gives financially strained dealers a lifeline by allowing them to temporarily sell off vehicle stock for working capital.
With this fresh funding, Broom plans to expand its reach across Indonesia, deepen partnerships with key industry players, and build out its team to fuel further growth. The company is positioning itself to become a major player in transforming the used car market by tackling inefficiencies that have slowed down dealers for years.
<h3>Mitsui invests in Numa’s USD 32 million Series B round</h3>
Mitsui &amp; Co has thrown its weight behind US-based startup <a href="https://www.numa.com/">Numa</a>, investing in the company’s USD 32 million Series B funding round.
Numa’s artificial intelligence-powered platform is aimed at redefining how car dealerships operate, automating everything from handling missed calls to scheduling service appointments, and driving serious efficiency gains for dealers.
With the fresh funding, Numa plans to ramp up its AI engineering team, push deeper into the market, and keep building on the momentum it’s gained in transforming dealership workflows.
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<h3>Latest funding deals in India:</h3>
<ul>
<li aria-level="1">Troo Good, a millet-based snack brand, has raised INR 720 million (USD 8.6 million) in a funding round led by Oaks Asset Management. Puro Wellness and V Ocean Investments also participated. The company plans to utilize the funds to meet its working capital requirements. —Entrackr</li>
<li aria-level="1"><a href="https://waycool.in/">WayCool</a>, an agrifood supply chain firm, has secured INR 1 billion (USD 11.9 million) in debt financing from Grand Anicut. The company will use the funds for ongoing business operations. —Entrackr</li>
<li aria-level="1">Vedantu, a Bengaluru-based edtech company, has raised INR 192.5 million (USD 2.3 million) from Stride Ventures. This capital is expected to extend the company’s runway as it navigates through a challenging period. —Entrackr</li>
<li aria-level="1"><a href="https://curefoods.in/">Curefoods</a>, a cloud kitchen startup from Bengaluru, has secured INR 800 million (USD 9.5 million) in debt financing from Binny Bansal and Jitender Kumar Bansal. Curefoods plans to expand its business and grow its food tech operations. —Entrackr</li>
<li aria-level="1">Giva, an omnichannel jewelry startup, has raised INR 1 billion in a Series B extension round from Premji Invest. Giva will use the funds to further scale its product offerings and operations. —Entrackr</li>
</ul>
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<h3>HungryPanda, TeamSolve, OpenAI, and more led recent headlines:</h3>
<ul>
<li aria-level="1"><a href="https://www.hungrypanda.co/">HungryPanda</a>, the go-to app for Asian food lovers living abroad, wrapped up a USD 55 million refinancing and fundraise led by Mars Growth Capital. Familiar faces like Perwyn, Kinnevik, 83North, and Felix returned to back the company.</li>
<li aria-level="1"><a href="https://teamsolve.com/">TeamSolve</a>, an emerging player in the AI sector, snagged USD 2.5 million in seed funding, with SGInnovate and Burnt Island Ventures co-leading the round.</li>
<li aria-level="1">OpenAI received a USD 500 million investment from SoftBank’s Vision Fund as part of its USD 6.5 billion convertible note raise.</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: Indonesian startup Broom lands Series A+ funding, Mitsui invests in US-based Numa, latest India deals, and more

Venture Capital

Private Equity

Investment

Merger &amp; Acquisition

Indonesia

Southeast Asia

India

… https://console.kr-asia.com/wp-content/uploads/2024/10/Alibaba-Cloud-Apsara-Conference-Startup-Demo-Day-Omoo-300x200.jpg 300w, https://console.kr-asia.com/wp-content/uploads/2024/10/Alibaba-Cloud-Apsara-Conference-Startup-Demo-Day-Omoo-768x512.jpg 768w, https://console.kr-asia.com/wp-content/uploads/2024/10/Alibaba-Cloud-Apsara-Conference-Startup-Demo-Day-Omoo-1536x1024.jpg 1536w, https://console.kr-asia.com/wp-content/uploads/2024/10/Alibaba-Cloud-Apsara-Conference-Startup-Demo-Day-Omoo.jpg 1920w" sizes="(max-width: 1024px) 100vw, 1024px" /><figcaption id="caption-attachment-150244" class="wp-caption-text">Photo of Kasama Jatejarungwong, founder and CEO of Omoo, presenting at the Alibaba Cloud Startup Demo Day during Apsara Conference 2024 on September 21. Photo courtesy of Alibaba Cloud.</figcaption></figure>
1Long, a fintech company from Vietnam, is redefining sales processes with AI. The company has attracted 6,000 agents by offering tools integrated with AI solutions like OpenAI's GPT-4.0 and Anthropic’s Claude 3.5. These technologies can deliver predictive insights, helping agents better understand market trends and customer needs.
1Long has already partnered with Shinhan Bank, Korea’s third largest bank, for its proof-of-concept (POC) phase. The company aims to expand its client base and develop a comprehensive private banking solution by 2025.
<figure id="attachment_150248" aria-describedby="caption-attachment-150248" style="width: 1024px" class="wp-caption alignnone"><img loading="lazy" decoding="async" class="size-large wp-image-150248" src="https://console.kr-asia.com/wp-content/uploads/2024/10/Alibaba-Cloud-Apsara-Conference-Startup-Demo-Day-1Long-1024x683.jpg" alt="Photo of Michael Do, co-founder and CEO of 1Long, presenting at the Alibaba Cloud Startup Demo Day during Apsara Conference 2024 on September 21." width="1024" height="683" srcset="https://console.kr-asia.com/wp-content/uploads/2024/10/Alibaba-Cloud-Apsara-Conference-Startup-Demo-Day-1Long-1024x683.jpg 1024w, https://console.kr-asia.com/wp-content/uploads/2024/10/Alibaba-Cloud-Apsara-Conference-Startup-Demo-Day-1Long-300x200.jpg 300w, https://console.kr-asia.com/wp-content/uploads/2024/10/Alibaba-Cloud-Apsara-Conference-Startup-Demo-Day-1Long-768x512.jpg 768w, https://console.kr-asia.com/wp-content/uploads/2024/10/Alibaba-Cloud-Apsara-Conference-Startup-Demo-Day-1Long-1536x1024.jpg 1536w, https://console.kr-asia.com/wp-content/uploads/2024/10/Alibaba-Cloud-Apsara-Conference-Startup-Demo-Day-1Long.jpg 1920w" sizes="(max-width: 1024px) 100vw, 1024px" /><figcaption id="caption-attachment-150248" class="wp-caption-text">Photo of Michael Do, co-founder and CEO of 1Long, presenting at the Alibaba Cloud Startup Demo Day during Apsara Conference 2024 on September 21. Photo courtesy of Alibaba Cloud.</figcaption></figure>
Other startups that took part in the demo day include:
<ul>
<li aria-level="1">Collo from the Philippines offers a comprehensive platform for managing real estate, including features for automated billing, payment tracking, and real-time analytics.</li>
<li aria-level="1">EM&amp;AI specializes in AI-driven conversation analytics, optimizing communication efficiency for businesses, with support for multiple languages and a high accuracy rate.</li>
<li aria-level="1">NavDeck is a Singapore-based startup leveraging AI and other technologies to provide personalized learning paths and assessments for workers, helping companies maximize their workforce potential.</li>
<li aria-level="1">Paperless Hospital aims to reduce the administrative burden in healthcare, using AI to automate medical recordkeeping and streamline communication between doctors and patients.</li>
<li aria-level="1">RemoteGenies is a platform that connects top freelancers from the Philippines with global clients, leveraging AI to match projects with the right talent.</li>
</ul>
<figure id="attachment_150246" aria-describedby="caption-attachment-150246" style="width: 1024px" class="wp-caption alignnone"><img loading="lazy" decoding="async" class="size-large wp-image-150246" src="https://console.kr-asia.com/wp-content/uploads/2024/10/Alibaba-Cloud-Apsara-Conference-Startup-Demo-Day-NavDeck-1024x683.jpg" alt="Photo of Sean Tan, co-founder and CEO of NavDeck, presenting at the Alibaba Cloud Startup Demo Day during Apsara Conference 2024 on September 21." width="1024" height="683" srcset="https://console.kr-asia.com/wp-content/uploads/2024/10/Alibaba-Cloud-Apsara-Conference-Startup-Demo-Day-NavDeck-1024x683.jpg 1024w, https://console.kr-asia.com/wp-content/uploads/2024/10/Alibaba-Cloud-Apsara-Conference-Startup-Demo-Day-NavDeck-300x200.jpg 300w, https://console.kr-asia.com/wp-content/uploads/2024/10/Alibaba-Cloud-Apsara-Conference-Startup-Demo-Day-NavDeck-768x512.jpg 768w, https://console.kr-asia.com/wp-content/uploads/2024/10/Alibaba-Cloud-Apsara-Conference-Startup-Demo-Day-NavDeck-1536x1024.jpg 1536w, https://console.kr-asia.com/wp-content/uploads/2024/10/Alibaba-Cloud-Apsara-Conference-Startup-Demo-Day-NavDeck.jpg 1920w" sizes="(max-width: 1024px) 100vw, 1024px" /><figcaption id="caption-attachment-150246" class="wp-caption-text">Photo of Sean Tan, co-founder and CEO of NavDeck, presenting at the Alibaba Cloud Startup Demo Day during Apsara Conference 2024 on September 21. Photo courtesy of Alibaba Cloud.</figcaption></figure>
The Alibaba Cloud Startup Catalyst Program was designed to provide startups with the resources they need to scale. Starting with USD 1,000 in cloud credits, founders can build on Alibaba Cloud’s platform, optimize their infrastructure with expert guidance, and tap into a network of industry leaders and innovators through regional events.
For select startups, the program extends up to USD 120,000 in cloud service credits, making it a global draw for emerging companies.
This article was written in partnership with Alibaba Cloud. 36Kr Global was a co-organizer of the Alibaba Cloud Startup Demo Day event.

Malaysia’s Sipjoy takes top prize at Alibaba Cloud Startup Demo Day with AI solutions for local coffee shops

Alibaba Cloud

China

Malaysia

… notable increases, with power usage climbing 9.9%, 9.7%, and 7.2%, respectively.
The US is also feeling the strain. In 2021, winter storms caused blackouts across Texas, Arkansas, Illinois, and Kentucky, leaving over 5.5 million households without power and causing dozens of fatalities. As extreme weather becomes more frequent, grid demand will only rise. The North American Electric Reliability Corporation (NERC) forecasts that winter peak power demand will jump by 11.6% between 2024 and 2033, with summer demand not far behind at 9.2%.
There are two key forces driving this increase: the growing intensity of extreme weather and the rapid expansion of energy-hungry industries like AI and EVs. In China, for example, hotter, longer summers are driving up demand for cooling. The China Electric Power Research Institute (CEPRI) reports that cooling now accounts for 30–40% of peak summer electricity load.
At the same time, energy-intensive industries are booming. In Northern Virginia’s “Data Center Alley,” the world’s largest cluster of internet servers, peak power demand doubled between 2018 and 2022, hitting 2,767 megawatts. AI’s rise is adding further pressure—large AI applications are driving power densities of 50–100 kW per server rack, ten times the density of standard centers. The energy demands of AI infrastructure are accelerating faster than many grid systems can handle.
So why not just expand the grid to meet these growing needs? While that may sound like a straightforward solution, it’s neither cost-effective nor efficient. Industry experts estimate that China’s grid operates above 95% of peak load for fewer than 50 hours each year. Meeting this sporadic demand spike would require installing new peak power plants or expanding transmission infrastructure—both of which come with high marginal costs.
V2G, by contrast, offers a flexible, decentralized solution. By harnessing the collective energy storage capacity of EVs, V2G can alleviate pressure on the grid during these peak hours without requiring massive investments in new infrastructure.
V2G isn’t just about filling temporary gaps in power. According to researchers from Tsinghua Sichuan Energy Internet Research Institute, by 2035, private EV users in China could provide 150 million kW of mobile energy storage capacity, saving society about RMB 1 trillion in electricity investments.
China’s confidence in promoting V2G also stems from its status as the world leader in EV ownership. As of June 2024, China had 24.72 million new energy vehicles, accounting for more than half of the global total.
CEPRI’s Li Jianfeng estimates that, by 2040, China will have 300 million EVs. If passenger vehicles adopt 15 kW bidirectional charging stations, their total power support capacity will reach 290–350 million kW, equivalent to about 50% of the country’s total energy capacity derived from non-fossil fuel sources.
Still, the stakes go beyond saving money or even optimizing energy. In 2014, a power outage in Henan left a hospital without electricity for 20 minutes, resulting in the death of a 77-year-old man on a respirator. In 2022, during another blackout, an elderly person in rural Sichuan died from heat exhaustion while holding an unplugged fan. In cases like these, had V2G stations been available, lives could have been saved.
KrASIA Connection features translated and adapted content that was originally published by 36Kr. This <a href="https://36kr.com/p/2946756866120581">article</a> was written by Zhai Fangxue for 36Kr.

Why China is betting on V2G to stabilize its overworked power grid

Electric Vehicles

Deep Tech

Energy

Looking back, 2021 can be seen as the height of the gene therapy boom. At the time, companies worldwide were scrambling to go public, while pharmaceutical giants like Novartis, Bayer, and Eli Lilly made strategic acquisitions to carve out their share in the space. China, though still developing its domestic gene therapy ecosystem, was indirectly bolstered by the surge in innovative drug companies, especially in attracting talent.
Wu Zhenhua returned to China in 2019 to launch Exegenesis Bio, seizing the opportunity presented by the industry’s upward trajectory.
“It has been deeply rewarding,” Wu said at the 13th China Rare Disease Summit Forum in September, reflecting on his five-year entrepreneurial journey. Wu, with prior stints at Merck &amp; Co. and GSK, built Exegenesis Bio to focus on gene therapies targeting diseases in the central nervous system, ophthalmology, and liver. The company, having raised over USD 120 million, is advancing a type 1 spinal muscular atrophy (SMA) gene therapy now in Phase 2 clinical trials in China.
As the first gene therapies reached the market, the excitement around them began to meet a reality check.
One major challenge is price—often astronomical due to the high production costs of therapies designed to treat rare diseases. Promising long-term effectiveness from just one dose, these treatments come with hefty price tags. According to 36Kr, at least eight FDA-approved gene therapies in the last seven years have crossed the USD 2 million mark per dose, with the highest soaring to USD 3.5 million. The cost ceiling for breakthrough drugs keeps climbing.
Wu believes that the period between 2019 and 2022 marked gene therapy’s first wave of commercial success, with multiple products gaining approval and some achieving impressive commercial outcomes. However, there have been setbacks—certain therapies underperformed due to safety concerns or limited efficacy in trials, while others struggled commercially.
He identifies two key hurdles: first, current gene delivery systems need better efficiency and precision targeting. Second, some treatments aren’t fully meeting patient needs. Still, Wu argues that these issues aren't directly tied to the high costs of manufacturing or the "one treatment, long-term efficacy" pricing model. Thanks to advances in production, costs are increasingly under control, and overseas markets have embraced the high price tags for these therapies. Several successful products have validated this approach.
With the groundwork laid by earlier therapies, Wu sees the industry entering a second phase of growth, driven by improved tools and deeper understanding of the diseases gene therapy aims to treat.
A key example is the evolution of delivery vectors. The first generation relied heavily on wild-type adeno-associated virus (AAV), a simple DNA virus that efficiently infects human cells. While a breakthrough over previous retroviral vectors, AAV came with its own limitations in terms of safety and efficacy.
Now, the field is moving toward third-generation vectors that build on the capabilities of AAV, significantly improving both efficiency and safety. For muscle tissue, delivery efficiency has increased from 30–40% to over 90%. For neural cells, the jump has been even more dramatic—from 1% to 50–80%. “For diseases like Parkinson’s or Alzheimer’s, treating just 1% of cells wasn’t enough to make a difference. But if we can target 70%, the results could be transformative,” Wu said.
On the safety front, the newer vectors allow for more precise targeting. “When we delivered AAV9 to muscle cells in the past, most of it would end up in the liver, leading to toxic side effects. Now, with the new vectors, 90% of the delivery can bypass the liver altogether, making the treatment much safer,” he added.
These technological strides are also creating space for more innovative, differentiated therapies. While current SMA gene therapies have greatly improved survival and motor function, they haven’t yet enabled patients to live entirely normal lives.
"About 10% of patients can stand, but they don’t move like healthy children,” Wu said. “One treatment does provide long-term benefits, but we’re not yet seeing a full cure. With the improved efficiency of new delivery vectors, I think we’ll eventually get there—for some diseases, a true cure is possible."
Exegenesis Bio’s SMA therapy is now in Phase 2 trials, building on earlier Phase 1 and 2 studies that demonstrated promising safety and efficacy. The company’s work in gene therapies for wet age-related macular degeneration has also advanced to Phase 1 trials.
KrASIA Connection features translated and adapted content that was originally published by 36Kr. This <a href="https://36kr.com/p/2962416161722369">article</a> was written by Hu Xiangyun for 36Kr.

Can gene therapy live up to the hype? A look at China’s Exegenesis Bio

Biotechnology

Singapore

<h3>HungryPanda banks USD 55 million to fuel North American expansion</h3>
<a href="https://www.hungrypanda.co/">HungryPanda</a>, the go-to app for Asian food lovers living abroad, has just wrapped up a USD 55 million refinancing and fundraise led by Mars Growth Capital, a joint venture between Liquidity Group and MUFG. Familiar faces like Perwyn, Kinnevik, 83North, and Felix returned to back the company.
With this new injection of capital, HungryPanda plans to bolster its position in the Asian food delivery market while expanding its reach into North America, where it aims to serve a wider range of minority communities.
Since its founding in 2017, HungryPanda has linked millions of users across more than 80 cities in 10 countries to their favorite Asian dishes. With partnerships involving over 100,000 merchants, the app has solidified its leadership in the niche food delivery sector. In 2024, the company reached a key milestone, achieving profitability while maintaining a 30% growth rate.
<h3>Generative AI startup TeamSolve snags USD 2.5 million</h3>
<a href="https://teamsolve.com/">TeamSolve</a>, an emerging player in the AI sector, has snagged USD 2.5 million in seed funding, with SGInnovate and Burnt Island Ventures co-leading the round.
Founded in 2022, TeamSolve aims to help industrial and utility companies address the talent gap through its generative AI-powered copilot solution. The solution functions as a “second brain” for frontline workers, offering real-time insights into asset health, integrating field observations and troubleshooting guides, and adapting to user inputs via familiar platforms like WhatsApp.
In a statement, TeamSolve CEO Mudasser Iqbal said the funds will be used to enhance the company’s capabilities, expand its market presence, and sharpen its focus on delivering impactful AI-driven solutions.
<h3>SoftBank backs OpenAI with USD 500 million stake</h3>
SoftBank’s Vision Fund has invested USD 500 million in OpenAI, according to a report from The Information. The investment is part of OpenAI’s USD 6.5 billion convertible note raise, which is expected to push OpenAI’s valuation to a jaw-dropping USD 150 billion.
The fundraise coincides with OpenAI’s plans to restructure its corporate framework, including removing its current profit cap to attract more investors. It’s a significant step for a company that has already reshaped the artificial intelligence landscape with its ChatGPT product, and SoftBank's involvement underscores just how much potential this tech powerhouse holds.
<h3>Kasco raises Series D1 funding as air suspension takes off in China’s NEV market</h3>
Kasco, a company specializing in automotive suspension technology, has raised RMB 450 million (USD 63 million) in a Series D1 funding round, according to <a href="https://36kr.com/p/2970461638529026">36Kr</a>. The round was co-led by a GAC-managed fund and BOC Asset Investment, bringing Kasco’s total funding to RMB 1.5 billion (USD 210 million) over five rounds.
The new capital will be used primarily to expand production and develop new products, enabling Kasco to enhance its role in China’s burgeoning new energy vehicle (NEV) market.
Founded in 2018, Kasco now holds a 40.3% share of China’s air suspension market, which is becoming a key feature for premium NEVs as the sector continues to evolve.
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<h3>Pallav locks in seed funding to transform banking in Indonesia</h3>
Pallav, an Indonesian fintech company, has locked in an undisclosed amount of seed funding, according to DailySocial. The funding round included investors like M Venture Partners, Kadan Capital, and Monk’s Hill Ventures, alongside individual investors such as Jefferson Chen (Advance Intelligence Group) and Arun Pai (formerly of AsiaCollect).
Pallav aims to modernize Indonesia’s traditional financial institutions by offering a digital credit operating system. This system is designed to optimize loan recovery and improve efficiency for banks, particularly those handling high-risk customers. By automating manual processes, Pallav hopes to enable banks to serve more customers at a lower cost, while improving margins.
<h3>Supermom said to have landed at least SGD 18 million in funding</h3>
<a href="https://welovesupermom.com/">Supermom</a>, a go-to parenting platform, has landed at least SGD 18 million (USD 14 million) in its latest funding round, according to regulatory filings accessed by DealStreetAsia. Granite Asia, previously known as GGV Capital, is said to be leading the round.
The funding will enable Supermom to expand its presence across Southeast Asia, with the company focusing on scaling its platform to meet the needs of a growing user base of parents in the region.
whereRelatedArticle
<h3>Qarbotech, Rey, Nio, and more led recent headlines:</h3>
<ul>
<li aria-level="1"><a href="https://qarbotech.com/">Qarbotech</a>, a Malaysia-based climate tech startup, raised USD 1.5 million in a seed extension round led by 500 Global, with participation from Better Bite Ventures, ID Capital, EQT Foundation, and Epic Angels Limited.</li>
<li aria-level="1">Rey, an Indonesian insurtech startup, reportedly secured an additional USD 3.5 million in seed funding, led by new investors CyberAgent Capital, Arthazen Capital, and PT Gametraco Tunggal.</li>
<li aria-level="1">Nio, one of China’s leading electric vehicle manufacturers, reportedly secured RMB 3.3 billion (USD 462 million) in new capital for one of its subsidiaries. The investors include a consortium backed by the Hefei government, including Hefei Jianheng New Energy Automobile Investment Fund Partnership, Anhui Provincial Emerging Industry Investment, and CS Capital.</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: HungryPanda banks USD 55 million, TeamSolve snags seed funding, SoftBank invests in OpenAI, and more

OpenAI

Europe

Chinese outbound foreign investment is shifting away from such advanced economies as the US and Europe to emerging markets and are increasingly focused on greenfield projects, a new database from Rhodium Group shows, posing new challenges for governments eager to counter China's economic influence.
Outflows have rebounded after the Covid-19 pandemic in the past two years. There was USD 103 billion worth of announced investment in 2023, but investment levels remain much lower than previous highs.
Chinese companies are looking closer to home, with Asia becoming the largest recipient of Chinese outbound foreign direct investment (FDI) since 2017, according to Rhodium Group, a New York-based independent economic analysis group. In 2023, 72% of announced Chinese outbound investment transactions happened in countries that were not advanced economies as defined by the International Monetary Fund, with such developing economies as Vietnam, Malaysia and Indonesia logging at least USD 1 billion in investment from China in 2023 and 2024.
Chinese capital has also been deployed more in other regions, such as Africa, Latin America, and the Middle East. The combined share of North America and Europe dropped to less than half of total annual investment last year.
Various factors play into the change, including tighter capital controls in China on overseas investments—in July 2023, China announced export curbs on critical minerals. Furthermore, outbound investment has been impacted by anti-corruption campaigns as well as the property market slump that has seen the fall of real estate giants Evergrande and Country Garden.
Worsening relations between the US and China have fueled <a href="https://asia.nikkei.com/Politics/International-relations/US-China-tensions/China-becomes-a-punching-bag-for-assertive-U.S.-states">heightened scrutiny in American states of Chinese inbound investment.</a> Citing national security concerns, the US has intensified its scrutiny of Chinese investments with the use of the Committee on Foreign Investment in the United States.
A survey of Chinese businesses in the US published in June by the China General Chamber of Commerce-USA found that more than half of respondents noted a decline in the market environment.
Europe has also drawn up new tools, such as its anti-subsidy instrument, to address economic security and level playing field concerns.
Nearly 70% of total announced investments went to economies such as Europe and North America in 2016, Rhodium Group said, based on its new "China Cross-Border Monitor" database, which tracks Chinese outbound investment.
"During the decade of booming Chinese outbound FDI, more than half of investment was destined for Europe and North America, which are safe haven economies with a mature asset base and also China's largest export markets," wrote Rhodium's Thilo Hanemann, Armand Meyer, and Danielle Goh.
The new database also found that Chinese investors began shifting toward greenfield projects over the past eight years, with mergers and acquisitions declining significantly since 2016.
That shift is a departure from the Chinese global shopping spree of acquisitions in the mid-2010s, when Chinese outbound investment peaked with property and entertainment giant Dalian Wanda Group acquiring Legendary Entertainment and Tencent Holdings buying Finish mobile game developer Supercell.
Greenfield projects are a type of investment that starts from scratch, such as construction of a facility on an undeveloped site. With growing trade barriers in such places as the US on Chinese goods, investors have been diversifying their supply chains. Rhodium Group also cites the rising competitiveness of Chinese companies in industries like electric vehicles that have seen investors pump money into building plants for new energy vehicles and batteries overseas.
Chinese outbound investment in battery materials production and battery manufacturing make up the lion's share of EV supply chain transactions.
"While M&amp;A activity may recover in coming years, greenfield FDI will remain a more important driver of China's overall outbound investment than in the previous decade," the authors wrote.
"Many of the newly announced projects—such as manufacturing facilities in the electric vehicle industry—will take years to be completed and their trajectory hinges in part on how local political dynamics play out," they wrote.
Rhodium noted that only two-thirds of the initially announced investment value throughout the past two decades eventually materialized. But, it said, this shift in Chinese investment behavior will allow China to have more economic influence in the Global South.
"In the past, China's presence in emerging economies often took the form of Chinese policy banks financing infrastructure built with Chinese workers," the authors wrote. "Now Chinese companies like BYD are building 'sticky' FDI operations that create local employment, pay local taxes, and offer attractive products at attractive prices in local markets."
"As a result, governments that are eager to counter China's economic influence in emerging economies face a tougher challenge," according to Rhodium. "They now must compete with not only state-backed financing from Beijing, but also with a new crop of mature Chinese multinationals promising a broader set of local economic benefits."
This article first appeared on <a tabindex="0" href="https://asia.nikkei.com/Business/Business-trends/Chinese-deal-activity-shifts-toward-emerging-markets-and-into-greenfields#" 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>.

Chinese deal activity shifts toward emerging markets and into greenfields

In the midst of Nintendo and The Pokemon Company's ongoing lawsuit against Palworld for patent infringement, a surprising twist has emerged. A self-proclaimed designer of Palworld recently switched sides by admitting that the game includes copied content. In a series of emotional posts on her personal X (formerly Twitter) account, she described the inner turmoil and pain caused by the company’s actions, sparking a public uproar.
<blockquote class="reddit-embed-bq" style="height: 500px;" data-embed-showedits="false" data-embed-created="2024-09-27T04:10:59.528Z" data-embed-showusername="false" data-embed-height="740"><a href="https://www.reddit.com/r/Gamingcirclejerk/comments/1fl4ng4/alleged_former_pocketpairpalworld_character/">Alleged former PocketPair/Palworld character designer speaks out on lawsuit.</a></blockquote>
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Earlier, on September 19, Nintendo published an official statement on its website, announcing a joint lawsuit with The Pokemon Company against Palworld developer Pocket Pair for patent infringement. The companies demanded that Pocket Pair stop infringing on their patents and pay damages.
On the same day, Pocket Pair responded through its official X account, claiming it had not yet received a lawsuit and was unaware of the specific infringement accusations. It stated it would follow legal procedures to address the matter.
Palworld, a game that features ark-building and pet-capturing mechanics, became a smash hit earlier this year, propelling Pocket Pair, previously an obscure company, into the public eye. According to Yicai, the game surpassed RMB 1 billion (USD 140 million) in sales within just four days of its release, setting a record of 2.1 million concurrent players—this, despite a development cost of less than RMB 50 million (USD 7 million).
Many players have noted that “every Pal looks oddly familiar,” but suspicions of plagiarism haven’t quelled the enthusiasm for this hit game despite its stitched-together appearance.
One of the more notable aspects of Palworld is its partnership with both Microsoft and Sony. In February, Pocket Pair reached a technical support agreement with Microsoft’s Xbox division. By July, Pocket Pair had teamed up with Sony Music Entertainment and Aniplex to form Palworld Entertainment, a joint venture aimed at expanding Palworld’s IP business and influence.
If Nintendo and The Pokemon Company win their lawsuit, the ramifications will not only affect Pocket Pair but could also extend to Microsoft and, in particular, Sony.
The Pokemon IP and similar games have long been one of Nintendo’s key strengths. With the big three—Sony, Nintendo, and Microsoft—locked in ongoing competition, Sony's partnership with Palworld signals its ambition to gain a foothold in the Pokemon-like IP and gaming market.
Palworld has featured prominently at major domestic events like Bilibili World and ChinaJoy this past summer, with Sony playing a leading role in the game’s promotion. According to National Business Daily, gaming industry analyst Zhang Shule speculated that Nintendo’s legal action might be due to Palworld's potential release on Sony’s PlayStation 5.
Even during Palworld’s rise to fame, plagiarism accusations have continued to circulate. Even those unfamiliar with the game have commented on its art style’s similarities to Pokemon.
These factors combined seem to have prompted the joint legal action by Nintendo and The Pokemon Company.
In fact, as early as January—when Palworld was first released—The Pokemon Company issued a statement saying that Pocket Pair had no official IP licensing agreement and that appropriate measures would be taken after conducting an investigation into potential infringement.
By mid-September, just prior to the joint lawsuit, The Pokemon Company scored another legal victory. Its Shanghai toy subsidiary announced the result of a copyright infringement and unfair competition lawsuit against Pocket Monster Reissue (also known domestically as Koudaiyaoguai Fuke). A court found the defendants to be jointly liable, ordering them to compensate RMB 107 million (USD 15 million) in damages.
Nintendo, known for its near-perfect record in copyright lawsuits, has earned the nickname “the strongest legal department in the Eastern Hemisphere,” thanks in part to its sweeping victory in early legal battles with Universal Pictures over the Donkey Kong trademark.
Now, with the designer’s public confession gaining traction, Pocket Pair appears to be in a precarious position.
Moreover, Palworld seems to be losing steam. According to SteamDB data, the game’s daily peak user count has dropped to around 30,000–40,000 players, a far cry from the millions it boasted earlier this year.
While the game is clearly in decline, it seems that players and netizens have simply moved on to other titles, as there hasn’t been a flood of negative reviews accusing it of plagiarism.
Baixiong (pseudonym), a dedicated fan of the Pokemon IP and a veteran player of its related games, stated bluntly that Palworld’s art style plagiarizes Pokemon, while its gameplay draws from other sources. However, he told 36Kr that “while plagiarism is wrong, this game is more fun than the official Pokemon titles.”
Meanwhile, fans voiced their support for Palworld under Pocket Pair’s response to the lawsuit, accusing Nintendo and The Pokemon Company of bullying smaller companies.
Although Pocket Pair seems likely to lose, some argue that The Pokemon Company has been slow to develop its IP. With outdated turn-based gameplay and rough artistic designs, its titles have failed to meet the expectations of many loyal Pokemon fans. In the end, what matters to players isn’t whether a game is a “Frankenstein” mix of others, but whether it’s fun to play.
If you had to decide, would you consider Palworld a good game?
KrASIA Connection features translated and adapted content that was originally published by 36Kr. This <a href="https://36kr.com/p/2965000743637000">article</a> was written by Lan Jie for 36Kr.

Palworld designer admits copying as Nintendo, Pokemon pursue legal action

Gaming

Creative

Japan

Meituan’s overseas delivery app, Keeta, quietly launched in Saudi Arabia on the morning of September 9, marking the company’s first step outside China and signaling its ambitious international expansion.
To attract new users, Keeta is offering free delivery on orders over SAR 25 (USD 6.7) and discounts of up to 70% on select meals. Promising 30-minute deliveries or restaurant pickup options, the app aims to win over Saudi customers by focusing on convenience and value.
In a move similar to its phased rollout in Hong Kong, Keeta’s Saudi launch began in Al Kharj, a central city—not the capital, Riyadh—raising questions about the rationale behind the decision.
“What’s the secret of Al Kharj?” a social media user asked. “Keeta and even the local ride-hailing app Kaiian both started there.”
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A commenter speculated: “Al Kharj may be smaller, but it has all the essential services. There’s lower employee turnover, cheaper housing and transport costs, and no traffic. Plus, it’s just 40 minutes from Riyadh. It makes sense to launch here.”
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The commenter also suggested that Riyadh’s crowded market, dominated by established players, might have prompted Keeta to opt for a smaller, less competitive city.
<blockquote class="twitter-tweet tw-align-center" data-dnt="true"><a href="https://twitter.com/abofhdsa/status/1820887946079432952?ref_src=twsrc%5Etfw">August 6, 2024</a></blockquote>
Keeta’s expansion into Saudi Arabia was far from a spur-of-the-moment decision. As early as May last year, Meituan executives, including founder Wang Xing, traveled to Saudi Arabia to meet with ministers and royal family members, assessing the country’s potential for a pilot program. After over a year of planning, the app launched this September.
While Keeta’s marketing strategy has been understated, focusing on tech integration with robots, drones, and smart delivery systems, the response in the region has been anything but quiet.
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Middle Eastern users have expressed anticipation for Keeta’s arrival. One influencer posted a short video declaring that “the world’s largest delivery app has come to Saudi Arabia, handling 80 million daily orders in China—far more than all other apps combined here.” Many commenters shared his enthusiasm, predicting that Keeta could disrupt the local market.
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Some users, frustrated by unreliable service from other platforms, voiced hope. “I waited 30 minutes on HungerStation only to be told the restaurant was closed! When is Keeta going to save us from these chaotic apps?” one user asked.
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However, not all reactions were positive. Rather than driving down prices, Keeta’s arrival seems to have coincided with price increases across the market. “After China’s delivery apps entered the market, all the food prices went up,” one user complained.
Others speculated whether the price hikes were due to increased government fees or competition among the platforms. “Have sandwich prices gone up by SAR 5 (USD 1.3) because of fees, or are these apps raising prices?” another user questioned.
<blockquote class="twitter-tweet tw-align-center" data-dnt="true"><a href="https://twitter.com/_qzr72/status/1833259208348999738?ref_src=twsrc%5Etfw">September 9, 2024</a></blockquote>
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While the reasons for these price increases remain unclear, one thing is certain: Meituan’s arrival will intensify competition in Saudi Arabia’s online food delivery space, where Delivery Hero's HungerStation and local platform Jahez currently lead the market. According to JPMorgan analyst Marcus Diebel, Keeta’s entry underscores the fierce competition in the market, as well-funded newcomers like Meituan face challenges in carving out market share.
Saudi Arabia’s online food delivery market is expected to reach USD 11.74 billion this year, with an annual growth rate of 5.2%. Statista predicts the market will hit USD 15.13 billion by 2029. Whether Keeta can disrupt the dominance of HungerStation and Jahez and establish its own foothold remains to be seen.
This <a href="https://36kr.com/p/2499828366501888">article</a> was adapted based on a feature originally written by Kiko and published on ePanda Chuhai (WeChat ID: ePandaMENA). KrASIA is authorized to translate, adapt, and publish its contents.

Meituan’s Keeta launches in Saudi Arabia, igniting competition and price hikes

Keeta

On-demand Services

Food Delivery

Grocery Delivery

Saudi Arabia

Middle East

<h3>Qarbotech raises USD 1.5 million in seed extension round</h3>
<a href="https://qarbotech.com/">Qarbotech</a>, a Malaysia-based climate tech startup, has raised USD 1.5 million in a seed extension round to scale its photosynthesis enhancement technology across Southeast Asia. The round was led by 500 Global, with participation from Better Bite Ventures, ID Capital, EQT Foundation, and Epic Angels Limited.
The funds will be used to expand Qarbotech’s operations across markets, including Indonesia, Thailand, and Vietnam, and to establish a new manufacturing facility in Malaysia capable of producing 100,000 liters of its flagship product, QarboGrow, each month.
Qarbotech’s technology uses carbon quantum dots to boost crop yields by up to 60%, reduce fertilizer use, and promote sustainable agriculture.
<h3>Rey secures USD 3.5 million in additional seed funding</h3>
Rey, an Indonesian insurtech startup, has secured an additional USD 3.5 million in seed funding, led by new investors CyberAgent Capital, Arthazen Capital, and PT Gametraco Tunggal, according to DealStreetAsia.
Existing investors, including the Trans-Pacific Technology Fund (TPTF), Genesia Ventures, and Reycom Document Solusi (RDS), who led Rey’s first seed round in July 2022, also participated.
Rey will use the capital to expand its health protection model into an end-to-end health service offering, integrating preventive and curative care through health memberships. The company is also providing technology solutions to conventional insurance firms, transforming the third-party administration (TPA) model by incorporating active health management and real-time engagement in claims processing and health services.
<h3>Nio receives RMB 3.3 billion in funding from Hefei-backed investors</h3>
Nio, one of China’s leading electric vehicle manufacturers, has secured RMB 3.3 billion (USD 462 million) in new capital for one of its subsidiaries, according to SCMP. The investors include a consortium backed by the Hefei government, including Hefei Jianheng New Energy Automobile Investment Fund Partnership, Anhui Provincial Emerging Industry Investment, and CS Capital.
The investment will help Nio accelerate its product and technology development. Nio also plans to invest RMB 10 billion (USD 1.4 billion) in newly issued shares of its subsidiary, Nio China, although its stake in the unit will decrease from 92.1% to 88.3%. The fresh funding positions Nio to advance its multi-brand strategy and sustain long-term growth.
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<h3>Other recent deals completed in China:</h3>
<ul>
<li aria-level="1"><a href="https://global.rokid.com/">Rokid</a>, a Hangzhou-based tech company specializing in augmented reality (AR) wearables, has bagged RMB 100 million (USD 14 million) from Jiangxia Science and Technology Investment. —<a href="https://36kr.com/newsflashes/2972070661738499">36Kr</a></li>
<li aria-level="1"><a href="http://www.bohrcn.com/index_en.html">Bohr Intelligent Manufacturing Technology</a>, an industrial vision inspection specialist, has raised tens of millions of RMB in a Series A funding round led by KGI Financial Holding. The funds will fuel efforts to win major client orders and ramp up development in semiconductor inspection technology. Founded in 2020, Bohr focuses on defect detection using optical systems and AI algorithms. Its client list features heavyweights like Google, Xiaomi, and Bosch. —<a href="https://36kr.com/p/2949551759761542">36Kr</a></li>
<li aria-level="1">IntelliSource, an emerging player in Shanghai’s AI ecosystem, has completed its seed round of financing. The funds will back the rollout of its AI-driven platform designed for energy management across various sectors, including industry and real estate, among others. —<a href="https://36kr.com/p/2970924566908930">36Kr</a></li>
<li aria-level="1"><a href="http://www.yihang.ai/en/">Yihang AI</a>, an autonomous driving technology company, has raised hundreds of millions of RMB in a Series C funding round. Investors such as BAIC Capital, Zhejiang Jinkong Investment, and Deqing Industrial Investment took part in this round. Yihang will allocate the capital toward advancing its driver assistance systems for future rollout. —<a href="https://36kr.com/newsflashes/2967629811306760">36Kr</a></li>
</ul>
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<h3>Whatfix, Supabase, Sleek, and more led recent headlines:</h3>
<ul>
<li aria-level="1">Whatfix, an Indian software company, raised USD 125 million in a Series E funding round led by Warburg Pincus, with participation from SoftBank Vision Fund 2.</li>
<li aria-level="1">Supabase, an open-source backend-as-a-service company, bagged USD 80 million in a Series C funding round co-led by Peak XV Partners and Craft Ventures. Avra Capital and existing investors, including Coatue Management, Felicis, and Y Combinator, also participated.</li>
<li aria-level="1">Sleek, a provider of back office services for small and medium enterprises, secured USD 5 million in debt financing from the Fintech Nation Fund.</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: Qarbotech and Rey land fresh seed funding, Nio subsidiary secures RMB 3.3 billion for EV push, four other China deals, and more