Alibaba

Baidu

ByteDance

Meituan

Pinduoduo

Tencent

Most Followed

KrASIA Connection

China's Auto Sector

Earnings Reports

Inside China's Startups

Venture Roundup

Our Events

View All

Collections

News

Features

Insights

Ecosystem

DeepSeek

Kuaishou

Li Auto

Xiaohongshu

Xiaomi

Xpeng

On the Radar

Events

Latest

About

36Kr (EN)

Consumer

Robotics

Fintech

TSMC profits surge on AI demand, but shares dip amid geopolitical tensions

TSMC

China Tech

Deep Tech

Semiconductors

China

<h3>Dr Clear Aligners secures USD 8 million in Series A funding</h3>
<a href="https://www.drclearaligners.sg/en/">Dr Clear Aligners (DCA)</a>, a provider of dental clear aligners in the Asia Pacific region, has raised USD 8 million in Series A funding from Insignia Ventures Partners.
Founded in April 2020 by Ryan Teo, Kevin Lim, and Jayden Cheng, DCA operates in seven countries with a network of 1,000 partner clinics and owns 11 licensed dental clinics.
In its statement, DCA said it recently partnered with one of the largest dental clinic chains in Southeast Asia and introduced patented patient treatment monitoring technology.
With the aim of making orthodontic treatment more accessible and convenient, DCA will utilize the investment to expand into new markets, particularly in the MENA region, and enhance R&amp;D in artificial intelligence.
<h3>Amity raises USD 60 million in Series C round</h3>
<a href="https://www.amitysolutions.com/">Amity Solutions</a>, a Thai AI technology company, has completed a USD 60 million Series C funding round alongside its parent company, Amity Corporation.
Amity Solutions raised USD 41.6 million, led by Insight Capital, with several new and existing investors participating. Amity Corporation raised USD 18.4 million, led by SMDV, with participation from Gobi Partners and other investors. The financing includes debt structured by AlteriQ Global.
This investment will allow Amity Solutions to focus on developing generative AI applications while leveraging the support and resources of its parent company. The funds will be used for R&amp;D and to acquire software-as-a-service companies with high potential for integration.
<h3>Klean receives MYR 2 million from Ficus Capital</h3>
Klean, a cleantech business owned by Janz Technologies, has received an investment totaling MYR 2 million (USD 428,680) from Ficus Capital.
This investment, made through Ficus’ flagship Ficus SEA Fund, will support Klean’s container recovery initiatives and the expansion of its reverse vending machine (RVM) network as well as regional operations in Malaysia, Indonesia, Singapore, and Fiji.
<h3>Dharana Capital acquires shares in Urban Company</h3>
Dharana Capital, an India-focused investment firm, has acquired shares worth over INR 4 billion (USD 47.8 million) in <a href="https://www.urbancompany.com/">Urban Company</a>, a platform for home services, through a secondary transaction. The shares were acquired from employees and other shareholders.
whereAdBanner.Uptake
<h3>Recent deals completed in China:</h3>
<ul>
<li aria-level="1"><a href="https://www.synyi.com/">Synyi AI</a>, a smart healthcare solutions provider, has raised an undisclosed amount in a funding round led by Longxiang Group, with participation from Changxing Fund, CCDG, and Beijing New Aerotropolis. The company plans to use the funds to accelerate technological development and expand its market presence. —<a href="https://36kr.com/newsflashes/2867345901703553">36Kr</a></li>
<li aria-level="1"><a href="https://yunshi.netjoy.com/">Yunshi Youke</a>, a Sichuan-based digital marketing firm, has secured an undisclosed sum of investment from iFlytek. —<a href="https://36kr.com/newsflashes/2867167698210951">36Kr</a></li>
<li aria-level="1"><a href="https://www.fanmiot.cn/">Fanmi Intelligent Technology</a>, a digital technology company, has completed its pre-Series A funding round led by Zhongrui Industrial. The company will use the funds to enhance its data technology capabilities, drive R&amp;D, expand market reach, and build a comprehensive industry ecosystem. —<a href="https://36kr.com/newsflashes/2867082537685125">36Kr</a></li>
</ul>
whereRelatedArticle
<h3>Har Har Chicken, Wittaya Aqua, Mon Protocol, and more led yesterday’s headlines:</h3>
<ul>
<li aria-level="1"><a href="https://www.harharchicken.com.sg/">Har Har Chicken</a>, a takeaway kiosk operator serving specialty menu items inspired by fermented prawn paste chicken, raised an undisclosed amount of funding in a round led by East Ventures.</li>
<li aria-level="1"><a href="https://wittaya-aqua.ca/">Wittaya Aqua</a>, an aquaculture technology company, secured USD 2.8 million in a seed funding round. The investors include The Yield Lab Asia Pacific, Seeds Capital (Enterprise Singapore), Future Planet Capital, Conservation International Ventures, and SeaAhead Blue Angels.</li>
<li aria-level="1">Mon Protocol, a publisher of Web3 IP and games, launched a new venture, Mon Ventures, with 500 Global as the lead investor. The fund will invest in gaming and infrastructure-focused blockchain applications that are raising capital at seed and pre-token generation event (TGE) stages.</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>.
<style>.entry-content blockquote p{font-size:22px;line-height:33px}@media only screen and (max-width:767px){.entry-content blockquote p{font-size:20px;line-height:32px}.entry-content h3{font-size:24px;line-height:32px}}</style>

Deals in brief: Dr Clear Aligners secures Series A funding, Amity raises USD 60 million, Ficus Capital backs Klean, and more

Venture Capital

Private Equity

Investment

Merger &amp; Acquisition

Singapore

Malaysia

Thailand

Southeast Asia

India

Indonesia's plan to introduce new import tariffs on items like clothing and cosmetics is not the answer for local industries struggling to grow, the head of a major local business group, said in an interview in Tokyo.
Indonesian trade minister Zulkifli Hasan said in late June that the country would <a title="" href="https://asia.nikkei.com/Economy/Trade/Indonesia-to-levy-100-200-duties-on-clothing-ceramics-minister-says" target="_blank" rel="noopener">impose safeguard duties of 100% to 200%</a> on imported footwear, clothing, textiles, cosmetics and ceramics to protect domestic micro, small and medium enterprises (MSMEs), facing competition from manufacturers in countries such as China and Vietnam.
"The [minister's] spirit is good for the industry, … but [it is] not the solution," Arsjad Rasjid, chairman of the Indonesian Chamber of Commerce and Industry, told Nikkei Asia on July 3 during his visit to Tokyo, adding that the government's approach goes "against the market."
Although he acknowledged the need to protect local businesses, he said, "We are not against imports."
"The key is governance," rather than protectionism, to help grow Indonesian MSMEs, Rasjid said, calling for tighter controls on illegal imports coming to Indonesia and harming local businesses, "so that there is a fair competition."
MSMEs account for 60% of Indonesia's gross domestic product and play a key role in the country's development. Rasjid said his organization will include suggestions to support MSMEs in a white paper it is compiling, which will include proposals to the new government that will be inaugurated in October. <a title="" href="https://asia.nikkei.com/Politics/Indonesia-election/Indonesia-s-Prabowo-pledges-to-end-poverty-create-good-jobs" target="_blank" rel="noopener">President-elect Prabowo Subianto</a> has vowed to raise Indonesia's economic growth to 8% per year, much higher than the <a title="" href="https://asia.nikkei.com/Economy/Indonesia-s-GDP-growth-accelerates-to-5.11-beats-economist-forecasts" target="_blank" rel="noopener">current rate of around 5%</a>.
Regarding the Indonesian economy, Rasjid highlighted the importance of skills development and <a title="" href="https://asia.nikkei.com/Spotlight/Asia-Insight/Indonesian-election-highlights-young-voters-employment-concerns" target="_blank" rel="noopener">providing enough jobs for the country's growing working-age population</a>, especially as digitization affects jobs in some sectors. "We don't want to see the so-called [demographic] bonus becoming a liability," he said.
Rasjid said that, during his Tokyo trip, he would ask large and small Japanese companies to <a title="" href="https://asia.nikkei.com/Spotlight/Japan-immigration/Labor-rich-Indonesia-aims-to-send-100-000-workers-to-aging-Japan" target="_blank" rel="noopener">bring in more skilled workers from Indonesia</a>. Japan already has an economic partnership agreement with Indonesia under which Indonesian nurses can work in Japan. Rasjid suggested there is room for more collaboration in areas such as in agriculture, given the aging of Japan's farmers.
In addition to sending laborers to other countries, "We have to make sure we keep certain sectors as labor intensive," Rasjid said.
He also stressed the importance of the private sector and foreign investment to speed Indonesia's growth, saying his country is open to all investments that bolster the country's efforts to create an electric vehicle ecosystem. "<a title="" href="https://asia.nikkei.com/Business/Automobiles/China-s-BYD-Neta-eye-growth-in-Indonesia-with-new-EV-investments" target="_blank" rel="noopener">The initiator investment was Chinese</a>, but that is why Indonesia wants others to come," said Rasjid.
Japanese small and medium enterprises already in the automotive supply chain in Indonesia can expand into the EV industry, said Rasjid, whose numerous titles include the president director of energy company Indika Energy. But, he pointed out, "[Japan's] large corporations make decisions very slowly. That is one of the key factors that Japan needs to change."
Rasjid said more investments should be made in Indonesia's <a title="" href="https://asia.nikkei.com/Politics/Indonesian-officials-departure-reveals-turmoil-in-capital-relocation" target="_blank" rel="noopener">new capital</a>. In August, President Joko Widodo plans to shift some functions from Jakarta to Nusantara, a new city being built in East Kalimantan on the island of Borneo.
There is a need to "create more connectivity from this towards the whole of Borneo," such as with railway and gas pipelines, he said. Other areas, such as R&amp;D and education, can also develop in the new capital, he suggested.
Borneo is divided between three countries: Indonesia, Malaysia, and Brunei. Nusantara can become "<a title="" href="https://asia.nikkei.com/Economy/Indonesia-s-new-capital-aims-to-be-economic-growth-center" target="_blank" rel="noopener">a center of growth</a>, not only for Indonesia but also for Borneo, in which it is for ASEAN also," Rasjid said.
This article first appeared on <a tabindex="0" href="https://asia.nikkei.com/Economy/Indonesia-business-lobby-says-tariffs-not-solution-for-industry" 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>.

Indonesia business lobby says tariffs "not solution" for industry

Indonesia

… href="https://en.jasung.com/">Jasung</a>, a R&amp;D company specializing in intelligent industrial rollers, maintenance systems for bulk material conveyors, and smart industrial motor applications, has secured a nine-figure RMB sum in a funding round jointly led by Richland Capital and NRL Capital, with additional investments from Zishi Capital and the State Power Investment Corporation (SPIC). The funds will be used for new product development and capacity building. —<a href="https://36kr.com/newsflashes/2865739188931202">36Kr</a></li>
<li aria-level="1"><a href="https://xellarbio.com/">Xellar Biosystems</a>, an artificial intelligence-enabled biotechnology company, has announced the completion of an angel extension round worth hundreds of millions of RMB. The round was led by TriApex, with participation from Zhengxuan Investment, Tiantu Capital, Legend Capital Management, and Yael Capital. Haoyue Capital acted as the exclusive financial advisor. The funds will be used to further develop its “organ-on-chip” technology platform and promote its application in drug R&amp;D. —<a href="https://36kr.com/newsflashes/2865615698594436">36Kr</a></li>
<li aria-level="1">Keber Technology, an intelligent manufacturing company, has raised a nine-figure RMB sum in its pre-IPO funding round. SAIC Motor-affiliated Shang Qi Capital participated as one of the investors. —DealStreetAsia</li>
</ul>
whereRelatedArticle
<h3>Lhoopa, JigSpace, Xiaohongshu, and more led yesterday’s headlines:</h3>
<ul>
<li aria-level="1"><a href="https://www.lhoopa.com/">Lhoopa</a>, a prop tech company focused on affordable housing in emerging markets, raised USD 80 million. USD 20 million was secured in an equity funding round co-led by the World Bank’s International Finance Corporation (IFC) and Wavemaker Partners, with participation from Pavilion Capital, 10X Group, Concentric Equity Partners (CEP), Mirath Investments, NataRock Partners Fund, Steve Melhuish, Black Kite Capital, Ron Hose, as well as existing investors Patamar Capital and Tekton Ventures. The remaining USD 60 million was raised in debt facilities from the Asian Development Bank (ADB), the US International Development Finance Corporation (DFC), and Lendable.</li>
<li aria-level="1"><a href="https://www.jig.space/">JigSpace</a>, a spatial computing demonstration platform, closed its latest funding round, raising an undisclosed sum. The round was led by Breakthrough Victoria, with participation from Investible (through its first early-stage fund and Club Investible Syndicate) as well as several unnamed global investors.</li>
<li aria-level="1">Xiaohongshu, one of China's fastest-growing social media platforms, attracted an investment from DST Global in a funding round that involved the sale of existing shares, valuing the company at USD 17 billion. HongShan, Hillhouse Investment, Boyu Capital, and CITIC Capital were among the other participants. The deal size was not disclosed.</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>.
<style>.entry-content blockquote p{font-size:22px;line-height:33px}@media only screen and (max-width:767px){.entry-content blockquote p{font-size:20px;line-height:32px}.entry-content h3{font-size:24px;line-height:32px}}</style>

Deals in brief: East Ventures leads investment in Har Har Chicken, Wittaya Aqua reels in USD 2.8 million, Mon Protocol launches new venture with 500 Global, and more

… on the partner primarily for manpower. This approach reportedly saves considerable costs compared to a more comprehensive collaboration with chip design companies.
However, chipmaking is ultimately a volume business. Even within Nio, Xpeng, and Li Auto, some employees are skeptical about the idea of developing intelligent driving chips in-house. Yet, automakers often decide to develop their own chips after considering cost and performance.
When Nio and Xpeng started developing their own chips in 2020, they were relatively affluent, with sales gradually increasing. Li Auto accelerated its chip project in 2023, also amid soaring sales. Automakers hoped that their vision of millions of units sold could help spread the hefty chip development costs across each vehicle.
However, they may have jumped the gun, as most are still grappling with sales growth challenges. Without strong sales support, in-house chips might not be a cost-effective investment. Even Li Auto, which has outperformed the market, is cautious about taking a more aggressive stance on chip self-development.
whereRelatedArticle
On the other hand, in-house chip development offers automakers the opportunity to achieve higher software and hardware integration through their algorithms. For example, Tesla’s HW3.0 chip, released in 2019, has a computing power of only 144 TOPS but its design remains compatible with the company’s latest end-to-end solutions. Meanwhile, the actual efficiency of general-purpose chips like Nvidia’s Orin is estimated to be only about 30%. This explains Nio, Xpeng, and Li Auto’s reluctance to abandon their ambitions for chip self-development.
Moreover, recent developments suggest the industry may be approaching an inflection point. Chinese tech giant Huawei has been reducing its collaborations with automakers to achieve tech self-sufficiency, while Nvidia is driving growth by expanding its development of a comprehensive <a href="https://www.nvidia.com/en-us/self-driving-cars/">computing platform</a> for autonomous vehicles. Companies like Momenta are also venturing into chip manufacturing. In-house chip development remains one of the few less contested areas for innovation and could be the decisive factor in determining who comes out on top.
KrASIA Connection features translated and adapted content that was originally published by 36Kr. This <a href="https://36kr.com/p/2844649245461376">article</a> was written by Li Anqi for 36Kr.

Nio and Xpeng’s in-house chips enter tapeout phase, paving way for deployment

Xpeng Motors

Artificial Intelligence

Hardware

Autonomous Vehicles

Mobility

36Kr has learned from multiple industry insiders that Douyin is reducing the traffic allocation for influencer live streams and redirecting it toward high-quality short videos and brand-led live streams.
An industry insider told 36Kr that the reduction in traffic for influencer live streams can be keenly felt on Douyin. In June this year, the gross merchandise value (GMV) growth rate of his instant food category store's influencer live streams dropped from double digits to single digits. "The influencer operators around me are all struggling. We need to adjust our strategy in the future, focusing on short video placements with key opinion consumers (KOCs) because it seems like the platform is distributing traffic to those who put serious effort into short video content," the industry practitioner said.
A person close to Douyin confirmed that ByteDance indeed plans to reduce the proportion of influencer streaming on the Douyin platform. He believes this is related to Douyin's aim to enhance its e-commerce structure and increase the proportion of shelf-based e-commerce.
This source added that, this year, the GMV generated by Douyin's product cards (including shop windows, searches, mall pages, and recommendations) will account for over 40% of Douyin's total e-commerce GMV, with the remaining contributed by short videos and live streams. By 2025, this percentage is expected to exceed 50%.
Douyin denied such claims when 36Kr sought confirmation regarding these figures.
A different source familiar with Douyin revealed that ByteDance previously conducted an A/B test, which indicated that user experience is impacted when live e-commerce reaches about 7–8% of the total content. Currently, this figure has reached 15%. Therefore, Douyin hopes to cater to e-commerce demand through shelf-based e-commerce, mitigating the impact on user experience.
According to data from Meritco, this year's 618 festival saw users refocus on shelf-based e-commerce, notable from the significant boost in traffic for Tmall and JD.com, while Douyin experienced a negative trend during the major promotion period.
In the realm of live e-commerce, brand-led live streams contribute more to ad revenue than those run by influencers. This stems from the former’s ability to provide better consumer experiences while aligning more with the platform's low-price strategy. Hence, influencer streaming has been more directly affected in the process of adjusting the proportion of live e-commerce.
whereRelatedArticle
Douyin's super hosts did not perform well during this year’s 618. Data from Chanmama shows that the top three performers on Douyin's influencer sales list during the event period (from May 24 to June 18) were couple and media creators Zheng Jianpeng and Yan Zhen, Jia Nailiang, and Time With Yuhui. Feigua's data indicates that Zhang and Yan’s transaction amount during the same period last year was RMB 450 million (USD 62.5 million), but decreased 86.4% to RMB 61.14 million (USD 8.4 million) this year. Li Jiaqi, who did not make the list, achieved about RMB 2.7 billion (USD 375 million) in GMV during the pre-sale phase of his beauty live stream on the first day, but this was a 46% drop compared to nearly RMB 5 billion (USD 694.5 million) in the same period last year.
A person close to Douyin stated that the platform’s first generation of super hosts may be gradually receding in importance as the platform no longer needs to rely exclusively on them to boost its visibility. Instead, the platform can now focus on amplifying the cumulative reach of short videos, brand-led live streams that also purchase ad exposure, and an e-commerce mall that attracts steady demand.
Another source indicated that Douyin’s future plan may be to generate interest and facilitate transactions through content and live streams, while deferring to its mall feature for repeat purchases. Douyin E-commerce will rely on ad exposure, live streams, and short videos to gain traffic, stabilizing user awareness through Douyin Mall to establish a comprehensive e-commerce cycle.
KrASIA Connection features translated and adapted content that was originally published by 36Kr. This <a href="https://36kr.com/p/2846324410403462">article</a> was written by Wang Yuchan for 36Kr.

ByteDance adjusts Douyin’s traffic allocation to boost e-commerce, sources say

Douyin

E-commerce

Short Video

Content

Consumer Economy

… verification of its E2E solution. The automaker claimed that the scenarios constructed using this method can create a superior virtual environment for learning and testing autonomous driving system capabilities.
<figure id="attachment_149163" aria-describedby="caption-attachment-149163" style="width: 1024px" class="wp-caption alignnone"><a href="https://console.kr-asia.com/wp-content/uploads/2024/07/Li-Auto-4D-One-Model-Test-Plan-Reconstructed-Generated-World-Model-scaled.jpg" target="_blank" rel="noopener"><img loading="lazy" decoding="async" class="wp-image-149163 size-large" src="https://console.kr-asia.com/wp-content/uploads/2024/07/Li-Auto-4D-One-Model-Test-Plan-Reconstructed-Generated-World-Model-1024x576.jpg" alt="Diagram illustrating Li Auto's test plan combining reconstructed and generated world models, showing inputs like reference frames and scene descriptions processed through encoders, diffusion models, decoders, and 3D Gaussian splatting to optimize and render virtual testing environments." width="1024" height="576" srcset="https://console.kr-asia.com/wp-content/uploads/2024/07/Li-Auto-4D-One-Model-Test-Plan-Reconstructed-Generated-World-Model-1024x576.jpg 1024w, https://console.kr-asia.com/wp-content/uploads/2024/07/Li-Auto-4D-One-Model-Test-Plan-Reconstructed-Generated-World-Model-300x169.jpg 300w, https://console.kr-asia.com/wp-content/uploads/2024/07/Li-Auto-4D-One-Model-Test-Plan-Reconstructed-Generated-World-Model-768x432.jpg 768w, https://console.kr-asia.com/wp-content/uploads/2024/07/Li-Auto-4D-One-Model-Test-Plan-Reconstructed-Generated-World-Model-1536x864.jpg 1536w, https://console.kr-asia.com/wp-content/uploads/2024/07/Li-Auto-4D-One-Model-Test-Plan-Reconstructed-Generated-World-Model-2048x1152.jpg 2048w, https://console.kr-asia.com/wp-content/uploads/2024/07/Li-Auto-4D-One-Model-Test-Plan-Reconstructed-Generated-World-Model-480x270.jpg 480w" sizes="(max-width: 1024px) 100vw, 1024px" /></a><figcaption id="caption-attachment-149163" class="wp-caption-text">Image source: Li Auto. Translated by KrASIA.</figcaption></figure>
However, Li Auto's dual solution (E2E and VLM) is not yet ready for user delivery. In July, Li Auto will push the segmented E2E navigate-on-autopilot (NOA) solution to users, which will be utilizable on roads nationwide in China.
whereRelatedArticle
Currently, the smart driving industry faces two-pronged challenges concerning business and technology. On one hand, it needs to steadily promote large-scale smart driving experiences to ensure user satisfaction. On the other hand, it must keep up with technological changes like E2E systems.
This requires carmakers to possess strong engineering, implementation, and technical judgment capabilities, ensuring vehicles can offer a superior user experience while continuously advancing their technology. This is a challenge that Li Auto, Huawei, Xpeng, Nio, and numerous other players must confront alike.
KrASIA Connection features translated and adapted content that was originally published by 36Kr. This <a href="https://36kr.com/p/2850145904937856">article</a> was written by Li Anqi for 36Kr.

Li Auto advances in self-driving tech, aiming to close the gap with Tesla’s FSD

Transportation

Electric Vehicles

li auto

… href="https://www.uptimeai.com/">UptimeAI</a>, an AI tech startup, has raised USD 14 million in its Series A funding round led by WestBridge Capital, with participation from Emergent Ventures and Aditya Birla Ventures. The funds will be used to scale its platform, expand its product portfolio, and broaden its presence in North America, the Middle East, and Asia. —Entrackr</li>
<li>Infra.Market has secured nearly USD 18 million in debt financing. This debt infusion follows a USD 50 million equity funding round that saw support from the Mars Unicorn Fund. The funds, raised through non-convertible redeemable debentures, will support Infra.Market's operations in the construction materials sector. The company supplies across 16 states in India and exports to markets such as Dubai, Singapore, and Italy. —Entrackr</li>
<li>Dezerv, a wealth management platform, has raised USD 32 million in a Series B funding round led by Premji Invest, with participation from Elevation Capital, Matrix Partners, and Accel India. Dezerv offers portfolio management services to high-net-worth individuals (HNWI) and claims to have delivered close to 30% returns since its inception. The funds will be used for growth and strengthening the company's financial position. —Entrackr</li>
<li><a href="https://www.goatbrandlabs.com/">Goat Brand Labs</a>, an e-commerce rollup company, has raised USD 21 million in debt and equity from BlackRock, Mayfield, and NB Ventures, among others. The funds will be allocated toward the growth of its portfolio brands. —Entrackr</li>
<li><a href="https://www.awign.com/">Awign</a>, a “work-as-a-service” platform, has raised USD 24.5 million from Japan-based Mynavi Corporation, which now controls a 73% stake in the company. Awign will use the proceeds for its general operations, working capital needs, and business expansion. —Entrackr</li>
<li><a href="http://arya.ag">Arya.ag</a>, an agritech startup, has raised about USD 29.2 million from its existing investors. The funds will support Arya.ag's operations as a grain commerce platform, connecting agriculture producers and buyers while providing ancillary services such as warehousing and debt through third-party lenders. —Entrackr</li>
<li>Oyo, one of India’s leading hotel aggregators and operators, has raised close to SSD 50 million from InCred. —Entrackr</li>
</ul>
whereRelatedArticle
<h3>BluSmart, Niv Della, Kindred, and more led yesterday’s headlines:</h3>
<ul>
<li aria-level="1"><a href="https://blu-smart.com/">BluSmart</a>, a Gurugram-based electric mobility startup, raised USD 24 million in a pre-Series B funding round. The investment saw participation from responsAbility Investments AG, Sumant Sinha, the family office of cricketer Mahendra Singh Dhoni, existing investors, and the founders.</li>
<li aria-level="1">Niv Della Beauty Innovations, the company behind D2C brands Colourette and Fresh Formula, bagged USD 2 million in funding. The round was led by DSG Consumer Partners, with existing investor Foxmont Capital Partners also participating.</li>
<li aria-level="1"><a href="https://mykindred.co/">Kindred</a>, a women's health platform based in the Philippines, reportedly secured USD 2.5 million in the first tranche of its pre-Series A funding round. The round was led by Integra Partners and included participation from Kaya Founders, KSR Ventures, Pawikan Capital Group, Tenco Capital, and Ava Zobel Pessina.</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>.
<style>.entry-content blockquote p{font-size:22px;line-height:33px}@media only screen and (max-width:767px){.entry-content blockquote p{font-size:20px;line-height:32px}.entry-content h3{font-size:24px;line-height:32px}}</style>

Deals in brief: Lhoopa raises USD 80 million, Breakthrough Victoria leads investment in JigSpace, 12 China and India deals, and more

Philippines

Oceania

36Kr has exclusively learned that TikTok is testing local services overseas, starting with Southeast Asia, with operations already launched in Indonesia and Thailand.
A source involved in TikTok's e-commerce services in Indonesia disclosed to 36Kr that TikTok's local services are still in the internal testing phase. Only a select group of users can see related group-buying packages in their feeds, primarily from dining merchants. Seizing this new opportunity, the source has begun expanding into local services, establishing connections with local influencers, and building a dedicated team.
On TikTok, some Thai accounts are already calling for merchants to join TTLS, representing “TikTok Local Services,” promoting it as a new business opportunity.
36Kr also found dozens of job postings related to local services on TikTok's recruitment website, with positions in Singapore, Jakarta, and Bangkok. Roles span ecosystem management, strategic analysis, product management, and business development sales.
For example, a business development lead position in the Jakarta office involves responsibilities such as developing business from scratch in sectors like dining and tourism, identifying key partners, and providing clients with integrated marketing solutions.
<figure id="attachment_149154" aria-describedby="caption-attachment-149154" style="width: 1024px" class="wp-caption alignnone"><img loading="lazy" decoding="async" class="wp-image-149154 size-large" src="https://console.kr-asia.com/wp-content/uploads/2024/07/TikTok-Local-Services-Jakarta-Business-Development-Lead-JD-1024x378.png" alt="Screenshot displaying the job description of a business development lead opening in TikTok’s Jakarta office." width="1024" height="378" srcset="https://console.kr-asia.com/wp-content/uploads/2024/07/TikTok-Local-Services-Jakarta-Business-Development-Lead-JD-1024x378.png 1024w, https://console.kr-asia.com/wp-content/uploads/2024/07/TikTok-Local-Services-Jakarta-Business-Development-Lead-JD-300x111.png 300w, https://console.kr-asia.com/wp-content/uploads/2024/07/TikTok-Local-Services-Jakarta-Business-Development-Lead-JD-768x284.png 768w, https://console.kr-asia.com/wp-content/uploads/2024/07/TikTok-Local-Services-Jakarta-Business-Development-Lead-JD-1536x567.png 1536w, https://console.kr-asia.com/wp-content/uploads/2024/07/TikTok-Local-Services-Jakarta-Business-Development-Lead-JD.png 1660w" sizes="(max-width: 1024px) 100vw, 1024px" /><figcaption id="caption-attachment-149154" class="wp-caption-text">Screenshot displaying the job description of a <a href="http://archive.today/2024.07.16-022852/https://careers.tiktok.com/position/7364338443478780187/detail">business development lead opening</a> in TikTok’s Jakarta office.</figcaption></figure>
From e-commerce to local services, ByteDance's ventures in the Chinese internet sector have demonstrated the value of these two monetization methods for a short video content platform. In 2023, Douyin's e-commerce gross merchandise value (GMV) reached RMB 2.7 trillion. According to LatePost, its local services business has also achieved a GMV of RMB 310 billion after three years.
TikTok's overseas growth mirrors Douyin's domestic success. According to YipitData, TikTok's global e-commerce GMV reached USD 13.6 billion in 2023, with over 90% contributed by Southeast Asia. Given the platform's local influence and the similarity of consumer markets, Southeast Asia is the ideal region to pilot local services.
Official data shows that Southeast Asia has nearly 700 million people, with over 50% under the age of 30. High penetration of online payments, unique culinary cultures fostered by the tropical climate, a thriving service industry due to cheap labor, and abundant natural and cultural tourism resources are all potentials for the local services sector.
whereRelatedArticle
However, the development of local services relies on robust infrastructure. A person close to TikTok revealed that the platform has long intended to enter local services overseas, but the local supply chain is challenging, hence the focus on building infrastructure first.
Southeast Asia's transportation and logistics systems are still underdeveloped, limiting the expansion of chain businesses and causing an immature supply side for local services. For instance, in 2023, the chain rate of dining establishments was only one-third of that in the US. A sizable number of dining outlets lag in hygiene and safety standards compared to those in more developed nations, lacking standardized and innovative new products.
The challenge for TikTok is substantial. Local services involve a significant amount of real location-based data and this need intertwines the digital platform more deeply with the local economies than its content and e-commerce arms. This deeper integration introduces additional regulatory risks, which could be a significant hurdle as TikTok expands its local services.
KrASIA Connection features translated and adapted content that was originally published by 36Kr. This <a href="https://36kr.com/p/2857541368662660">article</a> was written by Zhang Rao for 36Kr.

Search result for "undefined"