Asian tech news roundup – Nov 1

A number from Pomelo’s fall 2017 collection. Photo credit: Pomelo.

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Two new unicorns were minted in China today, each hitting the lofty heights of a US$1 billion-plus valuation; while another secured additional funding. Elsewhere, startups went public in Indonesia and Singapore, while reports suggested that more than one funding record had been broken.

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US$335 million funding for SouChe (China). Alibaba led the investment in the online used car marketplace, with CMB International, Primavera Capital, and Warburg Pincus also taking part. The startup – which also provides financing to its customers for buying second-hand vehicles – claimed that the investment gives it unicorn status, with a post-money valuation of between US$1 billion and US$2 billion. (Bloomberg)

Meanwhile, another car trading unicorn nabbed US$180 million in funding. (China). Chehaoduo – which was previously reported to have hit a US$1 billion valuation – received the “series B-plus” investment from Sequoia Capital, DST Global, Capital Today, and Bank of China. (China Money Network)

Xiaozhu secures US$120 million series E. (China). Yunfeng Capital led the round, with Joy Capital, Morningside Venture Capital, and Capital Today also investing in the short-term rental booking site. The round reportedly makes Xiaozhu – formerly rumored to be a buyout target for Airbnb – the day’s second Asia-Pacific unicorn. (China Money Network)

Image credit: Pomelo.

Online fashion store Pomelo gets US$19 million investment. (Thailand). The fundraise is the largest series B round on record for a startup in the kingdom. Chinese ecommerce giant JD was lead investor. (Tech in Asia)

Rival food delivery portals discuss merger. (India). Zomato and Swiggy have reportedly held talks on a potential combination, but differ over the valuation the latter places on itself. (Inc42)

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Grab is now a payments company. (Singapore). The ride-hailing player officially launched GrabPay QR code payments in Singapore today, allowing users of its app to pay for their food at certain hawker stalls, restaurants, and shops in the city-state. It plans to have 1,000 Singaporean merchants using GrabPay by the end of the year, with expansion to other countries planned for 2018. (Tech in Asia)

Photo credit: Grab.

M Cash raises US$22 million in IPO (Indonesia). The payments company became the second homegrown tech startup to list on the Indonesia Stock Exchange after Kioson’s US$3.3 million float last month. (DealStreetAsia)

MC Payment to go public via reverse merger (Singapore). Singapore Exchange-listed company Artivision Technologies has agreed to acquire the online payment startup for US$59 million. If the deal goes ahead, MC Payment will takeover the merged entity, making it the first fintech business to list on the city-state’s bourse. (MC Payment)

nArtificial intelligencen

Face++ breaks AI funding record with US$540 million series C round. (China). The investment led by China State-Owned Assets Venture Investment Fund – with participation from Ant Financial, Foxconn, and SK Group – is reportedly the largest-ever private financing raised by an AI-based business worldwide. Face++ develops facial recognition technology for use in contexts requiring face-scanning and identification. (China Money Network)

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Photo credit: josefkubes / 123RF.

Sony expects highest profits in two decades (Japan). Shares in the consumer electronics giant hit their highest price in nine years after it forecast full-year operating profit of US$5.5 billion, 26 percent higher than its previous estimate. The company has undertaken far-reaching restructuring efforts in recent years, divesting traditional product businesses and refocusing on growth areas like image sensors. (Reuters)

nInvestors, accelerators, and incubatorsn

Temasek backs CircleUp’s new US$125 million AI-driven fund (Singapore). The sovereign wealth fund has invested in CircleUp Growth Partners, along with Euclidean Capital and BlackRock exec Ken Kroner. Starting out as an online crowdfunding platform in 2011, CircleUp has since expanded into fund management and other investment-related services. The new vehicle is a quantitative fund that will use machine learning technology to inform investment decisions. (CNBC)