In addition, India’s Tata Group completed its plan to acquire fresh food e-commerce BigBasket, and early investor Ali may withdraw; Singapore’s legal information management platform Lupl raised US$14 million.
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Chinese companies going overseas
Shanghai Electric Guoxuan entered the international energy storage market. It is learned that Pacific Green Technologies and Shanghai Electric Guoxuan New Energy Technology Co., Ltd. signed a memorandum of understanding on the strategic manufacturing framework for battery energy storage systems. The two parties will develop various lithium-ion battery energy storage system (BESS) projects worldwide. The achievement of this cooperation project marks Shanghai Electric Guoxuan’s entry into the international energy storage market. Shanghai Electric Guoxuan is a joint venture company established by Shanghai Electric and Guoxuan Hi-Tech in 2017. It focuses on the overall industrial chain layout of advanced energy storage lithium battery key materials, batteries, battery management and system integration, and is committed to the development of lithium energy storage system products. R&D, sales and service provide customers with efficient, reliable and customized energy storage solutions.
India
The Indian social e-commerce company ShopG completed a seed round of financing of 1.5 million US dollars. According to Tech in Asia reports, the social e-commerce platform ShopG announced the completion of a seed round of 1.5 million US dollars, with investors from venture capital funds Orios Venture Partners and RPSG Ventures. ShopG was established in 2019 and is committed to building a platform supported by local KOLs in India, which cooperates with small regional brands with limited distribution. It is said that ShopG can currently serve 100,000 users through 1,000 KOLs in a third-tier city in India, which proves its profitability.
India’s Tata Group has completed its acquisition plan for the fresh food e-commerce company BigBasket, and early investor Ali may withdraw. According to Ecomomic Times, Tata Group has completed its capital injection into BigBasket. The company will acquire a majority stake in BigBasket for a total of USD 200 to 250 million. According to people familiar with the matter, Tata Group may provide BigBasket’s other two largest investors, Ali and Abraaj Group, with a full exit opportunity.
IndiaTakeaway delivery platform Swiggy terminates grocery delivery services. According to Ecomomic Times, Indian food delivery platform Swiggy has decided to terminate its online grocery delivery service. It is said that the company only started the grocery delivery business during the epidemic, and now as the epidemic eases, the number of people choosing to order groceries online is falling. However, the company retains delivery services for individual segments (such as meat and pet food) in its application and named it “Genie”.
Southeast Asia
Lupl, a Singapore legal information management platform, raised US$14 million. According to Tech in Asia, Lupl, a legal information management platform company jointly incubated by three major international law firms (Germany CMS, American Cooley, and Singapore Rajah & Tann Asia) announced that it has raised US$14 million in new funding for 2021 Preparations for the April public offering. Currently, the company’s total financing amount exceeds 25 million US dollars. In addition, the start-up company also announced that it has signed a Memorandum of Understanding (MoU) with the Ministry of Law of Singapore to use the platform to advance the digitalization of Singapore’s legal profession. Lupl is a legal information management platform that aims to use Internet tools to help corporate legal departments and law firms complete litigation procedures and progress management of litigation projects.
Thai financial technology company Robowealth completed A round of financing. According to Tech in Asia reports, Robowealth, a Thai financial technology company, has completed a round of financing, led by Beacon VC, a venture capital company under KBank. Robowealth was established in 2017. Under the supervision of the Securities and Exchange Commission of Thailand, the platform provides investment services for novice investors and high-net-worth clients. Users can invest in Thai and global funds on the platform, with a minimum starting price of 1,000 baht (about 33 US dollars). This round of financing will be used to solve various problems faced by users in the investment process.
Europe and America
U.S. apparel resale app Curtsy received US$11 million in Series A financing. According to TechCrunch, Curtsy, a second-hand clothing trading application focusing on Generation Z, announced the completion of a US$11 million Series A financing. This round of financing was led by Index Ventures, followed by Y Combinator, FJ Labs and 1984 Ventures. Curtsy is committed toCreate a platform for reselling clothes, shoes and accessories and minimize disputes in the transaction process. Up to now, Curtsy has received US$14.5 million in financing. This round of financing will be mainly used for software development, business expansion and market penetration.
Multiverse, a British education startup, has raised US$44 million in Series B financing. According to Bloomberg News, Multiverse, an education company co-founded by Euan Blair, the son of former British Prime Minister Tony Blair, said it has completed a US$44 million Series B round of financing. This round of financing was led by General Catalyst and followed by Alphabet’s GV. The company was established in 2016. The company helps prospective graduates find internship opportunities and provides job search guidance. It focuses on high-quality education and training through a unique apprenticeship model, and the training costs are borne by the employer. Its European clients include Facebook, Microsoft and Morgan Stanley. Multiverse plans to start operations in New York this month and will launch technology and leadership projects across the United States. This round of financing will be used to deepen the US market.
Middle East
Turkish delivery platform Getir received US$128 million in financing. According to MENAbytes, the Turkish food and grocery delivery platform Getir has completed a US$128 million Series B financing led by Crankstart Investments and Base Partners. At present, the company’s valuation has reached 850 million US dollars, and it is one of the highest-valued technology start-ups in the Middle East, North Africa and Turkey and Pakistan. Founded in 2015, Getir pioneered the “10-minute delivery service”. Through its App, Turkish people can buy more than 1,500 kinds of groceries and order meals from more than 15,000 restaurants. Getir can deliver them extremely quickly. Currently, the company plans to expand into the international market and will launch its delivery services in London, Sao Paulo, Paris and Mexico City.
Saudi Arabia’s financial technology company Tamara has received US$6 million in financing. According to MAGNITT, Saudi Arabia-based financial technology company Tamara completed a seed round of $6 million, led by Impact46, with participation from Vision Ventures, Wealth Well, Seedra, Khwarizmi, Hala and Nama. Tamara is committed to using financial technology to help e-commerce and retail stores conduct cash on delivery transactions, realizing “buy first, pay later”. Currently, the company has cooperated with several local leading merchants such as Namshi and Whites and has set up offices in Germany, UAE and Vietnam.
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