Asia news roundup: ShopBack buys Seedly, Alibaba gets Daraz, Grab adds services, and more

Grab will launch three new services in the coming weeks. / Photo credit: BYD

Today’s top stories include ShopBack’s purchase of Seedly, Grab’s announcement of three new services, and Alibaba’s acquisition of Daraz.

Transportation

Grab rolls out three new services (Singapore). Aimed at commuters with mobility needs, GrabAssist features vehicles that can accommodate equipment such as foldable wheelchairs and are helmed by drivers trained to provide help. GrabCar Plus offers newer, more spacious cars, and will be available by the end of May. GrabFamily (ages 1-3) – an extension of its GrabFamily (ages 4-7) service – will be rolled out in late June. The company is also launching food-delivery app GrabFood in Singapore and Malaysia in beta. (Tech in Asia)

Ecommerce

Alibaba scoops up Daraz (China). The Chinese tech giant has fully acquired the Pakistani online shopping company, which also operates in Bangladesh, Myanmar, Nepal, and Sri Lanka. Daraz will retain its brand name and plans to leverage Alibaba’s experience in ecommerce to further drive its growth in its South Asian markets, which cover 460 million people. The companies didn’t release any financial details about the deal. (Tech in Asia)

Infibeam buys Unicommerce (India). Ecommerce firm Infibeam is purchasing the cloud-based inventory management company from its parent Snapdeal for US$18 million. After the sale closes in three to five months, Unicommerce will become a wholly owned subsidiary of Infibeam. Unicommerce provides end-to-end ecommerce solutions such as warehouse management, order processing, and inventory management for brands and online sellers. (DealStreetAsia)

Government report shows WeChat drove almost US$33 billion in consumption last year (China). The figure marks an average annual growth of more than 30 percent from 2014, which represents 4.7 percent of the country’s total information consumption, according to the China Academy of Information and Communications Technology. In total, the app accounts for 34 percent of the country’s data traffic, which is comparatively bigger than the 14.1 percent and 23.6 percent data traffic that Facebook commands in North America and South America, respectively. (TechNode)

Fintech

The Seedly team in ShopBack’s Singapore office / Photo credit: Seedly

ShopBack acquires Seedly (Singapore). The online price comparison and rewards platform has purchased Seedly, a millennial-focused personal finance startup. The acquisition – ShopBack’s first – was made with a mix of cash and equity, but other details were not disclosed. Seedly CEO Kenneth Lou says the company will continue operating under its own brand and is looking to double its nine-person team. Seedly’s app helps users connect their different bank accounts and credit cards, and receive reports on their spending habits. (Tech In Asia)

Regulators grant first “restricted” banking license to internet-only bank Volt (Australia). The Australian Prudential Regulation Authority (APRA) hopes the new accreditation will stimulate competition in the industry. Volt has amassed US$11.7 million through equity for testing and research, and the license will enable it to raise US$1.5 million in deposits via its online platform, according to a company spokesperson. Based on APRA guidelines, restricted licensees can label themselves a “bank” but aren’t allowed to “actively” do business. They have two years to become fully licensed. (DealStreetAsia)

Travel and hospitality

Travelio raises US$4 million series A funding (Indonesia). The Indonesian online short-term home rental provider will use the money to launch new verticals and begin looking at expansion into neighboring markets. Through its online platform, Travelio helps property developers and owners lease or manage their vacant properties in Indonesia.The round was led by venture capital firm Vynn Capital. Other investors that participated were IndoGen Capital, Insignia Ventures Partners, Fenox Venture Capital, and Stellar Kapital. (Tech in Asia)

Wegogo raises US$958,000 in pre-series A backing, launches ICO (Singapore). The travel tech company received the new funds in a round led by AirAsia China president Kathleen Tan, and ITM Capital, bringing total investments of US$2 million to date. With her personal investment, Tan will also serve as the company’s strategic advisor. Wegogo is an online platform on WeChat that assists travelers with trip planning, booking, and payments. On May 15, the company will launch the initial coin offering of its WeGold Travel Tokens, opening its service to blockchain technology. (Wegogo)

Blockchain and cryptocurrencies

Bezant blasts through target with US$20.8 million ICO (Singapore). The decentralized payment and service platform launched its token pre-sale on May 3, meeting its US$16.8 million target. A bonus pre-sale bonus round the next day raised US$4 million in five minutes. The company focuses on the mobile apps, games, and ecommerce segments in emerging markets. (Bezant)

Social media

After going viral, Tencent’s photo-editing app hit with privacy concerns (China). Called Tiantian P-Tu in honor of the country’s May Fourth Movement of 1919, the app lets users create selfies that make them look like they were taken during the last century. Experts warn that users who upload their photos might encounter security issues, mainly because the app company never asks permission before accessing the camera and possibly sharing the images. Tencent allayed fears by stating that personal data will never be stored. (TechNode)

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