Asia news roundup: Mercari eyes $1.2b IPO, new potential funding for Carousell, and more

Mercari co-founder and CEO Shintaro Yamada / Photo credit: Tech in Asia / Michael Holmes

Here’s a snapshot of today’s news from all around Asia.

Ecommerce

Ecommerce unicorn looking to raise up to US$1.2 billion in Tokyo IPO (Japan). According to regulatory filings, used-item marketplace Mercari will price its initial public offering on Tokyo Stock Exchange at JPY 3,000 (US$27) per share. Mercari plans to go public on June 19, in an IPO set to be the largest in Japan this year and the third-largest tech IPO behind Japan Display (US$3.2 billion) and Line (US$1.3 billion). The startup has expanded to the US after seeing strong growth in its home market. (Reuters)

South African conglomerate reportedly considering Carousell investment (Singapore). Cape Town-based internet and media group Naspers is said to be discussing potential investment into peer-to-peer marketplace Carousell. The deal could value Singapore-based Carousell at more than US$500 million. The startup recently raised US$85 million from investors including Rakuten Ventures, EDBI, and Singapore bank DBS, which partnered with Carousell on its digital wallet, CarouPay. Naspers has invested in Southeast Asia startups like crypto wallet Luno and blockchain startup Coins. (TechCrunch)

Transportation

Electric-car maker lands US$500 million series B from oldest Chinese auto manufacturer (China). Byton, previously known as Future Mobility, is building an electric SUV that it claims is 40 percent cheaper than the US-made Tesla Model X. The company just raised half a billion US dollars for its series B round by FAW, a state-owned automotive manufacturer founded in 1953. Electric vehicle battery maker CATL, which just listed on Shenzhen’s stock exchange, also participated in the round. Byton was founded in 2016 and is headed by former BMW executives. (KrAsia)

Mobike chases more users by going deposit-free in 100 cities (China). The bike-sharing company is testing a version of its app in which users don’t have to put in a deposit before they can start riding. It’s rolling this out across 100 cities in China – almost half of the cities it’s currently in. First-tier cities like Beijing and Shanghai, however, are not part of the trial. Removal of the deposit requirement could help Meituan-acquired Mobike to entice more users to its service, as bike-sharing companies are scrambling for more scale amidst intense competition. (Technode)

Fintech

Supply chain financing startup banks US$15 million from Alpha Capital (India). CredAble has raised US$15 million in a series A round led by Alpha Capital, a wealth management firm in India. The startup provides financing to vendors that work with large corporate clients. It will use the funding to hire more staff, expand its loan book, and improve its tech platform. (DealStreetAsia)

Marketplaces

Freelancer marketplace nabs U$3.6 million in series A led by 500 Startups (Japan). Zehitomo has raised a series A round led by 500 Startups, which also backed its previous US$1.5 million round. Existing investors KLab Venture Partners and Draper Nexus Ventures also joined in. Other investors in this round include Vector Inc, Mizuho Capital, SMBC Venture Capital, Social Start, and a number of individual investors. Zehitomo will use the funding to increase its headcount and boost its platform, which connects freelancers to gigs. (Zehitomo)

Artificial intelligence

Computer vision startup nets US$55 million series C (China). Yitu Technology, which specializes in artificial intelligence for computer vision and big data, secured the funds from a round led by by Hillhouse Capital Group. Other investors included Yunfeng Capital, Sequoia Capital, Banyan Capital, and Zhen Fund. Yitu plans to use the money to study and develop ways to apply AI in healthcare and other sectors. It has already developed its first smart platform for medical imaging in China. (China Money Network)

Blockchain and cryptocurrencies

Digital assets platform gets funding from blockchain security company (China). LendChain announced an undisclosed investment worth “tens of millions of RMB” from Chinese blockchain company GXChain and Australian firm Bitpei, as well as other China-based investors. The startup, which provides investment and financing information for cryptocurrency holders, plans to use the money for marketing and product development, as well as to support its operation in Blockcity, a virtual city established by GXChain. (China Money Network)

Proptech

Property marketplace books seed funding from Australian real estate classifieds firm (Nepal). Basobaas has raised an undisclosed amount of seed funding from Sydney-based Emerging Classifieds Ventures, which runs real estate and automotive marketplaces and classifieds services in Southeast Asia, Africa, and Central America. The Kathmandu-based startup lets agents and sellers list properties on its website and provides insights and data to industry players in Nepal. (Basobaas)

Biotech

Biotech startup gets US$1.4 million to help treat burn injuries (New Zealand). Upside Technologies has raised US$1.4 million in a convertible note offer. The company develops a skin replacement treatment for patients with major burn injuries. It claims to be able to grow small samples of healthy skin into full-thickness skin for graft treatments faster than other methods in development. (Upside)

See: Previous Asia tech news roundups