Asia tech news roundup – Dec 14

Photo credit: atic12 / 123RF

Tea has been on the funding menu for at least the second time this week, while a fintech platform, a student accommodation portal, and a video-sharing app for Indian native language speakers were among the other startups to secure investment today.

Social media

Clip secures US$6 million (India). The series A round was led by Matrix Partners. Previous backers India Quotient and Shunwei Capital – a VC firm founded by Xiaomi chairman Lei Jun – also invested. Clip is a video creation, editing, and sharing app focused on serving India’s non-English speaking communities. It will use the funds to expand its team and scale its technology platform. (Matrix Partners)

Ecommerce

Teabox nabs at least US$7 million in series B fundraise (India). Investors were not disclosed, though Teabox counts Accel Partners and Tata Group tycoon Ratan Tata among its previous backers. The online premium tea store previously raised US$6 million in its 2015 series A round, and series B funding could reach as much as US$10 million. (Livemint)

Property and real estate

Oxfordcaps gets seed funds (Singapore). The startup is repurposing the co-living model for the student accommodation sector, refurbishing properties to make them suitable for short-term rentals with a social element. The round was led by 500 Startups, which invested through its Durians II fund. (Tech in Asia)

Fintech

Lion Rock FinTech raises US$6.4 million (Hong Kong). Marathon Venture Partners led the round, with 9F Inc and Chinese fintech giant Yirendai also participating. Lion Rock is involved in providing online platforms that allow users to invest in a wide range of mutual funds. (China Money Network)

Transportation

Uber partners with another Southeast Asian taxi company (Thailand). The US ride-hailer’s quest to improve its both its image and its business prospects in the region by teaming up with established local players continues. The deal with Howa will see 4,000 of the Thai company’s taxis become available for hire through Uber’s app. Uber signed a US$474 million joint venture deal with Singapore cab firm ComfortDelGro last week. (Bloomberg)

Careem eyes bigger slice of the Pakistan pie (Pakistan). The UAE ride-hailing startup wants to expand from 10 to 30 cities in Pakistan, where it competes against Uber, over the next three years. Careem is also considering diversification beyond transportation, as its Southeast Asian counterparts Grab and Go-Jek have done with online payments. (Bloomberg)

Startup business

LeEco founder placed on debt blacklist (China). Jia Yueting, who previously served as the stricken company’s CEO, has been added to a nationwide list of defaulters after he failed to comply with a court order related to his unpaid debts. (China Money Network)

See: Previous Asia tech news roundups