Asia news roundup: JustCo and GIC pool $177m for co-working, Grab faces monopoly claim

A JustCo location in Singapore / Photo credit: DIA Brands

Here’s a wrap of the day’s news.

Property and real estate

JustCo partners with GIC and Frasers Property on US$177 million co-working investment (Singapore). The three firms will use the fund to co-invest in shared workspaces in the region. Although it’s unclear how much each contributed, a statement implied that the deal involves a strategic investment in JustCo from Singapore sovereign wealth fund GIC and property developer Frasers. The investment will allow JustCo to expand its regional presence, improve its tech solutions, and create opportunities for collaboration and networking for its user base. (Tech in Asia)

Baania nabs funding (Thailand). The real estate listings portal has secured undisclosed investments from Krungsri Finnovate – the VC arm of banking giant Krungsri – and oil and gas company PTT. Joining the round were AddVentures, the investment unit of industrial conglomerate SCG, and 500 TukTuks, the Thailand-focused fund of 500 Startups. The money will be used to develop Baania’s big data platform. (e27)

Transportation

Roadstar.ai raises US$128 million in series A round (China). The maker of self-driving cars received the funding in a round led by Shenzhen Capital Group and Wu Capital. The investment will be used to bankroll Roadstar’s driverless vehicle fleet operations and data collection. The startup has also launched its Aries software suite, which it said helps autonomous cars to drive more safely in adverse conditions. (South China Morning Post)

Like closes series B financing (China). The car-sharing platform received the undisclosed investment in a round led by Ant Financial and joined by Lenovo affiliate Legend Capital, K2VC, and BlueRun Ventures. This is the third round of funding for Like in as many months, after it banked angel investment and a series A injection of US$20 million in April. The company will use the money for geographical expansion and vehicle deployment, plus research and development. (KrAsia)

Photo credit: think4photop / 123RF

Anti-trust regulator says Grab formed monopoly (Vietnam). The ride-hailing firm’s market share in the country is more than 50 percent, following its acquisition of Uber’s Southeast Asia business in March, according to the Competition and Consumer Protection Department (CCPD). This may mean that Grab has breached Vietnamese competition law, and it might even have to undo its deal with Uber, according to the regulator. Grab has responded to the CCPD, claiming its post-merger market share is below the 30 percent threshold requiring parties to seek regulatory approval. The CCPD has asked Grab to provide more evidence to support its claim. (DealStreetAsia)

Health and well-being

UCare.AI co-founders Christina Teo and Neal Liu / Photo credit: UCare

Ucare.AI secures series A funding (Singapore). The startup uses predictive analytics to prioritize healthcare resources and reduce rehospitalization risk. Following this undisclosed round, it has raised a total of US$6.1 million in investment. Participating in the latest raise were Walden International, Great Eastern, WPGrowth Ventures, and Singaporean philanthropist Peter Lim. (Ucare.AI)

Ecommerce

Tencent backs Huixiadan (China). The B2B ecommerce platform will use the undisclosed amount of funding to boost the efficiency of its distribution system. Huixiadan’s mobile app allows retailers to order fast-moving consumer goods direct from distributors. Tencent’s involvement is also likely to facilitate the startup’s increased use of its WeChat ecosystem. (TechNode)

Media and entertainment

Douyin integrates online stores (China). The short-video app now lets customers go directly to an account’s personal store by simply tapping on its video poster. In previous versions of the service, users would be taken out of the Douyin platform and brought into the Taobao app to shop in the online store they’d selected. The change is expected to improve completion rates, as any extra step in the customers’ path – such as being passed from one app to another, in this case – could see them abandoning their purchase. (TechNode)

Enterprise software and services

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