Asia news roundup: Flipkart losses widen to $3.6b, Toutiao and Weibo duke it out, and more

Flipkart’s co-founders, group CEO Binny Bansal (L) and chairman Sachin Bansal (R) / Photo credit: Flipkart

Your curated summary of the day’s top tech stories.

Ecommerce

Flipkart’s losses equate to half its venture funding (India). The Indian ecommerce firm has raised about US$6.1 billion since launching 10 years ago. But regulatory filings in Singapore suggest that as of March last year, its accumulated losses widened to US$3.6 billion  from US$1.53 billion a year previously. It was reported last week that US retail giant Walmart is closing in on a US$7 billion stake in Flipkart. (Bloomberg)

Alibaba might be buying Rocket Internet’s Pakistan business (Pakistan/China). The Chinese tech giant is said to be negotiating a price for Daraz, Rocket’s Pakistani retail unit, in the latest sign of its interest in the country. It emerged last week that Alibaba affiliate Ant Financial invested US$185 million in Pakistani mobile financial services platform Telenor Microfinance Bank. (Bloomberg)

Social media

Toutiao and Weibo in spat (China). Yang Jibin, senior public relations director at news aggregator app Toutiao, claimed that microblogging platform Weibo was blocking Toutiao’s Douyin video service. Weibo users have apparently claimed that their followers are unable to see Douyin links they have posted on their Weibo feeds. In response, a Weibo spokesperson said it is an “open platform” that also collaborates with other, similar video services. The two platforms have a history of disputes: Weibo accused Toutiao of illegally acquiring and using its content in August last year. (Technode)

Enterprise software and services

Edianzu closes US$320 million series C round (China). Source Code Capital led the round, with Aplus Capital, Matrix Partners, Xiaomi founder Lei Jun’s Shunwei Capital, and a fund affiliated with third-party payments firm Lakala also investing. Edianzu leases computing and office equipment to small businesses on a zero downpayment and pay-as-you-go basis. (China Money Network)

KPMG buys Rainmaker Labs units (Singapore/Vietnam). The global accounting giant has acquired the Singapore and Vietnam businesses of Rainmaker Labs, a Singapore-based startup that handles mobile app development and offers related consulting services for enterprises. Financial details of the deal were not disclosed. Rainmaker is backed by Singapore’s National Research Foundation, VC firm IncuVest, and several corporate and angel investors. (KPMG)

ZineOne raises US$2.5 million in Omidyar Network-led round (India). The startup uses machine learning tech to help financial institutions improve online customer engagement. ZineOne said it will use the funding to for sales and marketing purposes, product development, and hiring AI talent. Harvard Business School Alumni Angels, Hyderabad Angels, Golden Seeds, and Touchstone Equities were among the other investors to join the series A round, which brings the startup’s total funding to date to US$5 million. (ZineOne)

Executives from ChatbotPH and SPGC sign their acquisition deal / Photo credit: ChatbotPH

ChatbotPH acquired by Sterling Paper Group of Companies (SPGC) (The Philippines). The startup, which develops AI-driven chatbots for customer service applications, has joined SPGC, one of the Philippines’ largest conglomerates. Financial details were not disclosed. (ChatbotPH)

Edtech

Temasek leads 17zuoye’s US$250 million series E fundraise (China). The Singaporean sovereign fund was joined in the investment by CITIC Private Equity Funds Management and Shunwei Capital, among others. Earlier this month, online tutoring platform 17zuoye was reported to have raised US$200 million in a Toutiao-led round. (China Money Network)

Fintech

WeCash pockets US$221 million in consecutive investments (China). The online credit assessment service raised US$160 million in a series D round led by Japan’s Orix Asia Capital and Hong Kong’s SEA Group. Forebright Capital, Hongdao Capital, Lingfeng Capital, and SIG Asia also participated. Orix had pumped in another US$61 million earlier this month as part of a separate strategic investment. Wecash will use the funding to broaden the application of its AI tech in data mining, machine learning, and smart chips, as well as to expand its product portfolio. (China Money Network)

Travel and hospitality

Luxstay nabs US$2.5 million in pre-series A funding (Vietnam). The short-term rentals portal will use the capital to accelerate business development in the run-up to its full series A later this year. Japan’s Genesia Ventures led the round, with participation from Founders Capital, Y1 Ventures, and two other investors. (DealStreetAsia)

Blockchain and cryptocurrencies