Asian tech news roundup – Oct 30

Indian ride-hailing giant Ola claims to have around 120,000 auto-rickshaws on its app. Photo credit: Ola.

There was plenty of funding news from India today, as agri-sharing portal Gold Farm, payments platform Cashfree, and HR software startup EdGE secured investments.

Artificial intelligence

Smart translator New Tranx receives US$7.5 million pre-series A funding. (China). Kaitai Capital and Bojiang Capital Management are among the investors that have backed the startup, which applies AI to instant online translations and localized web services. It focuses on serving other businesses as well as the public sector. (China Money Network)

Software

EdGE Networks closes US$4.5 million series A round. (India). The investment in the HR software startup was led by Kalaari Capital and Ventureast. EdGE will use the capital to strengthen its workforce optimization and talent acquisition products. (Inc42)

Fintech

MAS targets fintech innovation and adoption in new roadmap (Singapore). The Monetary Authority of Singapore (MAS) has laid out its growth strategy for the city-state’s finance industry. This will include the creation of common utilities for digital identification, online payments, and know-your-client checks; greater use of blockchain technology for inter-bank payments and trade finance; and continued development of Singapore as a hub for fintech startups. (MAS)

Y Combinator backs Cashfree (India). The US-based accelerator has invested US$120,000 seed money into the Indian payments startup, which automates inbound and outbound bank transfers. It will use the funding to hire personnel and strengthen partnerships with banks, among other things. (DealStreetAsia)

Transportation

Ola provides free wifi to rickshaw riders (India). The ride-hailing company is rolling out free internet access on board the 120,000 auto-rickshaws in its network. “Ola sees the vehicle as the third place apart from home and office where customers spend a considerable amount of their time and would like to make it productive,” said a spokesperson. (Tech in Asia)

It also invested US$7.7 million into its cab-leasing unit. The capital will allow the subsidiary to buy additional vehicles that it can lease to drivers. Ola and its key rival Uber have faced issues with drivers quitting or defaulting on car rental loans of late, and the State Bank of India has reportedly seized hundreds of cars owned by the two companies due to repayment failures. (VCCircle)

Sharing economy

Gold Farm gets US$2 million seed capital (India). The startup – which provides a platform where farmers can lease out their equipment to other farmers on an hourly basis – announced the close of its seed round today, with investment coming from Mahindra Group and Infuse Ventures. It will use the funds to expand its reach throughout Karnataka state and to build infrastructure. (The Economic Times)

Investors, accelerators, and incubators

Lattice80 current fintech hub in Singapore – soon to be vacated for new premises. Photo credit: Lattice80.

Lattice80 to launch its own fintech fund and venture builder (Singapore). Backed by investment firm Marvelstone Group, the fintech incubator simultaneously announced that it will move to a new location in Singapore’s central business district. (Lattice80)