Asia news roundup: iQiyi eyes IPO, JD raises for logistics biz, and Paytm goes offline

An advertisement on iQiyi, Baidu’s online video streaming site / Screengrab by Tech in Asia

There was also funding news from HackerRank, MoneyOnMobile, and Copernicus Gold.

Media and entertainment

Baidu eyes IPO for US$15 billion video streaming service (China/US). The internet giant has submitted draft registration documents to the US Securities & Exchange Commission for the prospective US listing of iQiyi, its hugely popular online streaming platform for TV shows and movies. A float could give iQiyi additional financial clout as Baidu competes against similar services offered by Alibaba and Tencent. (Bloomberg)

Retail

Paytm opens brick-and-mortar store as it joins the offline drive (India). The fintech firm’s ecommerce unit, Paytm Mall, is opening a New Delhi outlet in collaboration with footwear brand Red Tape. The move echoes a trend pursued elsewhere by the likes of Alibaba and Amazon, which have also opened offline stores where customers can browse products and make purchases using digital payments in store, and have goods delivered to them after leaving the shop. (Livemint)

Delivery and logistics

JD raising US$2.5 billion for its logistics unit (Cambodia/US). The Chinese ecommerce giant is securing external funding for its subsidiary JD Logistics, with a view to supporting its further growth and capabilities in cutting-edge areas such as automation, drones, and robotics. Sequoia Capital, Tencent, Hillhouse Capital, China Development Bank, and ICBC are among the expected investors. (JD)

A JD delivery drone in action / Photo credit: JD

Fintech

Copernicus Gold nets US$3.5 million funding (Singapore). The startup is using blockchain technology to create a secure marketplace for “digital gold,” a virtual currency that derives its value from physical gold and can be exchanged for bullion by its holders at partner stores in Singapore. Copernicus Gold said it has used the latest funds, which came from an undisclosed Russian investor, to set up a “shared value facility” and market its mobile app. (e27)

US$5 million more for MoneyOnMobile (India). The mobile payments startup secured the series H funding from Russian aerospace and aviation-focused company S7 Group. MoneyOnMobile raised US$7.6 million in a fundraising round last month. It reported a 270 percent growth in monthly net revenue from January to October 2017, and a 70 percent increase in gross profit to US$1 million last year. (Inc42)

Jobs and recruitment

HackerRank raises US$30 million at series C (India). The recruiting platform for technical professionals secured the funds in a round led by JMI Equity. Existing investors Khosla Ventures, Battery Ventures, Randstad Innovation Fund, and Chartline Capital Partners, also participated
(VCCircle)

Education

Littlemore Innovation Labs secures US$3 million for R&D (Singapore). The edutech startup provides digital solutions for conducting exams online. Littlemore plans to use the funds for innovation activities, filing for intellectual property rights in Singapore, and to expand its presence in Southeast Asia, the Middle East, and India. Kalpavriksh, a private equity fund of Centrum Group, was the sole reported investor in the round. (Livemint)

Property and real estate

Blockchain-based rentals system on the way (China). Alibaba’s Ant Financial, China Construction Bank, and online real estate agency Lianjia are collaborating on a blockchain-based apartment rental platform. It will record individuals’ rental histories, allowing local government to score tenants, ensure fair housing allocation, and tackle fraud and illegally operating agents. (China Money Network)

Investors, incubators, and accelerators

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Sunrise over Kuala Lumpur / Photo credit: jamesteohart / 123RF