Asia news roundup: Swiggy lands $210m, Shopee and Grab partner on same-day delivery

Photo credit: Swiggy

Swiggy gets hundreds of millions in funding from heavyweight investors and Grab teams up with Shopee to offer same day delivery services.

Delivery and logistics

Food-delivery startup Swiggy gets US$210 million funding from Meituan-Dianping and others (India). New and existing investors joined in the latest round, which saw participants such as China’s Meituan, South African media company Naspers, and Russia’s DST Global. The money will be used to expand its supply chain network and enter new markets, Swiggy said. The company operates in 15 cities, with more than 35,000 restaurant partners and over 40,000 delivery drivers. (Livemint)

Grab partners with Shopee for same-day delivery (The Philippines). The ride-hailing company has teamed up with the ecommerce portal for a service called GrabExpress, as it looks to grow its last-mile logistics delivery service. In the coming months, Shopee plans to expand the service to more merchants and brands using its business-to-consumer portal Shopee Mall. (Tech in Asia)

Meituan-Dianping could file for US$6 billion Hong Kong listing this week (China). The restaurant review and delivery giant is said to be planning to file for its IPO with the territory’s bourse in the next few days. Observers said the company could raise US$6 billion at a targeted valuation of US$60 billion. Meituan was valued at US$30 billion at its most recent funding round last October. (Caixin)

Fintech

VCredit raises US$152 million in public listing (China). The Chinese consumer finance firm sold 78.7 million shares at the lower end of its offer price, below its initial target of US$174 million. The proceeds from the IPO will be used to build its financing capabilities, and for research and development. The company, which counts TPG Capital among its backers, raised US$50 million in its series C round last October. (DealStreetAsia)

SMECorner bags US$7 million funding (India). With the fresh capital, Mumbai micro-lending startup SMECorner will offer more loans, expand its offline offerings, and improve its online portal. A group of high-net worth investors participated in the round, along with Capital First and existing investor Accion Ventures. SMECorner aims to expand its client base to 5,000 this year, from its current pool of 700 customers. (Inc42)

Photo credit: Sinchen Lin

WeChat to provide immediate tax rebates at 77 airports (China). Claiming to not impose any fees on the transactions, the company’s We Tax Refund provides travelers with a quick way to apply for tax refunds on their overseas purchases in-app. The new service is available in Finland, Germany, Greece, Italy, and South Korea, among other destinations. WeChat parent Tencent recently revealed plans for an electronic pass to make travel between mainland China and semi-autonomous Hong Kong more convenient for users. (TechNode)

Ecommerce

Pinduoduo in hot water with its merchants (China). Touted as China’s fastest growing ecommerce platform, the startup is at odds with its vendors after it began a clampdown on counterfeit items. Since early June, some store owners have staged a protest around the company’s office in Shanghai to oppose the company’s revised policies, and the number of protestors has grown to almost 1,000. Pinduoduo has taken to task over 200 of the stores on its platform, freezing over one hundred million yuan (US$15.4 million) in the merchants’ accounts, local media reported. (KrAsia)

Enterprise software and services

Xiaomi’s IPO could value it at half its speculated price (China). The company’s Hong Kong listing could now value it at US$53.9 billion. The much-anticipated trade debut has been in the spotlight after the company put its China listing on hold earlier this week. Xiaomi’s valuation has been hyped up ever since it announced its plan to go public, with top executives pushing for the IPO valuation to be as much as US$100 billion, making it the largest since tech giant Alibaba’s. (DealStreetAsia)

Blockchain and cryptocurrencies

Indorse partners with blockchain talent sourcing platform to expand its reach (Singapore). The blockchain social network portal for professionals is working with Dream, a marketplace for high-end blockchain talent. Under the collaboration, Indorse will allow jobseekers on its platform to push their work profiles out to more networks. Indorse, which raised US$9 million in its token sale last year, has a system that allows users to build on their professional profiles while earning rewards through endorsing other users. (Indorse)

Authorities prohibit buying and selling of cryptocurrency without a license (Cambodia). All domestic investors must have a license to buy, sell or trade cryptocurrencies, according to a joint statement signed by the Exchange Commission of Cambodia, the General-Commissariat of National Police, and the National Bank of Cambodia. The statement follows further restrictions that disallow banks from providing account services to people who invest or trade in cryptocurrencies. (Coindesk)

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