Asia tech news roundup – Nov 17

Photo credit: Pixabay.

Chinese internet giant Tencent continues its investment spree, while another one of China’s bike-sharing startups finds itself in hot water.

Ecommerce

Maoyan pockets over US$150 million in funding from Tencent (China). The deal comes after the company merged with Tencent-backed Beijing Weiying to create one of China’s biggest online cinema ticketing platforms. Tencent’s additional investment points to heated competition with Alibaba-owned rival Taopiaopiao. (Reuters)

Bukalapak welcomes foreign investor (Indonesia). CEO Achmad Zaky said the marketplace received funding from a foreign entity, valuing it at US$1 billion. He’s keeping mum about the details, except to say that the deal diluted the founders’ and Emtek’s stakes in Bukalapak to 60-70 percent. (Katadata – link in Indonesian)

Alibaba-backed startup Grana raises an undisclosed amount in venture debt (Hong Kong). The venture debt, which allows the firm to raise funds without giving up equity, came from Hong Kong asset manager STI Financial Group. Grana will spend the money to advance its AI efforts. Not counting this deal, the startup has raised a total of US$16 million in funding to date. (DealStreetAsia)

Fintech

US$2 billion in funding available to fintech startups (Singapore). On the sidelines of the Fintech Festival, the Monetary Authority of Singapore announced that US$2 billion of capital was made available to fintech startups during a matchmaking event bringing together more than 1,000 firms and 400 investors. The investor summit was organized by MAS, the Association of Banks in Singapore, and Ernst & Young. (MAS)

Transportation

The Bluegogo saga continues (China). With the US$140 million bike-share startup on the verge of collapse amid unpaid wages and its executives leaving, many riders are struggling to get their deposits back. They’ve taken to social media to vent their frustration. (Tech in Asia)

It’s not just Bluegogo that’s falling apart, there’s trouble at Coolqi too (China). The company that made its fame with gold bicycles has its head office surrounded by users unable to withdraw deposits. While the company had denied being bankrupt, it’s seeking support from the government and talking to a potential acquirer for a deal. (Technode)

Hyperloop preliminary studies underway (India). Hyperloop One, now known as Virgin Hyperloop One thanks to strong backing from billionaire Richard Branson, has inked memorandums with the Indian government to conduct initial feasibility studies on route construction. The company has an ambitious goal of building an India-wide national hyperloop network. Karnataka and Maharashtra are among the few states that have agreed to the plan. (TechCrunch)

Media

Mashable agrees to sell for a fraction of its valuation (Asia/US). The website focusing on tech and tech-related stories is being sold to publishing giant Ziff Davis for US$50 million, way less than its US$250 million valuation last year. The sale comes after Mashable reportedly failed to secure additional funding this year, a sign of skepticism toward digital media. (The Wall Street Journal)

Investors

Google doubles down on Japan. The US tech giant will open a new office in Tokyo in 2019 that will allow it to double the size of its 1,300-strong team there. It also announced a new initiative called Minna No Code to help bring computer science education to more than 2 million students across Japan. (Google)