Asia news roundup: Google backs Go-Jek, Coincheck to repay crypto-theft victims, and more

Snapdeal co-founder Rohit Bansal / Photo credit: Snapdeal

Here’s what happened in Asian tech over the past few days…

Ecommerce

Snapdeal sells logistics unit Vulcan Express for cut-price US$5.5 million (India). Retail and fashion conglomerate Future Group has acquired Vulcan to boost its last-mile logistics capabilities. The sale appears to be at a much lower valuation than may have been expected, as Vulcan raised over US$33 million in funding last year from parent Snapdeal and other investors. (Inc42)

Snapcart expands to Singapore (Indonesia/Singapore). The Jakarta-based cashback and consumer analytics startup, which allows shoppers to submit photos of their receipts to claim cashback rewards, will launch its service in the city-state next month. It raised US$10 million in a Vickers Venture Partners-led series A fundraise last October to begin expansion to new markets. (e27)

Snapcart’s founding team / Photo credit: Snapcart

Walmart enters online delivery partnership with Rakuten (Japan/US). Japanese ecommerce firm Rakuten and US retail giant Walmart will jointly launch an online groceries delivery service in Japan later this year. Such services have been slow to take off in Japan compared to other Asian markets. Amazon has been piloting its Fresh feature in Tokyo, while 7-Eleven parent Seven & i Holdings has teamed up with mail-order office supplies firm Askul to establish a similar venture. (Reuters)

Meanwhile, the Japanese company plans to push further into financial services with a US$415 million acquisition. Rakuten said it plans to buy property and casualty insurer Asahi Fire & Marine Insurance to enhance its financial services portfolio and accelerate its strategy to diversify beyond ecommerce. (Reuters)

Fintech

Coincheck says it will repay crypto-theft victims (Japan). The cryptocurrency exchange said it would use its own capital to reimburse 260,000 users, who lost money after over 500 million Nem tokens worth almost US$500 million were stolen last week. How Coincheck will implement the payback is not entirely clear. (Bloomberg)

Xiaomi invests US$31 million in Hsuanzhang (China). The cash injection marked the close of the startup’s series B fundraise following an earlier tranche of US$31 million from THG Ventures, IDG Capital, and CreditEase last October. Hsuanzhang, an online accounting and tax services provider for small businesses, said it would use the funding to further its expansion plans and invest in big data analysis. (China Money Network)

Transportation

Alibaba co-leads US$348 million investment in electric vehicle (EV) maker Xpeng (China). Taiwanese electronics giant Foxconn and China-focused VC firm IDG Capital joined in leading the round. Alibaba rivals Baidu and Tencent have also been busy backing next-gen Chinese carmarkers, pumping billions of dollars into EV startups including NiO and WM Motor in recent months. (The Wall Street Journal)

Photo credit: Go-Jek

Google confirms its investment in Go-Jek (Indonesia). The US tech giant said the deal allows it to “partner with a great local champion in Indonesia’s flourishing startup ecosystem, while also deepening our commitment to Indonesia’s internet economy.” It was reported earlier this month that Temasek, Meituan-Dianping, KKR, and Warburg Pincus may also be joining Go-Jek’s latest fundraise, which could reach US$1.2 billion. (Google)

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