Asia news roundup: Softbank exits Flipkart, iQiyi considers Iflix investment, and more

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In today’s news, Softbank cashes in its Flipkart stake, Foxconn’s “smart factory” unit plots a US$4.3 billion IPO, and iQiyi mulls investing in Iflix.

Ecommerce

SoftBank exits Flipkart (India). The Japanese conglomerate confirmed that it has sold its 20 percent share in the ecommerce platform to Walmart for an estimated US$4 billion. The move ends weeks of speculation on whether Softbank would retain its investment in Flipkart, after the latter was acquired by the US retailer. Earlier this month, Walmart purchased a 77 percent stake in Flipkart for US$16 billion. (Livemint)

Paytm acquires TicketNew (India). The digital payments and ecommerce firm has purchased Orbgen – operator of online ticketing platform TicketNew – to strengthen its entertainment business. The stock-based transaction is estimated to be worth between US$30 million to $40 million. The deal will see Paytm partnering with more than 600 cinemas across India, an addition that could help it achieve its goal of selling 100 million tickets this year. (The Economic Times)

Enterprise software and services

SafetyCulture gets US$45.4 million in series C round (Australia). The enterprise software provider bagged the investment in a round led by Tiger Global. Other investors that participated in the funding included Blackbird Ventures, Index Ventures, Morpheus Ventures, and Atlassian co-founder Scott Farquhar. SafetyCulture has designed a safety checklist app called iAuditor, which is meant to augment safety and compliance in the workplace. The latest funding will be spent on product development and global expansion. (DealStreetAsia)

BetterPlace raises US$3 million in series A (India). The startup received the investment in a round led by 3one4 Capital. Current investors Venture Highway and Unitus Ventures also participated. BetterPlace is a digital platform that provides employee lifecycle management services such as onboarding, training, certification, background checks, attendance management, and finance solutions, with a focus on blue-collar workers. It will use the funds to add new solutions in areas such as workplace skills, compliance, and fintech services. (Inc42)

Transportation

Didi Chuxing rumored to IPO in Hong Kong later this year (China). The ride-hailing platform is said to have consulted with different investment banks last month in preparation for the IPO. Didi is also reportedly looking for possible investors. Last December, the company was valued at over US$50 billion, with US$12 billion in cash reserves. A report from The Wall Street Journal estimates that an IPO this year could raise Didi’s market value to the US$70 billion to $80 billion range. (TechNode)

Media and entertainment

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IQiyi looking to invest in Iflix (China). The online streaming services may soon join forces, according to sources. Backed by web search and AI company Baidu, iQiyi is listed on the Nasdaq and has a market capitalization of US$14.3 billion. Kuala Lumpur-based Iflix has raised US$298 million in investments and is potentially valued at US$700 million. If it pushes through, the deal could turn Iflix into a tech unicorn. (KrAsia)

High tech

Sinovation Ventures’ new AI firm closes USD$15.6 million angel financing (China). Called Chuangxin Qizhi, the fledgling company raised the funds in a round led by Chengwei Ventures and joined in by Sinovation Ventures and other investors. The startup offers AI products and commercial solutions for retail, manufacturing, and insurance. It has already developed partnerships with industry leaders such as Foxconn, China Merchants Group, and Yonghui Superstores. (TechNode)

Edtech

Smartivity Labs raises US$2 million (India). The edtech startup got the investment from small-and mid-capital stock picker Ashish Kacholia. Smartivity has worked with educational services institution and publisher S Chand Group in creating content for STEM and art subjects. The company has built learning-based DIY kits using AR techniques that superimpose digital objects on to physical spaces. Smartivity will use the investment to scale its operations to new international markets. (Inc42)

Fintech

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