Ecosystem Roundup: NIUM’s losses surge 120%; Layoffs at Tokocrypto; Oyo valuation down 20% to US$2.7B

SoftBank cuts Oyo’s valuation by over 20%
It is now down to 2.7 billion. USD from previously 3.4 billion The decision reportedly came despite the hospitality startup recording improved revenue in FY2022; The Indian company is looking forward to a public market debut in 2023.

NIUM’s losses increase by 120%, revenue doubles in 2021
The B2B unicorn, which provides payment and card issuing services, reported revenues of 31 million. USD in the fiscal year ending December 2021; Its total comprehensive loss rose to 37.8 million. USD, a dramatic increase from USD 314,000 in FY2020.

Vietnam’s Be Group in negotiations to raise 100 million USD+ equity financing
Be is an integrated on-demand service platform across transportation, delivery, flight booking, insurance, etc. It recently secured a US$60M loan facility from Deutsche Bank; Be currently has 7M users.

Malaysia’s StoreHub secures US$13.5 million in pre-series B funding
The investors are 500 Global, Vertex Ventures SEA & India and OSK Ventures; StoreHub provides an online platform that enables restaurants and retailers to automate their business; It serves over 15,000 retail and restaurant outlets.

HappyFresh resumes services in ID; ends ops in MY, TH
The e-grocer said it has also received a “recent injection of fresh funds” to support operations in Indonesia – its only profitable market among the three in which it operates.

The Indonesian beauty platform Somethinc has 10 million. USD in series B
The investors include Sequoia India and Prosus Ventures; The startup makes and sells skincare and beauty products through online and offline channels; It previously raised US$2M Series A from Sequoia.

Gobi closes US$10M fund, welcomes Allianz Malaysia as LP
The Gobi SuperSeed II Fund will focus on startups working in the segments of AI, big data, cloud, e-commerce, fintech, internet of things and the Halal economy; It can invest in up to 25 portfolio companies.

The conversational trading platform earns DKK 7 million. USD
Backers include Headline, AltaIR Capital, Smart Partnership Capital, Sterling Oak Group; claims that over 10,000 companies in 86 countries use the platform and process over 140 million messages per month.

SG logistics software company Cargobase closes growth financing round
The investors include Trestle Partners and Lufthansa Innovation Hub; Cargobase offers on-site purchasing, freight management, real-time shipment tracking and freight data analytics in 55 countries.

Tencent shuts down sale rumors, notes healthy cash flow
After Tencent shares fell to their lowest value since 2018, The Wall Street Journal shared that the firm was looking to sell its stakes in Didi Global, Meituan and KE Holdings.

Indonesian agricultural supply chain startup Koltiva raises funding
Investors include Silverstrand Capital, The Meloy Fund, Planet Rise and Blue7; Koltiva creates traceability data and provides agronomic advice to help smallholder farmers improve their farming practices and income.

TrueFoundry raises $2.3 million to help startups implement ML models
The investors include Sequoia India, Surge, Eniac Ventures; TrueFoundry enables startups to deploy and monitor machine learning models at the speed of large tech companies in hours instead of weeks.

Grab appoints Suthen Thomas Paradateth as new group CTO
He will lead the Internet major’s technical initiatives across its delivery, mobility and financial services businesses; Paradatheth served as Grab’s first CTO when the company was founded in 2012.

Web3 and Crypto News

Bug bounty platform for Web3 Immunefi secures US$24M Series A
The investors include Framework Ventures, Electric Capital, Polygon Ventures and Samsung Next; The platform supports 301 projects across multiple crypto sectors and offers a combined US$136M in bounties for whitehat hackers.

TGV is pumping US$21 million into Animoca in its largest investment to date
This round followed an earlier US$17M infusion, where investments were made through TGV’s 4 Plus Fund and its Follow On Fund in the second and third quarters of 2022; TGV has supported Animoca since the beginning of 2019.

Start of digitization of cross-border trade #dltledgers nets 8.5 million. USD in series B
The investors are TATA group and Centrum; The capital will help blockchain-powered #dltledgers execute its plans for North American expansion while further scaling its engineering and growth teams.

Binance-backed Tokocrypto lays off 45 employees
It also spun off its community space T-Hub and TokoMall into independent businesses and transferred some of its employees to those entities; The decision was made in anticipation of a continued bearish trend in the crypto market. raises $5 million for its financial management tools for Web3 teams
The investors include Capital, Forge Ventures, MassMutual Ventures, Saison Capital, Coinhako and Longhash Ventures; Headquarter offers a dashboard for Web3 teams to manage their financial operations and reporting.


How TotallyAwesome helps brands engage kids and teens in a meaningful way
TotallyAwesome is a digital ad network that recently raised $10M. USD funding from US-based Partners For Growth and Singapore’s Yefira Group.

Why ClavystBio believes that life science is an important driving force for SG’s future economy
ClavystBio is to invest in CoV Biotechnology, which is developing booster vaccines against variants of the SARS-2 beta-coronavirus.

The playground must be a bridge for the next billion users to Web3 entertainment
The playground will be a natural channel of attention that mediates ecosystems, entertainment projects and end users, says its founder Clinton Teh.

Authored articles

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