Ecosystem Roundup: SoftBank sells Alibaba stake worth US$22B, layoffs at Zenius again, Indian startup funding hits 21-month low in July

How 30-year-old celeb CEO’s rule of fear led to a hot startup’s meltdown
Ankiti Bose’s management style alienated employees and undermined the company; She would publicly shame employees; Another described her as a narcissist who would throw anyone under the bus if it meant saving her own reputation.

SoftBank raises US$22B through sale of Alibaba stake
The Japanese firm has sold about a third of its stake in Alibaba so far this year; Part of the funds raised was put into SoftBank’s second Vision Fund, which struggled to attract outside investors.

Indian startup funding hit 21-month low in July at ₹885m USD, less than half of June
This is also the first time in many months that fundraising in the country fell below 1 billion. Deal volume also saw a marginal decline of 6.3% to 119 in July from 127 in the previous month.

Singtel Innov8 gets US$100m more to support startups in SEA, US, China, Israel, Australia
The Singtel venture arm invests in startups operating in 5G, AI, digital economy, sustainability, cyber security and emerging technologies; It has invested in over 95 startups, including BitSight, Carro, Cato, FinAccel and SenseTime.

Indonesia’s Zenius lays off employees again, almost all divisions affected
Zenius did not specify how many employees were affected in this round of layoffs. In the previous layoff last May, about 200 employees were affected – 20% of the 900-plus workforce at the time.

Wake up and smell the coffee: Check the quality of your coffee beans using ProfilePrint’s AI tool
ProfilePrint provides users with accessible, affordable and portable solutions to determine and predict the quality and profile of a food ingredient at the point of use “within seconds”.

Collapse of 3AC, Celsius can be attributed to opaque, off-chain holdings: Nansen
“The transparency of the blockchain means that creditors can audit the holdings of any on-chain entity; however, data complexity and off-chain obfuscation make this ideal difficult to achieve”.

SG’s blockchain monitoring platform Merkle Science raises US$19M
Investors are BECO Capital, Darrow Holdings, GGV Capital, 500 Global; Merkle helps crypto companies, financial institutions and government entities detect, investigate and prevent illegal activities involving cryptocurrencies.

Zipmex opens up for altcoin withdrawals after Babel, Celsius struggles
The crypto firm had also started releasing unaffected digital assets from its Z Wallet on August 2, allowing withdrawals as usual; On July 20, the company announced a withdrawal suspension.

Binance Appoints Co-Founder and CMO Yi He as Head of US$7.5B VC Unit
He will replace Bill Qian, who left the firm earlier this year; In his new role, he will drive global strategy and oversee the day-to-day operations of Binance Labs.

Revolut launches crypto services in Singapore
It allows users to buy, hold and sell more than 80 crypto tokens on its app; Revolut currently serves more than 20 million customers worldwide and facilitates 250 million transactions every month.

China expands digital yuan loans to more cities
According to local reports, the Rural Commercial Bank of Zhangjiagang issued a digital yuan loan worth 500,000 yuan (US$73,997) to an unnamed company in Suzhou to fill the capital turnover gap.

East Ventures backs GREENS, which builds hyperlocal food ecosystem using AI, Web3
GREENS’s solution is a hyperlocal food ecosystem where people can consume high-nutrient meals grown and harvested on site using 90 percent less water, 70 percent less land, and no distance from farm to meal.

Malaysian co-working space operator Commom Ground raises 51.5 million. USD
Investors include Catcha Group and Emissary Capital; Common Ground operates 13 locations in Malaysia, two in Thailand and three in the Philippines; It is looking to expand to Singapore, Indonesia and Vietnam.

KKDay promises to drive US$100 million into Vietnam’s travel industry
KKday said its Vietnam business grew 20-fold amid the pandemic, surpassing pre-COVID-19 levels; The company predicts that there will be over 20 million trips in and out of Vietnam by 2023.

Uber sells 7.8% stake in Zomato for $392 million
Last week, Zomato’s stock fell 14.26% to a record low, a stark contrast to its IPO day; The company’s market value fell to DKK 4.8 billion. USD from the highest level of 12.7 billion. USD.

Indian B2B sourcing platform Bizongo raises US$25 million for SEA expansion
Lead backer is Tel Aviv-based Liquidity Group; India-based Bizongo offers digital supplier management, supply chain automation and supply chain finance services.

TikTok officially sets up Shop in Singapore
The company is reportedly aiming to set up shop in the US, France, Italy, Germany and Spain sometime this year; TikTok Shop is already available in the UK, Indonesia, Malaysia, Vietnam, Thailand and the Philippines.

How AlphaJWC Ventures built Indonesia’s largest early stage fund
Alpha JWC Ventures believes that to create success they must instill and build trust in their portfolio; Currently, Alpha JWC Ventures has a portfolio of approximately 70 companies representing USD 650 million in AUM.

The post Ecosystem Roundup: SoftBank sells Alibaba stake worth US$22B, layoffs at Zenius again, Indian seed funding hit 21-month low in July appeared first on e27.


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