Sequoia Capital invests in Korean grocery startup Kurly
South Korea-based grocery delivery startup Kurly has closed a US$150 million Series E funding round with Sequoia Capital (existing investor), Hillhouse Capital and DST Global, according to TechCrunch.
According to news publication Korean Investors, this round has valued the firm at around US$780 million.
The five-year-old startup, which raised US$113 million in its Series D round last year, has raised about US$346 million to date, according to CBInsights.
MAS extends assessment of digital bank licenses due to COVID-19
The Monetary Authority of Singapore (MAS) announced today that it will extend the assessment period for the award of digital bank licences.
Successful applicants will be informed in the second half of 2020, instead of June 2020 as originally intended.
The total number of applicants until now stands at 21.
As per a statement, MAS said that the delay would allow applicants to dedicate resources towards managing the effects of the COVID-19 on their businesses.
“The global escalation of the COVID-19 pandemic since then has prompted the implementation of enhanced safe distancing measures in Singapore, and many companies are allowing staff to work from home to the extent possible,” read the MAS statement.
“Given these developments, MAS will extend the assessment period for the award of digital bank licences,” it noted.
TranSwap to launch borderless virtual accounts in US, EU, UK, Indonesia
TranSwap, a payments platform for businesses, is launching a new feature offering free Global Borderless Virtual Account (GBVA) in the US, European Union, the UK and Indonesia.
Through GBVA, customers will be able to easily track transactions and enjoy transparency in fees and exchange rates, claims the company.
“By launching GBVA, we can help businesses, especially SMEs and startups, to accelerate their growth into new markets. They will be able to streamline payment and collection processes through a virtual account, all through a few clicks on our online platform,” said Benjamin Wong, Co-founder of TranSwap.
India’s BigBasket snags US$60M to deliver groceries
Bengaluru-based grocery delivery platform BigBasket closed US$60 million in a fresh financing round from investors such as existing investor Alibaba, according to KrAsia. Other participants include South Korea’s Mirae Asset and UK Government-owned CDC Group.
Also Read: Afternoon News Roundup: SPH, Snapask partner for online learning; Swiggy amasses US$43M
The new funds will help BigBasket keep up with timely delivery due to the surge in demand owing to the country’s current lockdown situation until April 14, with further chances of extension.
“The round materialised about two weeks ago. It’s a much-needed capital for Bigbasket that has been witnessing a surge in demand due to COVID-19,” a source familiar with the matter told Entrackr.
Other similar food delivery apps like Swiggy and Zomato have also made the pivot to delivering groceries and have each raised significant funding.
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Image Credit: Goh BL
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