Line Man Wongnai acquires Rabbit Line Pay
Line Man Wongnai — an e-commerce platform for food delivery, grocery delivery, taxi, messenger, restaurant reviews, and restaurant solutions in Thailand, and Line Company (Thailand), jointly acquired the majority shares of Rabbit Line Pay Company (RLP) from previous shareholders RabbitPay System Company Limited and Advanced mPAY Company Limited.
The details of the deal remain undisclosed.
The acquisition aims to bring RLP payment services closer to the Line ecosystem, including Line Man, Line Shopping, Line app, and Wongnai’s merchant network.
As per the agreement, Line Man Wongnai CEO Yod Chinsupakul and CFO In Young Chung will become the new CEO and CFO of RLP, respectively.
Superbank, Genesis to invest US$40M in ID startups
Superbank, the Indonesia-based digital bank backed by Grab, Singtel, and Emtek Group, joined hands with alternative lender Genesis Alternative Ventures to launch an IDR 600 billion (US$40 million) financing solution to back innovative local startups.
The solution combines the principles of conventional bank credit and VC investing in targeting technology startups while extending working capital to them with a minimum dilution of shareholder equity.
The focus will be Series B or C-stage companies.
Tigor M. Siahaan, President Director of Superbank, said: “Indonesia is expected to grow 8x from IDR 632 trillion in 2020 to IDR 4,531 trillion in 2030 and has the potential and opportunity to further develop local startups and their ecosystem. In today’s dynamic business environment, access to funding is crucial for these innovative ventures to thrive.”
MiyaHealth nets US$1.8M funding
Singapore-headquartered SaaS healthtech company MiyaHealth closed SGD2.4 (US$1.8) million pre-Series A extension, bringing the total investment to SGD10.4 (US$7.7) million to date.
Fondation Botnar, represented by Sagana (an impact investment advisory firm focused on human and planetary health), besides existing investors ST Engineering Ventures, Elev8, and HealthXCapital, invested in this round.
This extension follows its pre-Series A financing of SGD6.5 million and SGD1.5 million in February 2022 and August 2022, respectively.
The fresh funds will be used to expand Miya Health’s AI-driven interoperable digital healthcare solutions across Europe and Southeast Asia, starting with Poland, Indonesia, and the Philippines.
iMyanmarHouse acquires CarsDB
Leading online real estate marketplace iMyanmarHouse acquired Myanmar-based used car listing platform CarsDB.
The details of the deal remain undisclosed. “We can’t disclose the deal details for now due to a non-disclosure agreement,” Nay Min Thu, Group CEO of iMyanmarHouse, told e27.
The acquisition is part of the proptech company’s diversification strategies. It has expanded iMyamarHouse’s user base and catalysed cross-platform interactions, creating a one-stop digital destination for both real estate and automotive enthusiasts.
Thu said that the two firms have a combined user base of over 520,000, over 12,000 registered agents/agencies/car dealers, and 150 employees.
Qashier banks US$10M Series A
Qashier, a Singapore-based provider of point-of-sale (POS) and payment solutions for small and medium businesses, secured US$10 million in a Series A funding round led by Delivery Hero Ventures and IFP Securities.
Antler Elevate and Cocoon Capital also participated.
The funds will enable Qashier to accelerate its growth in its four Southeast Asian markets (Malaysia, the Philippines, Thailand, and Singapore), expand into new international markets, and strengthen its product ecosystem.
13 early-stage startups join Tenity SG programme
Tenity announced the selection of 13 early-stage startups for the sixth edition of its incubation programme in Singapore.
The startups from seven different countries represent diverse business verticals, including wealth management, real estate, e-commerce, financing, payments, insurance, and Web3.
They will receive an initial S$70,000 (US$52,000) investment each from the Tenity Incubation Fund II.
The 13 startups were selected from more than 230 applications.
During the rigorous four-month programme, the startups will receive extensive support to refine and validate their business ideas and go-to-market strategies. They will also have access and guidance from Tenity’s distinguished alumni, seasoned mentors, and our global investor network.
MFast nets US$6M in Series A round
MFast, a financial services distribution network in Vietnam and a brand of DigiPay JSC, concluded its US$6 million Series A funding round led by Wavemaker Partners.
New investors Finnoventure Fund I (managed by Krungsri Finnovate), Headline Asia, and existing investors Do Ventures, JAFCO Asia, and Ascend Vietnam Ventures also joined the round.
MFast will utilise the funds to expand its operations and unlock the potential of nationwide distribution, with a plan to extend its presence outside the country by 2024.
“Our next big steps include fostering collaboration to design exclusive financial products for each and every customer segment, as well as gearing up for expansion to the Philippines in 2024,” said MFast CEO Long Phan.
Launched in 2017 by twin brothers Long Phan and Vinh Phan, MFast is an online marketplace and a sales channel in the finance and insurance field. MFast users fulfil the role of all-in-one agents, serving the community’s demands for finance, banking and insurance products.
Geo Energy invests US$4M in Charged Asia
Singapore-headquartered Geo Energy Resources, through its newly incorporated subsidiary Geo Electric, entered into a US$4 million loan agreement with Indonesian electric motorcycle company Charged Asia Pte. Ltd (CAPL).
As per this deal, Geo Electric has the right to convert the outstanding amounts and all accrued interest under the loan into ordinary shares of CAPL. The loan carries an interest of 12 per cent per annum for 24 months or until conversion, whichever is earlier.
Furthermore, Geo Energy can enter into further agreements with CAPL to increase its capital investment for up to an additional US$36 million to become the majority shareholder.
CAPL manufactures and distributes “competitive and affordable” electric motorcycles. It has developed three motorcycle models and claims to have delivered more than 1,000 motorcycles in Indonesia, Malaysia, and Vietnam. With a zero-emission production facility in Indonesia, CAPL aims to sell 10 million motorcycles in Asia Pacific over the next ten years.
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The post This week in business: Line Man Wongnai acquires Rabbit Line Pay; Superbank, Genesis to invest US$40M; MiyaHealth nets US$1.8M appeared first on e27.