In addition to Honestbee, we also have updates from UrbanClap, Venture Catalysts, and Indonesia’s financial services authority

Honestbee applies for court-supervised restructuring process – Deal Street Asia

Grocery and food delivery startup Honestbee announced that it has made an application to the Singapore High Court to commence a court-supervised restructuring process, Deal Street Asia wrote.

According to the report, the company intends to propose a scheme of arrangement to the court to restructure its liabilities and to seek a moratorium against enforcement actions and legal proceedings.

“Honestbee has taken this imperative step to protect and preserve the value of its businesses while it restructures its operations across Asia. The court-supervised restructuring process is in the best interest of Honestbee’s stakeholders as the company can focus on re-evaluating the business without interference; streamline operations, increase existing efficiencies and bring down the cost structure,” it announced.

India’s UrbanClap raises US$75 million – TechCrunch

Indian marketplace for freelance labour UrbanClap announced a US$75 million Series E funding round led by Tiger Global, TechCrunch wrote.

Existing investors such as Steadview Capital and Vy Capital also participated in the funding round.

The startup also announced that “some early investors” had sold portions of their stake.

Operating in India, Dubai, and Abu Dhabi, UrbanClap matches service workers (such as cleaners or beauticians) with potential customers.

It claimed to work with 20,000 service professionals with around 450,000 transactions taking place each month.

Also Read: Honestbee names Ong Lay Ann as new CEO

Indonesia shut down 826 illegal fintech services in 2019 – Bloomberg

Indonesia’s financial services authority (OJK) announced that it has shut down 826 illegal fintech startups this year alone, Bloomberg wrote.

The regulators admitted that they struggle to keep pace with the illegal services –who operate without a licence– as they operate on multiple platforms from websites, mobile apps, to social media.

It has turned to the police and the public for help in tracking them.

Venture Catalysts launches US$43M fund – Deal Street Asia

Startup incubator and accelerator Venture Catalysts announced the launch of an INR300 crore (US$43.4 million) 9Unicorns Fund, Deal Street Asia reported.

The fund is searching for early stage startups in various sectors such as electric vehicles, mobility, AR/VR, AI and ML, fintech, retail, and FMCG.

Venture Catalysts wants to invest in 100 companies every year.

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