Astra pours US$259M into WeLab-backed digibank Bank Jasa Jakarta
The deal was done through Astra subsidiary SMI; SMI currently has 1.1M shares, or a 49.56% stake, in the local bank; At the same time, WeLab also increased its ownership in Bank Jasa Jakarta to 49.56%.
Shopee lays off hundreds of employees in 3 markets
The e-commerce firm is slashing jobs in Singapore, China, and Indonesia, where 180 employees (3% of the workforce) will be dismissed; In a statement, Shopee Indonesia attributed the decision to efficiency issues and adjustments to changes in business policies.
IDG Ventures Vietnam sues VCCorp for alleged governance lapses
It alleges signs of wrongdoings in VCCorp’s corporate governance process and signs of violating the investment contract with shareholders, causing serious harm to shareholders’ rights and legitimate interests.
Indonesia’s Dana joins unicorn club
This follows investments from local conglomerate Sinar Mas Group and Lazada; The funding puts Dana’s post-money valuation at over US$1.2 billion, said one of the sources.
LinkAja-owned agri P2P lender iGrow faces irate lenders, repayment delays
Retail lenders on its platform complain that they are not earning the investment returns and debt repayment promised; One of the lenders, Rizki, says the company doesn’t pay the margin on time or provide regular updates on the projects.
Singapore’s home appliance startup Prism+ bags US$32M from TNB Aura
The online-focused firm will use the capital to further expand in SEA, especially in the Philippines; Prism+ offers a wide range of electronic appliances, from smart TV to air conditioners.
Singapore’s agritech firm Nutrition completes US$20M round
The investors include Thai oil major PTT, Sumitomo, and ING Sustainable Investments; Nutrition manufactures protein from black soldier fly larvae as a sustainable alternative to fishmeal.
Q-commerce firm Dropezy may have closed all its 20 dark stores in Jakarta
This is part of its strategy to shift to an asset-light model; In an earlier statement to DealStreetAsia, its CEO Nitish Chellaram said the company is keen on becoming asset-light.
Ant Group may see IPO comeback after Shanghai land purchase
Ant said that after the purchase is completed, it will acquire roughly 60K square meters of office space to bolster its presence in the city’s fintech and blockchain landscape.
Indonesia’s B2B marketplace Ralali raises US$2M in Series D+
The investor is Singapore-based ACA Investments; Six months ago, the marketplace raised US$7.95M in equity funding backed by Beenext, SBI Ventures, ICMG Partners, and Arbor Ventures.
Singapore, India fintech regulators sign cross-border sandbox agreement
After the agreement, Singapore startups that have already joined MAS’ regulatory sandbox may be referred to IFSCA’s sandbox to test their use cases in India; Likewise, Indian startups will be able to test their services in Singapore.
Indonesian agritech firm Agridesa raises US$200K pre-seed
The investors are Multifield and Triputra Agro Persada; Agridesa connects land owners and farmers; It uses agricultural loans from banks to kickstart farming projects and divides the profit among all stakeholders when the crops are harvested.
Spin co-founder Derrick Ko announces new football venture
Derrick Ko’s new venture Matchday will focus on European football; While there isn’t a lot known about Matchday right now, it said it aims to deliver “football at its most authentic and personal”.
AirAsia to launch car-hailing in Indonesia
According to AirAsia Super App Indonesia, the service will focus on four-wheeled transportation at its launch, with Bali as its first location; AirAsia Ride has already rolled out in Malaysia, where drivers can be full-time employees.
‘Economic crises become less important when investing with a longer-term mindset’: Qin En Looi
Qin En Looi, Principal at Saison Capital, also says what worked in a capital-rich, low-interest environment (as we were a year ago) does not work in today’s climate.
Animoca Brands to acquire MotoGP developer WePlay Media
The acquisition will allow Animoca Brands to expand on its existing relationship with Dorna Sports as a sponsor, NFT licensor, collectible cards provider, and blockchain game developer and publisher.
Indonesian Web3 brand-retailer enabler SerMorpheus raises US$2.5M
The investors are Intudo Ventures, 500 Global, Febe Ventures, AlphaLab Capital, and BRI Ventures; SerMorpheus empowers brands and creators to develop NFTs and manage utilities, allowing them to engage directly with customers and communities.
Terra co-founder says he is not on the run
Do Kwon has clarified that he is not in hiding following reports that South Korean prosecutors issued arrest warrants for the co-founder and a few others; A recent Reuters article said that the Singapore Police Force has confirmed Kwon is not in the country.
Thailand SEC bars crypto firms from offering lending, staking services
SEC said it made the decision to protect traders and the general public from risks associated with related transactions, such as crypto staking and lending.
While traditional funding penalises a biz at its worst time, Jenfi gives them more leeway
Jenfi offers fast and efficient funding (as quickly as the same day) vs six-nine months, which is typical for VC/PE funding.
Indonesia may have a bright future in Web3 space, but some homework remains
The archipelago has all the elements of a supportive Web3 ecosystem with a close-knit community to forward-looking initiatives.
What the entrepreneur community says about King Charles III’s visit to WORQ
Stephanie Ping, CEO and Co-Founder of WORQ was surprised to see the King portraying that personality, which is rarely captured in the media.
Say no to working in silos
Silos can become a problem for workplace cohesion and employee engagement, don’t dismiss yourself and bring in what you’re good at.
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The post Ecosystem Roundup: Astra invests US$259M in digibank Bank Jasa, Shopee lays off hundreds of staff, IDG Ventures VN sues VCCorp appeared first on e27.