E-commerce tops VC investments in SEA in Q2
The story: Southeast Asia has seen an increase in startup investments in the Q2 2020 despite COVID-19, which has mainly been led by e-commerce and fintech companies, according to Vietnam Plus.
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The rise is attributed to the pandemic which is causing consumer habits to shift and causing some sectors to potentially benefit.
Industry breakdown: E-commerce emerged at the top raising US$691M in total, followed by logistics (US$360M) and fintech (US$496M).
Top startup fundraises: Tokopedia (US$500M), gojek (US$300M), Ninja Van (US$279M).
GreenPro makes strategic investment for 15% stake in Ata Plus
The story: Hong Kong-based investment company Green Pro has bought a 15 per cent stake in Malaysia’s equity crowdfunding platform Ata Plus.
The benefits:
- By leveraging on GreenPro’s considerable regional financial assets and global presence, Ata Plus will be able to fast track its focus on becoming a regional fundraising platform (in the short-to-mid term) and a global one (in the longer term).
- The aim is to immediately create a ‘10+1’ market reach potential comprising the 10 member states in ASEAN plus China, where GreenPro has access via their Hong Kong presence.
- This strategic acquisition also enables Ata Plus to utilise the digital assets and technology recently acquired by GreenPro via their investment in First Bullion Holdings, Philippines.
Swiggy cuts 350 more staff
The story: India’s food delivery unicorn company Swiggy has said that it is laying off 350 executives as part of its restructuring exercise, according to Entrackr.
The company has said that all of the laid-off employees will receive at least three months of salary along with health insurance and accelerated stock vesting until December.
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The post In brief: Investments in SEA startups double in Q2 despite pandemic; GreenPro invests in Ata Plus appeared first on e27.