Tencent, Lenovo Ink AR Deal in US, SAIF Puts $12M In Indian Online Tax Service
[Silicon Dragon Digest, week of June 13, 2016]
CHINA
Proof that virtual reality startups are where the money is increasingly going comes from the $50 million deal in VR upstart Meta that Tencent and Lenovo just inked. Adding to those powerhouse investors were Li Ka-shing’s Horizons Ventures. Meta CEO Meron Gribetz is eyeing expansion opportunities in China for the augmented reality startup founded in 2012.
GGV managing partner Hans Tung, speaking on CNBC, reasoned that China’s rural economy and global expansion will drive Alibaba’s growth story. See video. Alibaba offered financial guidance for the first time, forecasting a sales increase acceleration from last year as it seeks to shore up investor confidence. Alibaba leader Jack Ma also made headlines for defending the company’s counterfeiting protections while adding that it isn’t easy since fakes have become much better.
The ride-hailing industry’s relentless march continued today as Didi Chuxing, Uber’s main rival in China, raised $7 billion in new funding, adding to the $1 billion from Apple.
China is a big market. But is it big enough for two major ride-hailing companies? The battle between Uber Technologies’ China affiliate and Chinese homegrown champion Didi Chuxing Technology has been so bruising that some investors in the companies increasingly say the answer is no. Read Uber-Didi in the Wall Street Journal.
Silicon Dragon’s Rebecca Fannin was interviewed on CCTV America about the growth of express delivery services in China. See video clip. In 2014, China surpassed the US to become the world’s largest express delivery country. The total operating income generated by the mainland’s express enterprises reached RMB 200 billion with a year-on-year growth rate of 36.6 per cent. Close to 14 billion parcels were delivered, which leads the rest of the world.
INDIA
SAIF Partners has led an investment of $12 million in Bangalore-based online tax return service ClearTax. The startup has been on a roll, closing a $2 million seed round just one month ago after acing YCombinator two years earlier. The startup counts such notable investors as Founders Fund, Sequoia and PayPal founder Max Levchin. The deal was spearheaded by SAIF partner Ravi Adusumalli.
Sequoia Capital led a $20 million investment in fashion app Voonik along with existing backer Seedfund and several new investors including Times Internet. Just a week earlier, Voonick acquired Zohraa, a related marketplace for designers and boutiques to get into premium e-commerce.
SOUTHEAST ASIA
Singapore-based Golden Gate Ventures has closed a new $60 million fund for Southeast Asia’s rapidly growing startup ecosystem. A first closing was held a year ago with such notable investors as Facebook co-founder Eduardo Saverin and Temasek. Led by Jeffrey Paine, Golden Gate Ventures has matured from a $10 million seed fund starting in 2012.
An online marketplace based in Singapore for buying and selling cards, Carro, has drawn $5.3 million from Indonesia’s Venturra Capital, joined by Singtel Innov8, Golden Gate Ventures and GMO Venture Partners among some others. Carro is aiming to expand into more Southeast Asian markets this year.
NEW ZEALAND
New Zealand startup 90 Seconds, an “Uber” of video production, has landed $10 million in financing from Kiwi newcomer investor Sequoia Capital and Australian tech venture firm AirTree. Sequoia takes a board seat in the five-year-old startup that is aiming to go global and make an impact like Kiwi startup success story Xero.
