Carro secures investment from Woori Venture Partners
Carro, Asia Pacific’s largest online used car marketplace, has secured an investment from Woori Venture Partners, the venture capital arm of Woori Financial Holdings. The exact amount remains undisclosed. Carro said the funding will support its expansion across Southeast Asia, with a particular focus on Indonesia.
Indonesia’s used car market, valued at USD 56.3 billion in 2024, is projected to grow at a compound annual growth rate (CAGR) of 5.8%, reaching USD 74.5 billion by 2029, according to Mordor Intelligence. Carro aims to tap into this growth by leveraging Woori’s market presence to boost financial inclusion and meet unmet demand for automotive financing in the region.
Alan Ang, director of Woori Venture Partners, highlighted Carro’s position as a market leader with significant growth potential. “Carro is the clear leader in a space that is prime for disruption, with significant room for expansive growth. [Its] ability to grow profitably at scale is testament to their performance and commitment,” Ang said.
CarDekho SEA raises USD 60 million in first external funding round
CarDekho SEA, the Southeast Asia arm of India’s CarDekho Group, has raised USD 60 million in its first external funding round. The round, co-led by Navis Capital Partners and Dragon Fund, brings CarDekho SEA’s total funding to over USD 100 million.
The fresh capital will be used to strengthen its used car financing and classifieds operations, enhance its B2B2C model, and expand partnerships and distribution channels. Indonesia and the Philippines remain key targets for the company’s growth strategy.
CarDekho SEA operates key subsidiaries such as Oto Indonesia, Carmudi Philippines, and Zigwheels Philippines. Since its launch in 2020, the company said it has facilitated over USD 1 billion in gross merchandise value and partnered with more than 40 financial institutions.
Longbridge raises over USD 100 million for global expansion
Longbridge Group, a fintech and securities firm based in Singapore, has raised over USD 100 million to fuel its international expansion.
The firm recently introduced Longbridge Securities in Singapore, becoming the first brokerage in the country to offer lifetime commission-free trading for US and Hong Kong markets.
The funding will enhance Longbridge’s product offerings, including stocks, ETFs, and REITs, while broadening access to global financial markets for retail investors. The platform operates under the license of the Monetary Authority of Singapore.
BECIS raises USD 53 million to scale decarbonization solutions
BE C&I Solutions Holding (BECIS), a Singapore-based energy-as-a-service provider, has raised USD 53 million in equity funding from existing investors, including FMO, KLP Norfund Investments, Pula Investments, and Siemens Financial Services.
The funds will support the company’s expansion across eight Asian markets, including India, Thailand, and Vietnam.
InnoVen Capital backs Rainforest to scale e-commerce brands
Rainforest, a Singapore-based e-commerce aggregator focusing on parenting and kids’ brands, has received funding from InnoVen Capital. The investment amount remains undisclosed.
The capital will be used to scale Rainforest’s portfolio of 17 brands, including Babbleroo and Baby Deedee, across the Asia Pacific.
Kioxia raises USD 800 million in IPO
Japanese memory chipmaker Kioxia has raised USD 800 million in its IPO, according to Reuters. The offering priced Kloxia’s shares at JPY 1,455, valuing the company at JPY 784 billion (USD 5.2 billion).
The IPO included share sales by Bain Capital and Toshiba, with Kioxia itself raising JPY 31 billion (USD 204.5 million) through new share issuance.
This IPO marks a new chapter for Kioxia, which Bain Capital acquired from Toshiba in 2018 for JPY 2 trillion (USD 13.2 billion).
Treasury Wine Estates acquires China’s Stone & Moon Winery
Treasury Wine Estates (TWE), an Australian wine giant, has acquired a 75% stake in Stone & Moon Winery, located in Ningxia, China, for RMB 130 million (USD 18.2 million).
The acquisition includes 43 hectares of vineyards and a modern winery, bolstering TWE’s local production capabilities for its Penfolds brand.
This move aligns with TWE’s strategy to deepen consumer engagement in China, a critical market for the group.
Latest deals completed in China:
- Modelbest, an artificial intelligence company, has secured a nine-figure RMB sum in a funding round co-led by Loongson Capital, CDH Investments, ZGC Science City, and SAIF Partners. Additional backing came from Beijing Artificial Intelligence Industry Investment Fund and Zero2IPO Ventures. —36Kr
- Robotstorm, a robotics startup established in September 2023, has completed an angel funding round, raising over RMB 10 million. Heroad Investments and Galaxy Capital co-invested in this round, with the funds earmarked for product R&D, mass production, and operational expenses. —36Kr
- Wenge, a decision intelligence service provider, has raised over RMB 100 million in a funding round backed by the Beijing Artificial Intelligence Industry Investment Fund. The funds will be used for R&D and business development. —36Kr
- NED+AR, a display optics innovator, has secured over RMB 100 million in a Series C funding round. Hefei Construction Investment Holding, Baohe Venture Capital, and the Beijing New Materials Industry Investment Fund were among the investors. The funds will be directed toward developing extended reality (XR) displays and vision-safe optical technologies. —36Kr
- Merchip, a developer of reconfigurable digital power management chips, has bagged an eight-figure RMB sum in its latest funding round. Yuqiaohe Investment and Suzhou High-tech Science and Technology Innovation Fund participated. —36Kr
- Planck Semicon Technology, a semiconductor inspection equipment provider, has completed its pre-Series A funding round, raising an eight-figure RMB sum. Guozhong Capital was the sole investor. —36Kr
- LifenGas, a high-tech gas separation and supply solutions firm, has raised a nine-figure RMB sum in a funding round led by a Chinese state-owned venture capital fund. The company will use the proceeds to enhance its product offerings and scale operations internationally. —36Kr
- V1, an advanced manufacturing company focused on AI and precision automotive molds, has raised an eight-figure RMB sum in funding. The round was supported by Redpepper Capital and overseas industrial investors. V1 will use the funds to expand its global operations and support US IPO preparations. —36Kr
- IDCEMS, a semiconductor storage and cloud computing firm, has secured tens of millions of RMB in a pre-Series A funding round. Matrix Partners and CICC Capital participated. The funds will be allocated toward market expansion, R&D, and supply chain upgrades. —36Kr
Omni HR, Kamereo, Luma AI, and more made recent headlines:
- Omni HR, a Singapore-based human resources management platform, secured USD 7.4 million in a funding round led by Picus Capital, with participation from Alpha JWC Ventures, January Capital, and Ratio Ventures.
- Kamereo, a Vietnam-based B2B food sourcing platform, reportedly secured USD 7.8 million in Series B funding from Sumitomo Corporation, Inspire, SMBC Venture Capital, Mitsubishi UFJ Capital, and Reazon Holdings.
- Luma AI, a Silicon Valley-based developer of visual artificial intelligence technologies, reportedly landed USD 90 million in its latest funding round. The round featured participation from Amazon, AMD, Factorial Funds, LDV Capital, and existing investors a16z, Amplify Partners, and Matrix Partners.
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