Investors are turning their attention to the electric vehicle sector with multimillion-dollar deals secured by several EV companies in Singapore, China and India.
Two-wheelers are a primary mode of transportation in India, naturally making electrification of this segment a focal point in recent times. The Indian government is targeting 70% of two-wheelers sold to be electric variants by 2030. However, recent subsidy cuts have derailed progress in this sector, with funding key for companies like Ola Electric and Ather Energy to continue their R&D efforts and keep their EVs affordable for the masses.
Meanwhile, Chinese EV makers took center stage at the recent IAA Mobility auto show in Germany with representation from over 50 Chinese companies. China-made EVs have seen strong demand from various parts of the world due to their affordability, and companies like Hozon Auto and Avatr have garnered substantial support to continue their expansion, helping position China as a dominant force in the global EV market.
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That’s all for this week. If there are any news or updates you’d like us to feature, you can also get in touch with us via the email above.
Temasek leads Ola Electric’s USD 140 million funding round in Ola Electric ahead of IPO
India-based e-scooter maker Ola Electric is set to secure USD 140 million in a funding round led by Singapore state-backed investor Temasek, which will value the company at USD 5.4 billion. The completion of the round coincides with Ola Electric’s plan to lodge an IPO later this year. —DealStreetAsia
Certa raises USD 50 million in Fin Capital-led Series B round
The third-party risk management platform has raised USD 50 million in an oversubscribed Series B funding round led by Fin Capital, with participation from Vertex Ventures Southeast Asia and India, Tru Arrow Partners, Point72 Ventures, BDMI, Aglae Ventures, Mantis VC, and GOAT Capital.
The funds will be utilized to strengthen Certa’s go-to-market efforts, expand into new high-growth markets like Europe, and accelerate the adoption of its generative artificial intelligence technology for streamlining third-party ecosystems.
Nazara Technologies secures INR 4.1 billion from SBI Mutual Fund
The India-based mobile gaming and sports media platform has obtained board approval to raise INR 4.1 billion (USD 49.3 million) from SBI Mutual Fund through an equity share issuance. This move is part of the company’s strategy to amass funds for potential acquisitions and the growth of its current ventures.
Nazara Technologies intends to issue equity shares to SBI Mutual Fund through a preferential issue on a private placement basis. The investment will be made through three schemes of SBI Mutual Fund, including SBI Multicap Fund, SBI Magnum Global Fund, and SBI Technology Opportunities Fund. —Tech in Asia
Sleek EV raises funding to electrify Southeast Asia’s two-wheelers
The Singapore-based EV company has completed a pre-Series A funding round led by ORZON Ventures, a venture capital fund managed by OR and 500 TukTuks. Co-investors in the round include January Capital and A2D Ventures. The funds will support Sleek EV’s mission to accelerate Southeast Asia’s transition toward electric two-wheelers. —TechNode Global
GTA Semiconductor raises RMB 13.5 billion for automotive chip manufacturing
The Shanghai-based automotive chipmaker has secured RMB 13.5 billion (USD 1.8 billion) in funding from several state-affiliated funds and institutional investors, as confirmed in an announcement by state-owned private equity firm Spinnotec, one of its prior backers. —DealStreetAsia
iFLYBUDS secures eight-figure RMB sum in pre-Series A round
The China-based AI-powered wearables company has recently closed a pre-Series A funding round worth an eight-figure RMB sum, with FutureX Capital participating as the lead investor. The funds raised will support the company’s initiatives including product launches and market expansion activities. —36Kr
Konvery raises eight-figure RMB sum in pre-Series A round
The Chinese AI data automation platform has secured an eight-figure RMB sum in a pre-Series A funding round led by Ascend Capital Partners and with participation from Tsing Zhi Capital. The funds will be dedicated to advancing R&D in automation production lines and toolchains.
This marks the third round of financing completed by Konvery in just one year, following previous investments from Chentao Capital, Plug and Play China, Sany Group, among others. —36Kr
500 Global, Josys, Yuequan Bionics, and more led yesterday’s headlines:
- 500 Global, an early-stage venture capital firm, has successfully closed its third Southeast Asian early-stage fund with a total of USD 143 million. Approximately 30% of the funds are allocated to the fund’s growth vehicle, while the remaining USD 100 million is designated for early-stage investments.
- Josys, a Japanese software-as-a-service and device management platform, has raised USD 93 million in a Series B funding round led by Global Brain and Globis Capital Partners, bringing its total funds raised to USD 125 million.
- Yuequan Bionics, a Chinese bionics company, secured an eight-figure RMB angel investment from Qihang Capital, which will be used to advance the industrialization of systems and core components for bionic humanoid robot development.
If there are any news or updates you’d like us to feature, get in touch with us at: hello@kr-asia.com.