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Welcome to another edition of 🔍 Startup Researcher - Asia Pacific, your essential digest delivering the latest news and premium insights on startups and venture capital across the region 🌏️ 

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📰 Important News

• Beijing has launched a $13.7 billion fund to invest in future industries, continuing the trend of regional governments setting up funds for innovation.

• Indonesian fisheries startup Aruna has laid off 40% of its workforce as part of a strategic restructuring to ensure long-term sustainability.

• South Korea launched a $34 billion fund managed by Korea Development Bank to support semiconductors, automobiles, and strategic technologies.

• ByteDance launched a U.S. employee stock buyback at a $312 billion valuation, offering $189.90 per share, up from $181 in the previous round.

• India will develop a national AI model with a $57.5 million investment, acquiring 18,693 GPUs to boost AI research.

💸 Top Funding Rounds

• Indian HR tech firm Darwinbox raised $140 million from Partners Group and KKR to fuel global expansion and enhance its cloud-based HR platform.

• Chinese AI firm Zhipu secured $140 million in funding led by government-backed entities and supported by Alibaba and Tencent.

• Indian student lending firm Leap Finance has obtained $100 million in debt from HSBC under its ASEAN Growth Fund to support its expansion.

• Alibaba-backed LimX Dynamics closed a $69 million Series A+ round to advance humanoid and robotic technologies.

• Health2Sync raised over $20 million in a Series C round led by Taiwania Capital to expand into new markets and prepare for a public listing in Taiwan.

💰️ Notable Exits

• Mumbai-based fintech startup Mintoak has acquired Digiledge to expand into bill payments and CBDC, integrating the company as a subsidiary.

• Malaysian proptech firm LiveIn acquired KoolKost from RedDoorz, adding 27 properties across six Indonesian cities to expand its long-term rental offerings.

• Airwallex acquired Vietnam’s CTIN Pay to expand its licensing footprint in the Asia-Pacific region and enhance its financial infrastructure.

• India’s GaragePlug acquired AI-based reputation management platform Freshreview to enhance automotive service digitalization.

• TVS Motor has acquired Ion Mobility, a Singapore-based e-scooter startup, with Ion’s CEO James Chan joining TVS as senior VP.

🏦 About Investors

• SoftBank CEO Masayoshi Son is planning to borrow $16 billion for AI investments, with an additional $8 billion potentially by 2026.

• China plans to launch a government-backed venture capital fund that will mobilize $138 billion to support technology startups.

• Rohan Misra, son of ex-SoftBank executive Rajeev Misra, raised $150 million for Gravity Holdings to invest in growth-stage Indian tech startups.

• India’s Together Fund is set to raise $150 million for its second fund by June 2025 to support 20 AI startups.

• Prime Venture Partners launched a $100 million fifth fund to invest in 16-18 early-stage Indian startups across fintech, AI, and SaaS.

🚀 Startup of the Week

Introducing our Startup of the Week 🏆

Darwinbox

Indian HR tech firm Darwinbox has secured $140 million in a strategic funding round co-led by KKR and Partners Group, with participation from Lightspeed, Sequoia, Salesforce, and Microsoft, to accelerate its global expansion and enhance its AI-powered HR platform. Founded in 2015 by Chaitanya Peddi, Jayant Paleti, and Rohit Chennamaneni, Darwinbox provides an all-in-one solution for enterprises managing employee lifecycle processes, payroll, and recruitment, positioning itself as a challenger to industry giants like Deel, Rippling, SAP, and Oracle. With 60% of its revenue now coming from outside India, this latest investment fuels its ambitions to scale across North America, APAC, the Middle East, and Europe while driving innovation in HR technology.

💼 Investor of the Week

Introducing our Investor of the Week 🏆

Together Fund

India-based venture capital firm Together Fund is raising a $150 million second fund, set to close by June 2025, to invest in 19 to 25 early-stage AI startups, with deal sizes ranging from $3 million to $5 million. Founded in 2021 by Manav Garg and Freshworks' Girish Mathrubootham, the firm initially focused on SaaS but has expanded into AI, backing companies working on AI infrastructure, automation, and industry-specific applications. With 31 total investments, including 16 AI-first startups like Jhana, RapidClaims, and UiFlow, Together Fund aims to help portfolio companies scale rapidly, predicting several will surpass $100 million in revenue within the next few years.

🤑 Opportunity Radar

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