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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

• OpenAI is expanding across Asia, announcing the launch of the Cristal Intelligence enterprise platform in a $3 billion annual partnership with SoftBank in Japan, developing a Korean-language AI assistant with Kakao, exploring healthcare and robotics ventures in South Korea, and engaging with Indian startups to adapt and improve its AI solutions for local markets.

• EFishery is facing potential liquidation or restructuring after an investigation revealed $600 million in inflated revenue, prompting an independent financial review, while two executives have been reported over fraud allegations.

• Shein returned to India after a nearly five-year ban, through a partnership with Reliance Retail, which controls operations and customer data.

• Ula, valued at over $500 million, is winding down and offering investors about 30% of the capital raised while the founders focus on launching a new venture.

• Zomato, India's food and grocery delivery platform, will rebrand as "Eternal" and introduce a new logo after using the name internally for over two years.

💸 Top Funding Rounds

• Ola founder Bhavish Aggarwal is investing $230 million in his AI startup Krutrim, which is developing Indian language models.

• Chinese new energy materials supplier Nanopore has raised $137.21 million in Series A+ funding led by Temasek to expand production.

• AdvanCell closed a $112 million Series C round to scale its manufacturing and advance its cancer therapies and treatments.

• Cashfree secured $53 million in a Series C round led by Krafton at a $700 million valuation to expand its payment solutions in India and the Middle East.

• ArkEdge Space raised $52.84 million in Series B funding to accelerate satellite mass production and business expansion.

💰️ Notable Exits

• Guming Holdings aims to raise up to $202 million in a Hong Kong IPO by selling 158.6 million shares, and will begin trading on Feb. 12.

• Grab and GoTo are in advanced talks for a potential merger, aiming to cut costs and tackle competition in Southeast Asia’s ride-hailing market.

• Singapore-based Syfe has made a $40.7 million bid to acquire Australian investment platform Selfwealth as part of its expansion strategy.

• Perfios has acquired Clari5, a banking financial crime management firm, to enhance its fraud detection and risk management capabilities.

• Phenom, an AI firm backed by WestBridge, has acquired Bengaluru-based talent mobility startup EDGE to strengthen its workforce intelligence solutions.

🏦 About Investors

• Seeds Capital and Tin Men Capital will co-invest at least $300 million in startups over the next three years, strengthening Singapore’s ecosystem.

• Info Edge India has committed $115 million to its third venture fund in collaboration with Temasek, to invest in tech-driven Indian startups with a target fund size of $230 million.

• Beaten Zone Venture Partners secured over $6.27 million in commitments for its defense-focused VC fund targeting $37.62 million.

• Priyanka Gill has resigned as a venture partner at Kalaari Capital to launch Coluxe, a new jewelry brand specializing in lab-grown diamonds.

• Endeavor Malaysia has appointed Shan Li as its new managing director to drive the growth of high-impact entrepreneurs in Malaysia's ecosystem.

📊 Investment Highlights

Thailand's startup landscape is undergoing a transformation, with major acquisitions reshaping industries and driving regional growth. From KYKLO's integration into Epicor’s AI-driven ERP vision to Crea joining OnPoint’s e-commerce expansion, these deals highlight the strategic moves fueling innovation. Discover how companies like DRVR, Geekstart, and Sivadon Logistics are scaling through strategic buyouts. Want to see the full picture? Delve into the complete article to explore the key acquisitions shaping Thailand’s startup ecosystem in 2024.

🚀 Startup of the Week

Introducing our Startup of the Week 🏆

Krutrim

Krutrim, an AI startup founded by Bhavish Aggarwal and part of the Ola group, is focused on developing advanced AI solutions tailored for the Indian market. The company is creating foundational models for text, voice, and vision in 22 Indian languages, while also building AI-optimized chips. Krutrim is receiving a $230 million investment from Bhavish Aggarwal, founder of Ola. The investment, largely coming from Aggarwal’s family office, is part of a larger effort to raise $1.15 billion by next year. This funding will support Krutrim's development of AI solutions for the Indian market, including its work on India’s largest supercomputer in partnership with Nvidia. The deal highlights Aggarwal's commitment to positioning Krutrim at the forefront of India’s AI industry.

💼 Investor of the Week

Introducing our Investor of the Week 🏆

Seeds Capital and Tin Men Capital

This week, we spotlight two standout investors—Seeds Capital and Tin Men Capital—who are joining forces to make a major contribution to Singapore's startup ecosystem. Seeds Capital, the investment arm of Enterprise Singapore, has been fostering innovation and entrepreneurship since 2001 by supporting early-stage technology startups with global market potential. Tin Men Capital, a venture capital firm founded in 2018, focuses on revitalizing legacy industries in Southeast Asia through B2B tech investments. The two firms have partnered to co-invest at least $300 million into startups over the next three years. This collaboration aims to strengthen Singapore’s startup ecosystem in a challenging funding landscape, with Seeds Capital investing alongside private entities like Tin Men Capital and other partners such as Indonesia’s East Ventures.

🤑 Opportunity Radar

Call for Applications: Y Combinator Spring 2025

Apply to the Y Combinator Spring 2025 Batch by February 11th, 2025 to join one of the world’s most prestigious startup accelerators. The batch, held in San Francisco from April to June 2025, offers access to $500,000 in funding, top-tier mentorship, networking opportunities, and a vibrant community of founders. Participants will work closely with experienced YC General Partners, attend weekly meetups, and gain insights from renowned startup leaders like the founders of Airbnb and Stripe. Don’t miss the chance to secure funding and accelerate your startup journey—apply now and unlock lifelong connections within YC’s powerful alumni network.