Startup Researcher - Asia Pacific: Week 1, 2025

December 30th - January 5th

Hello there,

Welcome to another edition of ๐Ÿ” Startup Researcher - Asia Pacific, your essential digest delivering the latest news and premium insights on startups and venture capital across the region ๐ŸŒ๏ธ 

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๐Ÿ“ฐ Important News

  • Vietnam has committed to funding up to 50% of R&D projects in semiconductor and AI sectors with a minimum investment of $118 million.

  • ByteDance denied reports of a $7 billion plan to buy NVIDIA chips by 2025, dismissing claims of major AI chip and cloud service investments.

  • Reliance Retail wrote off its $200 million investment in Dunzo as the startup faces financial struggles, failed buyout talks, and leadership resignations.

  • FinTech Australia has formally opposed a ban on payment surcharges, arguing it would harm competition, merchant choice, and fintech innovation.

  • X and YouTube missed Malaysia's social media license deadline, with X citing fewer than 8 million users and Google disputing YouTube's categorization under the law.

๐Ÿ’ธ Top Funding Rounds

  • Nasn Auto secured $68.3 million in Series D financing to enhance production, R&D of next-gen wire-controlled chassis, and market expansion.

  • QianGu Technology closed $54.64 million in Series B financing to accelerate the development and manufacturing of wire-controlled chassis.

  • Imagoworks completed a $16 million Series C round led by STIC Ventures and K2 Investment Partners to expand its AI-driven dental solutions globally.

  • OpenLoop secured $15 million from IPN Foundation to drive decentralized bandwidth sharing for AI innovation.

  • Aye Finance raised $12.8 million in debt from investors like Northern Arc and ASK Financial to fuel its NBFC operations.

๐Ÿ’ฐ๏ธ Notable Exits

  • Hindustan Unilever is in talks to acquire skincare startup Minimalist for up, to $350 million aiming to expand its portfolio in India.

  • Reliance Industries, led by Mukesh Ambani, acquired Karkinos Healthcare for $43.7 million to expand its health services portfolio.

  • Yanolja Platform and Interpark Triple have merged to form Nol Universe, an Asian travel platform aiming to compete with Trip.com and Rakuten Travel.

  • Grab acquired an equity stake in Nham24, Cambodia's leading food delivery and e-commerce platform, marking one of the largest exits in the country.

  • Creador acquired a majority stake in Indonesia's MG Group, a B2B hospitality marketplace, marking its eleventh investment in Indonesia.

๐Ÿฆ About Investors

  • Accel has raised $650 million for its eighth India fund, continuing its successful investment strategy in the South Asian market.

  • China's National Manufacturing Transformation and Upgrading Fund supported two domestic aerospace companies with $100-million-plus deals to fuel the country's growing space ambitions.

  • Carmen Yuen has stepped down from Vertex Ventures after 11 years, where she managed investor relations and contributed to investment strategies.

  • Granite Asia appointed Ming Eng as partner in Singapore, leveraging her two decades of expertise in private credit to co-manage its credit solutions.

๐Ÿš€ Startup of the Week

Introducing our Startup of the Week ๐Ÿ†

Nasn Auto

Nasn Auto, based in Shanghai, is a pioneer in intelligent wire-controlled chassis solutions, specializing in the development of next-generation automotive technologies such as drive-by-wire systems, electric motor brakes (EMB), and chassis domain controllers. With strong recognition from top-tier OEMs, its Onebox 2.0 and ESC platforms are integral to improving vehicle performance. The company recently completed a $68.3 million Series D financing round, led by SDIC Juli and SDIC Merchants, with participation from Yunhao Capital and others. The funds will support production scaling, product development, and market expansion. Nasn aims to ship over 1.5 million units in 2025, with monthly shipments of Onebox products reaching 80,000 units.

๐Ÿ’ผ Investor of the Week

Introducing our Investor of the Week ๐Ÿ†

Accel India

Last week, we named Accel India our investor of the week as rumors swirled about its eighth India fund. Now, with the firm officially raising $650 million, it deserves the spotlight again for this remarkable achievement. Accel India has a proven track record, with early investments in game-changing startups like Flipkart, Swiggy, and Freshworks. The latest fund focuses on pre-IPO investments, particularly in companies such as Zetwerk, Captain Fresh, and Urban Company, all set to go public in 2025. Accelโ€™s continued presence in India, alongside its support for tech IPOs, underscores its critical role in the countryโ€™s growing innovation ecosystem.

๐Ÿค‘ Opportunity Radar

Apply to the Y Combinator Spring 2025 Batch by February 11th, 2025 to join one of the worldโ€™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. Donโ€™t miss the chance to secure funding and accelerate your startup journeyโ€”apply now and unlock lifelong connections within YCโ€™s powerful alumni network.

Thank you for joining us this week! We trust you found value in our latest edition. ๐Ÿš€

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If you're interested in staying updated on the latest trends, startups, and investments in other regions, don't miss out on:

  • ๐ŸŒ Startup Researcher - Africa: Delve into Africa's thriving ecosystem, uncovering cutting-edge trends, emerging startups, and investment opportunities.

  • ๐ŸŒ Startup Researcher - Europe: Stay updated on Europe's innovation scene, featuring insights into groundbreaking startups, investment trends, and entrepreneurial developments.

  • ๐ŸŒŽ๏ธ Startup Researcher - Latin America: Keep track of Latin America's fast-growing startups, investment trends, and disruptive technologies driving economic growth.

  • ๐ŸŒ Startup Researcher - Middle East: Explore the dynamic landscape of the Middle East, with comprehensive coverage of startups, entrepreneurial endeavors, and venture capital trends.

  • ๐ŸŒŽ๏ธ Startup Researcher - North America & Israel: Stay ahead with coverage of the North American and Israeli startup ecosystems, focusing on cutting-edge ventures, investment insights, and tech advancements.

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