Hello there,

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 🌏️ 

If you haven't subscribed yet, now's the perfect time. Don't miss the opportunity to supercharge your understanding and stay ahead in this dynamic world.

Ready? Let’s get right into it.

📰 Important News

• Donald Trump’s attorneys asked the Supreme Court to pause the TikTok ban set for January 19 arguing it interferes with his foreign policy plans.

• PharmEasy's valuation has dropped to $456 million after investor Janus Henderson cut the value of its stake by 92%.

• Telegram and WeChat have applied for licenses under Malaysia's new regulations, which take effect on January 1, 2025.

• DeepSeek has launched its AI model DeepSeek-V3 outperforming open-source models and rivaling GPT-4o in performance.

• LaunchVic has added four new directors to its board, preparing for 2025 following the departure of its Treasurer Tim Pallas.

💸 Top Funding Rounds

• Chinese startups dominated funding this week as StepFun, IM Motors, and DeepWay secured Series B rounds, each exceeding $100 million.

• India-based ecommerce shipping platform Shiprocket is set to raise $25.6 million in a funding round led by KDT Ventures.

• Sitemate, an Australian no-code software startup for the construction sector, closed $18 million in a Series A round led by Blackbird to expand globally.

• Captain Fresh, a Bengaluru-based seafood startup, secured $12 million in a funding round led by Motilal Oswal Wealth Limited.

• Thailand-based Freshket raised $8 million in funding led by Thai President Foods and Kliff Capital to expand into new markets.

💰️ Notable Exits

• Greaves Electric Mobility filed for a $120 million IPO to fund product development and manufacturing with plans to raise additional funds through a pre-IPO placement.

• Oyo acquired G6 Hospitality, adding Motel 6 and Studio 6 brands with 1,500 hotels in the United States and Canada for $525 million.

• L’Oréal has acquired South Korean skincare brand Dr.G from Migros, aiming to capitalize on the global demand for K-Beauty.

• Monopoly Go developer Scopely has acquired Perfect World's Chengfeng Studio in a $34.5 million deal.

🏦 About Investors

• Accel India is close to finalizing its $650 million eighth fund, bringing total commitments to nearly $3 billion, focusing on pre-IPO startups.

• Chinese investors, including Shijingshan Industrial Fund and Zhongguancun Development Group, have invested over $25 million in UK-based Fuel Ventures.

• Enlighten Angel Fund has raised $11.7 million for its first fund and rebranded as Enlighten Capital to reflect its transformation to a micro VC fund.

• Peak XV Partners sold a 1.5% stake in MobiKwik for $9.6 million reducing its holding to 1.26%.

🚀 Startup of the Week

Introducing our Startup of the Week 🏆

StepFun

Shanghai-based AI unicorn StepFun, founded in April 2023 by Jiang Daxin, a former chief scientist at Microsoft Asia Research Institute, has completed its Series B financing, raising hundreds of millions of dollars. The round was led by Shanghai State-Owned Capital Investment Co., Ltd. and its affiliated funds, with participation from Tencent Investment, Wuyuan Capital, and Qiming Venture Partners. This funding will support the company's focus on basic model R&D, multimodal and complex reasoning capabilities, and expanding consumer application scenarios through innovative products and ecosystems. StepFun, known for its AI advancements, recently introduced its multimodal intelligent assistant "Yuewen" and launched China's first domestic billion-parameter end-to-end speech model. The company’s vision, inspired by the roadmap from “ChatGPT to Sora,” aims to pioneer Artificial General Intelligence (AGI).

💼 Investor of the Week

Introducing our Investor of the Week 🏆

Accel India

Accel India, a leading venture capital firm renowned for backing iconic startups like Flipkart and Swiggy, is nearing the close of its eighth fund, valued at $650 million, bringing its total commitments to nearly $3 billion. Established as part of the global Accel network, the firm has a storied history of nurturing high-growth startups across various sectors since 2008, and its investments include companies like BookMyShow, BrowserStack, Freshworks. This new fund focuses on pre-IPO investments, supporting companies like Zetwerk, Captain Fresh, and Urban Company, which are preparing for IPOs in 2025.

🤑 Opportunity Radar

Call for Applications: 100x Impact Accelerator

Apply to the 100x Impact Accelerator by 6 January 2025 for a 12-week program offering £150,000 in catalytic capital and access to world-class mentors, researchers, and policymakers. The program is open to social ventures addressing global challenges in areas such as climate, health, education, and equitable economies, with a focus on scalable, evidence-based solutions. Participants will join a cohort of like-minded entrepreneurs, gain long-term alumni membership, and present their work at a dedicated Summit Day.