Category Archives: Tencent

A young entrepreneur is building the Amazon of Bangladesh

At just 26, Waiz Rahim is supposed to be involved in the family business, having returned home in 2016 with an engineering degree from the University of Southern California. Instead, the young entrepreneur is plotting to build the Amazon of Bangladesh. Deligram, Rahim’s vision of what e-commerce looks like in Bangladesh, a country of nearly 180 million, is making progress, having taken inspiration from a range of established tech giants worldwide, including Amazon, Alibaba and Go-Jek in Indonesia. It’s a far cry from the family business. That’s […]

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India’s most popular services are becoming super apps

Truecaller, an app that helps users screen strangers and robocallers, will soon allow users in India, its largest market, to borrow up to a few hundred dollars. The crediting option will be the fourth feature the nine-year-old app adds to its service in the last two years. So far it has added to the service the ability to text, record phone calls and mobile payment features, some of which are only available to users in India. Of the 140 million daily active users of Truecaller, 100 million […]

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India’s Mfine raises $17.2M for its digital healthcare service

Mfine, an India-based startup aiming to broaden access to doctors and healthcare by using the internet, has pulled in a $17.2 million Series B funding round for growth. The company is led by four co-founders from Myntra, the fashion commerce startup acquired by Flipkart in 2014. They include CEO Prasad Kompalli and Ashutosh Lawania who started the business in 2017 and were later joined by Ajit Narayanan and Arjun Choudhary, Myntra’s former CTO and head of growth, respectively. The round is led by Japan’s SBI Investment with […]

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Backer of Musical.ly, Grindr and Opera to invest $50M in self-driving startup Pony.ai

A games publisher in China is following the path of its larger peer Tencent to back a wide spectrum of startups for financial gains. Beijing Kunlun Wanwei, or Kunlun, announced in a filing this week that it plans to inject $50 million into autonomous driving startup Pony.ai in exchange for a 3 percent stake. Pony.ai confirmed the investment with TechCrunch in an email response, adding that the money contributes to its pre-B round of financing. The startup last pocketed $102 million, which valued it at nearly $1 […]

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Snap is channeling Asia’s messaging giants with its move into gaming

Snap is taking a leaf out of the Asian messaging app playbook as its social messaging service enters a new era. The company unveiled a series of new strategies that are aimed at breathing fresh life into the service that has been ruthlessly cloned by Facebook across Instagram, WhatsApp and even its primary social network. The result? Snap has consistently lost users since going public in 2017. It managed to stop the rot with a flat Q4, but resting on its laurels isn’t going to bring back […]

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Reddit is raising a huge round near a $3 billion valuation

Reddit is raising $150 million to $300 million to keep the front page of the internet running, multiple sources tell TechCrunch. The forthcoming Series D round is said to be led by Chinese tech giant Tencent at a $2.7 billion pre-money valuation. Depending on how much follow-on cash Reddit drums up from Silicon Valley investors and beyond, its post-money valuation could reach an epic $3 billion. As more people seek esoteric community and off-kilter entertainment online, Reddit continues to grow its link-sharing forums. Indeed, 330 million monthly […]

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China is funding the future of American biotech

Silicon Valley is in the midst of a health craze, and it is being driven by “Eastern” medicine. It’s been a record year for US medical investing, but investors in Beijing and Shanghai are now increasingly leading the largest deals for US life science and biotech companies. In fact, Chinese venture firms have invested more this year into life science and biotech in the US than they have back home, providing financing for over 300 US-based companies, per Pitchbook. That’s the story at Viela Bio, a Maryland-based company exploring treatments […]

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Tencent-backed news aggregation app Qutoutiao files for U.S. public offering

Qutoutiao, a news aggregator app backed by Tencent, has filed for an initial public offering of up to $300 million in the United States. In its F-1 form, the company, whose name means “fun headlines,” said it is the number two mobile content aggregator in China. Its main rivals are Jinri Toutiao, China’s top news aggregator, Tencent’s Kuaibao and Yidianzixun. Based in Shanghai, Qutoutiao reportedly reached unicorn status in March, when it raised a Series B of about $200 million led by Tencent. For Tencent, Qutoutiao and […]

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Airwallex raises $80M for its international payment service for businesses

Airwallex, a three-year-old fintech startup focused on international payments for SMEs and businesses, is putting itself on the map after it raised an $80 million Series B round. Based out of Melbourne, but with six offices in Asia and other parts of the world, Airwallex’s new funding round is the second-largest financing deal for an Australian startup in history. The round was led by existing investors Tencent, the $500 billion Chinese internet giant, and Sequoia China. Other participants included China’s Hillhouse, Horizons Ventures — the fund from […]

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