Pro-Net secures MYR 200 million from CIMB Bank to spur green mobility transition in Malaysia
Proton New Energy Technology (Pro-Net), a wholly owned subsidiary of Malaysian automaker Proton, has secured MYR 200 million (USD 42.1 million) in funding from CIMB Bank to support its green mobility initiative and the importation and distribution of electric vehicles in Malaysia.
As a provider of electric mobility solutions in Malaysia, Pro-Net is tasked with fulfilling Proton’s commitment to its EV agenda and is expected to play a pivotal role in leading the automotive manufacturer’s transition toward new energy vehicles. It is also slated to contribute to the development of the Automotive High Tech Valley (AHTV) in Tanjong Malim, Malaysia.
In a statement, Pro-Net said that the capital will facilitate its ability to meet the rising demand for EVs, aligning with Malaysia’s objective of achieving carbon neutrality. The company plans to utilize the capital to upgrade EV infrastructure, with a specific focus on its digital ecosystem and supply chain, and to expand its network to enhance retail experiences.
Additionally, the funds will support Pro-Net’s importation and distribution of Smart #1 vehicles. Pro-Net currently holds the exclusive authorization to import and distribute Smart vehicles in Malaysia and Thailand, following the signing of a general distributor agreement in August 2022. —TechNode Global
Mitsui and Rohto jointly acquire Eu Yan Sang International at SGD 800 million valuation
Major Japanese companies Mitsui & Co and Rohto Pharmaceutical have agreed to jointly acquire Eu Yan Sang International (EYSI), a Singapore-headquartered health and wellness company, at a valuation of SGD 800 million (USD 592.7 million).
In a statement released by Mitsui on April 4, the company announced its intention to establish a special purpose company (SPC) with Rohto to acquire approximately 86% of EYSI’s shares from Righteous Crane Holding (RCH), subject to certain undisclosed conditions. Once these conditions are met, a takeover bid will be initiated for the remaining 14% of shares, while EYSI’s founders will reinvest partially into the SPC as part of the deal.
Prior to this agreement, Mitsui has held an indirect interest in EYSI since 2022, when it participated in the Tower Capital Asia fund that owns the company. However, this interest will now cease as Mitsui plans to reinvest in EYSI through the SPC.
If the SPC successfully acquires 100% of EYSI’s shares, effective interest in the company will be distributed as follows: 60% to Rohto, 30% to Mitsui, and 10% to the founders.
Hyundai becomes top shareholder of South Korean mobile carrier KT
Hyundai Motor Group (HMG), one of the largest conglomerates in South Korea, has emerged as the top shareholder of South Korean mobile carrier KT Corporation after acquiring shares from the country’s National Pension Service (NPS).
According to The Korea Economic Daily, HMG’s stake has risen to 7.89%, with Hyundai Motor and Hyundai Mobis holding 4.75% and 3.14% in KT, respectively. Correspondingly, NPS has reduced its holdings in KT from 8.54% to 7.51%.
However, the media outlet reported that HMG might sell some of its stake in KT to revert to its position as the second-largest shareholder. This move is prompted by the need to complete lengthy procedures to officially secure the top shareholder status in compliance with domestic laws.
Qoo10 acquires AK Plaza’s e-commerce unit for KRW 510 million
Qoo10, a Singapore-based e-commerce firm, has agreed to acquire AK Mall, the online shopping subsidiary of South Korean department store chain AK Plaza, for KRW 510 million (USD 377,000).
This deal also involves a partnership between Qoo10 and AK Plaza aimed at bolstering their online businesses and facilitating global expansion. While AK Plaza will maintain its focus on offline shopping malls as its core business, it will leverage the e-commerce capabilities of Qoo10 and Interpark Commerce, an Interpark spin-off acquired by Qoo10 in early 2023, to accelerate product sales.
Qoo10’s global expansion efforts have gained momentum in recent months. In February 2024, the company acquired Wish, a US-based online marketplace, from parent company ContextLogic for USD 173 million. The acquisitions of AK Mall and Wish add to Qoo10’s series of strategic purchases over the past two years, including Ticket Monster (Tmon) in August 2022 and WeMakePrice in April 2023.
Korea Zinc buys US Kataman for USD 55 million
Korea Zinc, the world’s largest producer of lead and zinc, has acquired Kataman Metals, a US-based scrap metal trading company, through its US subsidiary Pedalpoint Holdings for USD 55 million. As part of the deal, it will also assume Kataman’s debt of KRW 269.5 billion (USD 199.2 million).
According to The Korea Economic Daily, this acquisition is aimed at expanding Korea Zinc’s recycling business. By acquiring Kataman, Korea Zinc will gain access to its network of US scrap traders, enabling stable procurement of materials, including scrap metals. The media outlet further noted that Igneo Holdings, a US-based electronic waste recycling company acquired by Korea Zinc in 2022, is slated to process the waste materials.
Samsung C-Lab spin-off draws KRW 11.5 billion in Series C round
Linkflow, a South Korean startup specializing in the development of artificial intelligence-powered wearable camera solutions, has received KRW 11.5 billion (USD 8.5 million) in a Series C funding round from SBI Investment and other undisclosed investors.
With this investment, Linkflow said in a press release that it has cumulatively raised a total of KRW 34.7 billion (USD 25.6 million) in funding to date. The company added that it will allocate the newly raised capital toward product development, infrastructural upgrades, and supporting its expansion in the US.
Shield AI to acquire Australia-based Sentient Vision Systems
Shield AI, the defense technology company behind Hivemind, an AI pilot application, has announced a definitive agreement to acquire Sentient Vision Systems, an Australia-based company that provides motion imagery and objection detection solutions using computer vision sensors and techniques.
The deal is pending customary closing conditions and regulatory approval.
Centre Court Capital launches INR 3.5 billion sports and gaming tech fund
Centre Court Capital, a venture capital firm based in Mumbai, India, has launched an INR 3.5 billion (USD 42 million) fund that aims to back founders developing innovative sports and gaming technology.
The fund has drawn around INR 2 billion (USD 24 million) in commitments so far from various backers, including SG Sports (APL Apollo), the owners of JSW Group, billionaire Azim Premji’s wealth fund, and unnamed athletes.
Recent deals completed in China:
- Chimer AI, a provider of AI-based fashion design solutions, has completed an eight-figure RMB seed funding round. The investment was made by various industry parties serving LVMH, Ralph Lauren, and Shein, and will be allocated to finance Chimer AI’s ongoing research and development endeavors. The company offers a comprehensive suite of tools and services aimed at facilitating the fashion design process. Additionally, it operates a product management platform driven by its proprietary, fashion-focused generative AI model. —36Kr
- Mitro Biotech, a contract research organization (CRO) specializing in radiolabeling and molecular imaging techniques, has raised RMB 400 million (USD 55.3 million) in an equity funding round led by CMG-SDIC Capital. The round also saw participation from state-affiliated investors including SDIC JULI Investment Management and Shandong Industry Fund. Mitro Biotech is a subsidiary of Yantai Dongcheng. —DealStreetAsia
Latest funding deals in India:
- SingleInterface, a provider of hyperlocal marketing, customer engagement, and e-commerce solutions, has raised USD 30 million in its inaugural round of external financing. The round was led by Asia Partners, with participation from PayPal Ventures. The company plans to use the capital to consolidate its market position in Asia, extend its reach globally, and deepen its portfolio of products.
- Cygnus Medicare, a hospital operator under the brand Ujala Cygnus, has secured an undisclosed amount of funding from General Atlantic. Early investors Eight Road Ventures, Somerset Indus Capital, and Evolvence Capital made a full exit through this deal. Cygnus plans to utilize the current investment from General Atlantic to upgrade its clinical and civil infrastructure across its network and to augment its care capabilities across key specialties in the markets it serves.
- Nivara Home Finance, a home loan solutions provider, has raised USD 10 million in a funding round led by Baring Private Equity India. The company intends to utilize the proceeds to drive its growth and expansion. —Inc42
- Curelo, a marketplace platform for diagnostic labs in India, has raised USD 1.2 million in a funding round from IIMA Ventures, Indian cricketer Shreyas Iyer, Zee5’s founder Tarun Katiyal, and undisclosed family offices in the US. —VCCircle
- Hudle, a platform for sports and fitness enthusiasts, has secured INR 70 million (USD 838,790) in a pre-Series A funding round jointly led by Inflection Point Ventures and Sky Impact Capital. The round also saw participation from Survam Partners and Anay Ventures. The funds will be utilized to expand its footprint, develop products, and for marketing purposes. —VCCircle
- Cloudworx, the developer of a web-based integrated development environment (IDE) that enables users to build apps and workflows for 3D content without writing any code, has raised USD 600,000 in a seed funding round jointly led by Venture Catalysts and 1Crowd. The round saw participation from existing investors SucSEED and LetsVenture, alongside new investors Provista and Agility Ventures. —VCCircle
- Electronica Finance Limited (EFL), a Pune-based provider of loans to MSMEs, has raised USD 48 million in a Series B funding round led by LeapFrog Investments, with participation from Aavishkaar Capital. —VCCircle
HD, WasteX, Viruma, and more led yesterday’s headlines:
- HD, a health tech startup, secured USD 5.6 million in a Series A funding round led by SBI Ven Capital, through its joint fund with Kyobo Securities and NTUitive (Nanyang Technological University). M Venture Partners, Febe Ventures, Partech Partners, Ratio Ventures, Orvel Ventures, and TA Ventures also participated in this round.
- WasteX, a climate tech startup, raised USD 450,000 from P4G Partnerships, which will be utilized to partner with mills and poultry farms in Indonesia, establishing biochar production facilities across the archipelagic nation.
- Viruma, an Indonesian prop tech platform, secured an undisclosed amount of funding from Cyber Agent Capital, a Japan-based venture capital firm.
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