The Weekly Snapshot: News from Gojek, Sequoia India, TikTok, and more
Hi My name's nap, and this is the weekly snapshot, your weekly those of Asian Tech and start up news. Here's the lowdown on the past week. Go pay go jacks, stew wallet and Payment Solutions. Platform is now available as a payment option for YouTube premium and Youtube Music subscriptions in Indonesia becoming the first wallet to be available as a payment method on Youtube in the archipelago. This actually signifies an extension of go pace existing partnership with Google play, which started last year and they blame consumers and Indonesia to buy games on the APP store and make an APP purchase via Gopi, which also makes it the first you wallet to be available on Google play in Indonesia so you go go pay. The top materialized after go jack received more investment from Google along with facebook paypal and ten cent earlier this year to boost digital financial services in. Asia. In other Jack News Go Viet, the firm's Vietnamese arm has officially rebranded to go Jack Vietnam. Them long enough. Now customers in the country will be able to access more by Kaeling services through go bike logistics services with go sand and food delivery via go food all from within the Kojak. In addition, the company also introduced several feature upgrades including simpler whom screen an option for users to pin favorite dishes within go food image sharing between customers and drivers and support for multiple orders across services. Well, I could really use some of those services and go check Singapore APP. The ride hailing major also said, this users will now be able to access the go jack APP in all the countries it operates in including Vietnam Indonesia and Singapore very soon in a few weeks or so the APP will also be available in. Thailand. So that's something to look forward to. And while we're on the topic of go, Jack the company's former Chief Technology Officer Ajay Gauri has joined Sequoia India as its operating partner off technology. He will work with Sequeira in this portfolio chief technology officer and chief product officers by providing insight and expertise in building and scaling engineering data science product and design functions, which doesn't sound that much like the quote unquote break gory wanted to take when he left. Gojic but as long as he's happy, I guess. Also, his new appointment will help equate in the expand its contributions in these areas, which where previously led by its director of technology an under my Roy Chowdhury. Roychowdhury has transitioned into a full time investment advisory role as a principal with the search team. Okay enough with a go jack and go check news US President Donald Trump announced last week two executive orders that will prohibit any transactions with tiktok operator dance and we chat owner ten cent as tensions between the US and China continued to escalate. The orders will take effect forty five days from last Thursday? According to trump Chinese mobile APPS. The quote National Security Foreign Policy, and economy of the United States. In the executive orders, the president said that both we had an tiktok capture quote vast swath of information from their uses Tiktok with over one hundred and seventy, five, million downloads in the. US and over one billion globally collects information such as location data and browsing search history. Trump also noted that the APPs censor content that the Chinese Communist Party the politically sensitive. Responding to the Executive Order Tiktok said it was shocked as the order was Issued without any new process The company emphasized that has been engaging with the US government for nearly a year to address ladders concerns adding that what it encountered instead was quote that the administration pay no attention to facts dictated terms of an agreement without going through standard legal processes and tried to insert itself into negotiations between private businesses. TIKTOK. Also reiterated the never shares user data with the Chinese Government nor census content at its request. Trump's decision comes to tech giant. Microsoft is pursuing talks about potential take over of TIKTOK, which is estimated to be valued at fifty billion dollars. The company is to complete the discussions by September fifteen this year. If you're curious about how it got here and what the heck is going on. We also published a nifty little time line of TIKTOK summarize all the way up to now while I'm recording this. I. Mean who knows what happened in the hot minute between now and when published this so Right, it's time for a regularly scheduled quick break, which is podcast lingo for I'm about to read an ad. After. That will run through the funding updates of the week as well as some acquisition news. So don't go away. This year. The technique conference will explore the tech opportunities presented by the new Golden Age, and of course to adjust to the so-called new normal, we will be going entirety virtual and bring you the most relevant insights in what the emerging opportunities. In Southeast. Asia's Golden Age will be which verticals, companies and business malls will drive new innovation in Asia's tech scene how the startup world will change in twenty twenty one and beyond and how to accelerate your business toward recovery sign up. Now for forty percents off your ticket purchase at TECH IN DOT Asia Slash Conference Twenty only valid for this month the month of August. Again, that's tech in Dot Asia Slash Conference twenty. Now. Back to the show. Welcome back let's start off this half of the show with some aquisition news. US Business and financial software company INTUIT said it has entered into an agreement to acquire trade gecko A singapore-based software as a service company that develops online inventory and order management software for small businesses. Financial details were not disclosed but into it said to be paying more than eighty million dollars for the deal. The transition which is expected to close in September will see trade GEICO's co-founders join into it and play roles and product and team integration according to a statement. Cameron Priests CEO and Co Founder Trade Gecko described the deal as an opportunity that his company could couldn't pass up which is understandable if you take into account, the fact that the startup had to lay off thirty five it's one hundred, twenty five employees earlier in the year to quote reduce costs and maintain growth. Indian online learning giant by Jews announced it as acquired mumbai-based Coding Indications Platform Wipe had junior in three, hundred, million dollars all cash deal as it looks to further expand is offerings India and accelerate its US expansion plans. Will continue to invest in white had juniors, technology platform, and product innovation while expanding his teacher based to cater to demand from. New Markets. White had junior founder. CARAMBA judge will continue to lead scale the business in India and the US. An eighteen month old startup what had junior helps kids between ages six and fourteen build commercial read games animation, and APPs online using the fundamentals of coding and provide students in grades one to nine with live one to one online classes. The company claims to be the second largest ED tech platform in India, with revenue run rate of one, hundred, fifty, million dollars. It was already looking to expand and Canada the UK, Australia and New Zealand after seeing one hundred percent month over month growth in the US since February. The white hat junior deal follows by juice one, hundred, twenty million dollar acquisition of fossil the US based company Developing Educational Games in January twenty nineteen. By juice estimated to be valued at around ten point, five billion dollars said it has seen sixty four million students cumulatively learning from its APP four point, two million annual paid subscriptions and an annual renewal rate of eighty, five percent. It also doubled its revenue from one hundred, ninety, one, million to three, hundred, and seventy, four, million dollars in financial year twenty, nineteen to twenty twenty. Now for the funding updates. singapore-based ride hailing giant grab is said to be raising two hundred million dollars from stick investments as the South Korean private equity firm aims to increase exposure in Southeast Asia. Stick will be investing one hundred, million dollars from one of its funds while the remaining amount will come from coinvestors. Sticks reported capital injection into grab comes as the global ride hailing segments tries to recover amid the covid nineteen pandemic. Grab, which is estimated to be valued at around fourteen billion dollars. Last year has already let go of three, hundred, sixty employees less than two months ago to cut back on spending. The two, hundred, million dollars top up may help grab bounce back and prepare for potentially long winter ahead. Israeli startup Taran this is ready to bring Jones and. Asia's Agritech seen after raising thirty million dollars in series C round led by Vertex growth and Orion fund a fund backed by Southeast Asian conglomerate Core Group and managed by K.. Three. Ventures. New Investors. Hitachi ventures Mitsubishi. You have jake capital Micron ventures, you capital Llamas on mindset ventures, I- angels and Gal Yarden also participated in the round existing investors. vertex ventures is real viola ventures finistere and our crowd Pistons will. Toronto has so far completed the week long pilot on sugarcane crops in Indonesia it's first entry in Asia. It said it could also potentially expand Thailand the Philippines Australia and Papua New Guinea. Singapore, based Jiro an AI platform that develops new drugs to combat aging and other disorders. Today announced it does raise two point, two million dollars in series a funding round bringing its total capital raised to over seven point five, million dollars. The rounds led by machine learning focused VC firm bulb ventures along with existing investors and serial entrepreneurs in the field pharmaceuticals it and AI. Yuri. MELNICHENKO CO founder of Bob Ventures has joined. Gyros Board of directors. The startup will use a new funds to further develop its AI platform for analyzing clinical and genetic data to identify treatments for chronic aging related diseases, mental disorders, and their seizes. JERUS- experimental anti-aging Drug Dylan the research and development stage but making money in the meantime by offering a solution such as biological age estimations from wearable sensors for health risk assessment. It's platform is currently being used to develop new therapies, reposition existing drugs, forecast chronic toxicity, and support clinical decisions. The company is also helping the finest therapies for treatment of covid nineteen. All right. That's all for this update. But of course, there's so much more that happened last week that we didn't cover. So if you want access to unlimited news reports on the Asian Tech and start up scene head over the tech. N. Dot Asia Slash sub and you can read to your heart's content. But what did you think of today's episode? Are you looking forward to drug gov immortality or do you think that that's a something? We shouldn't really get into. Job Me a messenger? Let me know what you think. I'm at podcast technician dot. Com and I'd love to hear from you. Till next time, my name's snap have agreed week head.