Today’s Cashback Industry News includes Snapdeal India’s aggressive plans to add more than 100,000 new merchants in the next six months. Rocket Group‘s fashion e-commerce site Daraz gets $55.6 million in new capital to continue expansion in Pakistan, Myanmar and Bangladesh. Markets are watching to see if Alibaba‘s challenges rub off on India. Some market watchers are comparing India‘s recent tech goldrush to China four years ago. Tech in Asia highlights 36 top VCs in SE Asia.
Snapdeal eyes 300K sellers by March 2016: Chandrasekaran | Techcircle.in – India
Anand Chandrasekaran Snapdeal expects its recently launched zero-commission marketplace Shopo and ongoing seller financing programmes to attract 100,000 new merchants in the next six months. It took three years for us to get to 200,000 and my sense is that in the next six months we will add 50,000 to 100,000 sellers, Anand Chandrasekaran, hundred and chief product officer, told Techcircle.in. Snapdeal itself has plans to induct one million sellers over the next three years onto its online marketplace. Read more…
Daraz.pk raises $55.6m venture round from CDC Group
Rocket Internet-backed Daraz, an online retailer operating in the Asian frontier markets of Pakistan, Bangladesh and Myanmar, has secured EUR 50m ($ 55.6 million) in its first major financing round.
The venture round was led by the CDC Group and also involved existing investor Asia-Pacific Internet Group (APACIG).
CDC is a UK government-owned development finance institution that finances ventures in the emerging markets of Africa and South Asia. CDC provides growth capital in all its forms, including equity, debt, mezzanine and guarantees. According to an official statement, it currently maintains net assets of £3.4 billion ($5.2 billion).
A joint venture of Rocket Internet and Qatari telecommunications conglomerate Ooredoo, APACIG has a portfolio of investments consisting of 14 e-commerce firms operating across 15 jurisdictions. Read more…
Will Alibaba’s woes rub off on Indian e-commerce?
As the stock price of China’s online retail giant Alibaba Group plunges on account of slowing growth and question marks over the company’s accounting policies and business model, investors fear a ripple effect on valuations of e-commerce companies in India.
The funding boom in India of the past 20 months was at least partly driven by the success of Alibaba’s initial public offering (IPO), which was the largest ever share sale and valued the company at more than $230 billion. It spurred hope that India, the next big online retail market after China, could also produce valuable e-commerce companies. Read more…
India is similar to what we saw in China four-five years back: Bejul Somaia
Last month, Lightspeed Venture Partners, the Menlo Park, California-based venture capital firm that has backed iconic start-ups such as GrubHub and Snapchat, launched its first India-dedicated fund. The $135 million (around Rs.890 crore today) Lightspeed India Partners I, LLC fund comes more than eight years after the firm started making direct investments here through its local arm Lightspeed Advisory Services India Pvt. Ltd.
Over the past eight years, the firm’s India team, led by managing directors Bejul Somaia and Dev Khare, has put $100 million to work across 14 companies. Some of the notable investments in its current portfolio include budget stays aggregator OYO Rooms, security solutions provider OneAssist and social commerce platform LimeRoad. Read more…
Southeast Asia’s top 36 startup investment firms
At some point, people in the tech game realize that secrets sell. We at Tech in Asia know this better than most. Folks from out-of-town are always popping by our office and buying rounds of coffee in hopes of discovering something they didn’t already know about Southeast Asia’s startup scene. In our coffee chatter, we’re usually just spouting off information from the top of our heads – and that’s an imperfect way of doing things. It’s nowhere near as helpful as a simple list.
But now, we’d like to open our secrets vault for you. We thought we might spare you the trip, and save your wallet the latte money, by making an up-to-date catalogue of active investors in Southeast Asia, organized by number of deals.
The list was derived from Tech in Asia’s database. All the data — the top funding stages, typical investment range, startups they’ve recently backed, and the countries they’re active in — pertain to Southeast Asia only. Read more…
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If you’re looking for in-depth analysis and insight into the global cashback industry, you can also check out the 2015 Cashback Industry Report with in-depth profiles of 235 industry leaders.