Data Vantage | MAKA Motors, Red Dot Payment, Eratani, Atlan and Vuihoc receive capital

Edition #300, 17 August 2023

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Indonesian electric vehicle startup MAKA Motors issued seed preference shares worth $22.6 million to a group of investors this week.

The company had announced its $37.6 million seed round in July. Its regulatory filings showed that the latest share allotment comprises SAFE conversion worth [redacted] million and new equity funding of [redacted] million secured in the first tranche of the seed round.

The fresh funding came from AC Ventures, East Ventures, SV Investment, Shinhan Venture Investment, Skystar Capital, BEENEXT and M Venture Partners.

Founded in 2021 by former Gojek executives Raditya Wibowo and Arief Fadillah, MAKA plans to start producing EVs in 2024.

Singapore-based online payment solutions provider Red Dot Payment has received a capital infusion of $2.46 million from parent company PayU, the emerging markets-focused payments and fintech arm of Naspers.

PayU acquired Red Dot in 2019 in a deal that marked its Southeast Asia foray. It has since then injected about [redacted] million into the business, according to DATA VANTAGE.

The Naspers arm recently sold its Global Payment Organisation (GPO) business to fintech startup Rapyd in a $610 million deal. PayU retains control of its fintech business in India, Turkey and Southeast Asia after the sale.

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Other updates from DATA VANTAGE

Indonesian agritech startup Eratani received $2 million this week from a joint fund of SBI Ven Capital, NTU Singapore’s NTUitive and Kyobo Securities, and other investors, including Genting Ventures and Orvel Ventures. The funding is an extension to a $3.8 million seed round raised in 2022.

Atlan, an active metadata platform, has received [redacted] million from Peak XV Partners (formerly known as Sequoia Capital India & SEA) in Series B1 funding. It had earlier bagged [redacted] million from Salesforce Ventures and Insight Partners as part of the same round. Atlan had raised a $50 million Series B funding round in March 2022 at a $450 million valuation.

Japanese investment firm Daiwa PI Partners has exited its investment in Myanmar-based [redacted] by selling its stake to the CEO of the startup.

Vietnamese edtech startup Vuihoc received $6 million from investors, including TNB Aura, Do Ventures, BAce Capital and Vulpes, this week. Lead investor TNB Aura contributed [redacted] million to the Series A round, while Do Ventures invested [redacted] million. The financing was announced in July.

The Singapore unit of fintech firm Airwallex received S$16 million ($11.77 million) from its Cayman Islands-registered parent company this week.

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