The top-funded Hong Kong tech startups

More: Everybody but Son thinks SoftBank going private is a bad idea and Google Chrome finds unexpected success in China [Read from your browser]( Daily Newsletter Hello {NAME} Maybe it’s because we’re entering the part of the year when people typically go on holiday, but I’ve been feeling a really strong urge to travel lately. Reminiscing about past trips led me to think about my visit to Hong Kong in 2018. It was my first time in Hong Kong and to travel solo (sort of - I had local friends to show me around). That was also the first time I used the Klook app, buying a ticket for the Aqua Luna Victoria Harbor Cruise. Colorful sails fluttered overhead while I enjoyed a tour of the Harbor, set to a backdrop of loud pop music. It’s hands down the most touristy thing I’ve ever done, but hey - no regrets. By the way, Klook comes in at number two in our list of the best-funded startups and tech companies in Hong Kong. Take a guess at who’s number one - there are actually two of them. Today we look at: - The [top 20 tech startups and companies in Hong Kong]( in terms of funding - Indian startups refuse to play by the Google Play Store’s billing rules - Other newsy highlights such as Masayoshi Son’s ambitions to take SoftBank private and the unexpected success of Google Chrome in China  ---------------------------------------------------------------  PREMIUM SUMMARY  Hong Kong’s leading tech startups Every founder has grand ideas for their startup, and large amounts of investment go a long way towards helping them realize those dreams. We listed down [the top 20 Hong Kong firms]( that are most likely to - by this metric - make those ideas come to fruition. - Variety: No industry dominates the list, with significant funding going to payments, travel, AI, and biopharmaceuticals, among others. - A tie for first place: Logistics provider Lalamove and fintech startup Airwallex have each received US$300 million in funding. Klook landed in second place with US$225 million. Read more: [Meet the 20 top-funded startups and tech companies in Hong Kong]( Related reads: - Klook doesn’t have it easy this year: [A roadmap for online travel’s long, painful path to recovery]( - Airwallex banked a ton of money: [Fintech unicorn Airwallex nets an additional US$40 million in an extended series D round]( - Hong Kong’s top-funded edtech startups is one to watch: [With fresh funding, Snapask expands tech-driven learning across Asia](  ---------------------------------------------------------------  STARTUP SPOTLIGHT Indian startups say no to Google After more than 150 startups in India banded together to express concerns over a 30% cut on in-app purchases that Google’s Play Store is looking to enforce, the Android maker has [postponed this plan]( to April 2022. - Just for India: The California-based tech giant said that the delay will be implemented only in India, while the new rules go live globally by September 2021. - Loud dissenting voices: Google’s proposed billing changes were swiftly met with criticism from some of the biggest players in India’s startup ecosystem, including Paytm, MakeMyTrip, PolicyBazaar, and Sharechat. - Homegrown alternative?: Paytm founder and CEO Vijay Shekhar Sharma has announced the launch of Paytm Mini App Store, a “custom-build mobile website” that enables smaller developers and businesses to set up such programs more affordably.  ---------------------------------------------------------------  QUICK BITES  1️⃣ No one but Son wants to take SoftBank private The idea of going private through a buyout has been discussed off and on for at least five years, but [almost everyone except founder Masayoshi Son opposes it]( according to people with direct knowledge of the matter. His urge to go private dates back to Alibaba’s initial public offering in late 2014. The Chinese ecommerce giant’s debut gave Son publicly traded shares worth more than his entire company, prompting him to openly question why investors wouldn’t pay more for SoftBank’s shares.  2️⃣ Google Chrome is thriving in China, despite being blocked It’s [the most commonly used browser in mainland China]( even though it has been officially blocked since 2010. Google Chrome has 36% to 39% of the browser market this year so far, according to Baidu analytics. People cite factors such as speed, simplicity of interface, and user-friendliness as key reasons why they prefer Chrome to Chinese browsers.  3️⃣ Covid-19 forces Honda out of the F1 game Honda Motor [will pull out of Formula One at the end of the 2021 season]( choosing instead to focus management resources on next-generation environmental vehicles.  4️⃣ Travel trade show in Singapore to pilot Covid-19 safety measures The TravelRevive trade show, which will take place in November, will be the first in Singapore to [implement new safety measures]( like automated registration kiosks and contactless technology.  5️⃣ Chinese consumer spending is recovering, but still has a ways to go It appears to have bounced back from the worst levels seen during the height of the coronavirus outbreak, but is still far below normal. In fact,tourist spending in the first half of the “golden week” holiday was [down by nearly a third]( compared to the same period last year. Fewer Chinese people are traveling,and the average spending per tourist has dropped by 12%.  6️⃣ Ola in trouble in London The city’s public transport authority, Transport for London (TfL), has found flaws in Ola’s operating model that have led to the use of unlicensed drivers and vehicles in more than 1,000 passenger trips. TfL has subsequently [stripped the ride-hailing company of its London operating license]( saying that it wasn’t “fit and proper” for Ola to hold one, having put passenger safety at risk. The SoftBank-backed startup has 21 days to appeal the decision, and it can continue to operate during the process.  ---------------------------------------------------------------  IN PARTNERSHIP WITH So you think you know marketplaces? Venture capitalists love marketplaces. Don’t believe us? Just look at last week’s top-funded startup: Indian ecommerce marketplace Flipkart, which received [US$560 million]( from Walmart. But producing a successful marketplace is tough. For one, you have two sets of customers to attract and retain: buyers and sellers. And that often causes a “chicken and egg” problem that kills new players. So which ones made it in the region? Farm-to-table marketplace Sayurbox is one of them. Since launch, the company has partnered with 300 farms to serve 50,000 customers with fresh ingredients and quality products, making 1,000 deliveries every day. This success, however, did not come easy. Discover what it took for co-founder and CEO Amanda Cole to bring Sayurbox to life as she discusses her business journey with Jixun Foo, managing partner of GGV Capital, at the [Tech in Asia Conference]( on October 19. Grab your tickets [here](. If you’re already a Core or Live subscriber, you can [join the event]( at no additional charge.  ---------------------------------------------------------------  EVENTS HAPPENING - Tech in Asia Virtual Conference from October 19 to 22. Our biggest annual event has everything you need to prepare for Southeast Asia’s Golden Age: expert panels given by founders, decision-makers, and investors, startup-investor speed dating, and networking sessions to connect with those who matter. If you’re already a Core or Live subscriber, you can [join the event at no additional charge](. - CTO Forum: Best Practices in Leading and Measuring an Engineering Organization on Wednesday, October 14 Engineering leaders, you’re in luck: We have brought on the leaders from CXA, Tokopedia, and Amazon Web Services to share their strategies in measuring the professional growth of team members, developing a healthy culture, and scaling the team. You can [sign up to attend here](. - Day 1 in the Cloud: Getting Started with AWS on Thursday, October 15 How important is having a solid technology infrastructure to scale your startup? Hear from startups who have been there, done that. [RSVP today!](  ---------------------------------------------------------------  WHO'S HIRING - [System QA Engineer]( at Sea Group (Singapore, Singapore) - [VP of Product Management]( at PasarPolis (Jakarta, Indonesia) - [People Management Officer]( at Socialights Indonesia (Jakarta, Indonesia)  --------------------------------------------------------------- Don’t leave your co-workers behind! Share this with them so that they can keep up with what’s going on in the region’s tech scene. Feel free to [give us feedback]( if our newsletter today got you feeling smarter (or if it didn’t). Tech in Asia’s newsletters are handcrafted daily with love - and sometimes powered by good coffee. Today’s edition was written by Winston Zhang, with contributions from Miguel Cordon. It's edited by Eileen C. Ang. To ensure that you don't miss out on the biggest tech news and analysis, add newsletter@techinasia.com to your address book, contacts, or safe sender list. Or simply move us into your inbox. 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