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Questions abound around this EV firm's sky-high valuation

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Sun, Jul 9, 2023 11:32 PM

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More: SeaMoney lays off staff, and Antler has a new partner in Indonesia. Daily Newsletter ---------

More: SeaMoney lays off staff, and Antler has a new partner in Indonesia. [Read from your browser]( Daily Newsletter --------------------------------------------------------------- Welcome to Tech in Asia's free Daily Newsletter! Get full access to our subscribers-only Daily Newsletter and other insightful analysis on the big and messy topics of Asia’s tech and startup community by [registering here](. --------------------------------------------------------------- IN FOCUS In today's newsletter, we spotlight: - [Scorpio Electric’s brow-raising valuation]( - The latest fundraise of a battery-swapping startup in India - Other newsy highlights such as SeaMoney’s layoffs and Antler’s new partner in Indonesia. --------------------------------------------------------------- Hello {NAME} Are electric vehicles a big deal in your country? Here in Singapore, they’re certainly on the up. One of the more popular car-sharing services in the country, BlueSG, has an entirely electric fleet, and the government is rolling out more charging stations around the city-state. It’s no surprise then that EV startups are getting attention from investors and consumers alike. However, it’s still a pretty nascent space, and valuations tend to reflect that. That’s why when Singapore-based EV firm Scorpio Electric raised over US$6.7 million in January 2023 at a valuation of US$150 million, eyebrows went up. Let’s take a closer look at what’s going on. -- Stefanie  ---------------------------------------------------------------  THE BIG STORY [The brow-raising $150m valuation of SGX-listed firm’s EV brand]( EuroSports Global’s Scorpio Electric says it will start producing and distributing e-bikes later in 2023. But its valuation may need justification. --------------------------------------------------------------- TRENDING NEWS [Battery Smart raises $33m to add 100,000 customers by 2025]( The EV battery-swapping firm currently has 25,000 active customers across Tier 1, 2, and 3 cities in India. [SeaMoney sheds jobs in Indonesia]( The company said the move is part of its “regular review of business operations” to maximize efficiency. [Antler names Warung Pintar co-founder as partner in Indonesia]( Agung Bezharie Hadinegoro will lead Antler’s investment strategy and operations in the country, targeting over 30 deals in 2023. [Zenith Learning Group secures $1.4m to move into edtech]( The Singapore-based firm plans to launch Zenith Academy+, which combines physical centers with a gamified online platform. ---------------------------------------------------------------  VISUAL STORY OF THE DAY [Vietnamese consumers still bullish on crypto]( Coming in a close second to traditional savings, crypto is Vietnamese consumers’ top investment choice for the next 12 months, a survey found. ---------------------------------------------------------------  TECH IN ASIA'S FOUNDERS MEETUP: THAILAND  Come aboard and discover how you can navigate through the challenges of your startup journey. Are you a founder seeking solutions to your startup’s most pressing issues? Or are you someone who can offer your own expertise to help others overcome their roadblocks? No matter which one applies to you, mark your calendar for July 26 and join us in the heart of Bangkok at theCOMMONS to connect, learn, and exchange ideas with fellow founders from the Tech in Asia community. Why navigate the startup journey alone when you can collaborate with other founders and break through barriers together? Seats are limited, so act fast and secure yours [here](. Tickets are on sale at US$12.50 each, inclusive of light bites and one complimentary drink. Don’t miss it! Special thanks to our official event partners - AWS, CleverTap, Cooley, D.Camp, Sinarmas Land, Singapore Global Network (SGN), Quest Ventures, and Purple Quarter - and our community partners - WeWork and Gobi Partners - for making this meetup possible. ---------------------------------------------------------------  EVENTS HAPPENING You can also check out a curated list of trending tech events [over here](. - [Tech in Asia’s Founders Meetup: Thailand on July 26]( Want to be where Thailand’s founders converge? Join us at our networking event, which will be held on July 26 at theCOMMONS, Thonglor, 335/1 Sukhumvit 55 Klongton Nua, Wattana, Bangkok 10110 from 5:30 p.m. to 7:30 p.m. - [SYNC 2023: Climate Tech on August 21]( Do you want to make a positive impact on the fight against climate change? Join SYNC 2023 on August 21 at Singapore's green haven, Gardens by the Bay, to learn more about sustainable innovation and eco-friendly practices. Besides spotlighting climate tech via this invite-only event, Tech in Asia is committed to reducing our carbon footprint. Be part of this movement towards a sustainable future - send in your application for a SYNC 2023 ticket today! - [Tech in Asia Conference]( from October 18 to October 19 Do you see the light at the end of this funding winter’s tunnel? We do, and we believe Southeast Asia is that very light. That’s why this year’s Tech in Asia conference’s theme is Southeast Asia: A Bright Spot in the Tech World - signaling how the region can provide hope and guidance for the tech sector amid some troubling times. Hosted in Jakarta from October 18 to October 19, we’re excited to bring you a great lineup of speakers, thought-provoking sessions, and other activities. Click [here]( to get your early bird tickets. ---------------------------------------------------------------  PRESS PEEKS The following press releases were published as they were received, without any editing from the Tech in Asia team. You too can publish your own press release on Tech in Asia by simply filling in [this form](. Our team will get back to you by the next business day. - MindOS - [AI Agent Creator Platform MindOS Launches Open Beta]( Customizable AI agent creator platform MindOS is now open to all users. The open beta launch came as MindOS rolled out 6 new features. - CryptoCloud - [CryptoCloud Crypto Payment Gateway Now Available in The Philippines]( CryptoCloud is now processing cryptocurrency payments for businesses in the Philippines. That's excellent news for business owners in the country. - Averett - [Innovative 360 Video Conferencing: Redefining the Standard with 4K Resolution, AI Tracking, and Plug-and-Play Functionality]( Introducing the new Kandao 360-degree 4K all-in-one conferencecam. 4K HDR video, AI speaker tracking, and plug-and-play. ---------------------------------------------------------------  WHO'S HIRING You can post a job [here]( or search for jobs [here](. - [Product Designer (Jakmall.com)]( at Dealls Jakarta, Indonesia - [SAP ABAP]( at PT Arbeit Infotech Indonesia Jakarta, Indonesia - [Pyhton Developer]( at SIGMATECH Tangerang, Indonesia - [Software Engineer In Test (Automation Testing)]( at Cermati Jakarta, Indonesia - [Business Development intern]( at Little Joy Indonesia Jakarta, Indonesia - [Microsoft 365 Specialist]( at NRI Indonesia Jakarta, Indonesia [ADVERTISE]( | [SUBSCRIBE]( P.S. 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. Tech in Asia thanks our partners for supporting our newsletters. Sponsorship has no influence on editorial content. Too many emails? Switch to a different frequency or get new content through our [preference center]( or [unsubscribe](. You can also break our hearts and remove yourself from all Tech in Asia emails over [here](  ---------------------------------------------------------------  Copyright © 2023 Tech in Asia, All rights reserved. 63 Robinson Road, Singapore 068894

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