May 20, 2020

Asian stocks rise as confidence restores after Irma and North Korea uncertainty

Japan
Malaysia
Malaysia
hurricane irma
2 min
Asian stocks rise as confidence restores after Irma and North Korea uncertainty

Asian stocks have seen recovery due to increased confidence after the past month.

These improvements have been attributed to hurricane Irma damages being smaller than first expected, and a lack of further recent missile tests by North Korea, as the UN Security Council steps up sanctions against the DPRK. These sanctions included a ban on textile exports and caps on imports of crude oil.

 

Related stories:

Japan and Singapore Q2 figures exceed expectations 

Japan seals a deal with the EU 

Bangladesh could become next 'Asian Tiger' economy

 

Japanese stocks reached their highest in a month today, as the Nikkei saw a rise of 1.2% to 19,776.62, a figure not reached since 8th August. Among these, insurers saw a rise of 3% while securities brokers rose 2.1%.

Malaysian shares increased by 0.2%, to their highest since 28th June. This included Malaysian Banking Berhad which rose over 1% to a near 4-week high.

Industrial production in Malaysia rose 6.1% since last year, with manufacturing output increasing by 8%. The electricity index climbed 7.9% year on year, according to the Department of Statistics.

Rob Carnell, head of Asia research at ING, stated that “this weekend was a case of the dog that didn’t bark, or at least, not very loudly…. North Korea did not launch a new missile, and Hurricane Irma was downgraded though still looks like it will cause considerable damage, and mess up all the economic data for the next month or so.”

Share article

Jun 8, 2021

Timeline: India takes unicorn leap with six in five days

India
Unicorns
Startups
tech
Kate Birch
2 min
We chart an historic week in India’s startup tech industry, where from April 5-9 the country achieved six unicorns

We chart an historic week in India’s tech industry, where in just five days, between 5-9 April 2021, the country achieved six new unicorns, bringing India’s total to 10 in 2021 to date, an immense unicorn leap from just seven in 2020 and six in 2019.

April 5: Meesho

India’s first social commerce unicorn, Meesho raised US$300m from SoftBank, Facebook and Shunwei Capital, giving the Bangalore-based startup a US$2.1bn valuation, a threefold jump from its previous funding round in 2019. Founded in 2015 by two IIT-Delhi graduates, Meesho connects producers and resellers, helping small businesses sell through social media. It has 45m customers and has enabled 13m entrepreneurs to start their online businesses with no investment.

April 6: CRED

Founded just over two years ago, Bangalore-based credit card repayment app CRED raised US$215m from Falcon Edge Capital and Coatue, nearly trebling its valuation to US$2.2bn from its January US$80m round. Allowing customers to pay off their credit card debt while earning CRED coins which they cash in for rewards, CRED has grown rapidly during COVID-19, doubling its customer base to nearly 6 million in a year.

April 7: API Holdings / Groww

The first epharmacy startup to gain unicorn status, PharmEasy (API Holdings), which has digitised 60,000 brick and mortar pharmacies and 400 doctors across India, raised US$350m in a round led by Prosus Ventures. Founded by four former Flipkart employees as a way of making investing simple, investment platform Groww became India’s second-youngest fintech unicorn, raising US$83m in Series D funding led by Tiger Global, quadrupling its previous round in September.

April 8: ShareChat

New Delhi-grown social media startup ShareChat, founded in 2016 by Mohalla Tech raised US$502m from Lightspeed Ventures, Tiger Global, Twitter and Snap taking its raised total over six rounds to US$766m and pushing its valuation to US$2.1bn. The funding will be used to grow its user base and short video platform Moj, which launched in 2020 following TikTok’s ban in India. The regional language startup claims 280m users.

April 9: Gupshup

AI-led conversational message startup joined the unicorn club after raising US$100m from Tiger Global giving it a ten-fold valuation of US$1.4bn. The smart messaging platform, which has seen accelerated growth during the pandemic, was founded in Bangalore in 2005 by serial entrepreneur Beerud Sheth, whose online freelancing platform Elance is now listed. Gupshup’s API enables 100,000+ businesses to build messaging and conversation experiences across 30+ communication channels. 

 

Share article