May 19, 2020

Australia’s SMEC bought by Singapore giant Surbana Jurong

SMEC Australia
Surbana Jurong Singapore
Australia Singapore business
Liew Mun Leong
Harry Allan
1 min
Australia’s SMEC bought by Singapore giant Surbana Jurong

Surbana Jurong – the Singaporean design company responsible for much of the country’s iconic skyline – has announced that it will be purchasing Australia’s SMEC, an infrastructure consultancy, for US$300 million.

Under the terms of the deal, Surbana will buy 100 percent of SMEC’s shares. The newly combined company will employ nealry 10,000 staff in over 95 offices in 40 countries in Asia, Australia, the Middle East, Africa and the US.

Liew Mun Leong, the chairman of Surbana, said: “A large part of Asia and other emerging countries have to make up an urbanisation and infrastructure deficit in order to grow and support their economies.

“According to a report by PriceWaterhouseCoopers, infrastructure spending is expected to grow from US$4 trillion per year in 2012 to more than US$9 trillion in 2025 of which 60 percent will be in the Asia-Pacific market. In addition to financing, wide and deep technical expertise in urbanisation and infrastructure development will be needed.”

Surbana recently launched “smart city in a box” - a set of apps that can be fitted to a virtual dashboard so that city managers can monitor processes in real time.

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SOURCE: [GCR]

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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. 

 

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