The fresh round comes after the company raised US$56 million from Naspers-owned OLX Group last year.
South Korean startup True Balance, which operates an eponymous financial services app aimed at tens of millions of users in small cities and towns in India, has closed a new financing round as it looks to court more first time users in the world’s second largest internet market.True Balance said on Tuesday that it has raised $23 million in its Series C financing round from seven Korean investors — NH Investment & Securities, IBK Capital, D3 Jubilee Partners, SB Partners, Shinhan Capital, and existing partners IMM Investment, and HB Investment.TechCrunch reported earlier this year that True Balance — which has raised $65 million to date including the $38 million that it closed in its previous financing round — was looking to raise as much as $70 million for this financing round.True Balance began its life as a tool to help users easily find their mobile balance, or top up pre-pay mobile credit.But in its four-year journey, its ambition has significantly grown beyond that.Today, it serves as a digital wallet app that helps users pay their mobile and electricity bills, and offer credit to customers so that they can pay later for their digital purchases.
Indonesia-based venture capital firm Kejora Ventures, together with South Korea-based InterVest, has raised more than US$100 million for its third fund.Korea Development Bank, Korea Venture Investment Corporation, NH Investment and Securities, Industrial Bank of Korea, Barito Pacific Group of Indonesia, and a pension fund from Southeast Asia are among the limited partners.The Kejora-InterVest Star Growth Fund will issue US$5 million to US$10 million check sizes for growth-stage startups in Southeast Asia.“We are looking into verticals in finance, logistics, and education technology, though we keep our eyes open to the potential trends and other blooming industries,” Sebastian Togelang, Kejora’s founding partner, said in a statement.The fund’s prominent deals include its participation in Indonesian delivery firm Sicepat Ekspres’ US$50 million series A round in April.It has also invested in financial services marketplace C88 Group, educational entertainment platform SmartStudy, and Indonesian ecommerce firm Sorabel.
The world’s largest memory chip maker is the among the biggest beneficiaries of soaring demand for processing firepower on smartphones and servers, which has fueled an industry super-cycle amid limited supply growth.The South Korean tech giant, Asia’s third-largest company by market capitalization, is now poised to knock Intel off the top of the global semiconductor market-share rankings for the first time since 1991.1 in market share due to the recent increase in data centers and demand for solid-state drives,” NH Investment & Securities analyst Peter Lee wrote in a note to clients.Samsung’s April-June operating profit is expected to leap 67 percent from a year earlier to 13.1 trillion won ($11.4 billion), a new high, according to the average forecast from a Thomson Reuters survey of 18 analysts.The same survey expects July-September profit to be even higher at 13.8 trillion won.Solid sales of the Galaxy S8 smartphone launched in April likely provided an additional boost, keeping the firm ahead of rival Apple as the world’s top smartphone maker.
Samsung released its latest Galaxy phone, the S7 in February of 2016Samsung expects to post its biggest operating profit in more than two years, boosted by cost-cutting efforts and solid sales of its latest flagship smartphone.The South Korean electronics giant - also the world's top handset maker - predicted an operating profit of 8.1 trillion won £5.4 billion in April to June, up 17 per cent from a year ago.Analysts attributed the figures to the firm's aggressive cost-cutting efforts and brisk sales of the Galaxy S7, the latest version of its high-end, flagship smartphone."Samsung's mobile unit is believed to have performed well thanks to robust sales of Galaxy S7s as well as an overhaul of its low- and mid-end handset line-up," said Peter Lee, analyst at NH Investment & Securities.Samsung's Galaxy S7 has proved a success Credit: EPA