DECEMBERASIA BUSINESS OUTLOOK9Vegrow, an India-based business-to-business (B2B) fruits marketplace, announced it has raised $46 million in primary and secondary funding. The new funding round is led by GIC, Singapore's sovereign wealth fund, with significant participation from existing investor Prosus Ventures and continued support from Matrix Partners India, Elevation Capital, and Lightspeed, Vegrow said in a statement on Dec 13.According to the statement, the funds will be utilized to drive Vegrow's reach across India and fortify its global network. Avendus Capital was the exclusive financial advisor to Vegrow on this transaction."Vegrow is the fastest agri-tech company to build a national presence, having done this within three years of its inception,"Typically, it takes double the time to achieve this scale of operations," said Vegrow Co-founder Praneeth Kumar.According to him, the company's strategy marks a significant advancement in the efficiency and reliability of the fruit ecosystem. He said that over the past year, Vegrow has experienced a remarkable fivefold increase in revenue and achieved operational profitability. Meanwhile, Vegrow Co-founder Mrudhukar Batchu said that Vegrow distinguishes itself from conventional operations by creating an organizational ethos centered on agility and experimentation."Through the extensive utilization of data and technology, we provide valuable insights and optimize supply chain challenges, such as reducing perishable inventory wastage to only one-fourth of the industry average and consistently achieving industry-leading profit margins," he added. On Dec 14, the vice chairman of South Korea's Financial Supervisory Service said that authorities will consider new measures in the next phase of cryptocurrency regulation. Kim So-young, vice chairman of the Financial Services Commission, said at a digital currency conference in Seoul, "The Act must strike a balance between protecting investors and technology."This event was held jointly by the government, the central bank, and the International Monetary Fund (IMF) after the Bank of Korea launched the Central Bank digital currency (CBDC) development project last October.Korea enacted a virtual asset law this year to regulate and regulate the cryptocurrency market to protect investors. It will be effective from July 2024.The move came after a series of cryptocurrency troubles in recent years, including an alleged fraud by South Korean crypto entrepreneur Do Kwon that heightened public and regulator concerns over crypto markets. VEGROW RAISES $46 MILLION IN SECOND ROUND OF FUNDINGSOUTH KOREA TO DRAFT CRYPTO REGULATIONS CONSIDERING INNOVATIONNEWSROOM
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