A Recap On What Happened This Week: Asian Startup News Overview (September 18th - September 22nd)

Governments Worldwide are increasingly assisting startups, launching Innumerable programs to assist startups in their funding or expansion goals. Several innovative startups collaborate with their governments to tackle problems with their innovative solutions.

This week, we saw the largest funding round for an insurance technology company, and we also saw notable Indian startups seeking to revolutionize the Visa application process and online entertainment.

Bolttech

Bolttech, based in Singapore, has raised $50 million in a Series B round led by impact investment firm LeapFrog Investments.

Bolttech said in a statement on September 21 that the investment adds to the company's recent Series B funding round, which now totals $246 million, making it the largest Series B round for an insurtech.

The proceeds from the $50 million commitment will be used to support Bolttech's global growth strategy, with a focus on emerging markets, as well as to expand its technology-enabled ecosystem for protection and insurance for emerging consumers, according to the statement.

Fernanda Lima, Partner and Co-Head of LeapFrog's Asia Financial Services team, will join bolttech's Board as a Non-Executive Director as part of the investment.

Fernanda's experience adding value across LeapFrog's global portfolio of inclusive financial institutions will help bolttech's emerging market presence and business growth, as well as guide the company's efforts to develop a strong, long-term environmental, social, and corporate governance (ESG) strategy.

Fishlog

Indonesia-based Bank Mandiri has continued to promote MSME (Micro, Small, and Medium Enterprises) credit growth through easily accessible digital services. This is part of Bank Mandiri's commitment to assisting Indonesia's economic growth, particularly in the MSME sector.

Bank Mandiri is collaborating with PT Rantai Pasok Teknologi (FishLog), a fisheries startup. On 20 Sep, the collaboration was signed in Jakarta by the bank's SVP SME Banking Alexander Dippo and Fishlog's CEO, Bayu Mukti Anggara.

Dippo said that through this collaboration, they hope to expand access to financing for MSMEs and accelerate financial inclusion and digital ecosystem among business players. According to him, the collaboration with FishLog can expand the market for MSME credit distribution and contribute to the growth of MSME credit in the country, especially in the fisheries sector.

"Through collaboration with FishLog, Bank Mandiri will increase access to financing for MSME players in the fisheries industry, regardless of whether they are bankable or not reachable by conventional banking and have a sufficient business scale," Dippo said in a statement.

Atlys

Peak XV Partners (formerly Sequoia Capital India) and Elevation Capital led a $12 million Series A round for the Indian online visa application platform Atlys.

According to a statement released by Atlys on Sept 20, existing investors Andreessen Horowitz (a16z), the musical duo Chainsmokers, South Park Commons, Pinterest Founders, and others participated in the round.

The funds raised, according to the statement, will be used to expand the platform's product offerings for travellers, attract customers, and strengthen the team through talent acquisition. In 2021, Atlys raised a seed round of $5 million.

The world is rapidly moving towards e-visas, according to the statement. Over 60% of countries have already implemented e-visas, and more have announced plans to do so in the near future.

According to the company, Atlys is at the forefront of this shift and provides a world-class experience for travellers all over the world. With Atlys, travellers can apply for visas from anywhere in the world using the digital platform and receive their visas on time.

Mohak Nahta, the founder of Atlys, found the visa process to be tedious, uncertain, and unfriendly to travellers. He realised that the solution had to be digital and set out to build an app, which led to the launch of Atlys.

Kuku FM

According to media reports, audio content platform Kuku FM has successfully raised $25 million in a recent funding round, with the goal of further establishing its audiobook offerings in the South Asian market. This round of funding was led by billionaire Nandan Nilekani's Fundamentum Partnership and the International Finance Corporation, a World Bank Group member.

Kuku FM, the brainchild of Lal Chand Bisu, operates an eponymous audio platform with a library of over 1.5 lakh hours of content. Personal finance, romance, religion, and self-help are among the genres represented. Notably, it is available in six regional languages in addition to English, ensuring a tailored approach that appeals to a wide range of people across the country.

The startup's distinct approach foregoes advertisements and complimentary content in favour of allowing users to sample portions of episodes within a series. Subscriptions cost Rs 99 per month or Rs 999 per year and provide users with unlimited access to the platform's content.

Kuku FM's CEO, Lal Chand Bisu, emphasised the company's financial growth, revealing that revenue has more than doubled in the last year. The platform is currently on track to generate $15 million in annual revenue, with the goal of becoming profitable by the end of the next year.