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Welcome to another edition of 🔍 Startup Researcher - Asia, your essential digest delivering the latest news and premium insights on startups and venture capital across the region 🌏️
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📰 Important News
- Tamil Nadu launched India’s first full-stack Sovereign AI Park with Sarvam AI backed by $1.1 billion to build a nationally governed AI stack.
- Microsoft partnered with Indian startup Varaha to buy 100,000+ carbon removal credits, funding biochar from cotton waste to offset tech emissions.
- Anthropic hired Irina Ghose as India Managing Director ahead of opening its first India office in Bengaluru.
- Home services startup Pync shut down amid heavy competition with founders and staff joining rival Snabbit as the market consolidates.
- Razorpay and Akasa Air partnered to enable Apple Pay for international flight bookings, expanding cross-border payment options.
💸 Top Funding Rounds
- WeLab secured a $220 million Series D round to fuel its AI-first strategy and expand digital banking services across Asia.
- X Square Robot raised $143 million from ByteDance and HongShan to scale its humanoid AI, developing general-purpose models for Quantum-1 and 2.
- Startorus Fusion secured a record $140 million Series A funding in China's private fusion sector to advance its compact spherical tokamak technology.
- Oricell Therapeutics closed $70 million in Series C1 financing to accelerate global expansion and clinical development of its solid tumor CAR-T therapies.
- Sukino Healthcare landed $31 million in Series B funding led by Bessemer Venture Partners to fuel its ambitious geographic expansion.
💰️ IPO and M&A Watch
- BrainCo confidentially filed for a Hong Kong IPO to raise hundreds of millions, with CICC and UBS as sponsors.
- Bartronics India acquired 51% of AYOU, a fresh produce brand, to enter organized agri trade and expand into processing and exports.
- Curi Bio acquired South Korea’s Quvit Bio, forming a wholly owned subsidiary to anchor APAC expansion and local sales and R&D support.
- Tierra Agrotech is set to acquire Mitra, with Mitra’s CEO to lead the merged entity and a planned IPO by September 2026.
- BizDateUp acquired majority stake in Cumma to expand innovation facilities in smaller cities and boost utilization for deeptech and manufacturing.
🏦 About Investors
- Dharana Capital closed $250 million for Fund II in India, backing technology and consumer companies with a path to public listings.
- Minerva Growth Partners hit a $44 million first close for Fund II, targeting $125 million to back late-stage Japanese tech companies.
- 500 Global promoted Mei Chel Tan to Global Managing Partner, reflecting her role scaling the firm and its AI push.
- Jungle Ventures promoted Arpit Beri and Rishab Malik to managing partners, plus Karissa Adelaide and Vishesh Sharma to principals.
- FNZ appointed Sanjeev Chatrath as Asia Managing Director, to lead commercial strategy and accelerate regional growth.
🚀Startup of the Week
Introducing our Startup of the Week 🏆
WeLab
WeLab, founded in 2013 in Hong Kong by Simon Loong, Kelly Wong, and Frances Kang, is a pan-Asian fintech building scalable digital banking and lending platforms across the region. Through WeLab Bank in Hong Kong and Bank Saqu in Indonesia, it delivers AI-driven consumer lending, virtual banking, and wealth services tailored to mass-market and underbanked users. Led by founder and Group CEO Simon Loong, the company recently closed a $220 million Series D strategic round, backed by Prudential, HSBC, Allianz X, and the Hong Kong Investment Corporation. WeLab is accelerating an AI-first strategy via a partnership with Google while expanding across Southeast Asia, positioning itself as a core player in Asia’s digital banking infrastructure.
💼 Investor of the Week
Introducing our Investor of the Week 🏆
Dharana Capital
Dharana Capital, founded in 2022 by Vamsi Duvvuri, is an India-focused growth-stage venture capital firm backing technology and consumer businesses built for the public markets. Based in Bengaluru with a presence in Dubai, the firm recently closed its second growth fund at $250 million, lifting assets under management to $450 million, with backing from US university endowments, healthcare systems, and non-profits. Dharana is known for its hands-on, IPO-oriented approach, working closely with founders on governance, unit economics, and scale. Led by Managing Partner Vamsi Duvvuri, its portfolio includes Zomato, Urban Company, Petpooja, LAT Aerospace, and Vyapar, positioning Dharana as a specialist in turning late-stage Indian startups into durable, listed companies.
🤑Opportunities Expiring Soon
E3 Accelerator – Riyadh Cycle
- 📢 Organizer: E3.Ventures
- 🗂️ Category: Funding, Accelerator
- 🪜 Target Stages: Pre-Seed, Seed
- 🏭 Focus Sectors: AI & Data, Finance & Insurance
- 📅 Application Deadline: January 20, 2026
Spring 2026 Cooperative Business Incubator
- 📢 Organizer: Start.coop
- 🗂️ Category: Incubator
- 🪜 Target Stages: Ideation, Pre-Seed
- 🏭 Focus Sectors: Sector Agnostic
- 📅 Application Deadline: January 21, 2026
Plus Eight Western Sydney Sprint Pre-Accelerator Program
- 📢 Organizer: Spacecubed
- 🗂️ Category: Training & Learning
- 🪜 Target Stages: Ideation, Pre-Seed, Seed
- 🏭 Focus Sectors: Sector Agnostic
- 📅 Application Deadline: January 23, 2026
Female Founders Pre-Accelerator
- 📢 Organizer: Startup Onramp
- 🗂️ Category: Training & Learning
- 🪜 Target Stages: Ideation, Pre-Seed, Seed
- 🏭 Focus Sectors: Sector Agnostic
- 📅 Application Deadline: January 23, 2026
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