Daily Briefing: More drivers, wider range of services coming for Gojek users in SG; Green Li-ion raises $4.65m

And Lend East launches debt funding solution.

From ChannelNewsAsia:

A larger pool of drivers and a wider range of services are some of the things Gojek users in Singapore can look forward to in the coming year, said the firm’s co-CEO Kevin Aluwi.

The ride-hailing giant aims to make a lasting impact in Singapore for years to come, and is making “strategic investments” to grow the business this year to ensure this, he said.

For example, it will be enhancing its support measures and incentives for drivers with the aim of doubling their numbers this year, he added.

“We’ll also be launching new transport products to bring more benefits to customers and drivers, including a convenient transport platform for corporates, as well as dedicated features to book taxis and large vehicles,” said the Gojek co-founder, who shares the position of CEO with the firm's former president Andre Soelistyo.

He added that Gojek — whose Singapore operations began with the opening of a data science office here in 2017 — will also continue to expand its tech talent pool in the country, especially in cybersecurity and data analytics, to promote the growth of its regional business. 

Read more here.

From e27:

Green Li-ion, a greentech startup in Singapore specialising in sustainable industrial solutions for battery rejuvenation, announced today that it has raised $4.65m (US$3.45m) in seed funding.

US-based cleantech company LiNiCo Corporation led the round, which also saw participation from TES (IT lifecycle services ), HAX SOSV (hard tech VC), and Entrepreneur First (EF).

The news comes after the startup banked $539,136 (US$400,000) in a pre-seed funding round from EF’s Singapore cohort in 2020.

The newly raised capital will be channeled towards further hardware development, including tier-1 engineering and specialist manufacturing support.

A portion of the funds will also be used as a development runaway as it works towards securing $1.35b (US$1) in sales by 2025, the company said in a press statement.

Read more here.

From DealStreetAsia:

Lend East, a Singapore-based digital lending platform has launched Levl, a debt funding solution for startups, according to an announcement.

The solution will provide debt capital to startups for a flat fee, while the repayment will be taken as a percentage of monthly revenue. Thus, during the low-revenue months, the startups will not be required to make large and fixed repayments.

“Debt financing for startups is still in a nascent stage in Southeast Asia and India, accounting for less than 2% of the venture capital size in the region,” said Lend East CEO Karan Bhatia.

The startups which book positive revenue during 12 months of business, may apply to get the funding for around $250,000 to $2m.

Read more here.