- Despite the upsides to a new cashless policy, there remain issues and questions about the way the policy has been implemented.Welcome to The Draft, the Techloy newsletter that brings you data-led news and insights into technology across the world's largest emerging markets from trusted sources.This…
- Dash, a fintech company that offers a unified payments system for mobile money and traditional bank accounts in Africa, has suspended its founder and CEO, Prince Boakye Boampong, pending an investigation into financial impropriety, TechCrunch reports, citing sources familiar with the matter.The…
- Transcelestial, a Singapore-based startup that is working to build a network of shoebox-sized devices to make the internet more accessible, has announced that it has raised $10 million in its A2 round.The company aims to expand its wireless laser communications system across a range of countries,…
- Barbados and Seychelles-registered crypto exchange company Blockfinex has acquired a 100% stake in Nigerian crypto payment gateway startup Fluidcoins.The deal, which is reportedly Nigeria’s first acquisition of 2023 and the country’s first acquisition in the crypto ecosystem, will see the founding…
- Google has reportedly laid off 453 employees across various departments in India. CEO Sundar Pichai in a mail sent to affected employees said he takes “full responsibility for the decisions that led us here” and added that the job cuts were made in a bid to act decisively
- African e-commerce giant Jumia laid off over 900 employees or about 20% of its overall workforce across its 11 markets in the fourth quarter of 2022, according to its released fourth quarter and full-year 2022 financial results.As part of its streamlining efforts, it also undertook a headcount…
- US-based e-signature software firm DocuSign has announced its plan to cut around 10% of its workforce as part of the restructuring plan. The company said the latest cuts will impact about 700 employees.This move comes as part of the company's plan to support its growth and profitability
- Following recent advances in generative AI – especially the OpenAI ChatGPT notoriety that has taken the tech industry by storm, the South Korean government has made a planned investment in the AI semiconductor industry in the country in hopes to become a key player in fulfilling the new global…
- MTN Group, the largest mobile operator in Africa, has announced plans to invest $1 billion in Ghana over the next five years.The move comes after the Ghana Revenue Authority exempted the company's Ghanaian unit from $773 million in tax claims related to the alleged under-declaration of revenue
- Venwiz, a digital platform enabling services procurement in the manufacturing industry, has raised $8.3 million in an early-stage funding round dubbed Series A, led by Sorin Investments.This follows a $3 million seed funding previously raised in December 202o, when it was to launch its pilot in…
- Vietnam's smartphone shipments declined by 15.6% to 13.4 million units in 2022, a volume just slightly better than the 13.2 million units in 2015 when the market was still on the rise, according to International Data Corporation (IDC).Despite the fourth quarter of the year
- Realme's global smartphone shipment declined 49% YoY in Q4 2022, registering a third consecutive annual decline, according to a report by Strategic Analytics. The market research group highlighted previous inventory overload, unfavourable market conditions and economic headwinds as the prime…
- InsuranceDekho, an Indian insurtech startup, has raised $150 million in a Series A funding round, co-led by Goldman Sachs Asset Management and TVS Capital, as it seeks to capitalise on the country's lack of insurance penetration.India's insurance penetration is below 5% of GDP, compared to
- EziPay, a digital wallet and intra-African cross-border remittance company, has announced its partnership with MFS Africa, the continent's leading digital payments gateway.The deal, which comes at a time when mobile money is booming on the continent, with businesses and individuals seeking cross-…
- Nigerian mobility startup Treepz (formerly Plentywaka) has launched operations in Kenya following strategic investment deals of $1.2 million over the last 12 months.The announced expansion into the east East African country comes just over a year after it began operating in Uganda and Ghana. Treepz…
- China's video game industry, once a booming market, is now facing economic headwinds, as reported by China's top gaming industry association.The industry's sales have dropped for the first time since at least 2005, grossing 265.9 billion yuan ($39 billion) in 2022, which
- According to government data, mobile transfers in Nigeria have experienced a significant year-on-year increase of 230.6% in January 2023, driven by the Central Bank of Nigeria's (CBN)'s cashless policy.Experts have attributed the surge to the CBN's deadline for the collection of old
- Alibaba Group Holding has sold off its remaining stake in Indian digital payment platform Paytm in a block deal, according to a report by Nikkie Asia.Alibaba.com Singapore E-Commerce Pvt Ltd offloaded 21.43 million shares of Paytm's operator One97 Communications, at 642.74 rupees per share
- Ford will cut 3,800 jobs in Europe over the next three years to build a “leaner” structure as it focuses on electric vehicle production. The restructuring plan will see the loss of 2,300 jobs in product development and administration in Germany, 1,300 jobs in the
- The African continent has come a long way in raising unicorns. About seven years ago, the continent did not have a single unicorn, but today, the continent accounts for seven startups worth over $1 billion.A 'startup unicorn' is a privately-held (i.e., not public) tech company worth
- Apple is seeking to reduce its manufacturing reliance on China and expand its operations in India. However, according to an FT report, the iPhone maker is facing obstacles in this effort, as it trains locals and helps establish production in southern India.The tech giant has been sending engineers…
- Following a turbulent smartphone market in 2022 caused by low consumer demand, high inventory and COVID-19-related factors, the Chinese smartphone market has recorded a good start in the new year, according to data from Counterpoint.In the first five weeks of 2023, the average weekly sales during…
- The Beijing city government is seeking to nurture domestic artificial intelligence (AI) firms by supporting their development of large AI models to rival those of Microsoft-backed OpenAI's hit chatbot ChatGPT, according to a Reuters report.Beijing is home to 1,048 core AI companies or 29% of the
- Microsoft has announced that more than one million people signed up on the waitlist to try out the new Bing Search with an integrated ChatGPT functionality in just 48 hours.The announcement follows Microsoft's unveiling of the latest version of Bing, powered by OpenAI's large language
- Hub71, Abu Dhabi's tech ecosystem, has launched a new $2 billion initiative called Hub71+ Digital Assets to back Web3 and blockchain technology startups in the region, according to a press release.Based at Hub71 in the Abu Dhabi Global Market (ADGM) financial district, the Hub71+ Digital Assets…
- Indian digital payments and financial services firm PhonePe has raised another $100 million from investors Ribbit Capital, Tiger Global and TVS Capital Funds, taking its valuation to $12 billion.The investment follows a $350m fundraising drive that closed in January. PhonePe said it plans to use…
- According to Africa: The Big Deal, nearly 1,500 investors have been involved in at least one deal in Africa in the past couple of years, and that’s excluding angel investors. There are however some investors that have contributed to the growth of the African startup ecosystem in
- Indian drone startup Garuda Aerospace has raised $22 million in a Series A funding round led by venture capital firm SphitiCap, which invested $12 million in the round, with participation from a group of HNIs and angel investors from India, UAE and Singapore.This comes after the company
- Smile Identity, a Kenyan identity verification platform, has secured $20 million in a Series B funding round led by Norrsken22 and Costanoa Ventures.Smile Identity focuses on identity verification and KYC compliance and uses a suite of products to help clients avoid fraud and onboard customers…
- Naked, a South African insurtech startup that provides fully digital, AI-driven insurance products for homes, cars, and valuables, has raised $17 million in a series B funding round.Naked's goal is to create a more accessible, convenient, and transparent insurance experience using AI and digital…
- Power, Kenyan fintech has secured a $3 million seed funding in a round led by DOB Equity as it plans to expand its offerings in Kenya and make an entry into Zambia.Co-founded by Brian Dempsey and Chandra Singh in 2020, Power provides partner employees access to financial tools such
- Twilio, the cloud communications platform has announced that it will lay off 17% of its global workforce in a new round of layoffs. In an email sent to employees, CEO Jeff Lawson wrote that the move was necessary for the company to become more efficient and to streamline its operations.
- Singapore-based fintech start-up Aspire has raised a $100 million oversubscribed Series C round to support its expansion plans in the Southeast Asia region.Aspire offers a range of financial services to businesses, including international payment processing and invoice automation.Over the past 12…
- Terraa, a Moroccan B2B tech-enabled food distribution platform, has raised $1.5 million in pre-seed funding in a round led by FoodLabs, a European early-stage VC investor and venture studio for food, sustainability, and health. The fresh produce market in Morocco is still very fragmented and highly…
- The International Data Corporation (IDC) has reported an 18% drop in Africa's smartphone market in 2022 compared to the previous year, with Egypt and Tunisia experiencing the greatest year-on-year declines of 63% and 33%, respectively.This significant slump was driven by a reduction in consumer…
- French telecommunications company Orange is considering various strategic options for its mobile tower business in Africa and the Middle East.This could include stake sales, carving out assets based on geography, holding an initial public offering, selling the towers by country, or sharing them…
- Google Stadia, now defunct, had significantly fewer active users than most other cloud gaming services, according to new statistics shared by the UK’s Competition and Markets Authority (CMA).While Google has remained silent about how many users Stadia had, these new statistics by the CMA reveal…
- Nigeria-based insurtech platform Curacel has raised $3 million in seed funding to further expand its insurance technology offering in emerging markets. The platform aims to increase insurance penetration and connect insurers with digital distribution channels via APIs.Curacel's services enable…
- Flat6Labs, a Middle East-based startup accelerator, has announced the first close of its “Startup Seed Fund” in Saudi Arabia. The SAR 75 million ($20 million) fund will invest in early-stage startups operating in the technology and innovation sectors within the Kingdom of Saudi Arabia.The program…
- SC Ventures, Standard Chartered’s innovation, fintech investment and ventures arm has entered a Memorandum of Understanding (MOU) with Yabx,  a Netherlands-based Fintech that aims at simplifying financial access for MSMe in emerging markets, to drive financial inclusivity in Africa. While Africa…
- Electric car brand Zeekr, backed by Chinese automaker Geely, announced on Monday that it has raised $750 million from investors, including CATL and three state-affiliated funds, and is now valued at $13 billion.Last December, Zeekr announced that it filed confidentially for an IPO in the US. At the…
- China’s biggest chipmaker Semiconductor Manufacturing International Corp (SMIC) has reported record revenue growth in 2022, despite ongoing U.S. sanctions, according to CNBC.The semiconductor manufacturer was able to mark a record year of revenue growth despite being hit with a sweeping set of…
- Qotto, a solar kits provider that operates in Burkina Faso and Benin, has raised $8 million in a Series A equity-debt round led by the IBL Group, a billion-dollar conglomerate headquartered in Mauritius.Founded in 2016, Qotto provides stand-alone solar kits and lanterns to individuals living in the…
- BuuPass, a Kenyan B2B2C full-stack marketplace for the public transport sector, is looking to increase its market share in East Africa, with a focus on Kenya and Uganda.The company, which was founded seven years ago by Sonia Kabra and Wycliffe Omondi, who met in 2013 at Earlham College in
- Salcomp, an Apple supplier Salcomp is set to more than double its Indian workforce to over 25,000 over the next three years, according to Reuters citing a top executive at the company on Monday.This rapid hiring comes amid a diversification effort by the smartphone giant Apple to shift
- Xiaomi reported a decline in smartphone shipment in the fourth quarter of 2022, marking the 4th quarter-on-quarter decline in the year, according to a report from Strategy Analytics.The smartphone manufacturer shipped 33.2 million units of smartphones globally in the quarter, a 26% decline from the…
- South African e-commerce start-up Yebo Fresh has secured a pre-Series A equity investment of R78 million (~$4.5 million) and a Jobs Fund grant.The company streamlines the purchasing process for independent businesses by allowing orders to be placed via WhatsApp or through field sales agents and…
- Yahoo is planning to lay off over 2,000 employees, or 20% of its workforce, by the end of 2023. This week, the company will eliminate 1,000 positions, according to a statement.Yahoo, which is owned by private equity firm Apollo Global Management after a $5 billion buyout in
- Nigerian invest-tech startup Bamboo has secured a digital sub-broker license from Nigeria’s Securities and Exchange Commission (SEC), allowing the company to operate in the Nigerian capital market as well as offer Nigerian securities on its platform.Founded in 2019, Bamboo is an online brokerage…
