Asian Deals Roundup: EduFi, GoMechanic, LXA, and BondbloX

Here are the startup and venture deals we tracked across the Asian region today.

Singapore-based fintech startup EduFi raises $6.1M

With an aim to address the challenges posed by low credit penetration in Pakistan which has heavily impacted the student loans segment, Singapore-based fintech startup EduFi, has successfully raised $6.1 million in pre-seed funding to make loans accessible to students through its "study now pay later" platform.

The funding round was led by Zayn VC, and included participation from investors such as Palm Drive Capital, Deem Ventures Ltd, Q Business, Abhi, AdalFi, Techlogix, and several angel investors.

EduFi, led by Founder and CEO Aleena Nadeem, focuses on a "Study Now, Pay Later" model for student loans, streamlining the borrowing process and enabling students to easily apply for loans and access funds quickly. Currently, EduFi operates its first market in Pakistan, through partnerships with 15 colleges, making its platform available to over 200,000 students to pay school fees.

The company plans to utilize the funds to expand its operations and development efforts, aiming to make a significant impact on literacy rates and credit penetration in Pakistan and beyond.

India-based car-servicing startup GoMechanic secured $6M

GoMechanic, a Gugugram car servicing and repair startup, has raised $6 million in a funding round led by about 24 investors, valuing it at around $20 million. The round was led by Hero Enterprise Partner Ventures, Gensol Engineering Limited and Emerge Capital Opportunities. The round also saw participation by 21 other angels and ventures including Lifelong and Stride Ventures.

The funding comes months after GoMechanic was acquired by Lifelong Group’s Servizzy following financial irregularities. At its peak, GoMechanic was valued at around $325 million when Tiger Global led a $42 million round in November 2021.

Singapore's LXA raises a $10M seed round

LXA, a Singapore-based technology startup that aims to revolutionise the Asian mortgage industry by streamlining loan origination, processing, underwriting, and servicing has announced the completion of its US$10 million seed funding round. The round was led by New Enterprise Associates, Inc. (NEA), with participation from Openspace Ventures and EDBI. 

BondbloX raises $6 million

Singapore-based fintech firm BondbloX, which operates a digital exchange for trading fractional and full-size bonds, has successfully raised $6 million in a Series B funding round. The investment round saw participation from Beacon Venture Capital, the corporate VC arm of Thailand's Kasikornbank, alongside existing investors Citigroup and MassMutual Ventures. The funding will support the company's expansion efforts to India.

Follow our full coverage of the Asian startup and technology scene and get up to date with what's happening in the key markets within the region.