INFOGRAPHIC: Top Asian Startup Funding — Week 40

Emmanuel Oyedeji -
  • Chinese EV startup Nio Inc. Secures $471M in New Funding for Manufacturing Expansion
  • Mstack Raises $40 Million to Expand Custom Manufacturing Platform for Specialty Chemicals and Strengthen R&D Efforts
  • HomeLane Secures 27 Million as it Sets to Acquire DesignCafe in Strategic Move to Become One of India's Largest Interior Companies
  • Indonesia's Broom Closes $25 Million Series A+ Round to Fuel Expansion and Support SME Automotive Dealers
  • Visa Processing Platform Atlys Raises $20 Million in Series B Funding to Enhance Global Operations

Nio Inc. Secures $471M in New Funding for Manufacturing Expansion

Chinese electric vehicle (EV) startup Nio Inc. has secured CNY 3.3 billion (US$471 million) in fresh funding, led by a consortium of domestic investors, including Hefei Jianheng New Energy Automobile Investment Fund Partnership, Anhui Provincial Emerging Industry Investment, and CS Capital.

As a result of the round, these investors increased their combined stake in Nio China from 7.9% to 11.7%, while Nio Inc. retains an 88.3% share.

Nio, headquartered in Shanghai, is a leading BEV manufacturer known for its advanced electric SUVs and sedans. It operates two vehicle assembly plants in Hefei, Anhui province.

This funding comes after Nio raised US$2.2 billion from CYVN Holdings, owned by Abu Dhabi’s government, in December 2023.

With the newly raised funds, the company plans to channel it into expanding its production capacity at its two existing factories by constructing a third plant, approved earlier this year. This will raise Nio’s total annual production to 1 million vehicles, supporting its long-term growth.

In addition, Nio plans to leverage this capital to enhance its R&D in new technologies and maintain its competitive edge in the fast-evolving EV market.