Living Lab Ventures, the corporate venture capital arm of Sinar Mas Land, has invested in the parent company of proptech startup Lamudi. Meanwhile, Vietnamese electric carmaker VinFast is reportedly delaying the opening of its Thailand dealership.
Living Lab Ventures invests in Lamudi’s parent
Living Lab Ventures (LLV), the corporate venture capital arm of Sinar Mas Land, has made an undisclosed strategic investment in Digital Classifieds Group (DCG), marking LLV’s expansion into Australia.
DCG, an Australia-based, Asia Pacific-focused real estate and classifieds firm had acquired proptech player Lamudi from Dubizzle Group in October 2023.
Bayu Seto, an LLV partner, said the investment allows LLV to “strengthen its muscles in the Asia-Pacific proptech industry” through strategic collaboration and integration within the Sinar Mas Ecosystem.
The investment will allow Lamudi Indonesia to develop its platform and improve user experience, adding value to customers.
In a recent interaction with DealStreetAsia, Seto said the firm has deployed more than $100 million across sectors and is looking at deals in the biomedical and healthcare sectors this year.
LLV is also setting up an office in Japan and looking at launching a new Japan-focused fund.
VinFast delays Thai dealerships
Vietnamese electric vehicle (EV) maker VinFast Auto is postponing the opening of its Thailand dealership network due to a slowdown in passenger car sales in the country, Bloomberg reported on Thursday.
VinFast will “carefully evaluate” the timing of sales of its EVs in the country, according to the report. The report also noted that Thailand remains among VinFast’s key markets and the company has made no changes to its business plans for other markets.
VinFast had signed partnership agreements with 15 dealers in Thailand in March 2024. According to the agreement, VinFast and the dealers will open 22 showrooms concentrated on major roadways in the Greater Bangkok Area.
Following the planned Greater Bangkok Area expansion, VinFast was set to expand to Chiang Mai, Khon Kaen, Ubon Ratchathani, Ayutthaya, and Chonburi.
VinFast is targeting expansion to at least 50 countries in 2024. Besides Thailand, the company also sees expansion into other neighbouring Asian countries such as Indonesia, the Philippines, India, the Middle East, and Africa.
In Indonesia, VinFast started the construction of an electric vehicle assembly plant in Subang, West Java, Indonesia, in July 2024.
After opening its first dealership in Indonesia in April, the firm is set to open 15 new dealer stores in Indonesian major cities such as Jakarta, Bandung, Yogyakarta, Malang, Surabaya, Bali, and other cities.
