Vingroup has signed a Memorandum of Understanding with the government of Tamil Nadu to establish a framework for cooperation in studying and developing strategic investment opportunities in the Indian state, while Hanoi-based earned-wage access startup Ekko has raised a $4.2-million seed round in a mix of debt and equity.
Vingroup signs MoU with government of Tamil Nadu
Vingroup has signed a Memorandum of Understanding with the government of Tamil Nadu to establish a framework for cooperation in studying and developing strategic investment opportunities in the Indian state.
Under the MoU, Vingroup and the government of Tamil Nadu will explore cooperation in large-scale tourism and entertainment, premium hospitality, and electric mobility, aligned with the state’s sustainable and inclusive growth goals.
In tourism and entertainment, Vingroup will study the development of a VinWonders theme park, zoo, and safari complex. In premium hospitality, the Group will explore a 5-star Vinpearl resort to strengthen the high-end tourism ecosystem. In green mobility, both sides will jointly study electric mobility solutions, including a large-scale electric taxi model using Made-in-India EVs operated by GSM.
Meanwhile, the government of Tamil Nadu may support Vingroup in identifying suitable locations for each initiative, coordinating planning and project structuring activities, facilitating licensing procedures, considering incentives in accordance with current policies, and coordinating with relevant agencies to prepare the necessary connectivity infrastructure for future implementation.
Earlier in December last year, Vingroup signed a MoU with the Government of Telangana, India, for a proposed investment of $3 billion, to be implemented in a phased manner for developing a multi-sector ecosystem in the state.
Ekko bags $4.2m seed funding
Ekko, a Hanoi-based earned-wage access (EWA) startup, has raised a $4.2-million seed round in a mix of debt and equity, according to an announcement.
The fundraise was led by South Korea-based Impact Square, an initiative supporting and investing in promising impact startups across Southeast Asia; and Switzerland-based Foundation Botnar, a philanthropy-focused VC firm.
Established in 2023, Ekko offers earned wage access, allowing employees to withdraw a portion of their salary before payday. The company earns processing fees per transaction, borne by either the employer or the employee based on the enterprise client’s payment model.
In 2023, Vietnamese EWA startup GIMO announced the completion of a Series A funding round raising a total of $17.1 million. The funding, which comprised a mix of equity and debt financing, comes five months after GIMO secured $5.1 million in the first close.
In 2022, EWA provider Nano Technologies raised $6.4 million in an oversubscribed pre-Series A round led by Singapore-based venture capital firm Openspace.
