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IDG Capital joined a $120 million Series B round in OPay, a Lagos, Nigeria-based mobile payments platform incubated by Norwegian browser company Opera Ltd. OPay said it will use the latest investment to expand its payment platform in Nigeria, as well as in Kenya, Ghana and South Africa. IDG Capital previously led a $50 million round in OPay in August. Employing 40,000 active agents, the startup processes $10 million in daily transaction volume to support transportation, food delivery and other daily activities across Africa. Meituan-Dianping, an IDG Capital-invested group delivery website in China, also joined the round.
Electric vehicle (EV) startup Xpeng raised $400 million from investors including Xiaomi, the world's fourth largest smartphone-maker. The two companies said they have formed a strategic partnership based on complementary technologies. Xpeng, a Tesla competitor, plans to boost production of its newly released P7 model and increase its share of China's fast-growing EV market. Both Xpeng and Xiaomi are IDG Capital-backed companies. IDG Capital co-led Xpeng's $348 million Series B round in 2018 and was also an early investor in Xiaomi.