Reliance Industries has agreed to merge its digital music platform, JioMusic, with streaming service Saavn, investing up to $100m in the combined business.

Ultimately, those unwilling or unable to compete at the top end of creating market-leading companies risk effectively bringing a knife to a gun fight - they can win sometimes in some areas, but the chances might be against them.

The local services platform is exploring an IPO in Hong Kong at a $60bn valuation, setting up Tencent, Priceline, Xiaomi, Fosun and Wanda for exits.

Naspers, which invested $32m in the internet group in 2001, three years before its IPO, will reduce its stake from 33.2% to 31.2%.

Corporates Shougang and Intime Retail invested a series B round for EV developer Chehejia Information Technology, which is also backed by Leo Group.

Naspers' Tencent share sale and the legacy of investor Li Ka-shing indicate the capital generated in Hong Kong in recent years.

Fireside Ventures has closed a $52.3m fund backed by corporate limited partners Unilever, ITC, RP-Sanjiv Goenka, Hero Enterprise and Emami.

Existing backer SoftBank and two new investors are reportedly in discussions to invest between $500m and $800m in the budget accommodation provider.

Sea has contributed to a $31.6m round for Nox, the China-based developer of a programmatic advertising platform that aims to overcome regional differences.