The fund plans to raise $100m by the end of the year, according to news provider Asia Venture Capital Journal.

The Facebook branding company is the first graduate from the JFDI-Innov8 2012 Boot Camp, an incubator backed by Singtel's corporate venturing unit, to receive external funding.

Karthee Madasamy, a senior director at Qualcomm Ventures, says: "Our investment in Big Shoe Bazaar has come at a time when the rapid rise of smartphones, tablets and social media networks stands to greatly influence the way people engage in online shopping."

Qualcomm Ventures announced the news but provided no further details of investors.

Zhu Linan, a member of the company's executive committee and a former executive vice-president, has replaced Liu as president.

Alongside Spirox Ventures were venture capital firms Jafco Asia and Pac-Link Capital, which led the round as new investors, and other existing investors Magic Shares, Shinden and Synerchip chief executive, David Lee.

Intel Capital-backed Sinosun rose nearly 10% in its first day of trading on Thursday.

Gobi, which is backed by strategic investors including IBM, McGraw-Hill, Nokia Growth Partners, NTT DoCoMo, and others, backs the Singapore-headquartered games cloud company.