Author: Deal Street Asia Online News

BMW supports restructuring of China JV partner’s parent Huachen

BMW said on Tuesday it wanted to support the restructuring of Huachen Group, parent of the German premium automaker’s Chinese joint venture partner Brilliance China Automotive. BMW said in a statement to Reuters that it also wanted to use Huachen‘s existing car manufacturing capacity. Huachen is based in China‘s northeastern city of Shenyang in Liaoning province. “To BMW, Liaoning province and the city of Shenyang have… Continue reading BMW supports restructuring of China JV partner’s parent Huachen

Yandex increases stake in its Russian joint venture with Uber in $1b deal …

Russian internet giant Yandex said on Tuesday it would buy Uber’s stake in their joint foodtech, delivery, and self-driving businesses, and increase its stake in their ride-hailing joint venture as part of a $1 billion deal. The restructuring of the MLU ride-hailing and car sharing joint venture, which includes Yandex.Taxi, will see Yandex own 71% while Uber’s stake falls to… Continue reading Yandex increases stake in its Russian joint venture with Uber in $1b deal …

India: GlobalBees buys home care brand The Better Home in its first acquisition

GlobalBees, an aggregator of digital brands, on Tuesday said it has acquired The Better Home, a home care products company, as it builds its portfolio of digital-first brands and helps them scale. The deal amount was not disclosed. This is the first acquisition for GlobalBees. As part of the deal, the 15-member core team of… Continue reading India: GlobalBees buys home care brand The Better Home in its first acquisition

South Korea’s Kakao Pay cuts IPO target by 6% to $1.3b …

South Korean fintech company Kakao Pay Corp cut its planned initial public offering (IPO) target to up to 1.5 trillion won ($1.29 billion) from a previously announced 1.6 trillion won, it said on Tuesday. The adjustment from the company backed by Chinese e-commerce company Ant Group follows a Financial Supervisory Service (FSS) request for it… Continue reading South Korea’s Kakao Pay cuts IPO target by 6% to $1.3b …

Temasek-owned Aicadium acquires Singapore’s AI software firm BasisAI …

Aicadium, a technology company founded by Temasek Holdings, has acquired Singapore-based artificial intelligence software firm BasisAI, according to a joint statement by the two firms. According to BasisAI’s filings with Singapore’s Accounting and Corporate Regulatory Authority (ACRA), its investor Sequoia India and three co-founders – Silvanus Lee, Linus Lee and Liu Feng-Yuan – sold their… Continue reading Temasek-owned Aicadium acquires Singapore’s AI software firm BasisAI …

New Zealand’s Komodo, Pakistan’s Walee bag seed funding

New Zealand-based student well-being platform Komodo has snagged $1.27 million in a seed round led by Folklore Ventures, while Pakistani influencer marketing platform Walee has raised $2.7 million in a seed round from communications firm Z2C. Komodo raises $1.27m in seed funding New Zealand-based student well-being platform Komodo has raised NZ $1.8 million ($1.27 million)… Continue reading New Zealand’s Komodo, Pakistan’s Walee bag seed funding

Japanese venture investor Coral Capital raises $128m for third fund

Tokyo-based venture capital firm Coral Capital, formerly known as 500 Startups Japan, announced that it has reached the final close of its latest venture fund at $128 million. The new fund – Coral Capital III – will continue to invest in seed and early-stage companies in Japan. The vehicle, which will have a longer life,… Continue reading Japanese venture investor Coral Capital raises $128m for third fund

China’s market regulator proposes changes to e-commerce law

China’s market regulator proposed amendments to the country’s e-commerce law, saying that licences can be revoked if the platforms fail to take necessary measures against vendors who infringe intellectual property rights. The former version of the law says the platforms would be fined between 50,000 yuan and 2 million yuan for such offenses. The amendments are open for public review before Oct. 14, the State… Continue reading China’s market regulator proposes changes to e-commerce law

Asia Digest: Quadrant PE raises $390m for latest fund; Toranotec secures $26.4m …

Australia’s Quadrant Private Equity has reportedly closed its second growth capital fund at $390 million while Japanese fintech firm Toranotec secured $26.4 million in its Series C funding round. Australia’s Quadrant PE raises $390m for second growth capital fund Quadrant Private Equity, one of Australia’s busiest buyout firms, has secured A$530 million ($390 million) in… Continue reading Asia Digest: Quadrant PE raises $390m for latest fund; Toranotec secures $26.4m …