Author: Deal Street Asia Online News

Bukalapak pares net loss 25% in H1 2021, revenue surges 35% …

Indonesian marketplace Bukalapak on Tuesday reported revenue of 864 billion rupiah ($60.6 million) for the first half of 2021, up 35% year-on-year (YoY), on the back of strong growth in its online to offline (O2O) business. The IDX-listed company, which raised $1.5 billion in Indonesia’s biggest-ever IPO, also pared its losses during the period. Its… Continue reading Bukalapak pares net loss 25% in H1 2021, revenue surges 35% …

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 …