JD.com-backed fashion e-commerce startup Pomelo plans to boost revenue by offering its own technology in analytics and demand forecasting to other fashion brands in the region, its chief executive said on Tuesday, amid slowing offline sales. The women’s fashion firm, which started as an online business in 2013, plans to launch its business-to-business (B2B) unit,… Continue reading Thai startup Pomelo pivots to fashion tech platform amid COVID crisis
Author: Deal Street Asia Online News
China okays Goldman Sachs, ICBC joint wealth management venture
China‘s largest bank Industrial and Commercial Bank of China (ICBC) said on Tuesday its unit had received approval to set up a foreign-controlled wealth management firm with Goldman Sachs Asset Management. The unit of U.S. banking giant Goldman Sachs Group Inc will offer a 51% funding contribution ratio, while the wealth management unit of ICBC will offer 49%, the Chinese bank said in a exchange filing. The joint venture is “to create a world-class asset management business,”… Continue reading China okays Goldman Sachs, ICBC joint wealth management venture
India: Logistics SaaS startup FarEye raises $100m led by TCV, Dragoneer …
Logistics software-as-a-service (SaaS) platform FarEye on Tuesday said it has raised $100 million in a Series E round led by US-based investors Technology Crossover Ventures (TCV) and Dragoneer Investment Group, as the covid-19 pandemic accelerates the need for enterprises to scale their supply chain operations efficiently to meet the rising share of online deliveries. As… Continue reading India: Logistics SaaS startup FarEye raises $100m led by TCV, Dragoneer …
China Digest: B.H. Med, CHOWSING in funding news
Chinese cancer therapy startup B.H. Med has closed 500 million yuan ($78.1 million) in a Series C round, while pet product brand CHOWSING has raised nearly 400 million yuan ($62.4 million) in a Series B+ round. Jack Ma-backed Yunfeng Capital leads $78m round for B.H. Med Chinese cancer therapy startup B.H. Med has closed 500… Continue reading China Digest: B.H. Med, CHOWSING in funding news
Chinese smart logistics platform YunQuNa enters unicorn club post $100m round
YunQuNa, a global smart logistics service platform born in China, announced on Tuesday the completion of a Series D1 funding round at $100 million to achieve a unicorn valuation of over $1 billion. Investors of the Series D1 round remained undisclosed. Beijing-based Source Code Capital, which backed YunQuNa’s Series A round in 2017, said in… Continue reading Chinese smart logistics platform YunQuNa enters unicorn club post $100m round
China launches antitrust probe into property broker KE Holdings
China‘s market regulator has begun an investigation into suspected anti-competitive practices by KE Holdings, the country’s biggest housing broker whose top backer is Tencent Holdings, two people who know of the matter said. The investigation is the latest into China‘s big so-called “platform” companies that match sellers and buyers, several of which have been accused by regulators of exploiting consumers. KE Holdings, which… Continue reading China launches antitrust probe into property broker KE Holdings
India: Walmart-owned Flipkart hires 23,000 people in various capacities
Walmart-owned Flipkart on Tuesday said that the company hired 23,000 people in India in the past three months. The homegrown e-commerce marketplace said that it has hired 23,000 people over March – May 2021 across the country in various capacities across its supply chain, including delivery executives. “The growing demand for e-commerce services across the… Continue reading India: Walmart-owned Flipkart hires 23,000 people in various capacities
China’s Yingke PE closes third USD fund to back global biomedicine startups …
In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to… Continue reading China’s Yingke PE closes third USD fund to back global biomedicine startups …
India: Stride Ventures launches second debt fund with a target corpus of $137m
The firm will continue investing in early to late-stage startups with ticket size from the new fund expected to go up to ₹70 crore, it said. The new fund will have a commitment period of four years within which the capital will be deployed and recycled. While Strides is a sector agnostic investor, it will look… Continue reading India: Stride Ventures launches second debt fund with a target corpus of $137m
Singapura Finance sells stake in Matchmove PowerBank on SG digibank loss
Singapore Exchange (SGX)-listed lender Singapura Finance has disposed of all its shares in MatchMove PowerBank, a subsidiary of MatchMove Pay, for $1 million, according to an SGX filing. The shares represented roughly 10% of PowerBank’s share capital. In return, Singapura Finance will receive shares in MatchMove, which increases its shareholding in the firm from 1.6%… Continue reading Singapura Finance sells stake in Matchmove PowerBank on SG digibank loss