Chinese food delivery giant Meituan on Monday reported third-quarter revenue that beat market forecasts, driven by a recovery in on-demand services after the end of restrictions imposed to curb the spread of COVID-19. Meituan, whose services include restaurant reviews and bike-sharing, said revenue rose 28.8% in July-September versus the same period a year prior to 35.40 billion… Continue reading China’s Meituan Q3 revenue beats estimates as food delivery rebounds
Author: Deal Street Asia Online News
China Digest: Logistics startup Pickupp closes Series A; Convertlab raises $15.2m
Hong Kong-based on-demand delivery startup Pickupp has closed a Series A round of financing, while Convertlab, a provider of integrated marketing cloud solutions, has raised over 100 million yuan ($15.2 million) in a Series B round of financing. Hong Kong-based logitstics startup Pickupp closes Series A round Pickupp, a Hong Kong-based on-demand delivery platform, has… Continue reading China Digest: Logistics startup Pickupp closes Series A; Convertlab raises $15.2m
India: Cars24 turns unicorn with $200m funding led by DST Global
Cars24, which offers a tech-enabled platform to customers to buy and sell pre-owned vehicles, has raised $200 million in its Series E round, taking the company’s valuation to over $1 billion. With this fund-raise, the startup joined the unicorn club, and claimed it is the only startup in the mobility sector to achieve a unicorn… Continue reading India: Cars24 turns unicorn with $200m funding led by DST Global
Chinese truck-hailing firm Manbang nets nearly $170m from SoftBank, Sequoia, others
Manbang Group, a Chinese logistics player that provides truck-hailing solutions, announced on Tuesday that it has pocketed $170 million in a funding round co-led by new investor Fidelity and returning backers SoftBank Vision Fund, and Sequoia Capital China. A clutch of other existing investors re-upped in the round including Asia-based private equity firm Hillhouse Capital,… Continue reading Chinese truck-hailing firm Manbang nets nearly $170m from SoftBank, Sequoia, others
Chinese tech-enabled truckload platform Zeyi nets $91m in Series C round
Premium Chinese tech-enabled truckload platform Zeyi Supply Chain Management has secured nearly 600 million yuan ($91.1 million) in a Series C round of financing jointly led by Shenzhen-based private equity firm Co-Stone Asset Management and China-focused investment company Orchid Asia Group. Go to Source
Didi Chuxing, BYD roll out first customised electric vehicle for ride-hailing services
China’s Didi Chuxing and electric vehicle maker BYD on Monday launched their purpose-built D1 van model for ride-hailing services, the first model the ride-hailing giant has unveiled since it said it was working on such a vehicle in 2018. SoftBank-backed Didi and Shenzhen-based BYD, which is backed by U.S. investor Warren Buffett, started to jointly design and… Continue reading Didi Chuxing, BYD roll out first customised electric vehicle for ride-hailing services
Parent of BMW’s Chinese JV partner may have to restructure after $151m bond default
Brilliance Automotive Holdings, the Chinese joint venture partner of BMW, said its parent Huachen Automotive Group may undergo restructuring after a creditor filed an application to a Chinese court. Huachen, owned by the government of Liaoning province, defaulted on a 1-billion-yuan ($151.88 million) bond last month, joining a growing number of delinquent state firms in… Continue reading Parent of BMW’s Chinese JV partner may have to restructure after $151m bond default
Asia Digest: Grab partners with Lazada Vietnam; ARA Asset unit buys Korean tower
Grab Vietnam and Lazada Vietnam will partner to provide a seamless digital experience to consumers in the country, while Singapore-based ARA Asset Management’s Korean subsidiary has acquired a landmark office tower in Seoul. Grab partners with Lazada Vietnam Grab Vietnam and e-commerce firm Lazada Vietnam today announced a partnership that aims to provide a seamless… Continue reading Asia Digest: Grab partners with Lazada Vietnam; ARA Asset unit buys Korean tower
SoftBank in talks to sell robot-maker Boston Dynamics to Hyundai
SoftBank Group Corp is in talks to sell robot maker Boston Dynamics Inc to Hyundai Motor Co in a deal valued at as much as $1 billion, Bloomberg News reported on Monday, citing people familiar with the matter. Terms of the deal are yet to be finalised, according to the report. The company’s products include… Continue reading SoftBank in talks to sell robot-maker Boston Dynamics to Hyundai
India: Electric scooter startup Ather Energy raises $35m led by Sachin Bansal
Electric two-wheeler maker Ather Energy has raised $35 million in a funding round led by Flipkart co-founder Sachin Bansal, who invested $23 million in the round, as per a statement. The Series D round was joined by Hero MotoCorp, which invested $12 million. Sachin Bansal had first invested $500,000 in the company as an angel… Continue reading India: Electric scooter startup Ather Energy raises $35m led by Sachin Bansal