Author: Deal Street Asia Online News

Uber halts move to shift Asia HQ to HK, to extend stay in Singapore

Uber Technologies Inc on Thursday halted a plan to move its Asian headquarters to Hong Kong in another business blow for the Chinese-ruled city, choosing to extend its stay in Singapore until at least December 2022. The firm’s announcement comes after China enacted a national security law for Hong Kong, which has stirred worries over… Continue reading Uber halts move to shift Asia HQ to HK, to extend stay in Singapore

Vietnam’s beGroup partners ComfortDelGro’s local unit to launch beTaxi

Vietnamese ride-hailer beGroup has partnered with Vinataxi, the local business of Singapore transport firm ComfortDelGro Corporation, to launch its beTaxi service. The new offering provides four-seater and seven-seater taxi booking for users, starting July 30. beGroup said, in a statement, the new service will help facilitate the transportation needs in peak hours when customers usually… Continue reading Vietnam’s beGroup partners ComfortDelGro’s local unit to launch beTaxi

China Deal Monitor: ZhenFund backs Qinglei and more updates

ResearchPremium Radar solution developer Beijing Qinglei Technology Co., Ltd has raised ‘millions of US dollars’ in an angel round from ZhenFund and early-stage investment firm Ceyuan Ventures, per a company filing.  The proceeds will be used to facilitate radar solution innovation and commercialization.  With founding members from Tsinghua University, Qinglei is active in novel millimeter-wave… Continue reading China Deal Monitor: ZhenFund backs Qinglei and more updates

China Digest: Mingdutech nets $11m; NIO Capital backs BoCloud

Zhejiang Mingdu Zhikong Technology has raised 80 million yuan ($11 million) in its Series A+ round funding from China Merchants Venture, Zheshang Venture Capital and Topping Capital, while BoCloud has completed an undisclosed Series C+ round of financing from CETC Fund and NIO Capital.  Mingdutech nets $11m in Series A+ round  Zhejiang Mingdu Zhikong Technology… Continue reading China Digest: Mingdutech nets $11m; NIO Capital backs BoCloud

China’s Didi Chuxing launches standalone ride-hailing service

China’s Didi Chuxing said on Wednesday it has launched a new standalone ride–hailing service that targets younger customers and offers cheaper rides compared to its main app. Didi, China’s biggest ride–hailing company and backed by Japan’s SoftBank, said in a statement the new service is named “Huaxiaozhu” and that it has already been launched in some cities in China’s southwestern province of Guizhou and the eastern province of Shandong. The new service is… Continue reading China’s Didi Chuxing launches standalone ride-hailing service

Norway’s Adevinta buys eBay’s classifieds unit in $9.2b deal

U.S. firm eBay Inc has agreed to sell its classified ads business to Norway’s Adevinta in a deal worth $9.2 billion, creating the world’s largest classifieds group, the companies said on Tuesday. Under the deal, eBay will receive $2.5 billion in cash and 540 million shares of Adevinta, making it the largest shareholder with a 44% stake and 33.3%… Continue reading Norway’s Adevinta buys eBay’s classifieds unit in $9.2b deal

Soundcloud founders launch Berlin-based e-bike subscription startup

The founders of the Berlin music-streaming app Soundcloud are launching an e-bike subscription startup, betting their experience in building a community of enthusiasts will ensure the venture is more sustainable than bike-sharing. The idea for the venture, called DANCE, predates the coronavirus but the spread of the pandemic around the world has hastened a shift to getting… Continue reading Soundcloud founders launch Berlin-based e-bike subscription startup

Indian cab-hailing firm Ola expands corporate travel service to international markets

Ola’s corporate cab hailing platform has been adopted over 10,000 users in the Indian market. The platform helps organizations cut employee travel expenses by up to 25%, due to its centralized billing system, which eliminates the need for paper-based reimbursement. Ola Corporate clients operate the service through a personalized dashboard where they can add and… Continue reading Indian cab-hailing firm Ola expands corporate travel service to international markets

Alibaba-backed electric vehicle maker Xpeng raises $500m

Chinese electric vehicle (EV) manufacturer Xpeng Motors, backed by Alibaba Group Holding Ltd, said on Monday it has raised around $500 million in the latest funding round. As enthusiasm builds for more climate-friendly vehicles, the share prices of EV makers, including Tesla Inc and Nio Inc, have surged in recent months and auto makers are… Continue reading Alibaba-backed electric vehicle maker Xpeng raises $500m