Author: Deal Street Asia Online News

India: Ampere Vehicles buys e-rickshaw firm Bestway Agencies

Ampere Vehicles, the electric mobility subsidiary of Greaves Cotton, is acquiring a 74 per cent stake in e-rickshaw firm Bestway Agencies, per an announcement. Greaves Cotton is a Mumbai-headquartered engineering company that manufactures engines and heavy equipment. The acquisition will help spruce up Ampere’s expansion plans as it carves out its growth path in this… Continue reading India: Ampere Vehicles buys e-rickshaw firm Bestway Agencies

TPG’s Rise Fund backs Indian startup Frontier Markets’s $2.25m pre-Series A funding

Teja Ventures and affiliates of Beyond Capital Fund also participated as a part of this round. According to the company, the current investment will be utilised to grow the company’s assisted e-commerce platform, by adding digital marketing tools, AI enabled digital training, and a B2C onboarding solution. Frontier Markets is a last mile assisted e-commerce… Continue reading TPG’s Rise Fund backs Indian startup Frontier Markets’s $2.25m pre-Series A funding

Uber said to buy food delivery app Postmates in $2.65b all-stock deal

Ride-sharing company Uber Technologies Inc has agreed on a deal to buy food-delivery app Postmates Inc in a $2.65 billion all-stock agreement, Bloomberg News reported, citing people familiar with the matter. The deal has been approved by Uber‘s board and could be announced as soon as Monday, Bloomberg reported, adding that Pierre-Dimitri Gore-Coty, head of Uber‘s food delivery business, Uber Eats,… Continue reading Uber said to buy food delivery app Postmates in $2.65b all-stock deal

UK govt, India’s Bharti win auction for satellite firm OneWeb

Britain has joined forces with India’s Bharti Global to buy the collapsed satellite operator OneWeb, with the two sides pledging $1 billion between them to develop a constellation that could boost broadband and other services. Under the deal announced on Friday, Britain will invest $500 million and hold a stake of around 45% in OneWeb… Continue reading UK govt, India’s Bharti win auction for satellite firm OneWeb

SH-listed SAIC Motor unit to acquire 28.92% stake in CAR for $245m

Chinese state-owned automotive design and manufacturing giant SAIC Motor Corporation Limited announced that its Hong Kong-based unit SAIC HK is acquiring a 28.92% stake in HK-listed troubled car rental service provider CAR Inc for as much as HK$1.902 billion ($245 million). CAR’s former actual controller Zhengyao Lu, the founder of scandal-tainted Luckin Coffee, will not… Continue reading SH-listed SAIC Motor unit to acquire 28.92% stake in CAR for $245m

Shenzhen Capital-backed Dehong to divest 29.99% to state firm for $154m

Shenzhen Capital Group-backed automobile alternator manufacturer Zhejiang Dehong Automotive Electronic & Electrical Co., Ltd has agreed to sell a 29.99 per cent stake to state-owned Asset Management Service Center of The Government of Ningbo Zhenhai for 1.087 billion yuan ($154 million), per a filing with the Shanghai Stock Exchange. With the deal, Zhenhai Investment will… Continue reading Shenzhen Capital-backed Dehong to divest 29.99% to state firm for $154m

China’s smart electric vehicle player NIO Anhui raises $679m from investors

NY-listed Chinese leading smart electric vehicle company NIO Inc on Tuesday said that its fully-owned unit NIO (Anhui) Holding Co Ltd has received a cash injection of 4.8 billion yuan ($679 million) in line with an agreed payment schedule with strategic investors. In April this year, NIO had forged an agreement with a slew of… Continue reading China’s smart electric vehicle player NIO Anhui raises $679m from investors

China Digest: AIpark nets $42m Series C; Lc-Bio raises $16m in Series B funding

Smart parking solutions developer AIpark has secured 300 million yuan ($42 million) in its Series C round of financing led by return backer Gaorong Capital, while biotechnology company Lc-Bio Technologies (Hangzhou) has garnered 115 million yuan ($16 million) in its Series B round of funding.  AIpark nets $42m in Series C funding AI-driven parking solutions… Continue reading China Digest: AIpark nets $42m Series C; Lc-Bio raises $16m in Series B funding