Author: Deal Street Asia Online News

Geely’s EV unit Polestar raises $550m in external funding

Sweden’s Polestar, the electric car maker controlled by Volvo and its parent, the Chinese automaker Geely, has raised $550 million in external funding, the company said on Thursday. The financing is Polestar‘s first external funding and comes amid a year of sustained sales and share price growth for electric vehicle (EV) makers such as Tesla Inc and Nio Inc.… Continue reading Geely’s EV unit Polestar raises $550m in external funding

Vingroup eyes $60b valuation for car unit in potential US IPO

Vingroup JSC, Vietnam’s largest conglomerate, is considering a U.S. initial public offering (IPO) of its car unit that could value VinFast at about $60 billion, two people familiar with the matter said on Monday. Vingroup, which was founded in 1993 in Ukraine, is working with Credit Suisse Hong Kong for the potential offering on the New… Continue reading Vingroup eyes $60b valuation for car unit in potential US IPO

India: Used car retailing startup Spinny snags $65m led by General Catalyst

Gurugram-based used car retailing platform Spinny on Thursday announced that it has raised $65 million in Series C funding led by Silicon Valley-based venture capital firm General Catalyst – an early backer of Airbnb, Stripe, Snapchat, Vroom, Cazoo, among others. Other new investors in the round include Feroz Dewan’s Arena Holdings, and Think Investments. The… Continue reading India: Used car retailing startup Spinny snags $65m led by General Catalyst

Singapore ride-hailing firm MVLLABS raises $15m Series B, launches first EV for SE Asia …

MVLLABS Pte Ltd, the company behind the zero-commission, blockchain-based ride-hailing service TADA, has raised $15 million in a Series B round led by the South Korean automotive parts manufacturer CENTRAL, an existing investor. The round also saw participation from Singapore-based TRIVE Ventures. In 2018, MVLLABS launched TADA in Singapore. Subsequently, the company expanded to Vietnam… Continue reading Singapore ride-hailing firm MVLLABS raises $15m Series B, launches first EV for SE Asia …

Chinese self-driving startup Momenta raises $500m from SAIC, Toyota, others

Chinese autonomous driving startup Momenta said on Friday it has received $500 million from SAIC Motor, Toyota Motor and auto parts supplier Bosch, as the global auto industry pursues the autonomous future. Other investors in the funding round include Daimler AG, Temasek, Yunfeng Capital and Tencent, Momenta said in a statement. It did not disclose… Continue reading Chinese self-driving startup Momenta raises $500m from SAIC, Toyota, others

India: FarEye acqui-hires logistics technology startup PY Technology

Logistics SaaS (software as a service) platform FarEye said it has acqui-hired logistics technology startup PY Technologies in a bid to scale customer implementations and to incubate new ideas. PY technologies, earlier known as PRTouch, was founded by Jignesh Vasani in 2012. He will be joining FarEye as vice-president, professional services, the company said in… Continue reading India: FarEye acqui-hires logistics technology startup PY Technology

Asia Digest: PAG buys Unispace; VinFast inks JV with ProLogium; InVent invests in two startups

Asia-focused private investment firm PAG has acquired global workplace design firm Unispace. Meanwhile, Vietnamese conglomerate Vingroup’s automobile unit VinFast and Taiwan’s battery manufacturer ProLogium set up a JV, while Thailand’s InVent announced two new investments. PAG acquires Unispace Asia-focused private investment firm PAG has acquired global workplace design firm Unispace, according to an announcement. Since… Continue reading Asia Digest: PAG buys Unispace; VinFast inks JV with ProLogium; InVent invests in two startups

China’s Autohome to raise up to $1.1b in HK secondary listing

China’s Autohome will raise up to $1.1 billion in its Hong Kong secondary listing, according to a term sheet seen by Reuters. The New York-listed online vehicle firm will sell 30.29 million shares at a maximum price of HK$251.8 ($32.46) each, the term sheet shows. An additional 4.54 million shares can be sold under the so-called green shoe option that would take the total size of the deal to $1.1 billion.… Continue reading China’s Autohome to raise up to $1.1b in HK secondary listing

Vietnam’s VinFast gets permit to test autonomous electric vehicles in the US

Vietnamese conglomerate Vingroup’s automobile unit VinFast has received a permit to test autonomous vehicles by the California Vehicle Administration, per an announcement. Vingroup said that its car manufacturing subsidiary is the 57th licenced company to test its autonomous electric cars in California, following global giants such as Apple, Tesla, BMW, and Volkswagen. In January, the… Continue reading Vietnam’s VinFast gets permit to test autonomous electric vehicles in the US