Author: Deal Street Asia Online News

Hyundai units, chief may pay up to $828m to buy Boston Dynamics from SoftBank

Hyundai Motor Group units and its chairman have agreed to buy an 80% stake in robot maker Boston Dynamics from SoftBank Group Corp for around 800 billion to 900 billion won ($736 million-$828 million), a person familiar with the matter told Reuters on Friday. Hyundai can leverage the robot technology to expand automation at its… Continue reading Hyundai units, chief may pay up to $828m to buy Boston Dynamics from SoftBank

Asia Digest: Nextrans kicks off VCFP 2; Grab Vietnam’s initiatives; Anacacia invests in Mwave

South Korean early-stage investor Nextrans has kicked off the Generation 2 of Venture Capital Foundation Program, Grab Vietnam has announced two new initiatives to help small and medium enterprises while Sydney-based private equity firm Anacacia Capital has invested an undisclosed sum in Mwave. VC firm Nextrans kicks off VCFP 2 South Korean early-stage investor Nextrans… Continue reading Asia Digest: Nextrans kicks off VCFP 2; Grab Vietnam’s initiatives; Anacacia invests in Mwave

Australian logistics tech startup Shippit raises $22m, eyes SEA expansion

Australian commerce and logistics technology company Shippit has raised A$30 million ($22 million) in Series B funding that the firm will use to finance its Southeast Asia expansion, among others. The funding round was backed by US-based technology investment firm Tiger Global along with the investor’s local representative Jason Lenga, according to the announcement. Shippit,… Continue reading Australian logistics tech startup Shippit raises $22m, eyes SEA expansion

Uber in advanced talks to sell air taxi unit Uber Elevate to Joby Aviation

Uber Technologies is in advanced talks to sell its air taxi business, “Uber Elevate”, to aerospace firm Joby Aviation, news website Axios reported on Wednesday, citing sources. Uber did not immediately respond to a Reuters request for comment. Its shares rose over 6% following the news. Hyundai Motor Co, which in January announced a partnership… Continue reading Uber in advanced talks to sell air taxi unit Uber Elevate to Joby Aviation

China’s Dongfeng Motor sets up automobile industry equity investment fund, commits $90m

China’s state-owned auto giant Dongfeng Motor Corporation has agreed to make a 597 million yuan ($90 million) commitment to a motor industry equity investment fund, said a company filing to the Stock Exchange of Hong Kong on Monday. Dongfeng inked an agreement with Bank of Communications’ BOCOM International Holdings, BOCOM International’s Shanghai Bole, Dongfeng’s subsidiary… Continue reading China’s Dongfeng Motor sets up automobile industry equity investment fund, commits $90m

China’s Meituan Q3 revenue beats estimates as food delivery rebounds

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

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