March 21, 2019 Mobilkamu, Indonesia’s online platform for buying new cars, has raised an undisclosed amount in a Series A round led by East Ventures and Genesia Ventures, according to an official release. The round was joined by Denali Mitra. Mobilkamu plans to use the fresh funding to expand its reach in the local market as… Continue reading Indonesian auto platform Mobilkamu raises Series A funding round
Author: Deal Street Asia Online News
Warburg-backed China’s UCAR acquires Beijing Borgward in $610m deal
March 19, 2019 Chinese chauffeured car service provider UCAR has entered into an agreement to acquire 67 per cent interest in auto parts manufacturer Beijing Borgward Automobile in a 4.1 billion yuan ($610 million) cash deal. The shares will be sold by Changsheng Industrial (Xiamen) Enterprise Management Consulting, which had earlier purchased the stake from… Continue reading Warburg-backed China’s UCAR acquires Beijing Borgward in $610m deal
China Evergrande Group reckons it can take on Elon Musk’s Tesla
March 19, 2019 A Chinese developer known for its investments in everything from soccer clubs to spring-water companies is taking on Elon Musk in the electric vehicle arena, declaring it can be the biggest manufacturer in the world within three to five years. China Evergrande Group, the nation’s second-largest property developer, has been moving further… Continue reading China Evergrande Group reckons it can take on Elon Musk’s Tesla
Singapore’s auto marketplace Carro closes extended $90m Series B round
March 19, 2019 Premium Singapore-based automotive marketplace Carro has closed a $90-million extended Series B round backed by SoftBank Ventures Asia and other investors, according to an executive close to the development. Go to Source
Indian vehicle sharing startup Drivezy in talks to raise $100m financing
March 13, 2019 Close on the heels of raising a $20-million funding round, vehicle sharing marketplace Drivezy, formerly known as JustRide, is close to raising another $100 million in equity funding. The Bengaluru-based company is raising another $400 million in asset financing, which will help it enter new markets and integrate advanced services. In November last… Continue reading Indian vehicle sharing startup Drivezy in talks to raise $100m financing
Vietnam Digest: Vingroup mulls $1b private placement; SocGen exits SeaBank
March 13, 2019 Vingroup has announced its plan to conduct a private placement offering to raise $1 billion while French Société Générale Group has fully divested 20 per cent stake in Hanoi-based lender SeABank. Vingroup to issue $1b private placement Vietnam’ biggest listed firm by market value, Vingroup, has announced its plan to conduct private placement to… Continue reading Vietnam Digest: Vingroup mulls $1b private placement; SocGen exits SeaBank
India: Mahindra CIE Automotive acquires Aurangabad Electricals for $119m
March 12, 2019 Automotive components supplier Mahindra CIE Automotive Ltd has acquired Aurangabad Electricals Ltd (AEL), an aluminium die casting firm, for ₹830 crore, Mahindra CIE said in an exchange filing on Tuesday. Aluminium die casting is a process used to make smooth, defined metal parts by forcing them into a mold. The acquisition will… Continue reading India: Mahindra CIE Automotive acquires Aurangabad Electricals for $119m
China Digest: Baidu leads $450m round in Weltmeister; Orchid Asia backs Hunliji
March 11, 2019 Chinese internet group Baidu Inc has led a $450-million Series C round into Weltmeister Motor while Orchid Asia has led a $70-million round into Chinese wedding services provider Hunliji. Baidu Inc leads $450m Series C round into Weltmeister Motor Electric vehicle maker Weltmeister Motor has raised RMB 3 billion ($450 million) in a Series C round led by… Continue reading China Digest: Baidu leads $450m round in Weltmeister; Orchid Asia backs Hunliji
Tyre maker Michelin buys 88% in Indonesia’s Multistrada for $480m
March 8, 2019 French tyre maker Michelin said it had bought an 88 percent stake in Indonesian peer company PT Multistrada Arah Sarana for $480 million, strengthening its presence in a fast-growing Asian market. Michelin has been on the takeover trail, and acquired Canadian rival Camso for $1.45 billion last year. Reuters Go to Source
Tesla secures up to $521m loan from Chinese lenders for its vehicle factory
March 8, 2019 Tesla Inc. secured as much as $521 million in loans from Chinese banks to build a vehicle and battery factory in the country, putting the carmaker a step closer to producing Model 3 sedans at its first overseas plant. The loans from China Construction Bank Corp., Agricultural Bank of China Ltd., Industrial… Continue reading Tesla secures up to $521m loan from Chinese lenders for its vehicle factory