Author: Deal Street Asia Online News

India: Vehicle rental platform Drivezy in talks to raise up to $35m

The new round will, however, see Drivezy’s post-money valuation drop by nearly a quarter to $100 million, from the $135-million valuation it was seeking in its earlier funding talks in March, said one of the two people mentioned above, who did not wish to be named. “Drivezy is also evaluating shifting its headquarters to UAE… Continue reading India: Vehicle rental platform Drivezy in talks to raise up to $35m

Chinese smart petrol service platform Nucarf bags nearly $100m

Nucarf Group, an intelligent petrol solution platform for the logistics industry, has garnered approximately $100 million in its Series A and A+ rounds of funding, the company announced on WeChat on Tuesday.  The Series A round of financing was led by returning investor Eastern Bell Capital and joined by Xiamen C&D Corporation Limited’s subsidiary C&D… Continue reading Chinese smart petrol service platform Nucarf bags nearly $100m

India: US firm HAAH Automotive reaches out to M&M to invest in SsangYong

US-based automobile distributor HAAH Automotive Holdings has reached out to India’s Mahindra & Mahindra Ltd (M&M) with an offer to invest USD 258 million in the latter’s Korean subsidiary SsangYong Motor Company, according to a report by the news agency Korean Investors. The report said that Indian automobile manufacturer, which owns 75% stake in SsangYong Motor,… Continue reading India: US firm HAAH Automotive reaches out to M&M to invest in SsangYong

China’s Didi, BYD to launch co-designed ride-hailing EV this year

China’s ride-hailing giant Didi Chuxing and electric vehicle maker BYD plan to launch this year a test batch of a vehicle they have designed for ride-hailing services, people familiar with the matter said. BYD received approval from China’s Ministry of Industry and Information Technology to sell an electric sedan model called D1 last month, according to government… Continue reading China’s Didi, BYD to launch co-designed ride-hailing EV this year

Indonesian ride-hailing giant Gojek kickstarts Thai operation after brand unification

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to… Continue reading Indonesian ride-hailing giant Gojek kickstarts Thai operation after brand unification

Uber plans to sell part of stake in China’s Didi Chuxing

Uber Technologies Inc is planning to sell part of its $6.3 billion stake in Chinese ride-hailing firm Didi Chuxing to raise cash, Bloomberg News reported https://bloom.bg/2RAViKg on Thursday, citing people familiar with the matter. CEO Dara Khosrowshahi is in talks about the sale with Didi and SoftBank Group Corp, with a possible scenario of the Japanese conglomerate teaming up with other investors to acquire Uber‘s 15% stake in Didi, according to… Continue reading Uber plans to sell part of stake in China’s Didi Chuxing

China Evergrande New Energy Vehicle to raise $516m from Tencent, Sequoia, others

China Evergrande New Energy Vehicle Group Ltd said on Tuesday investors including Tencent Holdings Ltd and Sequoia Capital will buy HK$4 billion ($516.12 million) worth of company shares in a share sale. The electric vehicle unit of property developer China Evergrande said its controlling shareholder plans to sell 176.58 million existing shares, or about 2%… Continue reading China Evergrande New Energy Vehicle to raise $516m from Tencent, Sequoia, others

Tata Motors looks to sell stakes in two units as part of plan to turn debt-free

The divestment plans are critical for the parent of Jaguar Land Rover (JLR) Automotive Plc, which saw its net consolidated debt soar to ₹68,000 crore as of 31 July from ₹48,000 crore as of 31 March following extensive cash burn due to disruptions from the coronavirus outbreak. “Tata Motors has resumed talks with multiple stakeholders for potential equity stake… Continue reading Tata Motors looks to sell stakes in two units as part of plan to turn debt-free