Author: Deal Street Asia Online News

China Digest: Mingdutech nets $11m; NIO Capital backs BoCloud

Zhejiang Mingdu Zhikong Technology has raised 80 million yuan ($11 million) in its Series A+ round funding from China Merchants Venture, Zheshang Venture Capital and Topping Capital, while BoCloud has completed an undisclosed Series C+ round of financing from CETC Fund and NIO Capital.  Mingdutech nets $11m in Series A+ round  Zhejiang Mingdu Zhikong Technology… Continue reading China Digest: Mingdutech nets $11m; NIO Capital backs BoCloud

China’s Didi Chuxing launches standalone ride-hailing service

China’s Didi Chuxing said on Wednesday it has launched a new standalone ride–hailing service that targets younger customers and offers cheaper rides compared to its main app. Didi, China’s biggest ride–hailing company and backed by Japan’s SoftBank, said in a statement the new service is named “Huaxiaozhu” and that it has already been launched in some cities in China’s southwestern province of Guizhou and the eastern province of Shandong. The new service is… Continue reading China’s Didi Chuxing launches standalone ride-hailing service

Norway’s Adevinta buys eBay’s classifieds unit in $9.2b deal

U.S. firm eBay Inc has agreed to sell its classified ads business to Norway’s Adevinta in a deal worth $9.2 billion, creating the world’s largest classifieds group, the companies said on Tuesday. Under the deal, eBay will receive $2.5 billion in cash and 540 million shares of Adevinta, making it the largest shareholder with a 44% stake and 33.3%… Continue reading Norway’s Adevinta buys eBay’s classifieds unit in $9.2b deal

Soundcloud founders launch Berlin-based e-bike subscription startup

The founders of the Berlin music-streaming app Soundcloud are launching an e-bike subscription startup, betting their experience in building a community of enthusiasts will ensure the venture is more sustainable than bike-sharing. The idea for the venture, called DANCE, predates the coronavirus but the spread of the pandemic around the world has hastened a shift to getting… Continue reading Soundcloud founders launch Berlin-based e-bike subscription startup

Indian cab-hailing firm Ola expands corporate travel service to international markets

Ola’s corporate cab hailing platform has been adopted over 10,000 users in the Indian market. The platform helps organizations cut employee travel expenses by up to 25%, due to its centralized billing system, which eliminates the need for paper-based reimbursement. Ola Corporate clients operate the service through a personalized dashboard where they can add and… Continue reading Indian cab-hailing firm Ola expands corporate travel service to international markets

Alibaba-backed electric vehicle maker Xpeng raises $500m

Chinese electric vehicle (EV) manufacturer Xpeng Motors, backed by Alibaba Group Holding Ltd, said on Monday it has raised around $500 million in the latest funding round. As enthusiasm builds for more climate-friendly vehicles, the share prices of EV makers, including Tesla Inc and Nio Inc, have surged in recent months and auto makers are… Continue reading Alibaba-backed electric vehicle maker Xpeng raises $500m

India: Tata Sons may raise $1b to finance a fresh equity infusion into group firms

The board of the Tata group holding company discussed possible avenues for the fund-raise at its meeting on Friday, the people cited above said on condition of anonymity. “The board discussed various fund-raise options available, and is likely to soon take a final decision in this regard,“ said the first of the two people, adding,… Continue reading India: Tata Sons may raise $1b to finance a fresh equity infusion into group firms

China Digest: Fosun-backed Stroke Care raises funding; UMU nets $14m

Stroke Care has garnered ‘tens of millions of USD dollars’ in a Series C round of financing from Sherpa Healthcare Partners and Lyfe Capital, while UMU Technology has bagged 100 million yuan ($14 million) in a Series B round from Gaocheng Capital. Fosun-backed Stroke Care closes Series C round funding  Shanghai-headquartered biotech firm Stroke Care… Continue reading China Digest: Fosun-backed Stroke Care raises funding; UMU nets $14m