Author: Deal Street Asia Online News

Uber said to have held talks to raise $500m for freight unit

Uber Technologies Inc. is in talks with investors interested in taking a stake in its Uber Freight division, according to people with knowledge of the matter. The San Francisco-based company, led by Dara Khosrowshahi, held discussions to raise $500 million in a funding round that would give its freight business a standalone valuation of about… Continue reading Uber said to have held talks to raise $500m for freight unit

US-based Navistar buys stake in TuSimple to develop self-driving trucks

Truck maker Navistar International Corp has bought a minority stake in TuSimple and aims to co-develop self–driving trucks by 2024 with the technology company as it rolls out a national U.S. autonomous freight network, the two companies said on Wednesday. Self–driving technology for freight trucks has attracted investor attention as it should be easier and cheaper to roll out than in self–driving cars and robotaxis, while providing… Continue reading US-based Navistar buys stake in TuSimple to develop self-driving trucks

Chinese energy service platform Newlink raises $129m led by CICC Capital

Chinese energy services platform has garnered as much as 900 million yuan ($129 million) in a Series D round of financing led by China International Capital Corporation’s private equity arm CICC Capital.  With this, the total capital raised by Newlink has reached over 2.4 billion yuan ($343 million).  The group claims that it is the… Continue reading Chinese energy service platform Newlink raises $129m led by CICC Capital

Chinese autonomous vehicle company WeRide starts driverless testing

WeRide, a Chinese autonomous vehicle startup, said on Friday it has become the first autonomous company to start fully driverless vehicle testing in China, as the world’s biggest auto market accelerates the development of autonomous technologies. Three-year-old WeRide, backed by Nissan, Renault and Mitsubishi, said in a statement that it started tests on Wednesday on… Continue reading Chinese autonomous vehicle company WeRide starts driverless testing

Amazon plans at least $100m to retain Zoox talent after $1.3b deal

Amazon.com Inc plans to create at least $100 million in stock awards to retain the 900-plus employees of Zoox, the self-driving car startup it offered to buy last month, and can walk away from the deal if large numbers of them turn down job offers from the technology giant. Amazon, which is aggressively expanding into self-driving technology, announced June 26 it had agreed to… Continue reading Amazon plans at least $100m to retain Zoox talent after $1.3b deal

India: Cars24 Financial Services raises first debt funding

Cars24 Financial Services Pvt Ltd, a subsidiary of Cars24 Services Pvt Ltd, has raised its first debt funding of ₹10 crore from Vivriti Capital Pvt Ltd. The capital will be utilised to lend to small dealers and consumers across 50 cities where Cars 24 operates. Launched in 2019 with an aim to provide seamless and instant… Continue reading India: Cars24 Financial Services raises first debt funding

India: Ampere Vehicles buys e-rickshaw firm Bestway Agencies

Ampere Vehicles, the electric mobility subsidiary of Greaves Cotton, is acquiring a 74 per cent stake in e-rickshaw firm Bestway Agencies, per an announcement. Greaves Cotton is a Mumbai-headquartered engineering company that manufactures engines and heavy equipment. The acquisition will help spruce up Ampere’s expansion plans as it carves out its growth path in this… Continue reading India: Ampere Vehicles buys e-rickshaw firm Bestway Agencies

TPG’s Rise Fund backs Indian startup Frontier Markets’s $2.25m pre-Series A funding

Teja Ventures and affiliates of Beyond Capital Fund also participated as a part of this round. According to the company, the current investment will be utilised to grow the company’s assisted e-commerce platform, by adding digital marketing tools, AI enabled digital training, and a B2C onboarding solution. Frontier Markets is a last mile assisted e-commerce… Continue reading TPG’s Rise Fund backs Indian startup Frontier Markets’s $2.25m pre-Series A funding

Uber said to buy food delivery app Postmates in $2.65b all-stock deal

Ride-sharing company Uber Technologies Inc has agreed on a deal to buy food-delivery app Postmates Inc in a $2.65 billion all-stock agreement, Bloomberg News reported, citing people familiar with the matter. The deal has been approved by Uber‘s board and could be announced as soon as Monday, Bloomberg reported, adding that Pierre-Dimitri Gore-Coty, head of Uber‘s food delivery business, Uber Eats,… Continue reading Uber said to buy food delivery app Postmates in $2.65b all-stock deal