Neolix Technologies, a startup that delivers level 4 autonomous driving vehicles, has received nearly 200 million yuan ($29 million) in a Series A+ round, while edge computing-based cloud service provider VDN Cloud has closed almost 100 million yuan ($14 million) in a Series A+ round. CHJ leads $29m Series A+ round in self-driving startup Neolix… Continue reading China Digest: Self-driving firm Neolix raises $29m; VDN Cloud closes $14m
Author: Deal Street Asia Online News
Mahindra Comviva divests stake in TerraPay to IFC, Prime Ventures, Partech
Mobility solutions provider Mahindra Comviva, a subsidiary of Tech Mahindra Ltd, Tuesday announced that it has divested its stake in mobile payments switch TerraPay to a consortium of global investors for an undisclosed amount. TerraPay was incubated by Comviva in 2015. “Prime Ventures and Partech Partners are co-investing in TerraPay, along with International Finance Corporation… Continue reading Mahindra Comviva divests stake in TerraPay to IFC, Prime Ventures, Partech
Tata Motors to exit car retail business Concorde Motors
Tata Motors Ltd (TML) is gradually exiting its passenger car retail business–Concorde Motors India Ltd–as part of its strategy to pare costs by moving out of non-core assets and businesses to navigate through the economic downturn in the country. Concorde Motors, which has been a 100% subsidiary of Tata Motors since 3 July, 1999, reported… Continue reading Tata Motors to exit car retail business Concorde Motors
Bus ticketing firm redBus forays into car, bike pooling segment in Delhi
rPool, a shared mobility service, will cater only to office goers in Delhi to avail and offer rides in their personal cars and bikes, while commuting between home and their workplace. The service can be accessed suing the redBus mobile app. Last year, the company had launched such services in Bengaluru, Hyderabad and Pune. “It… Continue reading Bus ticketing firm redBus forays into car, bike pooling segment in Delhi
China’s CATL seeks to raise $2.85b for EV battery projects
China’s top electric vehicle battery maker, said it aims to raise up to 20 billion yuan ($2.85 billion) in a private placement of shares to fund its battery projects and boost working capital. The fundraising will help CATL to expand its battery-making capacity in Fujian, Jiangsu and Sichuan, as well as an energy storage research project, the company said in a filing to the Shenzhen stock exchange late Wednesday. The company… Continue reading China’s CATL seeks to raise $2.85b for EV battery projects
Self-driving startup Pony.ai raises $500m in Toyota-led funding
Autonomous driving firm Pony.ai has raised around $500 million in its latest funding round, led by an investment by Japan’s largest automaker Toyota Motor Corp, two people with direct knowledge of the matter told Reuters. Toyota’s cheque of around $400 million marks its biggest investment in an autonomous driving company with a Chinese background, the… Continue reading Self-driving startup Pony.ai raises $500m in Toyota-led funding
Grab deal signals path ahead for MUFG under new chief
FILE PHOTO – People walk past a branch of Mitsubishi UFJ Financial Group’s bank of Tokyo-Mitsubishi UFJ (MUFG) in Tokyo, Japan, May 16, 2016. REUTERS/Thomas Peter/File Photo Premium The price tag for a partnership with ride-hailing startup Grab Holdings was $706 million, an unprecedented sum for a Japanese lender to invest in an overseas nonfinancial… Continue reading Grab deal signals path ahead for MUFG under new chief
China’s cash-strapped EV maker Nio in talks with Hefei on funding
Chinese cash-strapped electric vehicle (EV) maker Nio Inc said it had signed framework agreements with Hefei‘s city government on a fundraising of more than 10 billion yuan ($1.42 billion) and new manufacturing facilities. Loss-making Nio is the most prominent among dozens of Chinese electric vehicle startups vying to become the next Tesla Inc. All are hampered by dwindling demand in the world’s largest car… Continue reading China’s cash-strapped EV maker Nio in talks with Hefei on funding
Blackstone to pick up majority stake in Chinese logistics biz Ruixin
Blackstone Group has agreed to spend no less than 260 million yuan ($37 million) to acquire a majority stake in a Guangdong-based logistics management company from a wholly-owned affiliate of Chinese conglomerate Dongbai Group. The New York-based private equity major is acquiring an 80 per cent stake in Chinese logistics management business, Foshan Ruixin Logistics… Continue reading Blackstone to pick up majority stake in Chinese logistics biz Ruixin
India: Two-wheeler rental startup Vogo raises $19m led by Lightstone Fund
Bengaluru-based two-wheeler rental platform Vogo Automotive Pvt Ltd has raised $19.1 million (Rs 137 crore) in its ongoing Series C funding round led by Lightstone Fund S.A. Existing investors Matrix Partners and Kalaari Capital have also participated in the financing. According to the company’s regulatory filings sourced by Paper.vc, Lightstone Fund has invested a total… Continue reading India: Two-wheeler rental startup Vogo raises $19m led by Lightstone Fund