Author: Deal Street Asia Online News

Sequoia-backed Chinese EV startup Leap Motor seeks to raise $372m in new round

March 29, 2019 Electric vehicle start-up Leap Motor, co-founded by surveillance equipment maker Dahua Technology, is seeking to raise 2.5 billion yuan ($372 million) in its latest funding round to finance growth, three people with knowledge of the matter said. The Chinese company, backed by state-owned Shanghai Electric Group Corp and venture firm Sequoia Capital China, is… Continue reading Sequoia-backed Chinese EV startup Leap Motor seeks to raise $372m in new round

SoftBank, Toyota JV partners Honda, Hino for self-driving venture

March 28, 2019 Honda Motor Co and truck maker Hino Motors Ltd will join a joint venture of SoftBank Corp and Toyota Motor Corp that aims to develop self-driving car services, the venture said on Thursday. Under an agreement, Honda and Hino, in which Toyota owns a majority stake, would each invest around 250 million… Continue reading SoftBank, Toyota JV partners Honda, Hino for self-driving venture

Indian ride-hailing major Ola to invest $500m in self-drive venture: Report

March 28, 2019 Indian ride-hailing major Ola plans to invest $500 million to launch a self-drive service venture with an aim to broaden its portfolio of transportation solutions beyond just cabs to include scooters and electric vehicles, The Economic Times reported. The investment, which will be spread over the next couple of years, will comprise… Continue reading Indian ride-hailing major Ola to invest $500m in self-drive venture: Report

SoftBank Vision Fund to join $300m round in Chinese robotic startup Cloudminds

March 26, 2019 SoftBank Vision Fund is joining a $300 million investment in Cloudminds, helping the Chinese robotics and artificial intelligence startup ramp up production capacity with the goal of tripling its revenue this year. Cloudminds, which last raised money in 2017 at a $440 million valuation, aims to sell half a million of its… Continue reading SoftBank Vision Fund to join $300m round in Chinese robotic startup Cloudminds

India Digest: SoftBank, Amazon eye Drivezy; Vision Fund may lead Faasos round

March 25, 2019 Japanese investment conglomerate SoftBank and e-commerce giant Amazon are in talks to invest in a $100-million equity financing round in Drivezy while SoftBank, via its Vision Fund, may also lead fresh funding in Faasos SoftBank, Amazon in talks to invest in Drivezy Japanese investment conglomerate SoftBank and e-commerce giant Amazon are in… Continue reading India Digest: SoftBank, Amazon eye Drivezy; Vision Fund may lead Faasos round

Chinese auto, internet giants set up $1.46b fund to invest in ride-sharing industry

March 22, 2019 China’s major automobile and internet companies, including Chongqing Changan Automobile, Alibaba and Tencent, are setting up a 9.76 billion yuan ($1.46 billion) joint venture to invest in ride-sharing industry, Chongqing Changan Automobile said on Friday. Chongqing Changan Automobile has invested 1.6 billion yuan ($238.70 million) in the investment company in Nanjing with… Continue reading Chinese auto, internet giants set up $1.46b fund to invest in ride-sharing industry

Indonesian auto platform Mobilkamu raises Series A funding round

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

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