Author: Deal Street Asia Online News

Startup megadeals in India rebound to touch two-year high in May

A spurt in megadeals, or transactions worth at least $100 million, last month brought some respite to Indian startups grappling with a funding slowdown for many months now. At least six megadeals worth $1.07 billion were closed in May, the highest in the past two years, both in terms of value and volume, according to… Continue reading Startup megadeals in India rebound to touch two-year high in May

Norway wealth fund to vote against Musk’s $56b Tesla pay package

Norway‘s $1.7-trillion sovereign wealth fund said on Saturday it will vote against ratifying Tesla CEO Elon Musk’s $56-billion pay package, which is up for a shareholder vote next week, after a Delaware judge invalidated it earlier this year. The fund is Tesla‘s eighth-biggest shareholder, according to LSEG data. Musk’s pay, the largest for a chief executive in corporate America, was approved in 2018, but voided by a judge earlier this year, who… Continue reading Norway wealth fund to vote against Musk’s $56b Tesla pay package

Flipkart, PhonePe IPOs could take couple of years, says Walmart execWalmart may put an initial public offering of PhonePe ahead of Flipkart.

Initial public offerings of Walmart’s Flipkart marketplace and PhonePe digital payments platform could take a couple of years, a Walmart executive said. “This is something we’re looking at over the next couple of years,” Walmart’s executive vice president for corporate affairs, Dan Bartlett, said on the sidelines of the company’s shareholder meeting near its Bentonville, Arkansas, headquarters, late on Thursday. Walmart may put an initial public offering of PhonePe ahead of Flipkart, even though Flipkart is a more mature… Continue reading Flipkart, PhonePe IPOs could take couple of years, says Walmart execWalmart may put an initial public offering of PhonePe ahead of Flipkart.

Japan’s convenience store chains chase elixir of growth across Asia

It’s 50 years since Kenji Yamamoto opened the doors at what would become part of the fabric of Japan: the country’s first modern-day convenience store. But 50 years from now, Japan’s population is projected to shrink by close to a third, and the fate of a multibillion-dollar industry will hang on how its big players… Continue reading Japan’s convenience store chains chase elixir of growth across Asia

SoftBank-backed metaverse platform The Sandbox raises $20m via convertible notes

The Sandbox, a subsidiary of Hong Kong-based gaming software firm and Web3 investment powerhouse, has secured $20 million of convertible promissory notes at a $1 billion valuation.  London-based investment firm Kingsway Capital and Animoca Brands co-led the investment, according to a release. LG Technology Ventures, the venture capital investment arm of South Korean multinational conglomerate… Continue reading SoftBank-backed metaverse platform The Sandbox raises $20m via convertible notes

Asia Digest: Elevate raises $5m; Kraken eyes $100m pre-IPO funding

London and Dubai-based fintech company Elevate has secured $5 million while US-based crypto exchange Kraken is considering raising a pre-IPO funding round. Elevate raises $5m pre-Series A Elevate, a fintech company based in London and Dubai, has secured $5 million in a pre-Series A funding round from Dubai-based Negma Ventures. The fresh round will be… Continue reading Asia Digest: Elevate raises $5m; Kraken eyes $100m pre-IPO funding

Saudi Arabia set to raise $11.2b from Aramco’s secondary offeringThe Saudi government is selling a roughly 0.64% stake in Aramco.

Saudi Arabia is poised to raise more than $11.2 billion from its secondary offering of oil giant Aramco‘s shares, after pricing them towards the lower end of a price range at 27.25 riyals ($7.27), people familiar with the matter told Reuters on Friday. Aramco‘s book was covered four to five times near the bottom of the… Continue reading Saudi Arabia set to raise $11.2b from Aramco’s secondary offeringThe Saudi government is selling a roughly 0.64% stake in Aramco.

China, Pakistan set up $2.76b fund to invest in new energy, modern agriculture and more

State-backed entities in China and Pakistan are setting up a 20-billion-yuan ($2.76 billion) fund-of-funds (FOF) to invest in areas such as new energy and modern agriculture as the two countries look to revive economic and trade ties. The National Bank of Pakistan (NBP), a Pakistani government-owned multinational commercial bank affiliated with the country’s central bank,… Continue reading China, Pakistan set up $2.76b fund to invest in new energy, modern agriculture and more

Platinum Equity-backed intimate apparel company Hop Lun buys HK’s P.H. GarmentsHop Lun had acquired US swimwear maker Rainbow West Apparel in Dec.

American private equity firm Platinum Equity’s portfolio company Hop Lun, one of the world’s largest lingerie manufacturers, has acquired Hong Kong-based P.H. Garments, according to a company statement on Thursday.  No financial details of the acquisition were disclosed. Founded in 1988, P.H. Garments is a private-label manufacturer of intimate apparel, shapewear, and activewear for world-renowned… Continue reading Platinum Equity-backed intimate apparel company Hop Lun buys HK’s P.H. GarmentsHop Lun had acquired US swimwear maker Rainbow West Apparel in Dec.