Author: Deal Street Asia Online News

Embattled GameStop surges after fetching $933m from stock sale

GameStop made nearly $933.4 million by selling 45 million shares, the struggling videogame retailer said on Friday, sending its shares up more than 12% after the bell. The company largely relies on brick-and-mortar stores and has been grappling with customers turning to e-commerce firms for buying video games and collectibles. It had disclosed its share sale plan earlier this month amid a retail buying… Continue reading Embattled GameStop surges after fetching $933m from stock sale

Saudi PIF said to be shuffling management amid budget crunchThe fund has a sprawling portfolio of investments ranging from date farms to multinational…

Saudi Arabia’s $925 billion sovereign wealth fund is weighing a reorganization that could see managers assume some internal responsibilities from governor Yasir Al-Rumayyan, people familiar with the matter told Reuters. The Public Investment Fund (PIF) aims to sharpen its focus on investments that have a higher chance of success, said the people, after scaling back some of its flagship “giga-projects” due to rising costs.… Continue reading Saudi PIF said to be shuffling management amid budget crunchThe fund has a sprawling portfolio of investments ranging from date farms to multinational…

Google to buy $350m stake in India’s Flipkart, valuing e-commerce firm at $37b

Alphabet’s Google will pick up a minority stake worth $350 million in Walmart-backed Flipkart, valuing the Indian e-commerce firm at $37 billion, a source with direct knowledge of the matter told Reuters. Google and Flipkart were not immediately available to confirm the value of the investment. The tech giant will join in as an investor in the latest funding round for the Bengaluru-based company, Flipkart said in a statement. The round will be led… Continue reading Google to buy $350m stake in India’s Flipkart, valuing e-commerce firm at $37b

India: Jio Financial eyes $4.33b deal with Reliance Retail

Jio Financial Services (JFS) is seeking shareholder approval for its unit to acquire equipment worth 360 billion rupees ($4.33 billion) from the retail arm of Reliance Industries as the financial services provider plans to enter the device leasing business, a postal ballot notice said. Under the proposed deal, the JFS unit called Jio Leasing Services will buy telecom equipment and devices that usually include routers and cell phones.… Continue reading India: Jio Financial eyes $4.33b deal with Reliance Retail

Alibaba says it holds 36% stake in Moonshot as it pivots to AI for future growthAlibaba is so far backed as many as five generative AI startups in Chi…

Alibaba Group Holding Ltd revealed on Friday that its overall investment in Chinese artificial intelligence (AI) startup Moonshot AI in the latest fiscal year has reached $800 million. Alibaba holds about 36% of preferred stocks in Moonshot AI, with its overall investment in the startup in the year ended March 31 totaling approximately $800 million,… Continue reading Alibaba says it holds 36% stake in Moonshot as it pivots to AI for future growthAlibaba is so far backed as many as five generative AI startups in Chi…

China’s Xiaomi ups EV goal to 120,000 as Q1 tops forecasts on strong phone sales

China’s Xiaomi said it will aim to deliver 120,000 electric vehicles (EVs) this year, up from the initial goal of 100,000, and will implement double-shift production to meet rising demand for its EVs. Xiaomi made this announcement during an earnings call after the company reported a stronger-than-expected 27% year-over-year increase in first-quarter revenue on Thursday, driven by robust smartphone sales amid a recovery in the market.… Continue reading China’s Xiaomi ups EV goal to 120,000 as Q1 tops forecasts on strong phone sales

India: BluSmart to raise $25m in fresh funding, launch services in Dubai soon

BluSmart, an EV ride-hailing service and EV charging infrastructure network, is raising about $25 million in its pre-Series B funding round, according to BluSmart c0-founder Punit Goyal. “The round will see participation from BluSmart founders, existing investors and external investors, including a global climate and infrastructure fund, some global leaders, leading family offices and some… Continue reading India: BluSmart to raise $25m in fresh funding, launch services in Dubai soon