As customers withdrew billions of dollars from crypto exchange FTX one frantic Sunday this month, founder Sam Bankman–Fried worked the phones in a futile bid to raise $7 billion in emergency funds. Hunkered in his Bahamas apartment, Bankman–Fried toiled through the night, calling some of the world’s biggest investors, including Sequoia Capital, Apollo Global Management Inc and TPG Inc,… Continue reading Bankman-Fried begged for funds from Sequoia, Apollo Global in FTX’s frantic final daysSequoia was shocked at the amount of money ($7b) needed to save …
Author: Deal Street Asia Online News
Abu Dhabi state fund Mubadala picks up strategic stake in Singapore’s AirCarbon
Abu Dhabi state fund Mubadala Investment Company confirmed on Wednesday that it has acquired a strategic stake in Singapore-based AirCarbon Exchange (ACX). Two sources close to the matter had earlier told Reuters about the deal. AirCarbon in February this year partnered with Abu Dhabi‘s financial freezone, Abu Dhabi Global Market (ADGM), to establish the first regulated carbon trading exchange and clearing house in the capital. Mubadala‘s acquisition supports the plan… Continue reading Abu Dhabi state fund Mubadala picks up strategic stake in Singapore’s AirCarbon
Singapore’s Temasek said to be writing down its FTX investment
Singapore state investor Temasek Holdings is writing down its entire investment in the embattled crypto bourse FTX, Bloomberg reported on Wednesday. The firm is understood to have invested between $200 million and $300 million in FTX, the report added. This follows a series of similar write-downs by FTX’s other investors including Sequoia Capital, SoftBank Group… Continue reading Singapore’s Temasek said to be writing down its FTX investment
Grab’s Q3 losses more than halve to $342m, revenue surges 143%Strong growth in the mobility and delivery segments lifted revenue.
Southeast Asian superapp Grab on Wednesday reported a net loss of $342 million for the third quarter of 2022 — an improvement of 65% from the $988 million loss posted in the year-ago quarter. Grab also reported revenues of $382 million in Q3 2022, up 143% from $157 million a year ago. On a constant… Continue reading Grab’s Q3 losses more than halve to $342m, revenue surges 143%Strong growth in the mobility and delivery segments lifted revenue.
Tencent to distribute $20.3b worth of Meituan shares as dividend amid drop in Q3 salesTencent’s Q3 revenue fell 2% to $19.8b.
Tencent Holdings said on Wednesday it would distribute its $20.3 billion stake in food delivery firm Meituan in dividend, as it reported a second straight quarterly sales drop, hit by economic slowdown and China’s regulatory crackdown. Tencent, the world’s largest video game company and the operator of the WeChat messaging platform, said it will transfer… Continue reading Tencent to distribute $20.3b worth of Meituan shares as dividend amid drop in Q3 salesTencent’s Q3 revenue fell 2% to $19.8b.
Temasek co-leads $35m pre-Series B round in China’s Lupeng Pharmaceuticals
Guangzhou-based Lupeng Pharmaceuticals, a clinical-stage firm that focuses on drug discovery and developing novel therapies for cancer, has snapped $35 million in the second tranche of its pre-Series B round. The round was led by Hangzhou-headquartered Kaitai Capital and Singapore state investor Temasek, Lupeng announced via its WeChat account. Lilly Asia Ventures, Fontus Capital,… Continue reading Temasek co-leads $35m pre-Series B round in China’s Lupeng Pharmaceuticals
India: ICICI Venture invests $44m in consumer houseware maker Cello World
ICICI Venture, the alternative investment arm of ICICI Bank, on Wednesday said it has invested $44 million (Rs 360 crore) in consumer houseware company Cello World. Founded in 1967, Cello World is a Mumbai-based family-owned business manufacturing storage containers, water bottles, and tiffin boxes, with a presence across 30,000 retail outlets through more than 300… Continue reading India: ICICI Venture invests $44m in consumer houseware maker Cello World
Temasek, Alibaba co-lead Chinese metaverse platform Yahaha’s $40m funding
Yahaha, a user-generated metaverse gaming platform, has secured $40 million in a Series A+ funding round co-led by Singapore’s Temasek and Chinese internet giant Alibaba, the company announced on Wednesday. Yahaha’s platform allows gamers and developers to build their own games and publish them on the platform. The investments will be used to further grow… Continue reading Temasek, Alibaba co-lead Chinese metaverse platform Yahaha’s $40m funding
500 Global, Pakistan’s JS group join hands to support local startups
US-based venture capital firm 500 Global and Pakistan’s JS group have entered into a partnership to bring investor education programmes to the country and help 500 Global scout for top founders and high-tech startups to invest in. Speaking exclusively to DealStreetAsia, Salaal Hasan, Director Venture Capital at JS Group, said, “We believe this partnership will… Continue reading 500 Global, Pakistan’s JS group join hands to support local startups
HoloMatic bags funding and 37 other deal updates from Greater China worth around $434m
HoloMatic, which offers full-stack autonomous driving R&D capabilities in China, has notched “several hundreds of millions” in yuan in a Series C2 round led by the Chinese state-owned automaker Guangzhou Automobile Group’s investment arm GAC Capital. The round, participated by Chaos Investment and Guangzhou Zhidou Investment Holding Group, will help the Beijing-based firm to further… Continue reading HoloMatic bags funding and 37 other deal updates from Greater China worth around $434m