Author: Deal Street Asia Online News

Entrepreneur First pulls the plug on SG and Toronto amid global restructuring

Entrepreneur First (EF) will consolidate its global operations and rescind its programmes in Singapore and Toronto, according to an official statement by the London-based venture builder. The strategy shift will see EF downsize the number of hubs it oversees while zeroing in on key growth markets such as Europe, North America, and India. EF added… Continue reading Entrepreneur First pulls the plug on SG and Toronto amid global restructuring

Nykaa’s quarterly profit grows three-fold on strong festive demand

FSN E-Commerce Ventures Ltd, which runs online fashion retailer Nykaa, on Tuesday reported a 350% jump in quarterly profit buoyed by strong demand for its products ahead of the festive season in India. Consolidated net profit stood at Rs 5.2 crore for the quarter ended Sept 30, 2022, compared with Rs 1.17 crore in the… Continue reading Nykaa’s quarterly profit grows three-fold on strong festive demand

Prosus and Naspers deny report about Tencent stake sale

Technology investment firm Prosus NV and its South African parent Naspers on Tuesday rejected as “untrue” a report that they are in talks to sell their large stake in Chinese software and gaming giant Tencent. In a pre-market statement, Amsterdam-based Prosus said an article in Asian Tech Press citing unnamed sources saying that Naspers was in talks with a group of investors led by state-backed CITIC of China to sell its entire Tencent stake was “speculative and untrue”. Prosus holds a 28% stake in Tencent worth $70 billion at… Continue reading Prosus and Naspers deny report about Tencent stake sale

SaaS unicorn Icertis secures $150m funding from Silicon Valley BankIt has raised the money through a revolving credit facility and convertible financi…

SaaS startup Icertis, which develops cloud-based software to help large companies manage contracts, has raised $150 million through a revolving credit facility and convertible financing from US-based Silicon Valley Bank, it announced on Monday. In a statement, Icertis said the funds will enable it to accelerate the application of transformational technologies like artificial intelligence, machine… Continue reading SaaS unicorn Icertis secures $150m funding from Silicon Valley BankIt has raised the money through a revolving credit facility and convertible financi…

Chinese fashion retailer Shein to open first physical store in Tokyo

Chinese fashion retailer Shein said on Tuesday it would open its first bricks-and-mortar store in Japan this month, in a break from the company’s online business model. Opening from Nov. 13 in Tokyo’s fashion district of Harajuku, it will be the company’s first permanent store, Shein said in a statement. The Chinese retailer operated pop-up… Continue reading Chinese fashion retailer Shein to open first physical store in Tokyo

China’s CIFI suspends offshore debt payments, kicks off restructuring process

Shanghai-based property developer CIFI Holdings said on Tuesday it has suspended payments on all of its offshore debt after it failed to reach an agreement with creditors to which it owes payments of $414 million. CIFI said in a filing it has engaged Haitong International Securities Company Limited as financial advisor and Linklaters as legal adviser to facilitate a restructuring of its $6.85 billion offshore debt, as it is likely to… Continue reading China’s CIFI suspends offshore debt payments, kicks off restructuring process

Google pauses enforcement of in-house payments system in India

Alphabet Inc’s Google is pausing its policy that requires app developers to use its Google Play billing system for buying digital goods and services in India, following a ruling by the country’s antitrust body. Google had previously set an extended deadline of Oct. 31 for developers in India to comply with its payments policy. The search engine giant should not restrict app developers from using third-party billing or payment processing… Continue reading Google pauses enforcement of in-house payments system in India

Asia Digest: Singapore, India set to introduce digital currencies

The Singapore government has partnered with DBS to create digital Singapore dollars, while India’s central bank has launched a pilot for digital rupees for the wholesale market. SG Govt, DBS launch digital currency DBS, in partnership with Open Government Products (OGP), a Singapore government initiative, is creating programmable digital Singapore dollars (DSGD). The banking behemoth… Continue reading Asia Digest: Singapore, India set to introduce digital currencies

Kuwait’s state-backed Wafra raises $1.5b for fourth fund; to buy stakes in PEsWafra raised the fund from a consortium of investors that include CPPIB,…

Wafra Inc, an investment firm backed by Kuwait’s public pension fund, said on Monday it has raised $1.5 billion for its fourth flagship fund that will acquire minority stakes in alternative asset managers such as private equity firms. The new fund, Capital Generation IV, will seek to acquire minority stakes in “lower middle-market” firms with less… Continue reading Kuwait’s state-backed Wafra raises $1.5b for fourth fund; to buy stakes in PEsWafra raised the fund from a consortium of investors that include CPPIB,…