Chinese smartphone maker Xiaomi Corp is winding down its financial services business in India, TechCrunch reported on Friday, citing sources familiar with the matter. The company recently pulled its Mi Pay and Mi Credit apps in India from the local Play Store and its own app store, the report said. Three years after its launch, Mi Pay,… Continue reading Xiaomi discontinues financial services business in IndiaThe company recently pulled its Mi Pay and Mi Credit apps in India.
Author: Deal Street Asia Online News
Warburg Pincus affiliate, Malabar invest $60m in Indian wearables brand boAt
Imagine Marketing Limited, the parent company of audio products and wearables brand boAt, Friday announced that it is raising about $60 million (Rs 500 crore) from its existing shareholder, an affiliate of private equity fund Warburg Pincus, and new investor Malabar Investments. According to a report in The Economic Times, the company has also withdrawn… Continue reading Warburg Pincus affiliate, Malabar invest $60m in Indian wearables brand boAt
China expands list of sectors for foreign investment, focusing on manufacturing
China‘s state planner on Friday issued the 2022 list of sectors for foreign investment, which has been expanded to encourage foreign capital to flow into manufacturing sectors in a bid to improve industrial and supply chains. The new list, with the number of industries expanding to 519 from 480 in the last publication of eligible sectors in 2020,… Continue reading China expands list of sectors for foreign investment, focusing on manufacturing
Telenor to provide support for customers of former Myanmar unit
Norway’s Telenor said on Friday it is exploring ways to provide support to Myanmar telecom users facing digital security risks after its exit from the Southeast Asian nation this year. Following a military coup in Myanmar in 2021, Telenor announced the sale of its business there to avoid European Union sanctions after pressure from the junta to activate intercept surveillance technology.… Continue reading Telenor to provide support for customers of former Myanmar unit
India-focused PE Jashvik Capital holds first close of $350m maiden fundJashvik Capital launched the fund in July and expects to close within a year.
India-focused private equity firm Jashvik Capital has scored the first close of its maiden $350 million fund, according to various media reports. The fund is understood to be scouting for profitable growth businesses in the healthcare, pharma and consumer sectors. Jashvik Capital anticipates to close its inaugural fund, which was announced in July, within a year.… Continue reading India-focused PE Jashvik Capital holds first close of $350m maiden fundJashvik Capital launched the fund in July and expects to close within a year.
KKR said to have raised $6b for biggest Asia infrastructure fund
KKR & Co Inc has raised nearly $6 billion for its second Asia Pacific infrastructure fund at the first-close, marking the biggest ever private equity fundraising for the sector in the region, two sources familiar with the matter told Reuters. The record commitments to the fund just seven months after its launch underscores investors’ appetite to buy into diversified infrastructure assets at a time when soaring inflation and higher… Continue reading KKR said to have raised $6b for biggest Asia infrastructure fund
Shanghai food supplier’s books reveal big profits under COVID crisis
The profitability surge of a Shanghai food supplier seeking a Hong Kong listing, disclosed in an exchange filing, gives a rare peep under the hood into a cohort of Chinese companies that have benefited from President Xi Jinping’s zero-COVID policy. Pang Pang Xiang (China) Company Ltd saw its gross profit margin surge to more than 50% in January-May, compared with roughly… Continue reading Shanghai food supplier’s books reveal big profits under COVID crisis
Private investment platform Moonfare’s AUM up 87% YoY to $2.18b
Digital private equity platform Moonfare announced that its assets under management (AUM) grew by 87% year-on-year to €2.18 billion ($2.18 billion) in the year ending September 2022. In a statement, the Berlin-based firm said the increase in its AUM was driven by the growing number of individual investors, who take refuge in private markets amid… Continue reading Private investment platform Moonfare’s AUM up 87% YoY to $2.18b
Climate Investment Funds sets aside $1b for clean power move in Indonesia, S AfricaBoth countries will be able to access $500m from CIF’s programme.
Climate Investment Funds, a leading multilateral investor in developing countries, said it will allocate $1 billion to help South Africa and Indonesia move away from coal to clean power. The move comes ahead of the next round of global climate talks in Egypt in November, at which emerging markets are set to once again push… Continue reading Climate Investment Funds sets aside $1b for clean power move in Indonesia, S AfricaBoth countries will be able to access $500m from CIF’s programme.
Elon Musk’s Twitter ownership begins with firings, uncertainty
Elon Musk became Twitter Inc’s new owner on Thursday, firing top executives he had accused of misleading him and providing little clarity over how he will achieve the lofty ambitions he has outlined for the influential social media platform. The CEO of electric car maker Tesla Inc has said he wants to “defeat” spam bots… Continue reading Elon Musk’s Twitter ownership begins with firings, uncertainty