Author: Deal Street Asia Online News

Chinese VC firm Joy Capital files to raise fourth fundJoy Capital had raised $700m in 2019 for its predecessor vehicle.

Chinese venture capital firm Joy Capital has filed to raise its fourth fund, according to its filings with the US Securities Exchange Commission (SEC). The firm did not disclose the amount that it intends to raise. Joy Capital had raised $700 million in July 2019 for its predecessor vehicle targeting early- to growth-stage firms. Go… Continue reading Chinese VC firm Joy Capital files to raise fourth fundJoy Capital had raised $700m in 2019 for its predecessor vehicle.

BNPL players, super apps, banks vie for space in SE Asia’s pay-later party

This is the second of a two-part series on the BNPL landscape in SE Asia. In the first part, we looked at how BNPL is booming in SE Asia even as the model faces testing times in more mature markets. The race for the buy-now-pay-later (BNPL) pie in SE Asia, especially Indonesia, appears to be… Continue reading BNPL players, super apps, banks vie for space in SE Asia’s pay-later party

Chinese EV maker Nio denies accusations of inflating profit as stock tumbles

Shares of Nio Inc. plunged on Wednesday after a notorious US short-seller alleged that the Chinese electric-vehicle maker was exaggerating its revenue and profitability by selling to a related company. In a report released late Tuesday, Grizzly Research LLC claimed that the startup used a battery asset management affiliate to help inflate its revenue and… Continue reading Chinese EV maker Nio denies accusations of inflating profit as stock tumbles

Softbank-backed Indian eyewear retailer Lenskart to buy Japanese peer Owndays

Lenskart, India’s largest eyewear retailer backed by SoftBank Group, is buying an approximately 75% stake in Owndays, a Japanese eyewear chain, Nikkei has learned. Lenskart will acquire all the shares held by a joint venture between an investment company affiliated with LVMH Moet Hennessy Louis Vuitton and a fund affiliated with Mitsui & Co. The… Continue reading Softbank-backed Indian eyewear retailer Lenskart to buy Japanese peer Owndays

Geely-backed energy storage firm Corun to invest $168m in Chinese new materials businessCorun will pick up a 30% stake in Dingsheng, a lithium-ion bat…

Hunan Corun New Energy, a Chinese publicly-listed energy storage solutions provider, is planning to invest 1.12 billion yuan ($167.2 million) in a loss-making domestic new materials company as it bets on a business transition to focus on new-generation batteries. The 24-year-old company will pick up a 30% stake in Jiangxi Dingsheng New Material Technology, a… Continue reading Geely-backed energy storage firm Corun to invest $168m in Chinese new materials businessCorun will pick up a 30% stake in Dingsheng, a lithium-ion bat…

Taiwan central bank working on digital currency, no timetable on rollout yet

Taiwan‘s central bank is still working on its digital currency and while it’s unclear when the scheme could roll out to the public it will push ahead with it, governor Yang Chin-long said on Wednesday. Taiwan‘s central bank has been working on a pilot for a government-run digital currency for the past two years, to… Continue reading Taiwan central bank working on digital currency, no timetable on rollout yet

Toppr lays off India staff, while parent BYJU’S is reportedly looking at $1b US acquisition

For the second time in as many days, Indian edtech decacorn BYJU’s has laid-off employees at one of its subsidiaries. This time it has let go of 300 employees from Toppr, a day after it handed the pink slip to around 300 employees in WhiteHat Jr. A BYJU’s spokesperson confirmed the layoffs and added that… Continue reading Toppr lays off India staff, while parent BYJU’S is reportedly looking at $1b US acquisition

Hyundai Oilbank makes third listing attempt, gains preliminary nod for IPO

South Korean refiner Hyundai Oilbank Co Ltd has received preliminary approval for its planned initial public offering (IPO), the Korea Exchange said on Wednesday. Hyundai Oilbank, an affiliate of shipbuilder Hyundai Heavy Industries, is 73.85% owned by HD Hyundai Co Ltd as of end-March. It reported non-consolidated revenue of 20.3 trillion won and 565 billion won in operating profit in 2021, the Korea… Continue reading Hyundai Oilbank makes third listing attempt, gains preliminary nod for IPO

India’s Arzooo raises $70m from SBI Investment Japan, Doordash founder Tony Xu, othersTony Xu, the founder of Doordash has also invested in the curren…

Bengaluru-headquartered Arzooo, a B2B retail tech platform for electronics, has raised $70 million in its Series B funding round from global and Indian investors including SBI Investment, Japan and Trifecta Leaders Fund, it announced on Wednesday. Tony Xu, the founder of Doordash has also invested in the current round, making Arzooo his first India investment. Existing… Continue reading India’s Arzooo raises $70m from SBI Investment Japan, Doordash founder Tony Xu, othersTony Xu, the founder of Doordash has also invested in the curren…