Author: Deal Street Asia Online News

China’s battery-swap solutions provider Aulton raises $232m …

Shanghai-based battery swap solutions provider Aulton New Energy Automotive Technology has pocketed 1.5 billion yuan ($232 million) in a Series B round of financing, it said in a WeChat post on Wednesday. Government-led funds Guangzhou Financial Holdings and Guangzhou Geth Holdings, alongside state-backed Sinopec Capital’s sub-fund Enze Capital jointly led the fresh round. Other investors… Continue reading China’s battery-swap solutions provider Aulton raises $232m …

India’s Ola Electric raises $200m round led by Falcon Edge, Softbank, others

Ola Electric, India’s leading electric vehicles manufacturer, today announced that it has raised over $200 million in a funding round, led by Falcon Edge, Softbank and others. The latest funding round took the company’s valuation to $3 billion. Ola Electric, the EV arm of the ride-hailing startup Ola, said, the current round will help it… Continue reading India’s Ola Electric raises $200m round led by Falcon Edge, Softbank, others

BP Ventures invests $25m in Indian EV ride-hailing startup BluSmart …

BP Ventures, the venture capital firm of energy major BP, has invested $13 million in integrated EV ride-hailing and charging company BluSmart. It is BP Ventures’ first direct investment in India. It led a $25 million Series A round that also saw support from Mayfield India Fund, 9Unicorns, and Survam Partners, alongside other existing investors.… Continue reading BP Ventures invests $25m in Indian EV ride-hailing startup BluSmart …

Chinese battery maker CATL to acquire Canada’s Millennial Lithium …

Canada’s Millennial Lithium Corp said late Tuesday Chinese battery maker Contemporary Amperex Technology Co Ltd (CATL) has agreed to buy the miner for C$376.8 million ($297.3 million), after outbidding compatriot Ganfeng Lithium. CATL had proposed an offer of C$3.85 per share in cash earlier this month, Argentina-focused Millennial Lithium said, outbidding the C$3.60 per share offer made in… Continue reading Chinese battery maker CATL to acquire Canada’s Millennial Lithium …

China Evergrande to sell $1.5b stake in Shengjing Bank to state firm

Scrambling to avoid defaulting on its debts, cash-strapped China Evergrande Group said on Wednesday it plans to sell a 9.99 billion yuan ($1.5 billion) stake in Shengjing Bank Co Ltd to a state-owned asset management company. Shengjing Bank, one of the main lenders to Evergrande, had demanded that all net proceeds from the disposal be used to settle the… Continue reading China Evergrande to sell $1.5b stake in Shengjing Bank to state firm

Bosch launches Boyuan Capital, hits first close of China-focused RMB fund

Boyuan Capital, set up by global engineering and technology giant Bosch for technology bets in China, has launched its RMB-denominated fund seeking to raise as much as 1 billion yuan ($155 million), per a company statement on Monday. The vehicle, named Bosch China Growth Fund I, has reached the first close from limited partners including… Continue reading Bosch launches Boyuan Capital, hits first close of China-focused RMB fund

Evergrande misses payment deadline on bond, EV unit warns of cash crunch

China Evergrande’s electric car unit warned on Friday it faced an uncertain future unless it got a swift injection of cash, the clearest sign yet that the property developer’s liquidity crisis is worsening in other parts of its business. Evergrande owes $305 billion, has run short of cash and investors are worried a collapse could… Continue reading Evergrande misses payment deadline on bond, EV unit warns of cash crunch

China Evergrande shares plunge to 11-year low on default risks

Shares of Evergrande on Monday plunged as much as 19% to their lowest in over 11 years, extending losses as investors take a dim view of its business prospects with a fast approaching deadline for payment obligations this week. By noon, the stock had touched HK$2.06, the weakest level since May 2010. The company’s property… Continue reading China Evergrande shares plunge to 11-year low on default risks

Indian auto marketplace Droom eyes $135m from IPO early next year

The company is likely to file draft papers for the initial public offering in the next couple of months, and the IPO could be launched in early 2022, one of the two people said. “They have picked up two domestic investment banks, JM Financial and ICICI Securities, to begin work on their IPO,” the person… Continue reading Indian auto marketplace Droom eyes $135m from IPO early next year