As developer China Evergrande Group scrambles to meet its debt obligations, its founder is freeing up funds from luxury assets including art, calligraphy and two high-end homes, according to filings and a person with knowledge of the matter. Chinese authorities have told Evergrande chairman Hui Ka Yan, 63, to use some of his personal wealth to help pay bondholders,… Continue reading As Evergrande scrambles to pay debts, its chief’s luxury assets come into focus
Author: Deal Street Asia Online News
Grab’s Q3 net loss widens to $988m, revenue down by 9%
Singapore-headquartered ride-hailing and deliveries company Grab on Thursday said it has reported a net loss of $988 million in the third quarter of this year, up 59% from a net loss of $621 million in the same period last year, according to its report on the third-quarter earnings. The company said its Q3 losses widened… Continue reading Grab’s Q3 net loss widens to $988m, revenue down by 9%
India: Zoomcar raises $92m led by US-based SternAegis Ventures
SternAegis acted as the exclusive placement agent for this offering and ThinkEquity acted as a special advisor. Zoomcar intends to use the proceeds from this financing to grow its car-sharing marketplace in India and markets across Asia and the MENA region. It said it will continue to invest in its advanced engineering and data science… Continue reading India: Zoomcar raises $92m led by US-based SternAegis Ventures
Vietnam’s VinFast to make over $200m capital investment in California
Vietnamese automaker VinFast said on Friday it will make over $200 million in capital investments and place its U.S. headquarter in California as part of its plan to expand operation in North America. VinFast, the automobile arm of Vietnam’s largest conglomerate Vingroup, became the country’s first fully fledged domestic car manufacturer when its gasoline-powered models… Continue reading Vietnam’s VinFast to make over $200m capital investment in California
Asia Digest: Pakistan’s Rider bags $2.3m; S Korea’s Yanolja buys Interpark
Pakistan-based last-mile delivery provider Rider has bagged $2.3 million in a seed funding round; while South Korean travel platform Yanolja will acquire 70% stake in the country’s e-commerce pioneer, Interpark, for about $250 million. Pakistan’s Rider bags $2.3m seed funding Pakistan’s last-mile delivery provider Rider has bagged $2.3 million in a seed funding round led… Continue reading Asia Digest: Pakistan’s Rider bags $2.3m; S Korea’s Yanolja buys Interpark
XPeng’s Xiaopeng Heitech secures over $500m in Series A co-led by IDG …
Xiaopeng Heitech, a subsidiary of China’s leading electric vehicle (EV) manufacturer XPeng Motor, has raked in over $500 million in its Series A round. The parent company XPeng alongside IDG Capital and 5Y Capital has co-led the fresh round, while other investors include Sequoia Capital China, GGV Capital, Eastern Bell Capital, Hillhouse Capital’s GL Ventures… Continue reading XPeng’s Xiaopeng Heitech secures over $500m in Series A co-led by IDG …
Asia Digest: SG’s Fat Projects Acquisition raises $100m; K Car mops up $285m in IPO
SG-based SPAC firm Fat Projects Acquisition Corp has announced the closing of its $100-million IPO while K Car, a South Korean automotive marketplace fully owned by private equity firm Hahn & Company, has raised $285 million in its IPO. SG’s Fat Projects Acquisition raises $100m IPO Singapore-headquartered investment and venture studio Fat Projects Acquisition Corp… Continue reading Asia Digest: SG’s Fat Projects Acquisition raises $100m; K Car mops up $285m in IPO
Vietnamese carmaker Vinfast eyes start of US deliveries in late 2022
Vietnamese automaker Vinfast will begin taking pre-orders in the U.S. market for its VF e35 and e36 electric SUVs in the first half of 2022 and expects to begin delivering them by the end of the year, global Chief Executive Michael Lohscheller said. “It’s still early to make any sales predictions, but VinFast will unveil two of our latest… Continue reading Vietnamese carmaker Vinfast eyes start of US deliveries in late 2022
CarDekho is eyeing a public listing in the next 18 months, says CEO Jain
The plans for the initial public offering (IPO) are currently being discussed by the company’s board, said Amit Jain, co-founder and chief executive at CarDekho. “We will now begin the processes and compliance from a regulatory perspective for the IPO. Markets are always favourable to a good company. At present, our business lines of selling… Continue reading CarDekho is eyeing a public listing in the next 18 months, says CEO Jain
Tata Motors raises $1b from TPG, ADQ for electric vehicle business
Indian automaker Tata Motors has raised about $1 billion from private equity firm TPG’s Rise Climate Fund and Abu Dhabi state holding company ADQ to expand its electric vehicle business, the company said on Tuesday. Tata Motors will form a separate electric vehicle unit in which TPG and ADQ will hold between 11% and 15%, valuing the new entity at… Continue reading Tata Motors raises $1b from TPG, ADQ for electric vehicle business