January 30, 2019 Automotive parts supplier Minda Industries Ltd., has acquired the location-tracking (telematics) hardware business of KPIT Engineering, which provides IT consulting and product engineering services to automakers, it said in a stock exchange filing. Minda makes automobile components, including horns, air filtration systems, seatbelts and speakers. It has 58 manufacturing plants globally, with… Continue reading Minda Industries acquires telematics hardware biz of KPIT Engineering
Author: Deal Street Asia Online News
SG ride-hailing app Ryde secures investment from Nomad X
January 29, 2019 Singapore ride-hailing app Ryde has raised an undisclosed sum from investment firm Nomad X, according to a Business Times report. Ryde has also appointed Nomad X’s director and chief investment officer, Tan Suan Jin, as its chairman. The fundraising proceeds will be used to expand operations, execute new features, boost payments systems, and… Continue reading SG ride-hailing app Ryde secures investment from Nomad X
Grab to launch shuttle bus services in Yangon this year
January 29, 2019 Southeast Asia’s technology company Grab will expand its offerings in Myanmar by launching bus services in Yangon, as part of its 2019 plan to improve user experience in the frontier country. ‘GrabShuttle’ is among the four new ride-hailing services that Grab plans to introduce in 2019, according to an announcement. The bus… Continue reading Grab to launch shuttle bus services in Yangon this year
Allianz said to make headway in talks to acquire Malaysian auto insurer
January 29, 2019 Allianz Malaysia Bhd. has been chosen to progress in talks to acquire Malaysia’s second-biggest car insurer after edging out Japanese rival Mitsui Sumitomo Insurance Co., people with knowledge of the matter said. AmGeneral Insurance Bhd.’s owners have decided to enter detailed discussions with Allianz on a potential deal, according to the people,… Continue reading Allianz said to make headway in talks to acquire Malaysian auto insurer
India Digest: Ola cuts Foodpanda budget; IDFC’s road assets sale; SMILE Microfin owners eye exit
January 28, 2019 Ola has slashed its budget for Foodpanda, while Canadian pension funds and NIIF are in talks to acquire seven road assets of IDFC. Also, Developing World Markets is again looking to sell its 67 per cent in SMILE microfinance. Ola slashes Foodpanda budget Indian ride-hailing major Ola has reportedly more than halved its… Continue reading India Digest: Ola cuts Foodpanda budget; IDFC’s road assets sale; SMILE Microfin owners eye exit
Didi Chuxing, Beijing Electric form JV for new energy vehicle, AI projects
January 28, 2019 China’s Didi Chuxing said on Monday it had set up a joint venture (JV) with Beijing Electric Vehicle Co., a unit of Chinese carmaker BAIC, which will work on new energy vehicle and artificial intelligence projects. The JV, BAIC-Xiaoju New Energy Auto Technology Co. Ltd, aims to develop “next-generation connected-car systems”, Didi,… Continue reading Didi Chuxing, Beijing Electric form JV for new energy vehicle, AI projects
BP Ventures invests in Chinese EV charging platform PowerShare
January 24, 2019 BP said on Thursday it had invested in Chinese start-up PowerShare, which links electric vehicle drivers to charging points and helps power suppliers balance distribution. The PowerShare application, which is used in cities such as Shanghai, will help manage growing pressure on power grids as electric vehicles (EVs) usage surges in the… Continue reading BP Ventures invests in Chinese EV charging platform PowerShare
GoMechanic raises up to $4.9m in funding round led by Sequoia Capital
January 23, 2019 Automobile repair and service solution startup GoMechanic has raised ₹30-35 crore ($4-$4.9 million) in a Series A round led by Sequoia Capital, said three people aware of the development, requesting anonymity. Last August, GoMechanic, run by Targetone Innovations Pvt. Ltd, raised an undisclosed amount in seed funding from early-stage venture capital fund Orios… Continue reading GoMechanic raises up to $4.9m in funding round led by Sequoia Capital
TomTom to sell Telematics unit to Japan’s Bridgestone for $1.03b
January 22, 2019 TomTom, the Dutch navigation and digital maps company, said on Tuesday it has agreed to sell its Telematics, or the fleet management business, to Japan’s Bridgestone for 910 million euros (£802.5 million or $1.03 billion). The company will return 750 million euros of that to shareholders via a capital repayment and share… Continue reading TomTom to sell Telematics unit to Japan’s Bridgestone for $1.03b
India Digest: Mytrah Mobility, Hitachi Payment, Dena Bank in the news
January 22, 2019 Mytrah Mobility has bagged $1b financing from UN-backed Green Climate Fund, while Hitachi Payment Services is acquiring 26 per cent stake in SBI Payment Services. Also, Dena Bank is selling 14 of its prime properties. Mytrah Mobility gets $1b funding from UN-backed Green Climate Fund UN-backed Green Climate Fund (GCF) will be channelising funds… Continue reading India Digest: Mytrah Mobility, Hitachi Payment, Dena Bank in the news