China startup deals shrink as fundraising for investors plummets


This post is by Rita Liao from TechCrunch


Click here to view on the original site: Original Post




Chinese startups continue to weather tough times as private investors, caught in a cash crunch, are concentrating money into fewer deals.

China’s deal-making activity for startups in the six months ended June halved from a year ago to 1910, according to data from consulting firm ChinaVenture’s research arm. The amount invested in domestic startups during the first half of 2019 plummeted 54% to $23.2 billion.

The slide in startup investment comes as the money behind the money shrinks amid a cooling economy in China that is exacerbated by a trade war with the U.S. Fundraising for investors was already showing signs of slowdown a year earlier. In the first half of this year, private equity and venture capital firms in China secured 30% less than what they had raised over the same period a year ago, amounting to a total of $54.44 billion. 271 funds managed to

vc funding china

Continue reading “China startup deals shrink as fundraising for investors plummets”

India’s budget hotel startup Oyo enters co-working business with $30 million Innov8 acquisition


This post is by Manish Singh from TechCrunch


Click here to view on the original site: Original Post




India’s Oyo has expanded its hotel chain business to over 80 countries and entered co-living spaces segment in recent years. The firm, which has raised about $1 billion in the last two quarters from several big names including Airbnb, has now identified a new business to target: co-working spaces.

The Gurgaon-headquartered firm on Tuesday announced Oyo Workspaces that is already operational across 10 cities in India with over 20 centres. It already has the capacity to serve more than 15,000 people.

At a press conference in New Delhi, Rohit Kapoor, CEO of New Real Estate Businesses, said Oyo plans to have 50 Oyo Workspaces centres by the end of the year and aims to make it the largest co-working business in Asia by the end of next year.

As part of the announcement, Oyo confirmed that it has acquired Innov8, a co-working startup with over 200 employees and 16

IMG 20190716 115738

Continue reading “India’s budget hotel startup Oyo enters co-working business with $30 million Innov8 acquisition”

Snap turns to search giant Baidu to court Chinese advertisers


This post is by Rita Liao from TechCrunch


Click here to view on the original site: Original Post




Two years have passed since Snap Inc first struck a deal with Baidu that authorized China’s largest search engine to be a reseller of Snapchat ads for companies in Greater China as well as Japan and South Korea, where Baidu runs a portfolio of mobile apps.

This week, the pair announced they have renewed the sales partnership without revealing how revenues are divided between the two and when the extended agreement expires.

Despite being blocked in China like most other western social media services, Snap has shown interest in China in various capacities, including a research and development center in Shenzhen for Spectacles. It’s also serving the country’s game developers, e-commerce merchants and other export-led advertisers who wish to capture the network’s 190 million daily active users around the world.

Facebook and Twitter are in the same overseas ad business in China. Facebook, with an “experience center” in Shenzhen for

Continue reading “Snap turns to search giant Baidu to court Chinese advertisers”

Online shopping guide SMZDM surges 44% on China stock market debut


This post is by Rita Liao from TechCrunch


Click here to view on the original site: Original Post




When Chinese internet companies seek initial public offerings, they tend to look to the United States where rules for profitability are less strict. SMZDM, an online shopping guide that few people outside China have heard of, has joined a small rank of internet startups that are trading on public markets in mainland China.

SMZDM, short for Shen Me Zhi De Mai or “what’s worth buying” in Chinese, saw its shares soar nearly 44% on its first day of trading in Shenzhen. After pricing its IPO at 28.42 yuan ($4.13) and opening the day at 34.1 yuan, SMZDM closed at 40.92 yuan. This values the company at about 2.18 billion yuan ($320 million).

The company is raising 330 million yuan from the public offering and plans to spend the money on upgrading its big data capabilities so it can deliver more personalized content and services to

Continue reading “Online shopping guide SMZDM surges 44% on China stock market debut”

No technical reason to exclude Huawei as 5G supplier, says UK committee


This post is by Natasha Lomas from TechCrunch


Click here to view on the original site: Original Post




A UK parliamentary committee has concluded there are no technical grounds for excluding Chinese network kit vendor Huawei from the country’s 5G networks.

In a letter from the chair of the Science & Technology Committee to the UK’s digital minister Jeremy Wright, the committee says: “We have found no evidence from our work to suggest that the complete exclusion of Huawei from the UK’s telecommunications networks would, from a technical point of view, constitute a proportionate response to the potential security threat posed by foreign suppliers.”

Though the committee does go on to recommend the government mandate the exclusion of Huawei from the core of 5G networks, noting that UK mobile network operators have “mostly” done so already — but on a voluntary basis.

If it places a formal requirement on operators not to use Huawei for core supply the committee urges the government to provide “clear criteria” for

Continue reading “No technical reason to exclude Huawei as 5G supplier, says UK committee”

Yandex-Uber JV MLU acquires regional rival Vezet for shares and $71.5M in cash


This post is by Ingrid Lunden from TechCrunch


Click here to view on the original site: Original Post




On-demand transportation giant Uber made its name in part by aggressively entering new markets on a path of organic growth, but in recent times, it has shown itself more amenable to the concept of expansion through acquisition. Today, MLU, Uber’s ride-sharing and food delivery JV with Yandex (by way of Yandex .taxi) covering cities in Russia and surrounding regions, announced that it has acquired Vezet, a smaller rival that operates in 123 markets in the same region, for a price that’s estimated to be in the region of $204 million.

Alongside that MLU said that it would be investing an further 8 billion rubles ($127 million) in the Russian regions over the next three years, with half towards safety and security — including driver training — and half for “supporting regional drivers and taxi fleet companies.” (The latter could be in the form of special incentives to continue encouraging them

Continue reading “Yandex-Uber JV MLU acquires regional rival Vezet for shares and $71.5M in cash”

Yandex-Uber JV MLU acquires regional rival Vezet for shares and $71.5M in cash


This post is by Ingrid Lunden from TechCrunch


Click here to view on the original site: Original Post




On-demand transportation giant Uber made its name in part by aggressively entering new markets on a path of organic growth, but in recent times, it has shown itself more amenable to the concept of expansion through acquisition. Today, MLU, Uber’s ride-sharing and food delivery JV with Yandex (by way of Yandex .taxi) covering cities in Russia and surrounding regions, announced that it has acquired Vezet, a smaller rival that operates in 123 markets in the same region, for a price that’s estimated to be in the region of $204 million.

Alongside that MLU said that it would be investing an further 8 billion rubles ($127 million) in the Russian regions over the next three years, with half towards safety and security — including driver training — and half for “supporting regional drivers and taxi fleet companies.” (The latter could be in the form of special incentives to continue encouraging them

Continue reading “Yandex-Uber JV MLU acquires regional rival Vezet for shares and $71.5M in cash”

Hellobike, survivor of China’s bike-sharing craze, goes electric


This post is by Rita Liao from TechCrunch


Click here to view on the original site: Original Post




Just two years ago, investors were heavily pouring money into China’s dockless bike-sharing startups. Now that boom has busted with derelict bikes littering the streets of cities.

Meanwhile, a new race has started for two-wheelers with motors — and one of the main players is a survivor from the bike-sharing craze. Blessed with fundings from the world’s most valuable fintech company Ant Financial through its Series D to F funding rounds, Hellobike provides a range of mobility services such as shared e-bikes and rented electric scooters to its 230 million registered users.

Electric push

Hellobike first launched in 2016 by deploying shared bikes in smaller cities and towns — where Ofo and Mobike were largely absent early on — rather than large urban centers like Beijing and Shanghai. This allowed Hellobike to largely avoid the cash splurging competition against Ofo and Mobike.

Ofo is now battling a major financial crisis

hellobike
hellobike

Continue reading “Hellobike, survivor of China’s bike-sharing craze, goes electric”

W(hy)TF are Japan and South Korea in a trade war?


This post is by Danny Crichton from TechCrunch


Click here to view on the original site: Original Post




Another week, another trade war. And unlike most trade wars these days, this one didn’t originate from the confines of the Rose Garden with the Marine One whirlybird in the background. No, like any Ice Bucket Challenge-worthy meme, others are getting in on the trade war bandwagon and making it their own.

Cue Japan and South Korea. The two countries have slipped into their own trade war over the past few weeks, a conflict that now threatens the foundations of Japan’s supplier industry, Samsung Electronics, and global smartphone and computer shipments.

But why a trade conflict? If the U.S./China trade war emanates from the dark recesses of President Trump’s brain, then this new trade war emanates from the dark chapters of Japan and South Korea’s collective and sad history.

One of the saddest of those chapters is the plight of Korean comfort women — women who were

Continue reading “W(hy)TF are Japan and South Korea in a trade war?”

Google Maps now shows users discounts from nearby restaurants in India


This post is by Manish Singh from TechCrunch


Click here to view on the original site: Original Post




Google said today that it has started to display discounts from restaurants in its Maps app in India as the Mountain View giant works to expand its ever growing reach and relevance in one of its key overseas markets.

The company today rolled out an update to add three new features to Google Maps app in India. Users can now see a new ‘offers’ option in the ‘explore tab’ that will display promotional offers from local restaurants. Google said it has partnered with EazyDiner, a table reservation platform, to display offers from over 4,000 restaurants. The feature is live in 11 metro cities in India.

Restaurant offers are just the beginning, as the company plans to ink deals with more partners and expand to more categories in future, it said. Users can also book a table to a restaurant directly from the Maps app. Google did not reveal the financial

google maps

Continue reading “Google Maps now shows users discounts from nearby restaurants in India”

Google Maps now shows users discounts from nearby restaurants in India


This post is by Manish Singh from TechCrunch


Click here to view on the original site: Original Post




Google said today that it has started to display discounts from restaurants in its Maps app in India as the Mountain View giant works to expand its ever growing reach and relevance in one of its key overseas markets.

The company today rolled out an update to add three new features to Google Maps app in India. Users can now see a new ‘offers’ option in the ‘explore tab’ that will display promotional offers from local restaurants. Google said it has partnered with EazyDiner, a table reservation platform, to display offers from over 4,000 restaurants. The feature is live in 11 metro cities in India.

Restaurant offers are just the beginning, as the company plans to ink deals with more partners and expand to more categories in future, it said. Users can also book a table to a restaurant directly from the Maps app. Google did not reveal the financial

google maps

Continue reading “Google Maps now shows users discounts from nearby restaurants in India”

India’s Rivigo raises $65M to expand its freight and logistics platform


This post is by Manish Singh from TechCrunch


Click here to view on the original site: Original Post




Rivigo, a tech startup in India that wants to build a more reliable and safer logistics network, has raised $65 million as major investors continue to place big bet on opportunities in overhauling trucking system in the country.

The Series E round, which has not closed, for the five-year-old startup was led by existing investors Warburg Pincus and SAIF Partners.  The startup, which has raised more than $280 million to date, said it aims to be profitable by March next year.

Rivigo operates a tech platform that tracks and manages shipments and ensures that drivers are available at all times and trucks are as fully loaded as possible. The platform also automatically rotates drivers so that they can get enough rest and see their family while the trucks keep moving. Drivers use an app to navigate maps and accept assignments.

“Relay trucking is now very well established where

Continue reading “India’s Rivigo raises $65M to expand its freight and logistics platform”

India’s Rivigo raises $65M to expand its freight and logistics platform


This post is by Manish Singh from TechCrunch


Click here to view on the original site: Original Post




Rivigo, a tech startup in India that wants to build a more reliable and safer logistics network, has raised $65 million as major investors continue to place big bet on opportunities in overhauling trucking system in the country.

The Series E round, which has not closed, for the five-year-old startup was led by existing investors Warburg Pincus and SAIF Partners.  The startup, which has raised more than $280 million to date, said it aims to be profitable by March next year.

Rivigo operates a tech platform that tracks and manages shipments and ensures that drivers are available at all times and trucks are as fully loaded as possible. The platform also automatically rotates drivers so that they can get enough rest and see their family while the trucks keep moving. Drivers use an app to navigate maps and accept assignments.

“Relay trucking is now very well established where

Continue reading “India’s Rivigo raises $65M to expand its freight and logistics platform”

Apple opens app design and development accelerator in China


This post is by Manish Singh from TechCrunch


Click here to view on the original site: Original Post




Apple has opened a design and development accelerator in Shanghai — its first for China — to help local developers create better apps as the iPhone maker looks to scale its services business in one of its key overseas markets.

At the accelerator, Apple has begun to hold regular lectures, seminars and networking sessions for developers, the company said this week. It is similar to an accelerator it opened in Bangalore about two years ago. In India, where Apple has about half a million app developers, the accelerator program has proven crucially useful, more than three dozen developers who have enrolled for the program have told TechCrunch over the years. Participation in the accelerator is free of cost.

Apple said more than 2.5 million developers from greater China, which includes Taiwan and Hong Kong, actively build apps for its platform. These developers have earned more than $29 billion through

Continue reading “Apple opens app design and development accelerator in China”

A91 Partners, a new VC fund from former Sequoia Capital India execs, closes $351M maiden fund


This post is by Manish Singh from TechCrunch


Click here to view on the original site: Original Post




India’s growing number of startups now have one additional VC fund that will listen to their business ideas. A91 Partners, a new VC fund founded by former partners at Sequoia Capital India, has closed their maiden fund at $351 million.

A91 Partners will focus on high growth startups in consumer, technology, financial services, and healthcare sectors in India, Abhay Pandey, a partner at A91 told TechCrunch in an interview.

A91, whose maiden fund is one of the largest for any VC funds in India, will focus on early as well mid-stage startups that are looking to raise between $10 million and $30 million, Pandey said. Earlier this year, it invested about $14.2 million in Sugar, a cosmetics brand.

“In our experience, some companies get to this stage after having raised capital and some bootstrap their way into that position,” he added. Other than him, V.T. Bharadwaj, Gautam Mago,

Continue reading “A91 Partners, a new VC fund from former Sequoia Capital India execs, closes $351M maiden fund”

Samsung backs Indus OS, three other startups in first investments for its VC arm in India


This post is by Manish Singh from TechCrunch


Click here to view on the original site: Original Post




Samsung Venture, the investment arm of the South Korean technology giant, has invested $8.5 million in Indus OS and three other Indian startups as the company’s VC fund begins its journey in the country.

Indus OS is a popular Android fork that has built a suite of localized applications focused on serving the masses in India. Samsung and Venturest funded the four-year-old startup’s $5.75 million Series B round.

Several smartphone vendors, including homegrown firms such as Micromax, Gioness, Intex, and Karbonn are customers of Indus OS, integrating many of its features into their handsets. Earlier this year, Samsung partnered with Indus OS to revamp its Galaxy App Store.

Rakesh Deshmukh, co-founder and CEO of Indus OS, told TechCrunch in an interview that the startup will use the fresh capital to develop more local solutions and build a software development kit for developers that will enable them to make

Continue reading “Samsung backs Indus OS, three other startups in first investments for its VC arm in India”

Chinese electric carmaker Xpeng says Nio stock swings a ‘good lesson’ for rivals


This post is by Rita Liao from TechCrunch


Click here to view on the original site: Original Post




Seeing your competitor undergo dramatic changes in fortune can be unnerving as there’s the fear that the same will happen to you. For electric vehicle maker Xpeng, Nio’s period of stock swings is a wakeup call for China’s EV startup boom.

Xpeng and Nio are Tesla -like Chinese startups competing with more established automakers such as Warren Buffett-backed BYD . Like Tesla, Xpeng and Nio design, manufacture and sell EVs through company-owned online and offline channels.

Both have raised large sums of cash from noted investors. Xpeng itself is backed by Alibaba, Foxconn and Xiaomi founder Lei Jun . As late, it’s seeking to raise at least $500 million in funding.

Nio’s investors include Tencent, Hillhouse Capital and Shunwei Capital, a venture fund co-founded by Lei Jun. Its shares were trading at around $2.50 apiece in June, a big fall from the $11.60 high it achieved shortly after debuting on

Continue reading “Chinese electric carmaker Xpeng says Nio stock swings a ‘good lesson’ for rivals”

India’s Byju’s raises $150 million to expand globally


This post is by Manish Singh from TechCrunch


Click here to view on the original site: Original Post




Byju’s, India’s most valuable edtech startup, has received new $150 million as it races to expand the reach of its learning app in the country and some international markets.

The unnamed ongoing financing round was led by Qatar Investment Authority (QIA), the sovereign wealth fund of the State of Qatar, and included participation from Owl Ventures, a leading investor in education tech startups. This is Owl Venture’s first investment in an Indian startup.

The 11-year-old startup, which has raised about $925 million to date and was valued at nearly $4 billion in December last year, said it would use the fresh capital to aggressively explore and expand in international markets. The startup has previously said it plans to enter the U.S. and UK, Australia, and New Zealand.

It acquired Osmo, a U.S.-based learning startup that is popular among kids aged between five and 12 for $120

Continue reading “India’s Byju’s raises $150 million to expand globally”

India’s NiYO ‘neo-bank’ raises $35 million to digitize payroll and employee benefits


This post is by Manish Singh from TechCrunch


Click here to view on the original site: Original Post




NiYo Solutions, a Bangalore-based ‘neo-bank’ that helps salaried employees access company benefits and other financial services, has raised $35 million in a new round to expand its business in the nation and explore international markets for some of its products.

The four-year-old startup, which serves small and medium businesses and other salaried employees across India, raised its Series B from Horizons Ventures, Tencent and existing investor JS Capital. It has raised $49.2 million to date, with its $13.2 million Series A closing in January last year.

NiYO Solutions serves as a ‘neo-bank’ that relies on traditional financial institutions (Yes Bank and DCB banks, in its case) and offers additional features such as lending and insurance to customers. Blue collared salaried employees in India continue to struggle to avail many crucial financial services that have been typically reserved for privileged segment by the banks. With Bharat Payroll Solution and

Continue reading “India’s NiYO ‘neo-bank’ raises $35 million to digitize payroll and employee benefits”

India’s NiYO ‘neo-bank’ raises $35 million to digitize payroll and employee benefits


This post is by Manish Singh from TechCrunch


Click here to view on the original site: Original Post




NiYo Solutions, a Bangalore-based ‘neo-bank’ that helps salaried employees access company benefits and other financial services, has raised $35 million in a new round to expand its business in the nation and explore international markets for some of its products.

The four-year-old startup, which serves small and medium businesses and other salaried employees across India, raised its Series B from Horizons Ventures, Tencent and existing investor JS Capital. It has raised $49.2 million to date, with its $13.2 million Series A closing in January last year.

NiYO Solutions serves as a ‘neo-bank’ that relies on traditional financial institutions (Yes Bank and DCB banks, in its case) and offers additional features such as lending and insurance to customers. Blue collared salaried employees in India continue to struggle to avail many crucial financial services that have been typically reserved for privileged segment by the banks. With Bharat Payroll Solution and

Continue reading “India’s NiYO ‘neo-bank’ raises $35 million to digitize payroll and employee benefits”