Photo credit: Snapdeal
Uber’s key rival in Japan secured the backing of one of the country’s top automakers, it was revealed today. Elsewhere, eBay and SoftBank have had to write-down millions of dollars on their investments in stricken Indian ecommerce site Snapdeal.
Transportation
JapanTaxi nabs over US$63 million investment from Toyota (Japan). The taxi operator – also known as Nihon Kotsu – has partnered with the auto giant to jointly develop tech solutions for the industry including connected terminals for taxis, dispatch support systems, and big data collection. Around a quarter of Japanese taxis use JapanTaxi’s ride-hailing app, which leads the likes of Uber in terms of market share in the country. (Techcrunch, in Japanese)
Grab issues statement on Ho Chi Minh City unfair competition lawsuit (Vietnam). Jerry Lim, the ride-hailing firm’s country head for Vietnam, said local taxi operator Vinasun “has resorted to anti-competitive tactics and legal action as a reaction to their declining market share.” He added that Grab’s Vietnam operations “have always been compliant with current rules and regulations.” (e27)
Food and beverage
Twiggy reels in US$100 million funding for new products and services (India). The online food delivery startup will also dedicate some of the new capital to growing its supply chain business. South African media company Naspers led the round with participation from the Chinese ecommerce firm Meituan-Dianping. (TechCrunch)
Photo credit: Tech in Asia
Grain raises money from fund started by Singaporean prime minister’s brother (Singapore). The startup, which sells fresh meals online that have been prepared in its own kitchen, has raised money from investors including Majuven – a venture capital fund founded by PM Lee Hsien Loong’s younger brother Lee Hsien Yang and managed by former SingPost chairman Lim Ho Kee. Majuven was joined in the pre-series B round by food distributor FoodXervices and restaurant group First Gourmet, as well as existing backers including NSI Ventures and 500 Startups. (Tech in Asia)
Fintech
Ripple enters Chinese market despite cryptocurrency prohibitions (China). The US payments provider and cryptocurrency issuer is partnering with Hong Kong-based payments firm LianLian, which will use Ripple’s enterprise blockchain solution to process cross-border payments into China for merchants and consumers. The deal will allow Ripple to build a footprint in the Chinese market in spite of the increasingly prohibitive regulatory treatment of some types of cryptocurrency-related business there. (China Money Network)
Ecommerce
EBay writes off US$61 million on Snapdeal stake (India). The US company recorded a an impairment charge of almost US$61 million to write down its investment in the parent company of ailing ecommerce portal Snapdeal. Japan’s SoftBank similarly wrote off a combined US$1.4 billion across its stakes in Snapdeal and ride-hailing firm Ola in the last financial year. Both eBay and SoftBank have since invested in Snapdeal rival Flipkart. (Inc42)
Consumer tech
Photo credit: Tech in Asia
Meitu denies Coolpad takeover rumor (China). Photo app developer and smartphone maker Meitu has released a statement denying rumors that rival manufacturer Coolpad was about to acquire its mobile device business. Last week Meitu led a US$5 million investment in Hong Kong-based social shopping platform Goxip. (Technode)
Delivery and logistics
Etobee gets US$3.5 million bridge funding (Indonesia). The crowdsourced logistics solutions provider did not disclose any further details about the funding, though its existing investors include Axiata Digital Services, Gobi Partners, Kejora Ventures, and Skystar Capital. (DealStreetAsia)
Investors, incubators, and accelerators
Intudo Ventures closes debut fund at US$20 million (Indonesia). The fund raised double its initial target. Intudo Ventures aims to take equity and a board seat in about a dozen consumer tech, education, financial services, and healthcare startups, with a focus on Indonesia. In the past month, the firm has led boutique fitness studio Ride Jakarta’s US$500,000 seed round and online used car marketplace BeliMobilGue’s US$3.7 million pre-series A fundraise. (Bloomberg)
See: Previous Asia news roundups
This post Asia news roundup: Toyota backing for JapanTaxi, Ripple enters China, and more appeared first on Tech in Asia.
from Tech in Asia https://www.techinasia.com/apac-news-08-02-2018
via IFTTT
No comments:
Post a Comment