Asia news roundup: Uber exit hits speed bumps, exec accused of bitcoin theft, and more

Grab CEO Anthony Tan (L) and Uber CEO Dara Khosrowshahi (R) / Photo credits: Grab, Uber, Tech in Asia

More news on the Uber-Grab mega-deal debacle, while China’s answer to SpaceX secures a funding bonanza.

Transportation

Regulator orders Uber to operate until May 7, set interim measures while it investigates Grab merger (Singapore). The country’s Competition and Consumer Commission has ordered Uber to continue operation on the island until May 7. This announcement follows Grab’s agreement to take over Uber’s Southeast Asia business last month, prompting an investigation into possible infractions of the city-state’s competition laws. The watchdog has laid out several measures for the ride-hailing firms to follow in the meantime, such as maintaining pre-merger pricing and commission levels. (Reuters)

Rocket builder lands US$31 million in series B round (China). LandSpace Technology, a startup working on the country’s first liquid rocket engine, has closed its series B funding round led by renewable energy company Goldwind. Existing investors Shiji Tianhua, Guokai Ronghua, FounDream, and PGA Venture Partners also joined the round. Though LandSpace did not say how it would use the funding, its current focus is to develop a liquid oxygen and methane powered engine. (KrAsia)

Enterprise software and services

Sensors Data lands US$44 million in Warburg-led series C round (China). The Chinese big data firm has announced the closing of its series C funding round led by an affiliate of Warburg Pincus. Also participating in the round were Sequoia Capital, DCM Ventures, and Xiang He Capital, among others. Sensors Data, which provides enterprise clients with data analysis of user behavior, said the fresh funds will be invested into R&D, market scaling, and professional services. (DealStreetAsia)

Media and entertainment

Piaoniu closes series B funding (China). The Chinese startup, which sells live event tickets on its platform, has announced the completion of its series B funding with investments by SIG, Sequoia Capital, GGV Capital, and Dianping founder Zhang Tao. Piaoniu did not disclose the amount of money raised or how it would use the funding. (KrAsia)

Jinri Toutiao invests in Shimo’s series B round (China). The news aggregator app, which recently had its business suspended for three weeks by the Chinese government, is reportedly investing in a startup touted as the country’s equivalent of Google Docs. The startup claimed it raised “tens of millions of yuan” in the series B round. Toutiao is already Shimo’s largest shareholder after leading its 2017 series A fundraise.

Travel and hospitality

Travel site operator Oway Group nabs US$7 million investment (Myanmar). Private equity firm Belt Road Capital Management has invested in Oway Group, a company that runs an online travel service provider and a ride-sharing app. The funding round was also joined by Japan’s Daiwa and International Finance Corporation, the World Bank’s investment arm, alongside previous backers. (Belt Road Capital Management)

Delivery and logistics

Boxful goes All In* (Hong Kong/Taiwan)*. Boxful, which provides pickup and storage services to customers, will acquire Taiwanese competitor All In Premium Storage for an undisclosed amount. The firm, which already operates four warehouses in Taiwan, said the purchase would help accelerate the growth of its business there. (e27)

Blockchain and cryptocurrencies

Coinsecure accuses employee of US$3.1 million bitcoin theft (India). The Indian cryptocurrency exchange has accused one of its executives of the theft, and has asked authorities to prevent the employee from fleeing the country by seizing his passport. Coinsecure has promised to refund its customers from its founder’s personal funds. (e27)

Fintech

Aye Finance secures US$4.6 million debt funding (India). The Indian startup, which provides financial services to small enterprises in the country, obtained the loan from Swiss impact investor BlueOrchard Finance. The firm said the latest capital injection will be used to expand its customer base in India. (Inc42)

Mintifi nets US$2 million in seed funding (India). The year-old startup has closed its seed round with investment from VC firm Lok Capital. Mintifi provides loans to small and medium business. Company registry documents showed the deal was concluded a few months ago. (VcCircle)

Internet

Shenma files lawsuit against Sogou over traffic hijacking (China). The web mobile search company, which is an affiliate of Alibaba, is accusing rival search engine search engine operator Sogou of stealing potential Shenma users byvia improper means. The firm is seeking a compensatory amount of US$16 million. Sogou was sued by Chinese internet firm Baidu in 2014 for similar reasons, and had to cough up around US$80,000 in damages. (Technode)

This post Asia news roundup: Uber exit hits speed bumps, exec accused of bitcoin theft, and more appeared first on Tech in Asia.

from Tech in Asia https://www.techinasia.com/apac-news-13-04-2018
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