Southeast Asia
Grab joins hands with Asian communications technology group Singtel to establish a joint venture and apply for a Singapore Digital Banking license. 36Zhanghai learned that Grab will hold 60% of the entity and Singtel will hold the remaining 40%. According to its statement, since the launch of GrabPay, an electronic wallet in 2016, and the establishment of the Grab Financial Group in 2018, Grab has established financial solutions covering payment, points, loans and insurance. Going into digital banking will help Grab better understand the needs of people without bank accounts and bank credit in Southeast Asia.
The first US $ 250 million fund of Singapore-based venture capital firm EV Growth has raised funds. According to Tech In Asia, the final amount raised has exceeded the company's initial goal of $ 150 million. According to the company statement, the new LP includes several Asian family offices and two sovereign wealth funds including Temasek. Established in 2018, EV Growth is a joint venture of East Ventures and Yahoo Japan Capital dedicated to investing in startups in Indonesia and other Southeast Asian countries. The company claims that it has invested in more than 20 companies so far, including Ruangguru, an Indonesian education startup that has just completed its Series C financing.
India
Indian agricultural technology ERP software vendor FarmERP completes Series A financing. According to Inc42, the specific amount of the round has not been disclosed. The investor is Singapore-based IT and strategy consulting company Technogen. According to FarmERP, the funds will be used to build an AI-based climate information database to help customers deal with climate risks in agriculture.
OYO's 2019 booking volume is 2.7 times that of 2018. According to Inc42, the company claims that Delhi, Hyderabad, and Bangalore are the top three cities in India by volume.
GoMechanic, an Indian automotive service platform, has raised $ 14.7 million, led by Chiratae Ventures and Sequoia Capital. According to Inc42, existing investor Orios Venture Partners also participated in this round of financing. The company, founded in 2016, claims to save car owners 40% in maintenance costs. Currently, GoMechanic covers 9 cities and plans to expand to more than 30 cities.
Latin America
Brazilian bank Banco BV plans to acquire Just, a personalized lending platform owned by Brazilian fintech company Guiabolso. According to Contxto, Banco BV announced the news last week, and the purchase price has not yet been disclosed. Guiabolso created Just in 2016, and Just can provide a personalized loan service by estimating how much money a person needs to borrow from a user's bank account records, income, loans, investments, and expenditures. According to reports, the platform has completed 65,000 loans worth about 500 million reais (about 123 million US dollars) since its launch.
Brazilian food technology company Fazenda Futuro enters Europe. According to Contxto, the company is selling its plant-based meat hamburgers in the Netherlands and plans to enter the German and British markets. According to the company, exports to Europe are expected to generate approximately 40 million euros (approximately $ 44.4 million) in revenue over the next two years. In addition, the startup's latest valuation is about $ 100 million.
The Colombian government ordered Uber to immediately cease operations in the country. According to LatamList, Uber is in a legal void in many Latin American countries, including Colombia. Many transportation authorities consider Uber to be illegal, but Uber has never been officially banned. Uber currently has 2.3 million passengers and 88,000 drivers in Colombia and is considered to have "a significant advantage in the market." At the same time Uber's appeal, its ride-hailing service has stopped, but UberEats is still operating.
middle East
The Egyptian government has approved Uber's acquisition of Careem, subject to conditions. According to Bloomberg, the Egyptian government approved the acquisition after setting price ranges and various regulations aimed at maintaining the competitiveness of local businesses. The Egyptian Competition Authority said in a statement Sunday that the decision was based on 270 million travel data, as well as Egyptian and international precedents.
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