Chinese ride-hailing giant Didi Chuxing said today it had bought Brazil's 99 Taxis, opening another front in the Beijing-based company's global battle with Uber. Didi, which claims to be the world's leading mobile transportation platform with more than 450 million users, had become a strategic investor in 99 Taxis last January. It now will acquire
Investors in the Uber ride-hailing service didn't get all they wanted in selling at least part of their holdings to a group led by Japanese technology conglomerate SoftBank. But don't show them too much sympathy. Even though they sold at roughly a 30 per cent discount from what the shares were worth in 2016, those
Uber and SoftBank announced a deal allowing the Japanese tech titan to take a large stake in the US ride sharing giant, making a hefty cut in the valuation of the biggest venture-backed startup. SoftBank will acquire 15 per cent of Uber's equity at a discount of 30 per cent from its most recent value,
Indian instant messaging platform Hike added new social features for groups that are built into the application. "Our new features will make sharing much easier within the group and raise the fun and productivity quotient. We believe that this could be a key driver for groups to come together," Vishwanath Ramarao, CTO, Hike Messenger, said
Indian instant messaging platform Hike on Thursday added new social features for groups that are built inside the application. "Our new features will make sharing much easier within the group and raise the fun and productivity quotient. We believe that this could be a key driver for groups to come together," Vishwanath Ramarao, CTO, Hike
SoftBank-backed Paytm plans to invest up to $2.5 billion to grow its nascent online shopping portal business within 3-5 years as it eyes top spot by beating Flipkart and Amazon, its founder Vijay Shekhar Sharma said. Paytm E-commerce Pvt Ltd, which operates an online shopping portal for digital and physical goods, is latest to enter
Amazon's growth in India has been steady since it launched here four years ago. The online retail giant grew its revenues by 105 percent in FY17. While regulatory filings of Amazon Seller Services (that include commissions from its parent, advertising fees, shipping fees, third-party transactions) showed a 41 percent revenue growth, Amazon India also earns
Uber has had a tough year, and it's not over yet. The ride-hailing major's losses for the third quarter have widened to $1.46 billion as it struggles to ward off competition, lawsuits and regulatory attention. That is a significant 38 percent increase in losses over Q2. This comes in the wake of SoftBank doling out
Foodtech startup has generated significant interest among investors and rivals lately. First, there were speculations that Flipkart was looking at an investment in it. Then came reports of Zomato exploring merger talks with its biggest domestic competitor. And now, fresh reports suggest that SoftBank might be lining up a $250 million investment in Swiggy. If
SoftBank is omnipresent in the Indian startup ecosystem after having cut deals with the biggest firms, viz. Flipkart, Paytm, Ola, and more. In August, it led a primary fund infusion of over $2 billion in Flipkart. And as per the deal, it was slated to raise its stake in the e-retailer by buying shares worth
Earlier this month, the Uber board had approved a $10 billion investment offer from Japan's SoftBank in exchange for a sizable stake. The deal would usher in a new era at Uber, and limit controls of its founder and tarnished former chief executive Travis Kalanick. It would increase the number of directors from 11 to
Anyone familiar with the Indian startup circuit would know of Tiger Global, and be acquainted with the influence it has wielded over e-commerce companies. One of America's most illustrious private equity firms, it has been an early investor in several Indian unicorns from Flipkart to Ola. Its capital (over $2 billion in a decade) has
Xiaomi's journey since it started selling phones in India in 2014 has been the stuff of legends. In just three years, it has toppled Samsung as the top smartphone brand in the country. In the process, it has developed a stranglehold over the domestic budget smartphone market, obliterating a host of Indian handset manufacturers. But now, Xiaomi is turning its attention towards another ecosystem that is hot and happening startups. The Chinese phone-maker plans to invest as much as $1 billion in Indian startups over the next five years.
Today s day started off with yet another leak about the upcoming OnePlus 5T. We also saw Xiaomi dropping the price of its most shipped smartphone, the Redmi Note 4. Moreover, the day also witnessed the official launch of Motorola s Moto X4 smartphone in India. The day also saw Uber approving SoftBank's $10 billion investment offer. Here s a closer look at these news stories.
After several months of speculations and negotiations, Japanese investment giant SoftBank will finally be buying into Uber, the world's most valuable startup. More than half a year since SoftBank founder Masayoshi Son explicitly stated that he was looking at a potential investment, the company has put in a massive $10 billion in Uber. It is an all-stock deal, and will usher in several governance changes at the taxi-hailing service, Bloomberg reported.
SoftBank has been contemplating a significant investment worth several billions of dollars in Uber for some months now. In August, SoftBank CEO Masayoshi Son has hinted that he was keen to invest in either Uber or Lyft before entering the US market. In October, negotiations with Uber reached a fever pitch, and an investment was nearly final. However, in a recent press conference, Son stated that he could still walk away from the deal, and invest in Uber's biggest rival in the US, Lyft.
Grab, Uber's biggest rival in Southeast Asia, has just completed a billion taxi rides. The ride-hailing company reached the milestone in the last week of October with 66 concurrent trips across its seven markets, it announced in a blog post. Grab operates in over 140 cities in Singapore, Indonesia, Malaysia, Thailand, Vietnam, Philippines, and Myanmar. Earlier this year, reports emerged that it was planning to launch in India too, when a job listing was spotted. Grab is also said to be setting up an R&D center in Bengaluru.
India is one of the fastest-growing startup economies in the world. But the last two years had witnessed a kind of cyclical boom-and-bust that revealed uncertainties in the market. Scores of startups sunk without a trace. Many more struggled to stay afloat as funding dried up. Founders squabbled and more. But the tide seems to have turned this year. The funds are flowing again. In 2017, domestic startups have already raised upwards of $10 billion, which is more than double the amount raised in 2016, according to FT.
It's no secret that India is one of Amazon's key markets globally, and its fastest-growing as well. In order to serve a nation of 1.3 billion Amazon has earmarked $5 billion of which it has already invested $2-3 billion in the last three or four years. But there's more in store. Without going into specifics, Amazon India has said that the Seattle-based e-commerce giant would "double down" on its investments in the country primarily to push Amazon Prime (which has just completed a year), and Amazon Echo (which rolled out last month).
Flipkart is on an investment spree. And why not? Armed with over $4 billion cash after SoftBank's $2 billion investment last month, Flipkart is actively scouting for companies that can help it expand its presence across verticals and sectors. Reports suggest that the e-commerce major has held talks with food startup Swiggy, online furniture retailer UrbanLadder, hyperlocal services provider UrbanClap as well as a host of fin-tech terms for potential buyouts. The negotiations are yet to materialize though.