Connect with us

China

Alibaba to Lead $1b Round into Chinese Food Delivery Startup

Once completed, the deal would mark the country’s second-largest startup fundraising effort so far in 2017, surpassed only by ride-sharing giant Didi Chuxing’s $5.5 billion round

Avatar

Published

on

Alibaba and its finance affiliate, Ant Financial, are in talks to lead a round of at least US$1 billion into Ele.me, one of China’s leading food delivery startups.

The financing from Alibaba and Ant Financial will value Ele.me at $5.5 billion to $6 billion and help it compete with a rival service backed by Tencent Holdings Ltd.

Once completed, the deal would mark the country’s second-largest startup fundraising effort so far in 2017, surpassed only by ride-sharing giant Didi Chuxing’s $5.5 billion round.

While meal-delivery businesses around the world have struggled for profits, China’s two largest Internet companies see on-demand services as a way to promote their lucrative online payments services.

Growth in domestic food and restaurant transactions also outstrips many other retail segments in the world’s second largest economy.

Read the rest of the story here.

Travel app Camboticket raises seed round

The ticket booking app received a US$100,000 investment from Obor Capital. Cambodia’s relatively small population means venture capital is scarce. It doesn’t present a huge market potential on its own.

This has made entrepreneurs self-reliant, and sometimes forces them to wear multiple hats.

Founded in 2014, Camboticket sells tickets for buses, private taxis, and ferries for inter-city travellers within Cambodia and cross-border trips to and from neighboring countries, like Laos, Vietnam, and Thailand. It claims to sell an average of 6,000 seats a month.

Ticket sales aren’t its only source of revenue. Camboticket offers booking software for transportation companies to manage their operations and distribute seat inventory.

The startup is Obor’s first tech investment. It doubles as a test bed for the VC to explore opportunities beyond traditional investment sectors.

Read the rest of the story here.

Original content by ecommerceIQ

Comments

China

Hong Kong’s US-Bound Exports to be Labeled ‘Made in China’

Goods produced in Hong Kong and exported to the US must be “marked to indicate that their origin is China”, according to a notice put out by US Customs and Border Protection (CBP) on August 11, 2020.

Avatar

Published

on

This ‘Made in China’ labeling requirement on Hong Kong products was originally to take effect on September 25. To give Hong Kong exporters more breathing room to switch the labels, the US CBP has extended the enforcement date by 45 days, to November 9.

(more…)

Continue Reading

Asean

Global value chains: risk mitigation to reduce dependence on China

Risk mitigation will lead to reduced dependence on China in global value chains, and diversification will benefit ASEAN, but localisation of production will have negative effects for ASEAN producers

Boris Sullivan

Published

on

Risk mitigation will lead to reduced dependence on China in global value chains, and diversification will benefit ASEAN, but localisation of production will have negative effects for ASEAN producers
To continue reading, subscribe today : View subscription options.
Already a subscriber? Sign In here, or use a social media account to login.
Continue Reading

China

Hong Kong : no journalist in the world is free from China’s violent retribution

The new national security legislation China is imposing on Hong Kong could be used not only against journalists operating in Asia’s main financial hub, but against every journalist in the world says RSF

Boris Sullivan

Published

on

Reporters Without Borders (RSF) urges democracies to do everything in their power to compel Beijing to withdraw the law that allows it to charge any journalist writing on Hong Kong of endangering national security, an accusation that could result in life imprisonment or even the death penalty if tried in China.

(more…)

Continue Reading

Cart

Most Viewed

Events Calendar

« September 2020 » loading...
M T W T F S S
31
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20
21
22
23
24
25
26
27
28
29
30
1
2
3
4

Subscribe via Email

Enter your email address to subscribe and receive notifications of new posts by email.

Join 12,884 other subscribers

Latest

Trending