Friday, 2024 June 14

Kr-Asia Daily: Following Bluegogo, another bike-sharing company in China bites the dust

Southeast Asia:

Singapore’s Leonie Hill Capital, a private equity firm, is to contribute half of the $60 million fund to invest in intellectual property-based tech startups in Southeast Asia. Leonie Hill Capital set up the fund together with Japan’s sovereign patent fund IP Bridge. Tech startups in Internet of Things (IoT), sensors and wearables, agri-tech and food-tech sectors will have the chance to benefit from the investment. (DealStreetAsia)

Salarium, the Philippine-based payment solutions company plans to raise up to $50 million through an ICO of its “SALPay token”. The startup aims to bridge the gap for small and medium BPOs, freelancers, and remittances in the Philippines. The token’s pre-sale is to run from November 22 to 26 while the ICO is to happen on November 27 to December 31 this year. The startup is established in 2013 as a payroll and human resource software company and then achieved to establish a payment ecosystem. (DealStreetAsia)

Myanmar’s Oway Group, a tech-enabled transport service provider, is to launch an app-based three-wheeler motor bike in Mandalay this week. 100 motor bikes will hit the road. The startup also offers a service which allows users to top up and make payment through the platform. (DealStreetAsia)

Bangkok-based aCommerce, an end-to-end e-commerce solutions provider, has closed a Series B funding round led by Emerald Media, raising $65 million. The round is considered as one of the biggest funding round of its kind this year. The company aims to serve startups, retailers, brands and manufactures in Southeast Asia. It claimed that it served over 260 brands including Samsung, Unilever, Nestlé, L’Oréal, Philips and Mars. (DealStreetAsia)


In the next 5 years, Xiaomi plans to invest $1 billion in Indian startups as part of its plan to establish an App ecosystem for its brand. (36Kr)

Another bike-sharing company in China bites the dust. Kuqi, another bike-sharing startup, has announced that another bike-sharing service provider Si Chuan Biker will operate Kuqi’s services and maintenance. Users can only go to Cheng Du in person or use third-party phone lines to claim their deposit back. (Tech.Sina)

Chinese National Development and Reform Commission aims to promote sharing economy by providing easier access to the market while strengthening controls over monopolization. Chinese sharing economy is projected to reach about $687 billion by the end of this year and is likely to keep growing at 40 percent per year.


The U.S.-based news delivery startup Axios has closed a Series B round worth $20 million. The 10-month-old media startup plans to use the proceeds to increase staffing, develop new coverage areas and expand its data analysis and product offering. The startup brands itself as a media company delivering vital, trustworthy news and analysis worth of people’s time and attention. (The Wall Street Journal)

Uber agreed to buy 24 000 Volvo SUVs. The vehicles will adopt Uber’s autonomous driving software and will be delivered between 2019 to 2021. This move is part of Uber’s plan to build a future network of self-driving taxis. The deal is the biggest in the driverless vehicle industry. (Bloomberg)

Xiaochun Zhao
Xiaochun Zhao
I'm Xiaochun with KrASIA [kri’eɪʃə], a newborn digital media with a dedication to help Asia uncover its innovations and to create.

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