Sunday, 2024 July 21

Today’s Tech Headlines: Xiaomi to evolve into structured army


Moka, an Indonesian cloud-based point-of-sale (POS) terminal startup, has raised US$24 million in financing led by Sequoia India. Its flagship product is an app that transforms Android or iOS gadgets into sale terminals. (KrASIA)

Golden Gate Ventures has closed a $100m early-stage fund for Southeast Asia. This new fund will be focused on making Series A investments in companies targeting consumer internet trends in the region. (KrASIA)

Trax, a Singapore-based unicorn, has set its sights on achieving a $3b valuation in three years. The company has raised up to $286.7 million over 8 financing rounds since June 2011. Trax’s co-founder claims that the firm has been growing about three digits annually for the past years.       (Deal Street Asia)

Go-Jek is currently building up its Thailand operations and working with regulators from Singapore and the Philippines, according to the company’s President. It chose to launch in Vietnam first because Indonesia has similar motivations and cultures with Vietnam. (CNBC)



China’s ShanXiuXia, an IT home service company, raises RMB 80m in Series B financing round. The startup was founded in 2015 and is currently providing IT home repair services in 30 cities. (KrASIA)

Xiaomi’s Lei Jun says that the company has to evolve from guerrilla forces into a structured army. The HK-listed Chinese smartphone maker company is set on a corporate restructuring plan to ensure its survival. (KrASIA)

Chinese electric car maker Nio early trading saw its stocks fall to as low as $5.84 apiece. Following which, a wave of optimism took over, sending the stock price jumping to close at $6.60 by the end of the trading day. The company raised a little over $1 billion overall at its listing on the New York Stock Exchange (NYSE). (TechCrunch)

Baidu aims to take A.I and self-driving cars beyond the shores of China. While Baidu provides its search engine, maps, images, videos, and news platform to its users, most of its revenue comes from online advertising. (CNBC)

Lei Jun begins his restructuring plan for his company to ensure sustainability. The two main goals of Xiaomi’s internal restructuring are to strengthen the different functions and assist with developing younger talents. (SCMP)

Ant Financial has reportedly hired a senior banker from Deutsche Bank AG to join its investment team. The Chinese financial services giant is looking for deals to build its presence abroad. (Deal Street Asia)



The supreme court in Denmark ratified fines given to four Uber drivers for operating illegally. This landmark case essentially paves the way for the police to issue a fine for each individual ride made by Uber’s more than 1,500 drivers In Denmark over the past 3 years. (Reuters)

Israeli startups view China with a wary eye. Despite the courtship by Chinese investors from the private and state-owned sectors for many years, the hype has resulted in little substance, thus far. (Technode)

AI Healthcare startups have raised up to $4.3 billion to-date, according to CB Insights. These innovations are geared toward improving patient outcomes, aligning the interests of various stakeholders, and reducing costs. (Venture Beat)


Related Read