Here’s a wrap of the day’s news.
Sea reports increased revenues and wider losses as president retires (Singapore). The ecommerce, gaming, and payments company released its Q4 2017 and FY 2017 results, booking a 72.8 percent increase in year-on-year revenue but a 303 percent increase in net losses. The firm also revealed group president Nick Nash has quit its board of directors and will depart his executive role at the end of this year. Analysts said that while Sea’s performance was generally positive, losses may continue to widen in the medium term. (Tech in Asia)
Media and entertainment
Gaana gets US$115 million from Tencent and Times Internet (India). The music streaming app said it will use the fresh funds to invest in AI development to better personalize its services for users. Tencent was joined in the round by Times Internet, part of The Times of India owner Times Group which already backs the startup. (Livemint)
IQiyi files for IPO, reveals figures (China). The Baidu-backed content streaming service has reportedly filed for a US$1.5 billion listing in the US. In its filing documents the company reported US$2.67 billion in total FY 2017 revenue, including subscription revenue of US$1.05 billion. IQiyi also revealed a net loss of US$574 million over the same period. (Technode)
Nio eyes US$2 billion US IPO (China).The electric vehicle maker has hired eight banks, including Goldman Sachs and Morgan Stanley, to advise on its planned US stock market listing later this year. Nio – which counts Sequioa Capital, Hillhouse Capital, and Tencent among its backers – is aiming to raise between US$1 billion and US$2 billion from its float. It secured US$1 billion in its most recent venture round last November. (Reuters)
Trade unionist taxi drivers launch service to rival ride-hailing apps (India). Nearly 3,000 cab drivers affiliated to the Centre for Indian Trade Unions have joined forces to establish a new taxi aggregator service aimed at beating ride-hailing apps like Ola and Uber at their own game. The new group says it will eschew surge pricing, waiting charges, and additional charges that the ride-hailing services sometimes tack on, such as when a passenger changes their destination. (The Times of India)
Credy raises US$1.4 million in seed round (India). The online lender secured the funding from Y Combinator, Khosla Ventures, and Vy Capital, in addition to several Silicon Valley-based angel investors. It will use the capital to expand its loan book, build partnerships with institutional lenders, enhance its underwriting technology, and hire new team members. (Inc42)
Dorabot nets tens of millions in “series A+” funding (China). The startup, which builds robots and artificial intelligence for the logistics industry, raised “tens of millions” of US dollars in its latest funding event. Dorabot will use the funds to expand its research and marketing teams, and to roll-out fully automated loading, unloading, and sorting technology in warehouses. Yunfeng Capital led the latest round. Aplus Fund, GP Capital, and Sinovation Ventures are among Dorabot’s existing investors. (China Money Network)
See: Previous Asia news roundups
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