Didi mulls $6bn from Softbank, Audi acquires Silvercar Inc. & more

Welcome to the third edition of Weekly News Highlights by Splyt. This week in investments and acquisitions: Softbank seems to be on a roll and this past week, the target was China’s Didi, Ola said to be raising $300 million from new and current investors and Dubai’s Careem is on the lookout for acquisitions to expand its reach. On the car-sharing front: Automobile makers try to penetrate the car-sharing market through acquisitions.

Morningside Ventures sets up its first Renminbi fund — with a total of 1 bn RMB

The trend of Chinese startups moving away from taking investments in dollars did not go unnoticed by Morningside Ventures. Given the importance of Chinese tech companies in the past year, (a record of $56.1 billion US dollars in funding) Morningside Ventures decided to set a RMB fund in order to keep in the game. The new fund was closed at 1bn RMB ($140 million) with backers such as China Merchants Ventures, Tencent Holdings Ltd and Xiaomi Inc.

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Morningside Ventures sets up first RMB fund

Morningside Venture Closes First RMB Fund At $140M Hard Cap

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Ola plans to raise $100 million from RNT Capital and Falcon Edge

RNT Capital (fund set up by Tata Sons Chairman Emeritus Ratan Tata) will be leading the round with $60 million, followed by $40 from Falcon Edge capital. Moreover, Ola plans to raise another $200 million from existing and new investors.

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Ratan Tata likely to lead $100 million funding round in Ola; valuation …

RNT Capital, Falcon Edge Capital set to invest $100 mn in Ola

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Careem looking for acquisitions in order to keep its fast growth

Careem has plans to expand to second-tier cities in Saudi Arabia, Egypt and Pakistan. Currently Careem employs around 150,000 drivers and operates in more than 10 countries in the Middle East to North Africa and Pakistan. If Careem wants to continue to be the leader in the ride-hailing industry in the area, it must keep up with its fast growth. Therefore the firm is looking out to acquire smaller companies to expand its reach.

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Ride-hailing firm Careem on lookout for acquisitions, IPO an option

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Didi plans to get $6bn in funding from Softbank

If Softbank were to fund Didi with $6bn, the rest of its investors’ shares would be greatly diluted, except China’s sovereign wealth fund, which contributed $7.3 billion last summer. For this reason, Tencent and Apple plan to join the current funding round in order to keep their shares from being diluted. Capital raised will help Didi compete with tech giants in the self-driving technology market.

Read more here:

China ride sharing giant Didi mulls US$6 billion SoftBank-backed …

Didi Chuxing is reportedly considering a $6 billion investment …

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Audi to buy Luxury Car Rental Silvercar Inc.

A definite trend in the automotive industry is the slow drifting away from traditional selling of car to individuals to car-sharing. Silvercar Inc. is a Texas-based startup that rents silver A4s in 15 states across the US. With this acquisition Audi hopes to set a foot in the door in the car-sharing market.

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Audi to buy luxury car rental startup Silvercar — Financial Times

Audi is buying the luxury car-rental startup Silvercar — Business Insider

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Grab aquires Indonesian online payment startup Kudo

As part of the $700 million plan “Grab 4 Indonesia 2020”, the Indonesian tech startup will acquire the online payment startup Kudo for $100 million. Kudo payment platform will be integrated within GrabPay.

Read more here:

Grab confirms acquisition of Kudo

Grab acquires Kudo as first investment in four-year plan

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