And, the Munich insurance company Munich Re plans to invest 60 million to 70 million US dollars in the Indian insurance technology company Acko; Flipkart will reapply for food retail licenses in India.

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Globalization of Chinese Enterprises

The news said that ByteDance will set up a second company in India. According to the Economic Times, ByteDance is planning to establish a second company in India and plans to submit applications to local governments and regulatory agencies in the next few weeks. The new company will provide IT-based support for all byte-beating platforms and businesses worldwide, including TikTok India and social media application Helo India. (DoNews)

Xiaopeng Automobile secretly submitted IPO documents and plans to raise US$500 million. I learned from many capital sources that Xiaopeng Automobile has secretly submitted IPO documents to the US Securities and Exchange Commission (SEC) and plans to raise US$500 million. The overall listing plan is expected to be from July to September this year. Morgan has been hired Chase, Goldman Sachs and other investment banks, of which JP Morgan Chase is the main underwriter. Gu Hongdi, Vice Chairman and President of Xiaopeng Automobile, served as Chairman of JPMorgan Chase Asia Pacific Investment Bank. It is reported that Xiaopeng Auto’s latest financing occurred in November last year. The company completed a $400 million Series C financing. Investors include Xiaomi Group and Chenxing Capital, Jingwei Venture Capital and other old shareholders. According to Bloomberg, after this round of financing, the valuation of Xiaopeng Auto reached $4 billion.

India

Munich insurance company Munich Re plans to invest between US$60 million and US$70 million in the Indian insurance technology company Acko. According to ET Tech reports, this round of financing will be completed in about a month, and it is expected that this funding will bring Acko’s valuation to US$400 million to US$500 million. Bangalore-based Acko has raised US$130 million to date. Investors include American venture capital firm Accel, Safe Fund, Indian private equity firm Ascent Capital and Flipkart co-founder Binny Bansal.

Flipkart will reapply for food retail licenses in India. According to ET Tech, Flipkart said on Monday that it will reapply for food retail licenses in India. Earlier reports said that the Indian Ministry of Industry and Domestic Trade (DPIIT) last week rejected the company’s offer to sell food through its platform. If the application is successful, Flipkart will compete with Amazon India, Alibaba-backed BigBasket, Softbank-backed Grofers, and Reliance Industries Group’s recently launched JioMart.

India online travel company MakeMyTrip has laid off 350 people. According to ET Tech, a spokesperson for the company said that the layoffs mainly came from non-technical departments. It is reported that more than two months ago, this company with a market value of 1.6 billion US dollars was reported to start reducing wages of about 3,000 employees at different levels.

Southeast Asia

Temasek’s wholly-owned subsidiary Vertex Ventures has established a strategic partnership with Singapore-based investment agency XA. According to KrASIA reports, XA was established in 2018 as an early investment institution focusing on the angel and seed rounds. Members are composed of executives from companies such as Google, Apple, Facebook, and Cisco. It is reported that the institution has invested an undisclosed amount in Vertex Venture’s fourth fund, which has a size of $305 million.

Malaysia’s P2P platform CapBay collaborated with online logistics platform TheLorry to launch a financing project for SME truck drivers. According to DealStreetAsia, the project aims to provide digital financing solutions for SMEs with insufficient funds. Through this cooperation, CapBay can access the information of more than 10,000 drivers on the TheLorry platform. TheLorry was established in 2014 and operates an online logistics platform with business activities in Singapore, Malaysia, Indonesia and Thailand.

Valorous, a subsidiary of KKR, proposed to acquire a 9% stake in Philippine power supplier First Gen for US$144 million. According to DealStreetAsia, First Gen is the holding company of the Philippines’ first holding group in power generation and energy-related businesses. Its clean energy portfolio includes natural gas, hydropower,Solar and geothermal projects. It is reported that KKR has been actively investing in the Philippines and is currently raising US$12.5 billion for its fourth Asia-focused acquisition fund. In April this year, KKR invested US$120 million in the Philippine technology company Voyager Innovations, which is the operator of the payment platform PayMaya.

Latin America

Chile approves Uber’s acquisition of grocery shopping startup Cornershop. According to LABS reports, Uber has obtained the authorization of the Chilean National Economic Prosecutor’s Office (FNE) to start acquiring cornershop, a grocery distribution startup. Since the transaction was first announced in October last year, Uber has been waiting for regulatory approval. It is reported that this acquisition is part of Uber’s plan to expand Uber Eats’ subsidiaries.

Africa

Africa accelerator Ghana Tech Lab has partnered with German technology cooperation company (GIZ) and IBM to launch an AI-focused accelerator program. According to Disrupt Africa, the initiative launched this time aims to promote local innovation in the fields of artificial intelligence, machine learning and data usage. It is reported that the first batch of members will include 10 artificial intelligence startups from Ghana, South Africa, Rwanda and Uganda.

Other

Softbank plans to no longer co-invest with Vision Fund. According to foreign media, Softbank will stop operating some companies co-invested with Vision Fund to clarify their respective performance goals and responsibilities. As the holding company of Vision Fund, Softbank Group has invested in both WeWork and OYO. At the same time, Softbank and Vision Fund jointly own the ownership of British chip maker ARM. (Tencent Technology)

The Korean advertising company Cheil acquires Chinese big data company ColourData. On June 2, according to foreign media reports, South Korean advertising company Cheil Worldwide announced today that it has acquired Chinese big data company ColourData. Cheil said it has signed an equity purchase agreement with ColourData to enhance the company’s capabilities in data-driven marketing. Earlier, Cheil had cooperated with ColourData and launched several social media digital marketing projects in China. After understanding its advantages and potential, it began to seek acquisitions. Cheil said that the specific terms and conditions of the acquisition will not be disclosed. (TechWeb)

Text| Luo Linqi@出海

Figure| Figure insect