Payment service Toss becomes Korea’s newest unicorn after raising $80M

South Korea has got its third unicorn startup after Viva Republica, the company beyond popular payment app Toss, announced it has raised an $80 million round at a valuation of $1.2 billion. This new round is led by U.S. firms Kleiner Perkins and Ribbit Capital, both of which cut their first checks for Korea with this … Read morePayment service Toss becomes Korea’s newest unicorn after raising $80M

Mogu’s long journey: From rejecting Alibaba’s advances to US IPO

Mogu, a Tencent-backed service that offers fashion content and products to young women, has joined a string of Chinese tech companies pressing ahead to sell their shares through initial public offerings in the US before the year-end. Mogu priced its sale at $14 per share on Wednesday, toward the lower end of a marketed range. … Read moreMogu’s long journey: From rejecting Alibaba’s advances to US IPO

JioSaavn becomes India’s answer to Spotify and Apple Music

India finally has its answer to Spotify after Reliance Jio merged its music service with Saavn, the startup it acquired earlier this year. The deal itself isn’t new — it was announced back in March — but it has reached its logical conclusion after two apps were merged to create a single entity, JioSaavn, which is … Read moreJioSaavn becomes India’s answer to Spotify and Apple Music

Alibaba replaces video streaming boss amid anti-corruption probe

A top-level reshuffle is sending shockwaves across one of China’s biggest online video businesses. Yang Weidong has stepped down as the president of Alibaba’s video streaming unit Youku, the ecommerce operator’s digital media and entertainment business group confirmed to TechCrunch on Tuesday. Yang is understood to be assisting the police with an investigation into “an … Read moreAlibaba replaces video streaming boss amid anti-corruption probe

Tencent Music moving ahead with its $1.2B U.S. stock market debut

Tencent Music Entertainment’s initial public offering is back in motion, two months after the company reportedly postponed it amid a global selloff. In a regulatory filing today, the company, China’s largest streaming music service, said it plans to offer 82 million American depositary shares (ADS), representing 164 million Class A ordinary shares, for between $13 … Read moreTencent Music moving ahead with its $1.2B U.S. stock market debut

Robot couriers scoop up early-stage cash

Joanna Glasner Contributor More posts by this contributor Bots replacing office workers drive big valuations Getting personal: Funding rises for software-driven tastemakers Much of the last couple of decades of innovation has centered around finding ways to get what we want without leaving the sofa. So far, online ordering and on-demand delivery have allowed us … Read moreRobot couriers scoop up early-stage cash

WeChat e-wallet teams up with Line to target Japan’s 7M Chinese tourists

China’s biggest chat app WeChat is set to make its payments service more ubiquitous in Japan, a popular outbound desitnation for Chinese tourists. On Tuesday, the Tencent-run messenger unveils a partnership with Japan’s Line chat app on mobile payments. The tie-up allows Japanese brick-and-mortar merchants with a Line Pay terminal to process WeChat Pay transactions … Read moreWeChat e-wallet teams up with Line to target Japan’s 7M Chinese tourists

Meituan, China’s ‘everything app,’ walks away from bike sharing and ride hailing

A major player in the race to transport Chinese people around is losing steam. Meituan Dianping, the Tencent-backed, all-encompassing platform for local services, continues to put the brakes on bike-sharing and ride-hailing, the company said on its earnings call on Thursday. The eight-year-old firm is best known for competing with Alibaba-owned Ele.me in food deliveries … Read moreMeituan, China’s ‘everything app,’ walks away from bike sharing and ride hailing

Tencent e-wallet is following Alibaba to Hong Kong subways

China’s payments giants have taken their battle to Hong Kong. Less than a week after Ant Financial announced adding QR codes to the city’s MTR public transport network of rail and buses, Tencent’s WeChat Pay unveiled a similar scheme on Wednesday. Starting mid-2021, commuters in Hong Kong can scan a barcode to enter the subway … Read moreTencent e-wallet is following Alibaba to Hong Kong subways

China’s hottest news app Jinri Toutiao announces new CEO

You may not have heard of ByteDance, but you probably know its red-hot video app TikTok, which gobbled up Musical.ly in August. The Beijing-based company also runs a popular news aggregator called Jinri Toutiao, which means “today’s headlines” in Chinese, and the app just assigned a new CEO. At a company event on Saturday, Chen Lin, an … Read moreChina’s hottest news app Jinri Toutiao announces new CEO