Wednesday, October 4

Author: reuters

Air taxi startup Volocopter gains key production certification in Europe
7Jul By reutersNo Comments
Automobile

Air taxi startup Volocopter gains key production certification in Europe

BERLIN, July 6, 2021 (Reuters) - German flying taxi startup Volocopter said it was acquiring long-time partner DG Flugzeugbau, in a step that secures its compliance with the European Union air safety regulator's production standards. The acquisition, the terms of which were not disclosed, means that Bruchsal-based Volocopter now has production organization approval in compliance with the European Union Aviation Safety Agency (EASA), in addition to the existing EASA design approval. "Volocopter is now the first and only electric vertical take-off and landing company holding both the required design and production organisation approvals to advance its aircraft towards commercial launch," it said in a statement. Volocopter hopes to bring its two-seater flying taxi, which looks like ...
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WeWork lost $3.2 billion in 2020
23Mar By reutersNo Comments
News

WeWork lost $3.2 billion in 2020

(Reuters), 03/23/2021 -WeWork lost $3.2 billion last year, the office-sharing startup disclosed in a presentation shown to prospective investors as part of a pitch for $1 billion in investment and a stock market listing, a person familiar with the matter told Reuters. The company’s losses narrowed from $3.5 billion in 2019 and it plans to go public at a valuation of $9 billion including debt through a merger with a special purpose acquisition company (SPAC), according to a person directly briefed on the presentation that was sent out to existing and potential new investors. A SPAC is a shell company that raises funds in an IPO with the aim of acquiring a private company, which then becomes public as result of the merger. Reuters reported in January that WeWork was in talks to go ...
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Flying Taxi Platform Volocopter eyes fresh capital, SPAC an option
22Mar By reutersNo Comments
Automobile

Flying Taxi Platform Volocopter eyes fresh capital, SPAC an option

BERLIN, 3/22/2021: German air taxi startup Volocopter plans to raise fresh funds from investors, its Chief Executive Florian Reuter said on Thursday, adding that a deal to go public via a special purpose acquisition company was one option. Volocopter this month tapped investors led by U.S. asset manager Blackrock for 200 million euros ($239 million) in backing as it seeks certification for its battery-powered flying taxi. "We expect to need more money in the future," Reuter said in an interview. "You can expect us to continue raising money going forward." Aims to bring its VoloCity air taxi into commercial service in the next two years, in a race with startups including U.S. rival Joby which plans to go public via a $6.6 billion SPAC deal. Joby, which has partnered with Toyota...
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India woos Tesla with offer of cheaper production costs than China
5Mar By reutersNo Comments
INDIA

India woos Tesla with offer of cheaper production costs than China

India is ready to offer incentives to ensure Tesla Inc's cost of production would be less than in China if the carmaker commits to making its electric vehicles in the south Asian country, transport minister Nitin Gadkari told Reuters. Nitin Gadkari's pitch comes weeks after billionaire Elon Musk's Tesla registered a company in India in a step towards entering the country, possibly as soon as mid-2021. Sources familiar with the matter have said Tesla plans to start by importing and selling its Model 3 electric sedan in India. "Rather than assembling (the cars) in India they should make the entire product in the country by hiring local vendors. Then we can give higher concessions," Gadkari said in an interview, without giving details of what incentives would be on offer. "The gover...
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Adidas plans to sell Reebok Brand
16Feb By reutersNo Comments
News

Adidas plans to sell Reebok Brand

BERLIN, Feb 16, 2021 (Reuters) - German sportswear maker Adidas plans to sell or spin-off its underperforming Reebok brand, 15 years after it bought the U.S. fitness label to help compete with arch-rival Nike Inc. Adidas said on Tuesday it had decided to begin a formal process aimed at divesting Reebok as part of a five-year strategy it plans to present on March 10, when the company will also publish 2020 results. It will report Reebok as a discontinued operation from the first quarter of 2021. A banking source said the business could be worth around 1 billion euros ($1.2 billion). "Reebok and Adidas will be able to significantly better realize their growth potential independently of each other," Chief Executive Kasper Rorsted said in a statement . The company bought Boston-ba...
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Tata Group to acquire 68 percent stake in BigBasket for $1.3 billion
16Feb By reutersNo Comments
ACQUISITION

Tata Group to acquire 68 percent stake in BigBasket for $1.3 billion

Mumbai, Feb 16th, 2021: India's Tata Group will buy a 68% stake in online grocery startup BigBasket for $1.3 billion (about Rs 9,500 cr), television channel ET Now said on Tuesday, citing sources. The salt-to-software conglomerate has been planning to launch a "super app" that will tie in all its consumer businesses, according to media reports, as it competes against Amazon.com Inc and Reliance Industries Ltd in India's booming e-commerce market. Bengaluru-based BigBasket competes with Walmart Inc-owned Flipkart and Amazon's "Fresh" service as more consumers stay indoors and choose to shop online during the COVID-19 pandemic. Tata's stake will translate into an enterprise value of 135 billion rupees for BigBasket, which is backed by Alibaba, ET Now said. BigBasket top manageme...
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South Korea eCommerce platform Coupang revenue surge ahead of IPO
15Feb By reutersNo Comments
Market

South Korea eCommerce platform Coupang revenue surge ahead of IPO

South Korean e-commerce giant Coupang Inc revealed rapid revenue growth and narrowing losses in its filing for a US stock market debut, as the SoftBank Group Corp-backed company looks to cash in on strong demand for high-growth tech stocks. Founded in 2010 by Harvard graduate Bom Kim, Seoul-based Coupang made a splash with its 'Rocket Delivery' service that promised delivery within 24 hours, in a sharp blow to the country's family-owned retail conglomerates such as Shinsegae and Lotte. Coupang on Friday disclosed total revenue jumped 91% to $11.97 billion in 2020 from a year earlier, while net loss narrowed to $474.9 million from $698.8 million. The company, viewed as a local rival to e-commerce giant Amazon.com Inc, received $1 billion in funding from SoftBank in 2015 and $2 bil...
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Google wins EU antitrust nod for $2.1 billion Fitbit deal
17Dec By reutersNo Comments
News

Google wins EU antitrust nod for $2.1 billion Fitbit deal

17th December 2020: Alphabet's Google won EU antitrust approval on December 17 for its $2.1 billion bid for Fitbit after agreeing on restrictions on how it will use customers' health-related data. The deal had triggered criticism from privacy advocates on both sides of the Atlantic, consumer organisations and Google rivals about the company's market power and the use of people's health data in targeted advertising. Fitbit, once the leader in the wearable devices market, has lost market share to Apple, Xiaomi, Samsung and Huawei in recent years. The European Commission said it had agreed concessions with Google, valid for 10 years with the possibility of another 10-year extension, addressing competition concerns, confirming a Reuters story in October. Google will store Fitbit u...
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Airbnb boosts IPO price range as it looks to raise $3.09 billion
8Dec By reutersNo Comments
Market

Airbnb boosts IPO price range as it looks to raise $3.09 billion

California, LA, 8th December 2020: Airbnb Inc expects to raise up to $3.09 billion in a stock market launch later this week after boosting its price range, capping a stunning recovery in its fortunes after it was heavily damaged by the COVID-19 pandemic earlier this year. The U.S. home rental firm plans to sell 51.6 million shares at between $56 and $60 apiece, it said in a regulatory filing on Monday. It had earlier targeted a price range of between $44 and $50 per share for 51.9 million shares. At the upper end of the new range, Airbnb would have a fully diluted valuation, which includes securities such as options and restricted stock units, of $41.8 billion. This is well above the $18 billion Airbnb was worth in an April private fundraising round in the early weeks of the pand...
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Didi Chuxing considers going public in 2021; targets $60-bn valuation
21Oct By reutersNo Comments
Market

Didi Chuxing considers going public in 2021; targets $60-bn valuation

Hongkong, 21st Oct 2020: China's top ride-hailing firm Didi Chuxing is considering Hong Kong for a multibillion-dollar initial public offering (IPO) next year, people with knowledge of the matter said, rethinking previous aims to list in New York amid rising Sino-US tension. Didi, backed by technology investment giants SoftBank , Alibaba, and Tencent, has started initial talks with investment banks for the long-awaited IPO, according to three people. The people spoke on condition of anonymity as the information, including the identity of the banks, was private. The people said the Beijing-based company is targeting a valuation of more than $60 billion by the time of launching the IPO, expected as soon as in the first half of 2021. Founded eight years ago, Didi has begun generating h...
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Walmart to Invest $25 bn in Tata Group’s ‘Super App’
29Sep By reutersNo Comments
BUSINESS

Walmart to Invest $25 bn in Tata Group’s ‘Super App’

Walmart Inc is in talks with Tata Group for a potential investment of up to $25 billion in the Indian salt-to-software conglomerate's new "super app", the Mint newspaper reported on Tuesday, citing people familiar with the matter. According to ongoing discussions between the two companies, the super app could be launched as a joint venture between Tata and Walmart, leveraging on the synergies between Tata's e-commerce business and Flipkart, Walmart's e-commerce unit, according to the report. The news comes as Reliance Industries Ltd, controlled by Asia's richest man Mukesh Ambani, raised over $20 billion from investors including Facebook, Alphabet's Google, KKR & Co, and Silver Lake Partners by selling stakes in its digital business Jio Platforms. The Walmart investment could...
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