Sunday, June 23

Tag: Tencent Holdings Ltd

China’s Baidu to sell majority of financial services unit for $1.9 bn
CHINA

China’s Baidu to sell majority of financial services unit for $1.9 bn

China's search engine major, Baidu Inc has raised more than $1.9 billion for its maiden spun off financial service division from TPG Capital Management LP and Carlyle Group LP as it seeks funding to take on established fintech firms in China. The deal has come in the wake of a scenario where China's government is tightening regulations on the loans market to rein in shadow banking and push banks to cut bad debt. The investment will give Baidu a much-needed push to narrow down the leads that its contenders Tencent Holdings Ltd and Alibaba Group Holding Ltd. have grabbed in the financial landscape and will also help it expand beyond its core internet search business.   Robin Li, Baidu Chief Executive Officer said, I feel proud to see the financial unit has graduated. This i...
Gaana Raises $115 Million Funding From Tencent and Times Internet
FUNDING

Gaana Raises $115 Million Funding From Tencent and Times Internet

Tencent Holdings, China’s internet mastodon is again making sensation in the Indian market with another colossal investment. Indeed, after investing an eye-dropping $1.1 billion in cab-hailing firm Ola, back in October last year, Tencent Holdings are spilling the cash for yet another Indian firm. Gaana, a music streaming app is raising $115 million funding from the Chinese Internet investment company. Times Internet was also participated in this round. A branch of the Times Group, Gaana.com, wishes to utilize the funding to invest in artificial intelligence (AI). The investment in this new technology aims at personalizing customers’ musical experience. The artificial intelligence will also upgrade the service of subscription for paying users. Gaana also aims at developing the music e...
Now its Tencent Backed ‘Super-App’ Vs. Tencent’s own WeChat
CHINA

Now its Tencent Backed ‘Super-App’ Vs. Tencent’s own WeChat

Another issue that is rising in China is tech apps taking over its rivals from the same backers. Recently, Meituan, a kind of Chinese technology that very few people out of the country understand is giving some serious competition to WeChat. Tencent Holdings Ltd, the messaging giant app is the developer of WeChat and a key investor in Meituan and watching its siblings take over each other, is something that nobody wants. Meituan has grown very popular in China. It has a restaurant review feature like that of Yelp (San Fransisco based review MNC), while its app also lets users order food off the menu from phone. Even to pay, users don't have to leave the Meituan app. This is the reason why its giving serious competition to Tencent's WeChat. the startup is already the world's fourth...