Also, Philippines reviews Grab-Uber deal and igloohome raises US$4M
Meituan acquires Mobike – [Press release]
Meituan has announced today that they are entering into an agreement to acquire bike-sharing company Mobike at an undisclosed amount. Meituan is one of China’s largest providers of on-demand online services. The acquisition of Mobike aims to enhance Meituan’s range of transportation solutions, which already includes ride-hailing and car-sharing.
“We’re excited to include Mobike as part of our range of local service transportation offerings. With its leading technology in the bike-sharing industry, Mobike has created unique value for its customers in their daily commute,” said Xing Wang, CEO and founder of Meituan, in a press statement.
Davis Wang, CEO and co-founder of Mobike, said, “Our goal is to enhance the quality of life in the communities where we operate, which syncs well with Meituan’s mission. Mobike is a pioneer in smart bike-sharing and has developed the most advanced technology in our industry globally. We are excited to join forces with Meituan to bring our convenient, enjoyable and affordable bike-sharing platform to more users in China and globally.”
Mobike will be added to Meituan’s service platform but will continue to operate as its own brand.
Philippine anti-trust agency reviews Grab-Uber deal – [Reuters]
According to a report by Reuters, the Philippine Competition Commission (PCC) started the review of Uber’s proposed sale of its Southeast Asian business to Grab. The PCC is the country’s government arm that is mandated to protect competition and prohibit anti-competitive conduct, including mergers and acquisitions of businesses and companies that may substantially prevent, restrict, or lessen competition.
The review followed a similar move by Singapore’s regulator, which began their probe last week. Grab Philippines has announced that it will push through with the transition of Uber drivers to Grab despite the review, stating that they will “prepare the necessary documents and share information required by the PCC” to aid the process.
igloohome raises US$4M in Series A – [e27]
Singapore-based smart access solutions provider igloohome today announced that it has raised a US$4 million Series A funding round led by Insignia Ventures Partners.
Existing investor Wavemaker Partners also participated in the funding round, joining new investors such as Phillip Private Equity, X Capital Ventures, Kuok Meng Xiong of K3 Ventures and angel investor Koh Boon Hwee.
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