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Last year, the founders of Airbnb Inc. made a last minute decision to pull out of negotiations for merging their China business with local competitor Tujia.
Eight years ago, before China’s Xiaomi Corp. had sold a single smartphone, 56 of the earliest employees pulled together $11 million to invest in the startup. Rank-and-file workers dipped into savings and borrowed from parents. One receptionist tapped her dowry.
The startup’s fluctuating valuation is partly due to mixed messages about what Xiaomi does. While 70% of revenue comes from selling smartphones, co-founder Lei Jun insists that Xiaomi’s real goal is to be an internet services company making money off ads and online games.
Go-Jek will make the expansion of its digital-payment service Go-Pay in 2018 a top priority.
With IPOs planned for six companies in the portfolio, more cash is on the way.
Its $23b revenue for the last fiscal year was over 10 times the 2011 figure.
The conglomerate has joined the $900 million auction for The Body Shop.