In a pop-up on the app, the company also said it would compensate users who had overpaid for rides.
Editor’s take: The week that was—Nov 27-Dec 2
Clouds gather over Alibaba's key unit after IPO plans scrapped
Canada's Brookfield raises record $28b for infrastructure fund
OpenAI defers launch of custom GPT store to early next year
US to limit Chinese content in battery parts eligible for EV tax credits
One of the biggest constraints for Asia’s private credit sector is talent: Elham Credit’s Siddhartha Hari
Wellington Management emerges as an outlier amid late-stage funding crunch
People Digest: Golub Capital opens Hong Kong office; KKR announces key appointments
IHH Healthcare seeks acquisitions in Indonesia, Vietnam; eyes turnaround in China
Indonesia’s Bank Jasa banks on Astra’s ecosystem to make a mark in digital banking
The closure of the lab is the latest internal change at Alibaba.
Analysts saw Alibaba’s focus on discounts this year as an attempt to fight back against rivals
The group generated negative operating cashflows of S$22m in FY23.
The fundraising could value Carro, which has valuation of over $1b, even higher.
Alibaba lost $20b in market value on Friday after it scrapped plans to spin off its cloud and groceries businesses.
East Buy will become a pure-play private label product and live-streaming business operator.
GigaCloud had recently bought Noble House Home Furnishings for about $85m.
The latest infusion has pushed the startup’s valuation to $352m.
This edition also analyses Indonesia’s new P2P lending rules and TikTok’s possible return to e-commerce.