The new figure is a fraction of the $47 billion valuation the startup commanded as recently as January.
Editor’s Take: The week that was – October 14-18
India’s Cipla buys novel anti-infective drug Elores from Venus Remedies
India: L&T to acquire partner in L&T IDPL, make it fully-owned arm
Chinese firm TikTok ropes in Nikhil Gandhi as India head
India: Swiggy eyes 100m customers using its app over 15 times a month in 10-15 yrs
Singapore’s Temasek mulls setting up new renewables-focused unit
Bukalapak said to have held merger talks with Alibaba-backed Lazada
Indonesian edtech startup Zenius eyes $20m funding, in talks with Northstar
Ant Financial-backed BAce leads Series A funding in Indonesian proptech startup RoomMe
Singapore: Insignia Ventures Partners raises $200m for second fund
Only last week, Widad reportedly proposed to take over the toll roads under PLUS Expressways.
IPOs & Markets
Aramco had been expected to announce plans next week to float a 1% to 2% stake on the kingdom’s Tadawul market.
REITs are proving popular among yield-hungry investors in Asia as central-bank easing has sent interest rates to rock bottom across the globe.
Keppel Pacific Oak US REIT plans to launch a private placement to raise up to $73.10 million to fund the purchase of an office complex in Texas.
The capital raising gives the fund the capacity to grow to in excess of A$5 billion ($3.4 billion).
The additional investment will come directly from the Japanese group rather than its roughly $100 billion Vision Fund.
CDPQ is buying Highway Concessions One for $336 million from Global Infrastructure Partners.
The buyer, Shayher Group, is a Taiwanese-backed firm that expanded to Australia in 2000.
The deal is in line with GD Express's ambition to build a regional delivery network in Southeast Asia.
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