Captain’s Log, August 25: WeWork raises US$4.4B from SoftBank, Baidu sells food delivery unit
From Indonesia, we have announcements from Google, Musical.ly, and OLX
WeWork raises US$4.4 billion from both SoftBank Group and SoftBank Vision Fund
Global coworking space chain WeWork today announced an agreement for a US$4.4 billion investment from the SoftBank Group and the SoftBank Vision Fund.
The investment includes a US$3 billion investment into WeWork’s parent company via primary investment in new shares and a secondary purchase of existing shares, as well as a US$1.4 billion investment into the three newly created companies that are controlled and managed by local WeWork management teams.
The fund will be used to fuel WeWork’s expansion in China (WeWork China), Japan (WeWork Japan) and Southeast Asia and Korea (WeWork Pacific), respectively.
SoftBank Group Corp. Director and Vice Chairman Ronald D. Fisher and SoftBank Group Corp. External Director Mark Schwartz (who is the former Vice Chairman of Goldman Sachs Group and former Chairman of Goldman Sachs Asia) will join WeWork’s Board of Directors following the investment.
Baidu sells food delivery business unit Xiaodu to Rajax Holdings
Chinese internet giant Baidu announced on Thursday that it has completed the merger of its food delivery business unit Xiaodu with Rajax Holding subsidiary Rajax Merger Sub Limited, which operates the Ele.me brand in China.
As the result of the merger, Xiaodu has become a Rajax subsidiary. The two companies will also have also agreed to “a business cooperation across a broad base of products and services following completion of the Merger.”
Though a Baidu spokesperson has declined to disclose the deal’s value, TechCrunch reported that the deal is valued at around US$800 million and will give Baidu a small stake in the bigger operation.
OLX Indonesia announces new CEO Olaf Van Schagen
C2C e-commerce platform OLX has announced the new CEO for its Indonesia-based operations, Olaf Van Schagen.
Van Schagen will replace Robin Voogd, who resumed the position following the resignation of Daniel Tumiwa. Following his resignation, Tumiwa continues to be involved in OLX as a Strategic Advisor.
Prior to joining OLX Indonesia, Van Schagen was Country Manager for medtech startup Doctena in the Netherlands.
Google launches three new products for Indonesian market
Internet giant Google at its annual “Google for Indonesia” event on Thursday launched three new products for the Indonesian market: Google Station Wi-Fi, YouTube Go, and a new Google Assistant with the capability to speak in Bahasa Indonesia.
Indonesia will be the second country to receive Google Station service after India. Working in partnership with FiberStar and CBN, Google is set to launch “hundreds” of public Wi-Fi stations in various location in Java and Bali.
YouTube Go is the more data-efficient version of the regular YouTube mobile app which caters to users in locations with weak internet connection.
The new Bahasa Indonesia-speaking Google Assistant will be available through messenger app Allo.
The company also announced new initiatives for entrepreneurs and developers, such as Google Primer, Gapura Digital, and womenwill.
Musical.ly debuts Indonesia operations
Chinese social media platform Musical.ly hosted a grand launching event for its operations in Indonesia on Thursday.
Targetting users from the Generation-Z (born between 1996-2012), the Musical.ly app allows users to create and share 60-seconds long videos, with contents varying from music to comedy.
According to Musical.ly Indonesia Country Manager Teguh Wicaksono, the app has experienced “significant growth” since it was first launched in the country six months ago.
The company already sets up partnership with various corporations in the telco and entertainment industry, from Ismaya Live, Indosat Ooredoo, Warner Music Indonesia, Universal Indonesia, to Sony Music Indonesia.
The post Captain’s Log, August 25: WeWork raises US$4.4B from SoftBank, Baidu sells food delivery unit appeared first on e27.
