Today’s top tech news, Sep 07: Ola founders get Temasek backing in secondary share purchase

Sainul Abudheen
Today’s top tech news, Sep 07: Ola founders get Temasek backing in secondary share purchase

The move will give more power to Ola co-founders, who strengthened their rights last year allowing them to veto any further stake buys by the largest shareholder, SoftBank, as also protect their stake

Ola founders get Temasek backing in secondary share purchase [The EconomicTimes]

Founders of Ola, India’s largest ride-hailing application, have won the backing of Temasek that has agreed to vote with them as a part of a recently structured secondary subscription of shares, said two sources familiar with the development.

The move will give more power to Ola co-founders Bhavish Aggarwal and Ankit Bhati, who strengthened their rights last year allowing them to veto any further stake buys by the largest shareholder, SoftBank, as also protect their stake.

In WeChat-dominated China, new messenger app scores sudden success [Reuters]

Bullet Messenger, a Chinese messaging app, has racked up millions of downloads since its debut just a few weeks ago, using a stripped-down design to chip off a chunk of a sophisticated, billion-user market.

The Beijing-based company launched its app on Aug. 20, and within a week became the most downloaded free offering on Apple Inc’s App Store in China.

Analysts say its rapid ascent, driven by Chinese internet users’ craving for alternatives to the ubiquitous WeChat, underscores just how fast China’s mobile internet landscape can change.

Temasek forms cloud JV with Indian software major Infosys [DealStreetAsia]

Singapore-headquartered global investment firm Temasek has formed a joint venture with Indian software services giant Infosys to boost its digital transformation journey, according to an official release.

The joint venture will integrate teams from Infosys and the operations of Temasek’s wholly owned subsidiary in Singapore, Trusted Source Pte Ltd which currently delivers IT services to Temasek and a number of other clients.

As part of the transaction, Infosys will acquire a 60 per cent stake in the joint venture and Temasek will hold 40 per cent. The agreement has taken effect on Thursday.

Didi extended first-half losses to US$585M [Yicai Global]

The world’s largest ride-hailing provider Didi Chuxing lost CNY4 billion (USD585 million) in the first half of this year, extending losses of CNY2.5 billion last year as the firm becomes the most closely watched subject of a central government probe into the sector.

The Beijing-based firm dished out almost CNY11.8 billion in passenger subsidies and driver bonuses, tech news portal 36Kr reported after gaining exclusive access to the figures. Whole-year subsidies and bonuses in 2017 tallied just over CNY18 billion, or CNY2.43 (36 US cents) for each of its 7.4 billion orders.

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