Greater China
Deep price cuts helped the retailer boost sales that had been hit hard by cautious customer sentiment.
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Editor's take: The week that was—May 13-18
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Editor’s take: The week that was—May 13-18
Singapore’s finance admin startup Osome raises $17m in Series B+ round
Indonesian investment firm Saratoga said to be exiting Antangin maker Deltomed
Vertex Ventures launches $64m inaugural Japan-focused fund
India
Mahindra currently offers one EV model – the XUV400 – and said that it will launch its new range of EVs by next year.
The company reported revenue of 31.51 billion yuan ($4.37 billion) for the three months ended March 31.
Indonesia
Grab has maintained its current full-year revenue guidance of $2.70-2.75b, which represents a 14-17% YOY growth.
Singapore
Its founder and CEO said the firm is on track to more than double its revenue this year.
Grab maintained its full-year revenue guidance at $2.70-2.75 billion and raised its EBITDA forecast to $250-270 million.
Its total adjusted EBITDA for the quarter fell 21% to $401m from $507m in Q1 2023.
Consumers in China have been spending carefully amid an economic slowdown and property slump.
Revenue reached $22.04 billion for the three months ended March 31.
It reported a consolidated net profit of 1.75 billion rupees ($20.96 million) for the quarter ended March 31.