Asia news roundup: Our ‘optional investment’ in region leads to losses, says Uber chief

Uber CEO Dara Khosrowshahi / Photo credit: Uber

Here are Asia’s top tech stories from today. We’ll be back with our next news roundup after the Lunar New Year holiday.

Transportation

Uber CEO says emerging markets explain negative income (Asia Pacific). Dara Khosrowshahi told attendees at the Goldman Sachs Technology & Internet Conference in San Francisco that the company’s big investments in “developing” markets such as India were a major reason why its operating income remains in the red. He described Uber’s operations in Asia as an “optional investment,” but reiterated its commitment to continued growth and competition in the region. (TechCrunch)

Kakao unit acquires carpooling startup Luxi (South Korea). Kakao Mobility, the transport subsidiary of internet and messaging giant Kakao, has agreed to purchase Luxi in a US$23.3 million deal. The acquisition is intended to meet increasing demand for ride-hailing made through its Kakao Taxi app. (DealStreetAsia)

Media and entertainment

Meanwhile, Kakao’s gaming business secured fresh funding. Tencent, Actozsoft, Bluehole Studio, Netmarble Games, and Premier Growth are among several investors to have pumped US$130 million into Kakao Games, which is eyeing an IPO in the near future. (TechCrunch)

Property and real estate

EV Hive opens co-working space in mail service center (Indonesia). The East Ventures-backed shared workspace operator launched its latest venue in PT Pos Indonesia’s main regional post office in Pasar Baru, Jakarta. The startup’s collaboration with the national mail agency is aimed at revitalizing post offices by drawing younger people into the facilities, while encouraging innovation in the mail delivery space. (e27)

Investors, incubators, and accelerators

GSMA seeking next cohort for accelerator program (Asia Pacific). The GSMA Ecosystem Accelerator Innovation Fund – an Asia- and Africa-focused accelerator scheme backed by industry group GSM Association (GSMA) as well as the Australian and UK governments – will begin accepting applications for its third round next month. The selected 15 startups will receive up to US$347,500 in equity-free funding, plus opportunities to partner with mobile operators to help scale their products and services. A high turnout from Myanmar is expected, with 5 percent of the top 100 applications for the program’s second round coming from the country. (DealStreetAsia)

See: Previous Asia news roundups