Asia tech news roundup – Nov 24

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West Lake, Hanoi. Photo credit: huythoai / 123RF.

Ride-hailing apps face new hurdles in India while bike-sharing firms are having financial woes in China. Also today, there was a big funding announcement in Vietnam.

Ecommerce

Vntrip gets US$10 million funding (Vietnam). The Hanoi-based online travel agency received the investment from Hong Kong’s Hendale Capital. Vntrip previously raised US$3 million in a series A round led by Alibaba executive John Wu. (DealStreetAsia)

MiStay secures investment from Axilor and others (India). The short-term rentals portal will use the funding to strengthen its team. Some of the undisclosed amount came from several hospitality industry veterans. (MiStay)

Flipkart to begin selling insurance products online (India). The ecommerce site will soon begin selling general, life, and health insurance, before offering other types including motor insurance, according to regulatory filings. It is not clear if Flipkart has yet obtained the necessary approval from India’s insurance watchdog. (VCCircle)

Transportation

Coolqi bikes. Photo credit: Sohu News.

Another bike-sharing firm runs into trouble (China). Mingbike has fired 99 percent of its staff, some of whom haven’t been paid for months. Bluegogo and Coolqi also appear to have gone bust in recent weeks, with users reporting that they can’t reclaim their deposits from the companies. (Tech in Asia)

Maharashtra the latest state to discuss capping ride-hailing firms’ fares (India). The state government is considering set minimum and maximum fares for Ola and Uber rides, bringing them in line with licensed taxi companies. This follows similar moves by local governments in Delhi and Karnataka. (VCCircle)

Investors, incubators, and accelerators

IE Singapore launches China link program (China/Singapore). The enterprise agency is leading the Global Innovation Alliance (Beijing), which will establish launchpads for Singapore companies to connect with the Chinese business and innovation community. (IE Singapore)

See: Previous Asia tech news roundups