In brief: Nio loses Softbank; Grab launches driver rewards program

Photo credit: MIKI Yoshihito / Flickr

Softbank backs out of Nio IPO (China). Electric-car maker Nio filed for a US$1.51 billion listing in the US earlier this month, with Softbank widely expected to buy into its IPO. But the Japanese company has reportedly walked away from the deal, with Chinese media raising concerns about whether the raise target would be enough to cover the startup’s spending. (TechNode)

Grab unveils Hitch Club (Singapore). Released today in beta, the rewards program will support GrabHitch drivers with benefits, such as no-show guarantees and merchant deals. GrabHitch drivers can now earn Hitch Club points when they give fellow riders a lift to unlock more savings. (Grab)

Other news

Oyo Rooms launches leisure brand (India). The hotel aggregator now offers upscale, leisure-focused properties with the unveiling of its new Palette Resorts brand, with the first such venue opening in the prime tourist destination of Pondicherry. Oyo has been eyeing diversification away from its core budget offering. It set up a wedding-venue booking service earlier this month. (Livemint)

ZestMoney banks US$13.4 million in Xiaomi-led round (India). Omidyar Network, PayU, and Ribbit Capital also invested in the digital lender’s series A round. ZestMoney will use the funds to develop AI facial and voice recognition tech to add users in lower-tier cities, for whom English is not a first language. (China Money Network)

Frost & Sullivan opens accelerator (Singapore). The business consulting firm has launched an accelerator program in Singapore. It will target startups in aerospace and defense, mobility, electronics, energy, and healthcare, among other areas. (Frost & Sullivan)

See: Previous Asia tech news