Aug 16

Tech Weekly: China’s Didi Prepares for U.S. IPO

Editorial Staff
Jun 18, 2021
Tech weekly
Image: Rami Al-zayat via Unsplash

Welcome to the Tech Weekly, NEO’s regular news monitoring of key developments in the food and mobility tech industries.

This week’s highlights:

  • China’s biggest ride-hailing company Didi Chuxing has appointed five more investment banks to work as book runners on its U.S initial public offering (IPO) worth up to $10 billion, sources with direct knowledge of the matter said. (Reuters)
  • You can’t find a cab. Uber prices are soaring. Here’s why. The number of drivers and for-hire cars on the streets plunged during the pandemic, frustrating those seeking rides as the city starts to recover. (The New York Times)
  • Instacart has a new incentive to encourage more Americans to get vaccinated against COVID-19: free snacks. The on-demand grocery delivery company announced Wednesday that it is teaming up with the White House for its “Get Vaxxed For Snacks” sweepstakes in support of President Joe Biden’s month-long effort to get 70% of Americans vaccinated by July 4. (USA Today)
  • Food tech startup Swiggy has announced that its drone delivery partner ANRA Technologies received final clearances from the Ministry of Defense (MoD), Directorate General of Aviation (DGCA) and Ministry of Civil Aviation (MOCA) to start testing drones to deliver food. ANRA Technologies has also received permits for Beyond Visual Line of Sight (BVLOS) operations in India. (Times of India)
  • The enlarged Just Eat Takeaway.com (TKWY.AS) is not yet appetising for investors. The Dutch food delivery company on Tuesday completed the $7.5 billion takeover of U.S. rival Grubhub, its second big bite in just over a year. Boss Jitse Groen has repeatedly outmanoeuvred rivals in Europe. But he is starting from a weaker position in the United States. (Reuters)
  • China has ordered Billionaire Wang Xing to lie low after he posted a poem on social media that sparked fury. Meituan, the Chinese food delivery giant founded by Wang, is undergoing a probe by the state antitrust watchdog into alleged monopolistic behavior. (Bloomberg)
  • Walgreens has put a full selection of its products on the menu for same-day delivery through Uber Eats across the United States, as the retail pharmacy sector works to boost its level of convenience. (Retail Wires)
  • Uber and Kia Europe are teaming up to offer drivers in 20 European markets deals on buying, leasing, financing or renting Kia’s e-Niro and e-Soul, in the latest move by the ride-hailing giant to achieve its emissions goals. (TechCrunch)
  • Daimler AG will accelerate the launch of electric cars slated for the middle of this decade while phasing out fossil-fuel versions, as it revamps its electrification strategy, Manager Magazin reported. (Reuters)
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