SoftBank-backed Getaround is raising $200M at a $1.5B+ valuation – gpgmail


Getaround, a used car marketplace and winner of gpgmail Disrupt New York Battlefield 2011, will enter the unicorn club with a roughly $200 million equity financing.

The deal values Getaround, founded in 2009, at $1.7 billion, according to an estimate provided by PitchBook. Getaround declined to comment, citing internal policy on “funding speculation.”

“Getaround and our investors work closely together on our growth strategy, and we’ll definitely plan to share more when we’re ready,” a spokesperson said in response to gpgmail’s inquiry Thursday morning.

The news follows the company’s $300 million acquisition of Drivy, a Paris-headquartered car-sharing startup that operates in 170 European cities.

Getaround closed a Series D funding of $300 million last year, a round led by SoftBank with participation from Toyota Motor Corporation. Existing investors in the business, which allows its some 200,000 members to rent and unlock vehicles from their mobile phones at $5 per hour, include Menlo Ventures and SOSV.

Assuming an upcoming $200 million infusion, Getaround has raised more than $600 million in equity funding to date.

Whether SoftBank has participated in Getaround’s latest financing is unknown. The business is an active investor in the carsharing market, with investments in Chinese ride-hailing business Didi Chuxing, Uber and autonomous driving company Cruise. We’ve reached out to SoftBank for comment.

In conversation with gpgmail last year, Getaround co-founder Sam Zaid emphasized SoftBank’s capabilities as a mobility investor: “What we really liked about [SoftBank] was they take a really long view on things,” he said. “So they were very good about thinking about the future of mobility, and we have a common kind of vision of every car becoming a shared car.”

Getaround was expected to expand into international markets with its previous fundraise. Indeed, the company has moved into France, Germany, Spain, Austria, Belgium and the U.K. where it operates under the brand “Drivy by Getaround,” and in Norway under the “Nabobil” brand.

The business initially launched its car-sharing service in 2011, relying on gig workers, who can list their car on the Getaround marketplace for $500 to $1,000 a month in payments, depending on how often their car is rented.

Since Getaround entered the market, however, a number of competitors have entered the space with similar business models. Turo and Maven, for example, have both emerged to facilitate car rental with backing from top venture capital funds.


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Didi Chuxing to launch self-driving rides in Shanghai and expand them beyond China by 2021 – gpgmail


Didi Chuxing will begin picking up ride-hailing passengers with self-driving cars in Shanghai in just a few months, according to company CTO Zhang Bo (via Reuters). The plan is to roll out autonomous pick-ups in Shanghai first, starting in one district of the city, and then expand the program from there – finally culminating in the deployment of self-driving vehicles outside of China by 2021.

Like Uber’s autonomous test vehicles, Didi’s cars will be staffed with a human driver on board during the initial launch period, which awaits a few remaining licenses before it can actually begin serving human passengers. Self-driving rides will be free for customers, and Zhang said that more than 30 different vehicles will be offered for self-driving trips as part of the pilot.

After its initial pilot launch in Shanghai, Didi will look to expand its offerings to Beijing and Shenzhen as well, with hopes to be live in all three cities by 2020.

Didi is the largest ride-hailing company in China, and beat out an attempt by Uber to establish a presence in the market, resulting in Uber selling its Chinese business to Didi and exiting the market in 2016 (in exchange for a minority stake). We spoke to Didi’s CTO (who asked to be identified by as ‘Bob’ at the time, hence the lower-third in the video below) later that same year about why the company believes it has an advantage when it comes to data-driven technology development relative to Uber and other ride-hailing companies.

Aside from a general sense in the industry that autonomy is a likely, if not inevitable end goal for ride-hailing and other mobility services with a technological focus, Didi is also likely motivated by a need for drivers to meet demand – and drivers who can provide a safe and secure experience for passengers. The company revealed in July that it had proved over 300,000 drivers that didn’t meet up to its safety standards after overhauling those standards last year.

Earlier this month, Didi also announced that it was spinning out its autonomous driving unit as a separate company, with Zhang as CEO. It’ll look to develop tech for its own fleet, and work in partnership with automakers, including Toyota, in pursuit of commercializing and deploying autonomous driving.


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Didi Chuxing’s autonomous driving unit is now an independent company – gpgmail


Didi Chuxing’s autonomous driving unit is now an independent company, the Chinese ride-sharing and transportation giant said today. Didi’s autonomous driving team was created in 2016 and now has more than 200 employees in China and the United States. Didi’s announcement comes about a month after The Information reported that Didi was in talks with investors including SoftBank, its largest shareholder, to raise money for the unit.

In its announcement, Didi said the new company “will integrate the resources and technological advantages of Didi’s platform, continue to increase investment in R&D of core innovative technologies, and deepen collaboration with upstream and downstream auto industry partners” and also promote self-driving technology to transportation authorities.

The Financial Times reported last year that Didi had been approved to test self-driving vehicles in California, where it has a research facility in Mountain View. But Didi has to catch up with other companies that have been testing autonomous cars both in the U.S. and China. In California, it was the 53rd company to get a permit to test self-driving vehicles, behind technology rivals like Uber and Waymo.

Didi has already been testing autonomous vehicles, developed in partnership with car manufacturers and suppliers, in China, but its testing lagged far behind Baidu last year, which registered 140,000 kilometers in Beijing, or about 91 percent of the 153,600 miles test-driven by autonomous fleets owned by eight companies, including Didi, Pony.ai, Tencent and automakers NIO, Audi, Daimler AG and BAIC Group.

Aside from being able to license its technology to other transportation and vehicle companies, the launch of robo-taxis may help Didi’s ride-sharing service make up for a shortage in drivers. Stricter screening criteria was put into place after two female passengers were murdered by drivers on Didi’s ride-sharing platform and Didi said last month that it had removed more than 300,000 drivers who didn’t meet its standards since its safety overhaul began last year.

The CEO of the new autonomous driving company will be Zhang Bo, who is also the CTO of Didi. Meng Xing, former executive director of Shunwei China Internet Fund, is its COO, while software engineers Jia Zhaoyin, the head of its technical efforts for Didi’s smart-driving project, and Zheng Jianqiang will head its research and development teams in the U.S. and China.


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Didi Chuxing and oil giant BP team up to build electric vehicle charging infrastructure in China – gpgmail


Ride-sharing and transportation platform Didi Chuxing announced today that it has formed a joint venture with BP, the British gas, oil and energy supermajor. to build electric vehicle charging infrastructure in China. The charging stations will be available to Didi and non-Didi drivers.

The news of Didi and BP’s joint venture comes one week after Didi announced that it had received funding totaling $600 million from Toyota Motor Corporation. As part of that deal, Didi and Toyota Motor set up a joint venture with GAC Toyota Motor to provide vehicle-related services to Didi drivers.

BP’s first charging site in Guangzhou has already been connected to XAS (Xiaoju Automobile Solutions), which Didi spun out in April 2018 to put all its vehicle-related services into one platform.

XAS is part of Didi Chuxing’s evolution from a ride-sharing company to a mobility services platform, with its services available to other car, transportation and logistics companies. In June, Didi also opened its ride-sharing platform to other companies, enabling its users to request rides from third-party providers in a bid to better compete with apps like Meituan Dianping and AutoNavi, which aggregate several ride-hailing services on their platforms.

Didi says it now offers ride-sharing, vehicle rental and delivery services to 550 million users and covers 1,000 cities through partnerships with Grab, Lyft, Ola, 99 and Bolt (Taxify). The company also claims to be the world’s largest electric vehicle operator with more than 600,000 EVs on its platform.

It also has partnerships with automakers and other car-related companies like Toyota, FAW, Dongfeng, GAC, Volkswagen and Renault-Nissan-Mitsubishi to collaborate on a platform that uses new energy, AI-based and mobility technologies.

In a press statement, Tufan Erginbilgic, the CEO of BP’s Downstream business, said “As the world’s largest EV market, China offers extraordinary opportunities to develop innovative new businesses at scale and we see this as the perfect partnership for such a fast-evolving environment. The lessons we learn here will help us further expand BP’s advanced mobility business worldwide, helping drive the energy transition and develop solutions for a low carbon world.”


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SoftBank pumps $2B into Indonesia through Grab investment, putting it head to head with Gojek – gpgmail


Grab — the on-demand transportation app worth $14 billion that is the Uber of Southeast Asia — today announced how it would be using some of the $7 billion or so that it has raised to date: $2 billion provided by SoftBank is being earmarked Grab’s operations in Indonesia — the biggest economy in Southeast Asia — over the next five years, to help it go head-to-head with local rival Gojek.

Specifically, Grab said it and SoftBank met with Indonesian government officials and have agreed to use the money to help modernise the country’s transportation infrastructure and economy with the development of an electronic vehicle “ecosystem”, new geo-mapping solutions, and the establishment of a second headquarters for Grab in Jakarta focused on R&D for Indonesia and the wider region, to sit alongside its existing HQ in Singapore.

Grab has confirmed that this investment news does not affect the company’s valuation as it’s not fresh funding — although it looks like it might lead to another, new SoftBank injection in Grab, too.

“I’d like to invest more… We would invest (in) Grab more, and also encourage to invest more in other companies,” SoftBank CEO Masayoshi Son said in a press conference earlier today. “We will create a second headquarters of Grab in Indonesia, and become 5th unicorn and also invest $2b through Grab. On top of that, we will invest more.”

Grab last raised money just four weeks ago, $300 million from Invesco as part of a larger, ongoing Series H that it wants to use in part for acquisitions. That round is already at around $4.5 billion, with SoftBank having already put in just under $1.5 billion. This $2 billion is on top of that previous round, the company said today.

The company’s last reported valuation from a couple of months ago was around $14 billion, a figure that we have been able to confirm remains the same today.

“With our presence in 224 cities, Indonesia is our largest market and we are committed to long-term sustainable development of the country,” said Anthony Tan, CEO of Grab, in a statement. “We are delighted to facilitate this SoftBank investment, as we believe by investing in digitizing critical services and infrastructure, we hope to accelerate Indonesia’s ambition to become the largest digital economy in the region and improve the livelihoods of millions in the country.” Indonesia accounts for the lion’s share of Grab’s business in terms of total footprint: its in 338 countries overall, meaning this country accounts for two-thirds of the whole list.

The news puts Grab head to head with another big on-demand transportation startup Gojek: the two were already rivals in the region, but GoJek is based out of Jakarta and has been the dominant player in that specific market up to now.

Indeed, the deal is notable not just for the amount, but for how it casts both Grab and SoftBank as allies of the government, not just accepted as businesses but endorsed as key players in helping improve the Indonesian economy and how the country is able to deliver critical services like healthcare and transportation, as well as give more services to drive the growth of “micro-entrepreneurs” by way of Grab-Kudo, the payments startup in the country that Grab acquired in 2017 for less than $100 million.

Given the track record that companies like Uber have had in locking horns with regulators, this puts Grab immediately into a strong position in terms of introducing and running with new services in the future. Its restaurant delivery business, GrabFood, is already the largest in the region, it claimed today.

Grab said the financial commitment was the result of a meeting between Indonesia’s President Joko Widodo, Masayoshi Son, Chairman & CEO of SoftBank Group, Anthony Tan, CEO of Grab and Ridzki Kramadibrata, President of Grab Indonesia, at the Merdeka Palace in Jakarta.

“Indonesia’s technology sector has huge potential,” said Son in a statement. “I’m very happy to be investing $2 billion into the future of Indonesia through Grab.”

Indonesia’s Coordinating Minister for Maritime Affairs Luhut Binsar Panjaitan also had words supporting the deal: “Supported by the growing economy, Indonesia has a good investment climate where we are working together to boost the ease of investment in Indonesia,” he said. “This investment is evidence that Indonesia has been on the radar of investors, especially in the technology sector. We look forward to working with Grab, the fifth unicorn in Indonesia, and SoftBank to empower SMEs, accelerate tourism, and improving health services.”

This deal is a win on a couple of levels for Grab.

Most obviously, it’s giving the company a huge injection of capital to continue expanding its business aggressively in what is the biggest economy in Southeast Asia, with GDP of around $1 trillion annually.

A well-worn strategy by on-demand transportation companies — typified by others like Uber, Lyft and Didi — is to go big and go fast in order to establish a market presence among drivers and passengers, which can be used as a foothold to expand into other areas like food or package delivery and to then increase prices to improve margins.

Given that Indonesia is Gojek’s home country, and given that Indonesia is one of the biggest markets in the region, this makes it one of the most important territories for Grab to — err — grab.

“Grab is an Indonesia-focused company,” said Ridzki Kramadibrata, president of Grab Indonesia, in a statement today. “Having our second headquarters in Jakarta will allow us to better serve the needs of all Indonesians and those from emerging economies in the region. As a technology decacorn, Grab very well understands the needs and challenges we have here. We are also well positioned to support more high tech industries and infrastructure companies originating from Indonesia.”

On another front, this is an important strategy for the company on the regulatory and government front.

In a climate where it’s not unusual to see companies banned from operating in markets where they have run afoul of officials and the public, Grab is essentially buying its way into working with the state, and actually taking a commercial role in building its infrastructure. This — offering help with building infrastructure and simply passing on some of its experience and learnings — is a route that Didi has also been taking to make its way into new markets.

Grab said that it has invested $1 billion to date in Indonesia before now, and it said that its contribution to the economy in 2018 was $3.5 billion (48.9 trillion Indonesian rupiahs).

Updated to clarify that this is NOT a new infusion of capital, but a specification of how existing investments will be used. Meanwhile, Grab is still raising money and SoftBank said it wants to invest more.


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