TC Roundup: Food delivery service Ele.me raises $350M from Tencent, Sequoia Capital
Food delivery service Ele.me raises $350M from Tencent, Sequoia Capital: Ele.me, a food delivery service based in Shanghai, announced this afternoon (link via Google Translate) that it has raised $350 million in Series E funding from CITIC, Tencent, JD.com, Dianping.com, and Sequoia Capital.
The investment is notable because Tencent, e-commerce company JD.com, and restaurant review site Dianping.com are closely aligned. Investing in Ele.me, which operates throughout China, can potentially help all three businesses build their online-to-offline (O2O) strategies. (Techcrunch)
Apple supplier Foxconn to shrink workforce as sales growth stalls: Taiwan's Foxconn Technology Group, the world's largest contract electronics manufacturer, will cut its massive workforce, the company told Reuters, as the Apple Inc supplier faces declining revenue growth and rising wages in China.
Under its flagship unit Hon Hai Precision Industry Co Ltd, the group currently employs about 1.3 million people during peak production times, making it one of the largest private employers in the world. (Reuters)
Microsoft's business license sales hit by China, Japan slump: Satya Nadella, a year into his turnaround of Microsoft Corp. (MSFT), is being tripped up in overseas markets as a slump inChina and Japan and a stronger U.S. dollar curbed sales of business-software licenses.
Commercial-licensing revenue fell to $10.7 billion in the period that ended Dec. 31, the world's largest software maker said Monday in a statement. Analysts on average had projected $10.9 billion, based on a survey conducted by Bloomberg. Unearned revenue, a measure of future sales, was $21.2 billion, compared with estimates of $21.8 billion. (Bloomberg)
Alibaba affiliate Ant Credit launches $80M financing prgram for female entrepreneurs in China: Ant Credit, a company affiliated with e-commerce giant Alibaba, announced today that it will set up a financing program for female entrepreneurs in China with a 500 million RMB ($80 million) loan from International Finance Corp (IFC).
The loan program can potentially boost the amount of borrowers who use Ant Financial's services. Ant Credit provides small online loans and says many of its current clients are women who sell products on Alibaba marketplaces Taobao and Tmall. It claims that half of businesses owned by women on those sites are already available for loans. (Tech Crunch)
Facebook denies 'Lizard Squad' hacking claim: Facebook Inc. on Tuesday denied being the victim of a hacking attack and said its site and photo-sharing app Instagram had suffered an outage after it introduced a configuration change.
The disruption "was not the result of a third party attack but instead occurred after we introduced a change that affected our configuration systems," a Facebook spokeswoman told The Wall Street Journal. "We moved quickly to fix the problem, and both services are back to 100% for everyone." (The Wall Street Journal)