Skip to main content

GoGoVan and 58 Suyun merged build big logistics-hailing

GoGoVan became unicorn after the merger with 58 Suyun. The Hong Kong-based van-hailing application also plans to expand business to 200 cities in China and enter the Southeast Asian market in the next two to three years as the world's number one inter-city logistics platform. The combined company will use the name GoGoVan in English and 58 Suyun in Chinese.

Tinuku GoGoVan and 58 Suyun merged to build big logistics-hailing

"The goal of our merged company is to become the world’s largest short-distance logistics platform," said GoGoVan co-founder and CEO, Steven Lam.

The logistics market in mainland China is currently worth about 800 billion yuan (US $ 121 billion) for the business-to-business segment and 400 billion yuan for business-to-consumer. Markets are projected to grow by 20 and 15 percent annually over the next few years.

CEO of 58 Home Chen Xiaohua, which operates 58 Suyun business units, said the two companies will not compete and will complement each other with power in the market where the internet giant Tencent is the largest shareholder.

58 Suyun focuses on individual customers in more than 100 cities in mainland China, while GoGoVan operates in six Asian markets are Hong Kong, Singapore, South Korea, Taiwan, India and mainland China where has a strong corporate client base.

Comments

Popular posts

General Electric quarterly profit drops 28 percent

Tinuku - US industrial conglomerate General Electric Co reported a 28 percent drop in quarterly profit on Friday. GE confirmed its full-year EPS target adjusted from $1.00 to $1.07 per share, but cut its annual cash target to $6 billion from $6 billion to $7 billion and shares down 49 percent in the past year.

Investors are still interested in GE but many want to wait for strength and stable capital units before buying stocks. Losses widened at GE Capital to $207 million compared with a loss of $172 million a year ago. The electric unit's profit fell 58 percent in the quarter to $421 million from $ 994 million as orders fell 26 percent to $7.4 billion.


GE was the most valuable public company in the world in the past decade and a half, but has failed in some of the major industrial markets in recent years and its diversion into financial services led it into the eyes of a global financial storm in 2008. The 126-year-old company has cut costs aggressively selling the business and tr…

Masayoshi Son says Japan is stupid to disallow ride-sharing

Tinuku - SoftBank Group Corp CEO Masayoshi Son blasted Japan on Thursday for not allowing ride-sharing services, calling it “stupid” and saying the country was lagging overseas rivals in areas such as artificial intelligence (AI). Son has also been highly critical of the government previously when SoftBank was still a fledgling telecoms service trying to break up a cosy duopoly in Japan.

The comments reflect Son’s frustration with Japan where he built SoftBank’s domestic telecoms business, the cash engine that has powered his investments. The group has, however, focused its growing range of technology investments overseas. Japan outlaws non-professional drivers from transporting paying customers on safety grounds and the country’s taxi industry lobby has vigorously opposed deregulation.


“Ride-sharing is prohibited by law in Japan. I can’t believe there is still such a stupid country. A country that gives up on the future has no future,” Son said at an annual company event aimed at cus…

Hyundai Mobis increases AI scale to spur efficiency

Tinuku - Hyundai Mobis, the auto parts making unit of Hyundai Motor Group, implemented artificial intelligence to its software screening process and document search system for improved efficiency and accuracy. The company said Sunday The move came in line with the latest efforts to shift into a software-centered company and to diversify the use of AI in research and development.

The AI-based software screening system, dubbed Mobis Artificial Intelligence Software Testing, jointly made with a professor of South Korea’s top science and technology university KAIST, will screen new software based on algorithm made by researchers. By automating the process, Hyundai Mobis expects to enhance work efficiency, shortening the time it takes to develop software while improving accuracy.


“With MAIST replacing 50-70 percent of researchers’ workload, they are now able to work in a creative environment, focus on speeding up software creation and boost capabilities in algorithm development,” Hyundai M…

Wipro increased Q1 net profit up 11% to $307.55 million

Tinuku - Wipro’s first-quarter net profit rises 11% to $307.55 million from $277 million in the preceding three months. Wipro Ltd on Friday reported first-quarter earnings that beat analysts expectations, primarily on account of gains made from divestment of one of its businesses.

India’s third biggest software services exporter guided for revenue to grow at best 2.3% in the current quarter, leading some analysts to believe that while Wipro’s sequential growth is improving, it is still far from turning the corner.


Bengaluru-based Wipro’s dollar revenue declined 1.7% (improved 0.1% in constant currency terms) to $2.03 billion in the quarter ended 30 June from the preceding three months, after it had earlier outlined quarterly growth of at best 0.2% in constant currency terms. Wipro, which gives only quarterly growth outlook, expects to grow its revenue between 0.3% and 2.3% in constant currency terms in the July-September period from the preceding quarter.

“I’m happy with our performan…