ing is admitting that the conglomerate's quick expansion plans and new ventures have led to a cash crunch and a slowdown in its pace of growth. This comes just weeks after a lavish media event in San Francisco to launch smartphones, TV sets and connected content in the U.S. and four months after its $2 billion acquisition of Los Angeles-based TV maker
In a letter to employees, Jia wrote that LeEco would focus on existing businesses instead of new ones. An electric car plant in Nevada could be in question given the financial issues.
One of the earlier venture firms investing in China,
Qiming Venture Partners has reached a final closing for its 4
th RMB fund, drawing the equivalent of $222 million.
Alibaba, going from strength to strength, recorded a strong third quarter, with revenues up 55% year over year to $5.1 billion. The company's core commerce business grew 41% in the same time period to $4.3 billion.
Chennai-based SaaS startup
Freshdesk landed a $55 Million, 6
th financing round led by
Sequoia Capital India along with
Chennai-based software as a service startup
Zarget has raised $6 million in Series A funding led by
Sequoia Capital India with
Matrix Partners and