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Ride-hailing giant InDrive invests in Pakistan’s Krave Mart
Ride-hailing giant inDrive has invested in the Pakistani online grocery delivery firm Krave Mart as part of its strategy to expand into emerging markets. While the deal’s value remains undisclosed, the investment will enable Krave Mart to strengthen its presence in Pakistan and explore new markets.
Headquartered in Mountain View, California, inDrive launched a $100 million venture capital initiative in 2022 to support innovative startups in developing regions. Recent investments include micro-insurer MIC Global. Operating in 46 countries, inDrive stands out by allowing passengers and drivers to negotiate fares. It was the world’s second-most downloaded ride-hailing app in 2017, according to data.ai.
Founded in 2021, Krave Mart competes with Foodpanda and processes thousands of daily orders. The company has boosted profitability by introducing a range of private-label products, from everyday essentials like bread to personal care items such as handwash.
Read the original article here: https://www.techjuice.pk/ride-hailing-giant-indrive-invests-in-pakistans-krave-mart/
Singapore, Hong Kong stand out among blockchain heavyweights
A recent study identifies Singapore as a global leader in blockchain innovation, with 1,600 patents, 2,433 industry jobs, and 81 crypto exchanges—impressive figures for a nation of fewer than six million people.
Hong Kong ranked second with a composite score of 82.7, leveraging its strong financial infrastructure to integrate blockchain and crypto technologies seamlessly. Estonia, with just 1.4 million residents, secured third place, excelling in blockchain adoption with 95 patents and 52 crypto exchanges. Other leading nations include Switzerland, the United States, Canada, Australia, and the United Kingdom.
Despite regulatory challenges under Operation Chokepoint 2.0, the US remains a major player, leading in metrics with 32,000 blockchain patents, 17,000 jobs, and 166 crypto exchanges. Following Donald Trump’s election, Arkansas Representative French Hill has announced plans to introduce a crypto market structure bill within the first 100 days of the new Congress.
Read the original article here: https://www.msn.com/en-us/money/other/singapore-hong-kong-stand-out-among-blockchain-heavyweights/ar-AA1wu26S?ocid=BingNewsVerp
AfDB to make $30 million equity investment in Africa Finance Corporation to catalyse climate action
The African Development Bank’s Board of Directors has approved a £30 million equity investment in Africa Finance Corporation’s (AFC) innovative “green shares” to mobilise funding for climate action projects across Africa.
The initiative will support high-impact projects such as wind and solar power plants in Djibouti and Egypt, and energy storage systems in Cape Verde, whilst leveraging green equity to attract further investment from capital markets. Despite contributing less than 3% of global emissions, Africa faces severe climate impacts and a £170 billion annual infrastructure financing gap. The investment aims to drive sustainable financing, create economic opportunities, and enhance Africa’s climate resilience. The collaboration is expected to create over 1,600 jobs by 2031, deliver clean energy to millions, and promote inclusive growth, benefiting marginalised groups, including women and rural communities.
Read the original article here: https://africafinancecorporation.africa-newsroom.com/press/african-development-bank-to-make-30-million-equity-investment-in-africa-finance-corporation-to-catalyse-climate-action1?lang=en
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Peter Vas is a Partner at Loeb Smith and is in charge of the firm’s Banking and Finance and Corporate Groups in Hong Kong. He specializes in finance, corporate and non-contentious restructuring transactions.