281.22 +1.25 (0.45%)
After hours: 7:59PM EST
|Bid||280.60 x 1000|
|Ask||281.50 x 800|
|Day's range||272.80 - 280.61|
|52-week range||169.95 - 319.32|
|Beta (5Y monthly)||1.28|
|PE ratio (TTM)||30.07|
|Earnings date||11 Feb 2021 - 15 Feb 2021|
|Forward dividend & yield||N/A (N/A)|
|1y target est||336.50|
(Bloomberg) -- India banned another 43 Chinese apps including some of Alibaba Group Holding Ltd.’s key shopping services, expanding its mobile blacklist to more than 200 applications.The latest action encompassed a number of apps run by the e-commerce giant including Aliexpress, one of its largest malls for overseas shoppers, and Taobao Live, a fast-growing video-based marketplace. India also blocked more than a dozen dating and gaming platforms. They join some of China’s best-known apps from Tencent Holdings Ltd.’s WeChat to ByteDance Ltd.’s TikTok.The government said the bans are in the interest of national security. But the steadily growing blacklist also underscores a broader Indian effort to reduce dependence on its neighbor’s products, and further hampers efforts by China’s largest corporations to expand beyond their own borders. Tensions between the two giant Asian economies have been escalating since 20 Indian soldiers and an unknown number of Chinese troops were killed in clashes along the Himalayan frontier earlier this year.Leaders in India’s technology industry are urging the country to go even further to protect the interests of local companies against foreign rivals, or risk ceding the world’s fastest growing internet arena to Chinese and American giants. Most Chinese tech companies have yet to earn significant revenue from India, but the government’s moves threaten to cut off their access to one of the world’s fastest-growing internet economies.India has also blocked apps run by the country’s No. 1 brand Xiaomi Corp., which relies on its Mi library of services to boost demand for smartphones. The government in June had already halted Alibaba’s UC Browser, which was the second-largest in the country with a 10.2% market share, according to industry portal Statcounter.Read more: India Tech Moguls Urge Tougher Protectionism to Battle ChinaFor more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2020 Bloomberg L.P.
(Bloomberg) -- India’s mass transit systems, unreliable even before the coronavirus pandemic, were shut off completely when the country locked down. As a result, Indians rushed to find alternative transportation, and that often meant used cars.A major beneficiary was Cars24 Services Pvt., an online marketplace for used cars based in Gurgaon, India. The company’s valuation jumped to more than $1 billion after a new round of funding, Cars24 plans to announce Tuesday. DST Global, an investment firm overseen by Russia-born billionaire Yuri Milner, led the $200 million deal.The investment doubles the total funds raised by Cars24 since the business was established five years ago. The chief executive officer and co-founder, Vikram Chopra, was an investment analyst early in his career at Sequoia Capital, one of the world’s most prominent venture capital firms and now a Cars24 investor. Chopra started Cars24 after having a hard time selling his Hyundai Accent before a temporary move to the U.S., he said. Daunted by the situation, he ended up giving his car to a friend instead, he said.By the middle of this year, Cars24 saw sales rise 20% from pre-lockdown levels. That followed some weeks in the spring when the site generated no revenue whatsoever. At first, Chopra thought the numbers reflected pent-up demand that would be short-lived but said sustained high levels of traffic to the site suggest otherwise.Cars24, which takes a cut of each transaction, is on track to generate estimated gross annual revenue of $600 million, Chopra said. “Our awareness among consumers has shot up dramatically,” he said. One area where he anticipates strong growth is in financing, which he said seven in 10 customers ask for but has traditionally been hard to arrange for secondhand cars.India’s pre-owned vehicle market is fragmented and dominated by mom-and-pop operations. Online retailers like Cars24, Droom and OLX, along with the automakers themselves, offer a more consistent buying experience, simplified paperwork and access to lenders. India lacks a system to establish fair values for used cars like Kelley Blue Book, making the process more complicated and opaque.As the pandemic drags on, trains and buses in Bangalore, Delhi and Mumbai have resumed service, but fear of contracting the virus is keeping many commuters away. Coronavirus cases in India surpassed 9 million; infections are soaring; and multiple cities are contemplating further lockdowns.For Cars24, the new investor brings, as its name implies, a global expertise. DST Global is based in Hong Kong and has backed a varied list of companies over the years, including Facebook Inc. and WhatsApp in the U.S. and Alibaba Group Holding Ltd. in China.In India, DST invested in the online shopping company Flipkart, which sold an 80% stake to Walmart Inc. two years ago in a transaction that valued the startup at about $20 billion, and built up the firm’s awareness of the challenges around online marketplaces in India. This year, DST invested in the country’s prominent education-tech startup, Byju’s. What made Cars24 stand out was its ability to handle so many steps, including remote inspections of vehicles, said Rahul Mehta, a Dubai-based managing partner at DST. “You have to be deep into operations,” he said. “These guys have done well.”(Updates with financing details in the fifth paragraph. A previous version corrected the nature of DST’s role in the deal.)For more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2020 Bloomberg L.P.
Alibaba (BABA) Reversal Means Big Money For Savvy Investors