The Briefing: Didi To Delist, Grab Falls, And More

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Here’s what you need to know today in startup and venture news, updated by the Crunchbase News staff throughout the day to keep you in the know.

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Didi to delist from NYSE

China-based ride-hailing giant Didi said it plans to delist from the New York Stock Exchange, following pressure from Chinese regulators.

Didi, which made its NYSE debut just five months ago, plans to pursue a  Hong Kong listing. Shares were down sharply in pre-market trading in the wake of the news.

— Joanna Glasner

Grab shares fall following SPAC merger completion

Shares of Singapore-based Grab, the Southeast Asian ride-hailing, delivery and commerce “superapp,” fell more than 20 percent in their first day of trading on Nasdaq following the completion of a merger with a special-purpose acquisition company.

— Joanna Glasner

Funding rounds

LingoAce raises $105M Series C: Singapore-based LingoAce, an edtech startup known for its Mandarin Chinese language learning platform, announced it raised $105 million in a Series C funding round led by Sequoia Capital India. The company also announced it raised a previously undisclosed $55 million Series B round less than a year ago, led by Tiger Global and Owl Ventures.

— Joanna Glasner

Illustration: Dom Guzman

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