YCH Group signs MOU with Chongqing Government for logistics services between China and ASEAN
YCH Group has signed a three-year Memorandum of Understanding with the Chongqing Banan District Government, Chongqing ASEAN International Logistics, and Y3 Technologies, a supply chain management technology and services company.
The MOU aims to establish Chongqing as ASEAN’s Logistics hub in China, and will include logistics and trucking services, consolidation or deconsolidation of goods and IT platforms to support these services beyond Laos and Vietnam, to the rest of ASEAN.
Chongqing Banan District Government Vice-director Zhang Chun Ping said, “Chongqing is the hub for road logistics in China and to further enhance its offerings to ASEAN, the project will leverage on the strengths of all companies involved.
“The Chongqing Public Transport ASEAN International Logistics’ hub is strategically located in Chongqing’s Banan District, and is the market leader of China’s logistics and transport industry. Y3 Technologies offers supply chain IT solutions, while YCH Group is the leading logistics player in the ASEAN region, offering in-depth experience in logistics management.”
The companies will contribute in the following areas:
a) YCH Group will oversee operations based in Vietnam, Laos and other ASEAN countries, and trade goods collection and distribution in China.
b) Chongqing ASEAN International Logistics Co., Ltd will take charge of ASEAN logistics in Western China provinces, ASEAN trade in goods collection and distribution, and Chongqing ASEAN Highway shuttle operations.
c) Chongqing Banan District Government will be in charge of coordinating with port offices, customs, quarantine and other government departments that support policies at all levels.
d) Y3 Technologies will be in charge of providing platform solutions, including a platform and road logistics information platform for planning, design, development and build. They will also oversee IT outsourcing business to provide IT infrastructure, platform operations, projects and other related IT consulting services.
Kwek Hwai Wee, General Manager of YCH West China Region said: “We are deeply honoured to be part of the collaboration. YCH Group is committed to promoting in-depth cooperation between Chongqing and the ASEAN region, as well as promote corporate governance and rapid development of the southwest market.”
Chongqing ASEAN International Logistics Co., Ltd General Manager Qiao Zhi Yu said: “This project is aimed at building an integrated transport hub along the upper reaches of the Yangtze River’s International Trade Corridor. We are delighted to work with YCH and Y3 technologies, supply chain thought leaders in the ASEAN region who will add greater value to China’s logistics sector.”
Marc Dragon, Deputy CEO of Y3 Technologies said: “We strongly believe that technology will enhance collaboration, bringing about greater efficiency, accuracy and optimization of supply chain and logistics services between China and ASEAN. We look forward to working with the Chongqing government to strengthen Asia’s logistics industry.”
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Timeline: India takes unicorn leap with six in five days
We chart an historic week in India’s tech industry, where in just five days, between 5-9 April 2021, the country achieved six new unicorns, bringing India’s total to 10 in 2021 to date, an immense unicorn leap from just seven in 2020 and six in 2019.
April 5: Meesho
India’s first social commerce unicorn, Meesho raised US$300m from SoftBank, Facebook and Shunwei Capital, giving the Bangalore-based startup a US$2.1bn valuation, a threefold jump from its previous funding round in 2019. Founded in 2015 by two IIT-Delhi graduates, Meesho connects producers and resellers, helping small businesses sell through social media. It has 45m customers and has enabled 13m entrepreneurs to start their online businesses with no investment.
April 6: CRED
Founded just over two years ago, Bangalore-based credit card repayment app CRED raised US$215m from Falcon Edge Capital and Coatue, nearly trebling its valuation to US$2.2bn from its January US$80m round. Allowing customers to pay off their credit card debt while earning CRED coins which they cash in for rewards, CRED has grown rapidly during COVID-19, doubling its customer base to nearly 6 million in a year.
April 7: API Holdings / Groww
The first epharmacy startup to gain unicorn status, PharmEasy (API Holdings), which has digitised 60,000 brick and mortar pharmacies and 400 doctors across India, raised US$350m in a round led by Prosus Ventures. Founded by four former Flipkart employees as a way of making investing simple, investment platform Groww became India’s second-youngest fintech unicorn, raising US$83m in Series D funding led by Tiger Global, quadrupling its previous round in September.
April 8: ShareChat
New Delhi-grown social media startup ShareChat, founded in 2016 by Mohalla Tech raised US$502m from Lightspeed Ventures, Tiger Global, Twitter and Snap taking its raised total over six rounds to US$766m and pushing its valuation to US$2.1bn. The funding will be used to grow its user base and short video platform Moj, which launched in 2020 following TikTok’s ban in India. The regional language startup claims 280m users.
April 9: Gupshup
AI-led conversational message startup joined the unicorn club after raising US$100m from Tiger Global giving it a ten-fold valuation of US$1.4bn. The smart messaging platform, which has seen accelerated growth during the pandemic, was founded in Bangalore in 2005 by serial entrepreneur Beerud Sheth, whose online freelancing platform Elance is now listed. Gupshup’s API enables 100,000+ businesses to build messaging and conversation experiences across 30+ communication channels.