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Infocomm News Digest: China’s growing online luxury market, MakeMyTrip’s latest investment and GREE’s expanding international user base
12 August 11
Infocomm News digest aims to bring you the latest and relevant stories from the technology and startup scene in Asia.
Chinese Online Luxury Market, Expected to Hit 16 Billion Yuan in 2011 [Technode] — Market research firm, Analysis International recently released a report on China’s growing online luxury goods market. According to this report, the online luxury goods market reached 3.45 billion yuan in the second quarter of 2011 and is expected to grow to 16 billion yuan($2.5 billion) in total for the year.
SAIF, MakeMyTrip invest $18.5 mn in iXiGO.com [Livemint] — Travel search engine, iXiGO announced funding of $18.5 from PE fund SAIF Partners and India’s leading online travel portal, MakeMyTrip. SAIF and MakeMyTrip will own 56.7% and 19.9% of the company respectively. Singapore-based BAF Spectrum, which invested in iXiGO in 2008, will exit the company. iXiGO plans to use this funding to expand internationally.
Social Platform GREE Expands to 130 Million Users [Asiajin] — Tokyo-based Internet media company, GREE recently announced that its mobile device social platform has exceeded 130 million users worldwide.
A New Co-Working Space in Singapore [SGEntrepreneurs] — This new co-working space is located at Joo Chiat Place and claims to be not as cool as HackerspaceSG, Pigeonhole or FoundersHQ, for a reason.