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Yale may have just turned institutional investing on its head with a new diversity edict - techcrunch

Yale may have just turned institutional investing on its head with a new diversity edict

It could be the long-awaited turning point in the world of venture capital and beyond. Yale, whose $32 billion endowment has been led since 1985 by the legendary investor David Swensen, just let its 70 U.S. money managers across a variety of asset classes know that for the school, diversity has now moved front and […]
techcrunch - 7 hours ago
Facebook and Twitter CEOs to testify before Congress in November on how they handled the election - techcrunch

Facebook and Twitter CEOs to testify before Congress in November on how they handled the election

Shortly after voting to move forward with a pair of subpoenas, the Senate Judiciary Committee has reached an agreement that will see the CEOs of two major social platforms testify voluntarily in November. The hearing will be the second major congressional appearance by tech CEOs arranged this month. The Republican-led Senate Judiciary committee is chaired […]
techcrunch - 12 hours ago
The RIAA is coming for the YouTube downloaders - techcrunch

The RIAA is coming for the YouTube downloaders

In ye olden days of piracy, RIAA takedown notices were a common thing — I received a few myself. But that’s mostly fallen off as tracking pirates has gotten more difficult. But the RIAA can still issue nastygrams — to the creators of software that could potentially be used to violate copyright, like YouTube downloaders. […]
techcrunch - 14 hours ago
Daily Crunch: Uber and Lyft defeated again in court - techcrunch

Daily Crunch: Uber and Lyft defeated again in court

A California court weighs in as Prop. 22 looms, Google removes popular apps over data collection practices and the Senate subpoenas Jack Dorsey and Mark Zuckerberg. This is your Daily Crunch for October 23, 2020. The big story: Uber and Lyft defeated again in court A California appeals court ruled that yes, a new state […]
techcrunch - 14 hours ago
Boston startups expand region’s venture capital footprint - techcrunch

Boston startups expand region’s venture capital footprint

This year has shaken up venture capital, turning a hot early start to 2020 into a glacial period permeated with fear during the early days of COVID-19. That ice quickly melted as venture capitalists discovered that demand for software and other services that startups provide was accelerating, pushing many young tech companies back into growth […]
techcrunch - 15 hours ago
The short, strange life of Quibi - techcrunch

The short, strange life of Quibi

“All that is left now is to offer a profound apology for disappointing you and, ultimately, for letting you down,” Jeffrey Katzenberg and Meg Whitman wrote, closing out an open letter posted to Medium. “We cannot thank you enough for being there with us, and for us, every step of the way.” With that, the […]
techcrunch - 18 hours ago
OnePlus’s 8T handset brings faster charging and a 120Hz display for $749  - techcrunch

OnePlus’s 8T handset brings faster charging and a 120Hz display for $749 

OnePlus continues its twice-yearly smartphone cycle with today’s arrival of the 8T. The latest device isn’t a huge upgrade over April’s OnePlus 8, but continues the company’s longstanding tradition of offering some of the most solid Android handsets at a reasonable price point. The cost has edged up a bit in recent years, but $749 […]
techcrunch - 18 hours ago
CA appeals court upholds ruling that Uber and Lyft must classify drivers as employees - techcrunch

CA appeals court upholds ruling that Uber and Lyft must classify drivers as employees

Uber and Lyft must classify their drivers as employees, an appellate court ruled yesterday evening. However, the decision will be stayed for 30 days after the court issues the remittitur, which has not happened yet. That means depending on how ballot measure Proposition 22 goes, this case may not end up being the deciding factor […]
techcrunch - 19 hours ago
Calling Brussels VCs: Be featured in The Great TechCrunch Survey of European VC - techcrunch

Calling Brussels VCs: Be featured in The Great TechCrunch Survey of European VC

TechCrunch is embarking on a major new project to survey the venture capital investors of Europe, and their cities. Our <a href=”https://forms.gle/k4Ji2Ch7zdrn7o2p6”>survey of VCs in Brussels will capture how the city is faring, and what changes are being wrought amongst investors by the coronavirus pandemic. (Please note, if you have filled the survey out already, […]
techcrunch - 21 hours ago
Google removes 3 Android apps for children, with 20M+ downloads between them, over data collection violations - techcrunch

Google removes 3 Android apps for children, with 20M+ downloads between them, over data collection violations

When it comes to apps, Android leads the pack with nearly 3 million apps in its official Google Play store. The sheer volume also means that sometimes iffy apps slip through the cracks. Researchers at the International Digital Accountability Council (IDAC), a non-profit watchdog based out of Boston, found that a trio of popular and […]
techcrunch - 23 hours ago
Huawei reports slowing growth as its operations “face significant challenges” - techcrunch

Huawei reports slowing growth as its operations “face significant challenges”

Huawei announced earnings results today showing that its growth has slowed significantly this year as the Chinese telecom equipment and smartphone giant said its “production and operations face significant challenges.” While Huawei did not specify trade restrictions in its brief announcement, the company has been hit with a series of commercial trade restrictions by the […]
techcrunch - 1 day ago
Nordic challenger bank Lunar raises €40M Series C, plans to enter the ‘buy now, pay later’ space - techcrunch

Nordic challenger bank Lunar raises €40M Series C, plans to enter the ‘buy now, pay later’ space

Lunar, the Nordic challenger bank that started out life as a personal finance manager app (PFM) but acquired a full banking license in 2019, has raised €40 million in Series C funding from existing investors. The injection of capital follows a €20 million Series B disclosed in April this year and comes on the back […]
techcrunch - 1 day ago
France rebrands contact-tracing app in an effort to boost downloads - techcrunch

France rebrands contact-tracing app in an effort to boost downloads

Don’t call it StopCovid anymore. France’s contact-tracing app has been updated and is now called TousAntiCovid, which means ‘everyone against Covid’. The French government is trying to pivot so that it’s no longer a contact-tracing app — or at least not just a contact-tracing app. Right now, TousAntiCovid appears to be a rebranding more than […]
techcrunch - 1 day ago
India’s Flipkart buys over $200 million stake in Aditya Birla Fashion and Retail - techcrunch

India’s Flipkart buys over $200 million stake in Aditya Birla Fashion and Retail

Flipkart is acquiring a 7.8% stake in Aditya Birla Fashion as the Walmart-owned Indian e-commerce firm makes further push into the fashion category in one of the world’s largest retail markets. The e-commerce group will pay $203.8 million for its stake in Aditya Birla Fashion and Retail, a conglomerate that operates over 3,000 stores including […]
techcrunch - 1 day ago
Senate subpoenas could force Zuckerberg and Dorsey to testify on New York Post controversy - techcrunch

Senate subpoenas could force Zuckerberg and Dorsey to testify on New York Post controversy

The Senate Judiciary Committee voted in favor of issuing subpoenas for Facebook’s Mark Zuckerberg and Twitter’s Jack Dorsey Thursday, meaning that there might be two big tech CEO hearings on the horizon. Republicans in the committee declared their interest in a hearing on “the platforms’ censorship of New York Post articles” after social networks limited […]
techcrunch - 1 day ago
Representatives propose bill limiting Presidential internet ‘kill switch’ - techcrunch

Representatives propose bill limiting Presidential internet ‘kill switch’

A pair of U.S. Representatives — one from each party — are proposing a law that would limit the President’s ability to shut down the internet at will. That may not strike you as an imminent threat, but federal police disappearing protestors into unmarked vans probably didn’t either, until a couple months ago. Let’s keep […]
techcrunch - 1 day ago
Quibi says it will shutdown in early December - techcrunch

Quibi says it will shutdown in early December

Quibi is shutting down — we know that much for sure. But when? If you’re looking to blast through all 25 episodes of the Reno 911 revival series before Quibi calls its quits, how long do you actually have? While it seems even Quibi isn’t 100% certain yet, they’ve at least now given users a […]
techcrunch - 1 day ago
Extra Crunch Partner Perk: Get 6 months free of Zendesk Support and Sales CRM - techcrunch

Extra Crunch Partner Perk: Get 6 months free of Zendesk Support and Sales CRM

We’re excited to announce an update to the Extra Crunch Partner Perk from Zendesk. Starting today, annual and two-year Extra Crunch members that are new to Zendesk, and meet their startup qualifications, can now receive six months of free access to Zendesk’s Sales CRM, in addition to Zendesk Support Suite, Zendesk Explore and Zendesk Sunshine. […]
techcrunch - 1 day ago
Daily Crunch: Facebook Dating comes to Europe - techcrunch

Daily Crunch: Facebook Dating comes to Europe

Facebook’s dating feature expands after a regulatory delay, we review the new Amazon Echo and President Donald Trump has an on-the-nose Twitter password. This is your Daily Crunch for October 22, 2020. The big story: Facebook Dating comes to Europe Back in February, Facebook had to call off the European launch date of its dating […]
techcrunch - 1 day ago
Here’s why Intel’s stock just dropped 10% after reporting earnings - techcrunch

Here’s why Intel’s stock just dropped 10% after reporting earnings

The third-quarter earnings cycle is just getting underway, but we’ve already seen a few companies post numbers that investors did not like. Netflix missed on several metrics yesterday and was punished, and today Intel is joining the video streaming giant in stock-market purgatory. Intel shares are off around 10% in after-hours trading after the chip […]
techcrunch - 1 day ago
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techcrunch
TikTok’s Chinese rival Kuaishou becomes a popular online bazaar

TikTok’s Chinese rival Kuaishou becomes a popular online bazaar

techcrunch - 1 month ago

In China, short video apps aren’t just for mindless time killing. These services are becoming online bazaars where users can examine products, see how they are grown and made, and ask sellers questions during live sessions.

Kuaishou, the main rival of TikTok’s Chinese version (Douyin), announced that it accumulated 500 million e-commerce orders in August, a strong sign for the app’s monetization effort — and probably a conducive condition for its upcoming public listing.

On the heels of the announcement, Reuters reported that Kuaishou, a Tencent-backed company behind TikTok clone Zynn, is looking to raise up to $5 billion from an initial public offering in Hong Kong as early as January. The company declined to comment, but a source with knowledge of the matter confirmed the details with TechCrunch.

There are intricacies in the claim of “500 million orders.” It doesn’t exclude canceled orders or refunds, and Kuaishou won’t reveal what its actual sales were. The company also said the number made it China’s fourth-largest e-commerce player following Alibaba, JD.com and Pinduoduo.

It’s hard to verify the claim as there are no comparable figures from these firms during the period, but let’s work with what’s available. Pinduoduo previously said it logged over 7 billion orders in the first six months of 2019. That means it averaged 1.16 billion orders per month, more than doubling Kuaishou’s volume.

Kuaishou’s figure, however, does indicate that many users have bought or at least considered buying through its video platform.

The app, known for its celebration of vernacular and even mundane user content, boasts 300 million daily active users at the latest, which suggests on average its users made at least one order during the month. Many of the products sold were produce grown by its large base of rural users. The app gained ground in small towns and far-flung regions early on exactly because its content algorithms didn’t intend to favor the “glamorous”.

Over time, it gathered pace among Chinese urbanites who found themselves enjoying others’ candid filming of country life and happily ordering their farm products. The focus on bringing rural produce to urban areas also squares nicely with China’s push to invigorate its rural economy, and it’s not rare to see Kuaishou using terms like “poverty-alleviation” in its social media campaign.

Douyin, which leans towards polished videos from “influencers”, also enables its content creators to monetize — through both sharing ad revenue and hawking products. With a DAU twice as big as Kuaishou’s at 600 million, the app vows to bring 80 billion yuan ($11.8 billion) of income to creators in the coming year, the chief executive of ByteDance China, Kelly Zhang, said recently at Douyin’s creator conference.

sauce: techcrunch
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