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Equity

Didi gets hit by Chinese government, and Pelo raises $150M

Equity

TechCrunch

Entrepreneurship, Business News, News, Business, Technology

4.2372 Ratings

🗓️ 6 July 2021

⏱️ 6 minutes

🧾️ Download transcript

Summary

Hello and welcome back to Equity, TechCrunch’s venture-capital-focused podcast where we unpack the numbers behind the headlines. This is Equity Tuesday, our weekly kickoff that tracks the latest private market news, talks about the coming week, digs into some recent funding rounds and mulls over a larger theme or narrative from the private markets. You can follow the show on Twitter here and myself here. What a busy weekend we missed while mostly hearing distant explosions and hugging our dogs close. Here's a sampling of what we tried to recap on the show: Didi vs. China: The Chinese government's crackdown on Didi continued over the weekend, after announcing a cybersecurity review of the company on Friday. That decision blocked new user signups. Now Didi has had its app removed from pertinent app marketplaces. That's going to hit revenue. Shares of the company are sharply lower in pre-marketing trading here in the United States. The company went public last week. Twitter vs. India: India's attempts to cow Twitter into not enacting its own content moderation policies continues. Now India has taken away legal protections from the well-known American company. It's not great news for India's growing technology sector, or the investors backing the upstarts. Funding rounds: Lots of companies raised money, including Byrd, with $19 million in a Series B, Pleo with a huge $150 million unicorn round, and Obviously AI, which just extended its Seed round. It's going to be a busy week! Chat tomorrow. Credits: Equity is produced by Theresa Loconsolo with editing by Kell. Bryce Durbin is our Illustrator. We'd also like to thank the audience development team and Henry Pickavet, who manages TechCrunch audio products. Learn more about your ad choices. Visit megaphone.fm/adchoices

Transcript

Click on a timestamp to play from that location

0:00.0

Good morning and welcome to Equity Monday for Tuesday, July 6th.

0:13.6

This is our weekly primer where we catch up on the news

0:16.0

and as always explore the numbers behind the headlines.

0:19.6

We're coming to you on a Tuesday because America was largely on holiday yesterday and that does mean yes we have a lot to get through today

0:26.4

Kicking off Asian stocks were mixed European stocks were down a fraction and American shares are

0:31.4

modestly lower in pre-market trading and in the last

0:34.3

24 hours the crypto markets have largely been quiet.

0:37.6

With that let's talk about the last couple days. The biggest story for us to catch up on from the weekend is Dede.

0:45.3

The Chinese Ridehailing Company went public in the US last week, albeit at a price that

0:49.8

had us scratching our heads when compared to Uber, frankly, DD felt cheap.

0:53.7

Well, we may now know why the market was not willing to pay as much for DD's revenue as it was

0:58.6

for Uber's own. DD's woes with Chinese regulators got a lot worse over the weekend.

1:03.8

Recall that D.D. was hit with a cybersecurity review at the end of last week.

1:08.0

That decision halted the company's ability to on board new users, and that was bad.

1:12.9

Then over the weekend, D.D.

1:14.3

got into even hotter soup with its domestic regulators.

1:17.3

Here's Tech Runch.

1:18.4

China has ordered App Store operators

1:20.6

to remove the app of D.D. from their stores, the latest as tension escalates

1:25.0

between the nation's largest ride-hailing giant and local regulators.

1:29.2

The move comes after the Chinese internet watchdog announced a probe into D.D.

1:33.4

Over National Security Concerns earlier this week.

...

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