Pinduoduo targets US$1.63 billion US IPO (China). The online discounts platform is looking to sell about 85.6 million shares at US$16 to US$19 each, according to its filing. Two of Pinduoduo’s main shareholders, Tencent and Sequoia Capital, have stated their interest in securing up to US$250 million worth of shares in the IPO, which could value the startup at US$20 billion to US$24 billion – higher than its US$15 billion valuation in April. (Pinduoduo)
Didi Chuxing receives US$500 million from Booking.com parent (Singapore). The investment ties with a strategic partnership announced by Didi and Booking Holdings. As part of the deal, Didi’s ride-hailing services can be ordered through Booking Holdings’ platforms. (Booking Holdings)
Razer Pay partners with UOB for Singapore launch (Singapore). Gaming company Razer’s new payments service is set to enter the country in the next few months in partnership with local bank UOB. Razer Pay went live in Malaysia earlier this month with more than 500,000 sign ups. (UOB)
Ryde launches on-demand service (Singapore). The feature connects riders to a nearby driver upon request, and the startup claims that its new service will cut down on the waiting time per booking to less than 5 minutes. The ride-hailing app says it has more than 10,000 driver-partners on board, 80 percent of whom previously worked with either Uber or its Lion City Rentals unit, which were acquired by Grab earlier this year. The company’s RydeX service – which required users to schedule a ride at least 10 minutes in advance – began operating in May. (Ryde)
Spoon Radio scoops up US$17 million investment (South Korea). Investors that participated in the latest funding round included Softbank Ventures, KB Investment, and Goodwater Capital. The social radio app allows users to create personal broadcasts, chat with their listeners, listen to user-generated content, and even send gifts to their preferred streamers. The startup, which also has a presence in Indonesia, Japan, and Vietnam, claims to have over 2.5 million downloads. (Spoon Radio)
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