5 in 5 minutes - Aug 05th

Uber China to merge with Didi in US$35B deal

Uber is selling its China operation to its rival in China Didi Chuxing, ending the price war in China. The two are set to merge in a deal valued at US$35 billion. Uber has reportedly lost more than US$2 billion in the Chinese market in two years.

Singapore's Carousell secures $35M

Carousell raised US$35 million in series B funding in a round led by Rakuten Ventures, along with Sequoia India, Golden Gate Ventures and 500 Startups. The money raised will be used to accelerate the international expansion.

Singapore-based lending marketplace raises $7.5M

Funding Societies, a Singaporean peer-to-business lending marketplace raised US$7.5 million series A funding in a round led by Sequoia India with participation from Alpha JWC Venture.

Bitcoin drops 20% after $70M worth of bitcoin was stolen

Bitfinex has suffered a security breach, losing 119,756 bitcoins. That amount converts to about $77,000,000. The price of bitcoin dropped almost 20 percent after the news of the hack spread.

China is building elevated buses

Powered by electricity, the 2m-high Transit Elevated Bus can carry up to 300 passengers in a 72ft long and 25ft wide body. The bus is expected to reach speeds of up to 60km per hours, up to four TEBs can be linked together.