The first month of the 2nd quarter saw continued interest in Asian super-apps like Grab and Gojek. In the case of Grab, they announced the largest SPAC to-date with a record US $40b valuation to list in the US via Altimeter. As for Gojek, their proposed merger with Tokopedia could produce a combined entity valued at up to $40b.
The shine on ecommerce and content companies that fared extremely well during the past year of covid lockdowns is starting to wear off. Meanwhile, on the other end of the investment cycle, Temasek-backed VC firm, Vertex sold a stake worth roughly $400m to LGT Group. The global slowdown is far from over, but there are signs that capital flows to Asia will ramp up this quarter.
- Grab picks up stake in Bukalapak and DANA investor Emtek Group
- Uber, SoftBank and Anthony Tan among big winners in Grab’s record-breaking SPAC deal
- Tokopedia may sell its OVO stake to Grab to speed up merger with Gojek
- Gojek, Tokopedia to form combined company GoTo at up to $40b valuation
- Global PE giant Partners Group scouts for tech buyout opportunities in Asia
- Vertex Ventures said to have divested SE Asia, China funds for up to $500m
- Superapp battle for Indonesia gets hotter as Grab & GoTo level up to take on Sea
- Jack Ma’s Yunfeng Capital leads $600m round in Xingyun
- Geely, SK-backed GLy to raise $300m fund as COVID turbocharges future of new mobility
- Indian meat startup Licious in talks with SG’s Temasek, others to raise funding
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