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<p>Ride-hailing and payment majors <strong>Grab </strong>and <strong>Gojek </strong>dominated headlines this week.</p></article>

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<p>Ride-hailing and payment majors <strong>Grab </strong>and <strong>Gojek </strong>dominated headlines this week.</p>
<p>Early this week, the two arch-rivals were reported to have held preliminary talks on <a href="https://www.dealstreetasia.com/stories/se-asian-giants-gojek-grab-in-merger-talks-report-176437/" target="_blank" rel="noopener noreferrer">a potential merger</a>. Amid ongoing speculation to this effect in the market, <em>The Information</em> reported that top executives of the two companies had met in February, presumably to discuss a merger.</p>
<p>Gojek was quick to offer a denial and its <a href="https://www.dealstreetasia.com/stories/no-merger-gojek-ceos-tell-employees-176631/" target="_blank" rel="noopener noreferrer">co-CEOs told employees</a> in an internal letter that there were no plans for &#8220;any sort of merger.&#8221;</p>
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<p>If this reminded you of the Grab-Uber deal, then our <a href="https://www.dealstreetasia.com/stories/grab-gojek-deal-hope-wrapped-in-tangled-mess-of-issues-176656/" target="_blank" rel="noopener noreferrer">ready reckoner</a> explains why this potential union is far more complicated and messy, even as it makes a lot of sense to Grab and Gojek investors.</p>
<p>Talking of investors, <a href="https://www.dealstreetasia.com/stories/grab-raising-856-million-176563/" target="_blank" rel="noopener noreferrer">Grab this week announced</a> it had raised around $706 million from Japan&#8217;s <strong>Mitsubishi UFJ Financial Group Inc</strong> <strong>(MUFG) </strong>and another $150 million from Japanese IT services firm <strong>TIS Inc</strong>.</p>
<p>Gojek, meanwhile, announced it had <a href="https://www.dealstreetasia.com/stories/gojek-blue-bird-3-176135/" target="_blank" rel="noopener noreferrer">picked up a minority stake</a> in Indonesia&#8217;s largest taxi operator, <strong>Blue Bird</strong>, for 411 billion rupiah ($29.8 million).</p>
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<h3><strong>People stories </strong></h3>
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<p>Several prominent tech startups in Indonesia, including <strong>Gojek, OYO </strong>and <strong>RedDoorz</strong>, have <a href="https://www.dealstreetasia.com/stories/tech-giants-cut-jobs-indonesia-176815/" target="_blank" rel="noopener noreferrer">laid off employees</a> in recent weeks in a bid to cut costs as profitability takes centre stage.</p>
<p>Singapore-based mobile virtual network operator <strong>Circles.Life</strong>, which recently bagged investment from <strong>Warburg Pincus</strong>, confirmed it <a href="https://www.dealstreetasia.com/stories/circles-life-layoffs-177337/" target="_blank" rel="noopener noreferrer">let go of some employees</a> and eliminated roles associated with non-priority projects.</p>
<p>Seeking to assuage concerns about alleged anti-competitive practices, <strong>Amazon India</strong> has roped in former Google executive <strong>Chetan Krishnaswamy</strong> to <a href="https://www.dealstreetasia.com/stories/amazon-india-public-policy-176249/" target="_blank" rel="noopener noreferrer">head public policy</a>.</p>
<p>The <em>Wall Street Journal </em>this week laid out more evidence to claim that <strong>SoftBank Vision Fund</strong> chief <strong>Rajeev Misra </strong>had used unsavoury means to <a href="https://www.dealstreetasia.com/stories/rajeev-misra-nikesh-arora-softbank-177179/" target="_blank" rel="noopener noreferrer">orchestrate the exit</a> of former top SoftBank executives <strong>Nikesh Arora </strong>and <strong>Alok Sama</strong>.</p>
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<h3><strong>Venture capital news </strong></h3>
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<p>Singapore-headquartered private equity firm <strong>Credence Partners</strong> has <a href="https://www.dealstreetasia.com/stories/credence-partners-venture-fund-176869/" target="_blank" rel="noopener noreferrer">launched its maiden venture capital fund</a>. The fund, which hit its first close of $50 million, recently invested in fintech startup Tonik Financial.</p>
<p><strong>MDI Ventures</strong>, the venture capital arm of Indonesia’s state-owned firm <strong>Telkom Indonesia</strong>, is set to <a href="https://www.dealstreetasia.com/stories/telkom-indonesia-vc-fund-177054/" target="_blank" rel="noopener noreferrer">launch a new fund</a> of up to $500 million, a minister announced this week.</p>
<p>India’s homegrown investor <strong>Blume Ventures </strong><a href="https://www.dealstreetasia.com/stories/blume-opportunity-fund-176189/" target="_blank" rel="noopener noreferrer">closed its opportunity fund</a> at $41 million. The fund will double down on the VC&#8217;s best performing portfolio companies.</p>
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<h3><strong>From Greater China</strong></h3>
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<p>Hong Kong-based private equity major <strong>Hillhouse Capital</strong> has <a href="https://www.dealstreetasia.com/stories/hillhouse-vc-unit-176234/" target="_blank" rel="noopener noreferrer">launched a dual-currency venture capital unit</a>, GL Ventures, that will invest in biopharma and medical apparatus, software services and tech innovation, consumer-oriented internet and tech, and emerging consumer brands and services,</p>
<p><strong>CBC Group</strong>, a private equity fund specialising in healthcare investments in the Asia Pacific, has reached the &#8216;one and done&#8217; <a href="https://www.dealstreetasia.com/stories/cbc-group-credit-fund-177338/" target="_blank" rel="noopener noreferrer">final close of a private credit fund</a> after securing $300 million in total capital commitments.</p>
<p>The Hong Kong government plans to <a href="https://www.dealstreetasia.com/stories/hong-kong-tax-concession-pe-funds-176940/" target="_blank" rel="noopener noreferrer">lure private equity funds to domicile</a> in the city amid an economic downturn by offering tax concessions on carried interest (or carry).</p>
<p>Investment firm <strong>IDG Capital </strong><a href="https://www.dealstreetasia.com/stories/idg-guoquan-shihui-176279/" target="_blank" rel="noopener noreferrer">led a $50 million Series B funding round</a> for <strong>Guoquan Shihui</strong>, a Chinese convenience store chain that provides hot pot and barbecue ingredients.</p>
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<h3><strong>IPO corner</strong></h3>
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<p>Indonesia’s <strong>Lion Air</strong> has reportedly <a href="https://www.dealstreetasia.com/stories/lion-air-ipo-on-hold-177284/" target="_blank" rel="noopener noreferrer">deferred plans</a> for an up to $500 million initial public offering (IPO) due to a sharp fall in global stock markets.</p>
<p>Indonesia’s state-owned manufacturing company <strong>Krakatau Steel</strong> is preparing to take two of its subsidiaries, Krakatau Bandar Samudera (KBS) and Krakatau Industrial Estate Cilegon (KIE), <a href="https://www.dealstreetasia.com/stories/krakatau-steel-ipo-subsidiaries-176142/" target="_blank" rel="noopener noreferrer">public this year</a>.</p>
<p>Group hotel booking site <strong>HotelPlanner</strong>, which has made a string of acquisitions, is <a href="https://www.dealstreetasia.com/stories/hotel-booking-site-australia-ipo-176803/" target="_blank" rel="noopener noreferrer">planning an IPO</a> on the Australian stock exchange early next year.</p>
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<h3><strong>Finally</strong></h3>
<div>The <strong>WeWork </strong>debacle sent shock waves across the world but its counterparts in Southeast Asia <a href="https://www.dealstreetasia.com/stories/coworking-seasia-177083/" target="_blank" rel="noopener noreferrer">claim to have been largely unaffected</a> as they tout big expansion plans for this year. However, investors may not buy that bluster and consolidation may happen sooner rather than later.</div>


Ride-hailing and payment majors Grab and Gojek dominated headlines this week as their top execs reportedly met in Feb to discuss a potential merger.

Editor's take: The week that was -- Feb 24-28

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Editor's take: The week that was -- Feb 24-28

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