Achmad Zaky and Rachmat Kaimuddin of Bukalapak
Bukalapak to file for IPO on Indonesia Stock Exchange; As per DealStreetAsia’s source, the filing could happen as early as August; It is understood to be a precursor to a US listing potentially via a merger with a SPAC; As per a Bloomberg report in March, a SPAC merger could value the e-commerce giant at US$4-5bn; It recently raises US$400mn from Microsoft, GIC, others.
3 mega deals lift startup funding to US$3.25bn in April, up 317%; As per a data compiled by DealStreetAsia, Indonesia’s J&T Express (US$2bn) accounted for more than half of the total funds raised in the month; 2 other mega deals were Trax’s US$640mn and Bukalapak’s US$234mn.
Thai restaurant management startup FoodStory attracts Series B; Investors include Beacon VC (lead) and JWD InfoLogistics; FoodStory aims to enhance the Thai restaurant ecosystem by turning data into insights for owners to better understand and optimise their businesses for sustainable development.
Singtel plans to ramp up funding in SEA’s digital services cos; New digital companies in financial services, streaming and gaming are likely to be the main focus of the investments; Singtel has already begun investing, taking a 40% stake in digital banking JV with Grab.
Alternative lending company Robocash to raise US$5mn from Kilde; It is preparing to start an online lending service in Sri Lanka and launch its first online bank in SEA; The firm claims to have crossed the milestone of US$1bn worth of issued loans and now aims to increase its growth pace.
Global VCs Brinc and Blue Horizon jointly invest US$3mn+ in new foodtech scaleup accelerator programme; It will run cross-border between Singapore and Hong Kong, both ideal launch pads for companies to establish operations in Asia; The programme aims to help growth-stage companies enter markets throughout SEA and Greater China.
Tata buys majority stake in Alibaba-backed Indian e-grocer BigBasket; As per media reports, the deal is worth US$1.31bn; India’s anti-trust body had in March approved acquisition of up to 64.3% stake in BigBasket by Tata Digital; Tata has been planning to launch a super app that will tie all its consumer businesses.
SecureMyBike blames Singapore’s LTA for failed US$3.5mn underground bicycle parking project; The startup, which offered an automated underground bicycle parking system, had shut down year ago; CEO Bruno Navarro blamed LTA for allegedly choosing the wrong location for the facility.
GrabSupermarket launches in S’pore, offers over 10K products with next-day delivery; For a start, GrabSupermarket will house over 5K unique products from HAO mart spanning the categories of meat and poultry, vegetables, frozen food, dry goods and instant foods, dairy products, condiments, snacks, drinks and non-food essentials.
MDEC launches programme MIX to spur digitalisation; MIX acts as the essential link between corporates and high calibre local tech startups and scaleups, enabling organisations to realise their asset value, understand their pain points and pervasively deploy and utilise digital and data technologies.
FIKRA accelerator programme launches for Malaysia’s Islamic fintech startups; FIKRA aims to be a collaborative platform to connect startups with the Securities Commission, UNCDF mentors, industry experts and investors; With global islamic finance assets projected to grow close to US$4 trillion by 2024, the thinking is that there will be plenty of opportunities for ambitious startups.
Exploring the burgeoning logistics industry in SEA; The region’s total investment value more than tripled within the past year; According to a report, about 20-30% of SEA’s internet users purchased an item online in the last 30 days, closely matching the UK and US rates; Indonesian courier company J&T Express plans to go public in the US with an IPO that could raise more than US$1bn.
Central bank digital currency disruption has arrived; The prospects of faster payments sidestepping automated clearing houses, card-based networks and conventional bank wire transfers, facilitating lower interchange and currency conversion costs and the ability to transact outside traditional settlement hours have made digital currencies attractive.
Key predictions that will define the future of work; Globally, 64% of employees have been impacted professionally because of the pandemic; In APAC, the ratio goes up to 70%; Organisations that invest in employee experience, will outperform those that do not; As flexible work continues to create an economy of individuals, the 2025 workforce will look profoundly different than it does today.
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Image Credit: Bukalapak
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