Bukalapak has just acquired a majority stake in iPrice Group. Malaysia-headquartered iPrice, which had to scale back some of its more long-term bets last June, given bad financial market conditions, needed a partner to unlock the true value of its assets. And it found a perfect fit in Bukalapak.
This strategic move could benefit both companies significantly. iPrice’s online price comparison sites are well-established across Southeast Asia, providing valuable market insights and driving e-commerce growth in the region (we published a deep dive about iPrice in October 2022 ).
With this acquisition, Bukalapak could expand its user base and increase its market share by leveraging iPrice’s extensive network. Meanwhile, iPrice could benefit from Bukalapak’s resources and expertise in building and scaling e-commerce businesses.
The move also reflects the growing consolidation trend in the Southeast Asian tech industry as companies look to strengthen their positions in the competitive e-commerce landscape. Overall, this partnership could drive innovation and growth in the region’s e-commerce ecosystem.
Let’s also take a look at the other top developments across the region.
Sainul
Editor.
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The gist: SG’s Endowus cuts less than 10% of staff
Why: The SoftBank-backed wealthtech platform took the decision after a “sharp pull back in the financial markets and tech sector” last year; Endowus currently has around 150 to 200 people on its payroll.
The gist: Vertex SEA & India finalises the close of Fund V at US$450M
More details: The deal is in the documentation stage and will be finalised in the next few weeks; IFC and Germany’s DEG were reportedly mulling to invest in the fund.
The gist: Oyo gears up for US$600M IPO in November
The details: The amount is half of the US$1.2B it had intended to raise earlier when Oyo filed for a listing in India in October 2021; It was eventually delayed due to volatile market conditions.
The gist: India’s kirana-tech store layoff 40% staff
The details: The firm is currently in the process of restructuring as its growth forecasts have changed; It is now moving out of a few geographies; Less than a year ago, the firm raised US$25M in a Series B round led by Alpha Wave Ventures.
The gist: Horizon Quantum Computing raises US$18.1M Series A
The investors: Sequoia India, Tencent, SGInnovate, Pappas Capital, Expeditions Fund
The product: Horizon Quantum develops a new generation of programming tools to simplify and expedite software development for quantum computers.
The gist: US bank DFC approves US$18M investment in VN’s Buymed
The product: Buymed operates Thuocsi.vn, a B2B marketplace that connects pharmaceutical manufacturers, distributors, logistics providers, and pharmacies, and a healthcare app called Circa.
The gist: Singapore’s Alchemy Pay secures US$10M to expand to Korea
The investor: DWF Labs (lead)
The product: Alchemy Pay is a fiat-crypto gateway integrated into blockchain and Web3 platforms; It supports crypto and fiat transactions across 173 countries and over 50 currencies.
The gist: Indonesian startup Fresh Factory nets US$4.15M
The investors: SBI Ven Capital, East Ventures, Trihill Capital, PT Tap Applied Agri Services
The product: Fresh Factory is a cold chain fulfilment and enabler, offering decentralised cold chain storage facilities, pick-and-pack, and last-mile delivery services.
The gist: SG’s BNPL startup Optty raises US$3M in latest funding
The investors: Manderray, CJH Holdings, Our Innovation Fund
The product: Optty helps retailers and payment gateways integrate BNPL online easily and manage the user experience and performance.
The gist: US scrutiny toward TikTok unlikely to impact SEA, say experts
Why: TikTok’s user base in Southeast Asia is “so large and so engaged” that regulators won’t consider banning the app.Instead, government officials in the region have leveraged the platform to acquire younger voters.
The gist: Swiss VC firm Tenity to expand SEA fintech investment
The details: The firm has hit the first close of its Incubation Fund I; It will invest in fintech and insurtech startups in Europe and Asia; It is targeting a stronger presence in Southeast Asia.
Features and authored articles
‘We needed a partner to unlock our true value amid financial slowdown’
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The post Ecosystem Roundup: Job cuts at Endowus, Bukalapak acquires iPrice, Oyo gears up for US$600M IPO in Nov appeared first on e27.