Grab’s Q2 2025 results paint a picture of a tech giant hitting its stride: headline profits, double-digit revenue growth, and an expanding user base. But beneath the PR gloss, the financials reveal cracks that Southeast Asia’s startup ecosystem should watch closely.
The US$20 million profit and record Adjusted EBITDA are real achievements, yet the steep US$209 million year-over-year drop in net operating cash flow tells a different story–one of strained liquidity from lower banking deposits and rising lending outflows. Financial services revenue surged 41 per cent, but with Segment Adjusted EBITDA losses widening to US$26 million, this expansion is running hotter than profitability can keep up.
Meanwhile, Grab’s dependence on US$547 million in quarterly incentives–flat as a proportion of GMV–underscores an uncomfortable truth: user growth still needs heavy subsidy. Rising corporate costs and a US$1.5 billion convertible note raise add further weight to the balance sheet, even as share buybacks signal confidence, or perhaps an attempt to prop up sentiment.
For all its operational gains, Grab’s “profitable growth at scale” rests on a complex mix of debt-fuelled liquidity, incentive-heavy retention, and segment-level losses.
The next test will be proving that this momentum can endure without leaning so heavily on financial engineering and subsidies.
REGIONAL
Beyond the profit headline: Grab’s Q2 results show cracks beneath the surface
Despite turning a quarterly profit, Grab’s Q2 reveals deepening financial services losses, shrinking operating cash flow, and persistent incentive dependence.
17LIVE’s H1 report shows tough road ahead for Asian streaming pioneer
Revenue plunges nearly 20%, forex losses deepen net loss, and cost cuts mask challenges as 17LIVE struggles to regain momentum.
Sea posts 418% profit jump as Shopee, Monee, Garena fire on all cylinders
Shopee turns profitable, Monee scales credit ambitiously, and Garena deepens monetisation: Sea’s Q2 results show disciplined, high-impact growth.
Behind GoTo’s record Q2: The fine print tells a different story
Despite headline gains in revenue and EBITDA, GoTo’s reliance on pro-forma figures and continued net losses signal caution ahead.
Vietnamese EV firm VinFast founder buys R&D unit for US$1.5B
The deal will see Novatech Research and Development JSC separated from VinFast’s domestic manufacturing arm, with Novatech taking on investment costs for completed R&D projects.
MUFG’s VC arm reportedly leads US$15M round for Indonesia’s Oy
Other investors include Capital Rich, Finnoventure PE Trust, and Wishaw Holding | Oy provides payment services such as fund transfers, virtual accounts, QRIS, and card payments, connecting to more than 100 banks and e-wallets.
Malaysia’s Carsome posts record profit in second quarter
Carsome’s EBITDA for Q2 was US$5 million | The group recorded a 19 percent year-on-year increase in gross profit, underpinned by continued strength across both its wholesale and retail businesses.
Equatic secures US$11.6M Series A to scale carbon removal, green hydrogen tech
Investors include C3H and Kibo Invest | Equatic’s proprietary tech enhances the ocean’s natural carbon absorption capabilities | It uses seawater electrolysis to lock away CO₂ and produce hydrogen without generating harmful byproducts.
Betagro Ventures joins US$18.4M Series B funding round for US-based BiomEdit
BiomEdit’s breakthrough biologics product BE-101 is designed to combat necrotic enteritis in broiler chickens | Betagro’s participation signals growing momentum in Asia for biologics and next-gen feed technologies.
Antler injects US$7.4M into Southeast Asia startups, with US$2.8M for AI ventures
Singapore-based VC backs startups across the region, spotlighting seven AI firms from its AI Disrupt programme amid Southeast Asia’s funding slowdown.
Prefer secures US$4.2M to take sustainable coffee and cocoa worldwide
Investors are At One Ventures, Chancery Hill Capital, and Forge Ventures | Singapore-based Prefer uses fermentation to turn food byproducts into low-carbon coffee and cocoa.
Startale invests in Kyo Finance to build next-gen DeFi infrastructure
Kyo Finance aims to unify fragmented liquidity across the Superchain with Startale’s backing, creating seamless, vertically integrated DeFi infrastructure.
Philippine central bank orders e-wallets to drop gambling links
Senators are debating proposals to restrict or ban online gambling due to concerns over debt and addiction, while President Ferdinand Marcos Jr. has said a ban could lead to more illegal betting.
REPORTS, FEATURES & INTERVIEWS
Java leads, frontiers rise: A provincial breakdown of Indonesia’s digital competitiveness
EV-DCI 2025 reveals Java’s continued dominance, while frontier regions like Papua and Lampung show impressive digital competitiveness gains.
How Indonesia plans to digitally uplift a nation–one pillar at a time
Indonesia’s digital transformation strategy centres on tech-enabled services, regulatory strength, talent development, and equitable infrastructure to foster inclusive growth.
Singaporean startup Flavorist puts food at the heart of social sharing
Invite-only platform Flavorist fosters authentic culinary connections, spotlighting diverse food stories and creators while keeping content focused, ad-light, and community-driven.
Yvan Goudard on why simple, low-tech solutions still outperform AI hype
Communication strategist Yvan Goudard shares lessons on storytelling, founder focus, and balancing tech optimism with due diligence.
How quantum computing moved from components to applications in 2024
While hardware innovation remains vital, the most significant opportunity lies in solving real-world problems through quantum computing.
Quantum computing market surges as companies shift focus to revenue: Report
In 2024, quantum computing companies collectively earned between US$650 million and US$750 million, up from US$200 million to US$250 million in 2023.
Input, Output, Support: The framework driving Indonesia’s digital competitiveness
EV-DCI 2025 reveals Indonesia’s digital strengths and gaps through a weighted framework measuring readiness, impact, and enabling conditions.
ECHELON
Evolving Indonesia’s startup ecosystem
From post-2011 B2C boom to COVID-era setbacks, the sector faces challenges like fraud but eyes long-term growth.
The future of urban mobility in Asia
Autonomous vehicles show promise, but innovation must be balanced with practical, people-centred transport solutions.
Startup lessons from the campaign trail
Jeremy Tan draws parallels between startup building and political campaigning, advocating infrastructure for independent candidates.
INTERNATIONAL
US crypto firms rush for IPOs as market hits US$4.2T
Bullish, a crypto-exchange backed by Peter Thiel, raised over US$1.1 billion in its public debut on August 13 | Circle, a stablecoin issuer, went public in June with shares more than doubling at the open and is now valued around US$35 billion.
SoftBank founder’s net worth jumps US$9B on AI investments
Masayoshi Son’s wealth is now estimated at US$31.3 billion, making him the second richest person in Japan after Tadashi Yanai of Fast Retailing | SoftBank has benefited from rising share prices linked to its AI investments.
OpenAI explores ads, commerce to monetise ChatGPT growth
OpenAI is also exploring revenue from taking a cut of product purchases recommended through its platform, a project referred to internally as “Commerce in ChatGPT.”
JD.com beats Q2 estimates, faces price war clampdown in China
The Chinese e-commerce giant reported a 22% YoY revenue rise to 356.7 billion yuan (US$49.7B) for the June quarter, beating analyst estimates of 335.5 billion yuan | Its sales grew after government subsidies and its move into meal delivery.
Alibaba launches AI agent to automate and cut sourcing time
The tool, called Accio Agent, is designed to automate tasks such as product ideation, prototyping, compliance checks, and supplier sourcing | Alibaba said the agent could cut down weeks of research and sourcing work to a few minutes.
SpaceX’s bitcoin holdings surpass US$1B
The company, led by Elon Musk, currently holds 8,285 bitcoin, valued at around US$1 billion | SpaceX’s bitcoin holdings previously topped US$1 billion in April 2021, when it owned about 28,000 bitcoin valued at US$1.8 billion.
SEMICONDUCTOR
US government is reportedly in discussions to take stake in Intel
This deal would be structured to help the company expand its US manufacturing efforts, including its much-delayed Ohio chip factory | This news comes less than a week after President Donald Trump insisted that Intel CEO Lip-Bu Tan resign.
AMD expands R&D footprint with Malaysian facility
The Malaysian Investment Development Authority (MIDA) said the new office at GBS by the Sea spans 209,000 square feet and is designed to support over 1,200 employees | It features open workspaces and state-of-the-art engineering labs to drive advances in semiconductor design.
US AI chip startup Rivos seeks US$500M to compete with Nvidia
If the new funding round closes, Rivos’s total funding would exceed US$870 million | Rivos is developing a graphics processing unit designed for AI inference and completed the physical design of its chip earlier this year.
US chipmaker Applied Materials sued in China over tech theft
Beijing E-Town Semiconductor Technology said in a court filing that Applied Materials illegally obtained and used proprietary plasma technology developed by E-Town and its US subsidiary, Mattson.
India approves four new semiconductor projects worth US$524.2M
These projects are backed by SiCSem, Heterogeneous Integrated Packaging Solutions, Continental Device India, and Advanced System in Package Technologies | They bring the total number of sanctioned chip manufacturing facilities in India to 10.
AI
Frugality as a superpower: How lean teams use AI to scale without burnout
In a tight funding climate, lean teams using AI and strategic frugality are redefining startup success through speed, focus, and impact.
Why I’m using AI to redesign how we learn crypto
For me, the future of finance education will be human-led, supported by AI, and designed to always keep the learner at the centre.
Women and AI: The glass ceiling, the gap, and everything in between
Women are adopting generative AI tools at lower rates than men, risking a new gendered productivity gap in the workplace.
Re-skilling in the age of AI and navigating the future of work in Malaysia
As modern technologies continue to impact the workforce in Malaysia, the importance of re-skilling and up-skilling cannot be overstated.
THOUGHT LEADERSHIP
Bitcoin smashes US$124,000, gold hits US$3,356: The safe-haven secret investors are piling into
Global markets rally on eased tariff fears, strong earnings, and Fed rate cut hopes, with Bitcoin, Ethereum, and XRP hitting milestones.
Is Southeast Asia’s data centre boom headed for a PR crisis?
Southeast Asia’s US$6.3 billion data centre boom faces growing public scrutiny over sustainability, driving calls for stronger PR strategies.
Rising trade tensions and fraud risks: Why Asia’s businesses must rethink payment security
Digital fraud now surpasses traditional fraud in APAC, driving demand for AI-powered payment orchestration to boost security and agility.
Pressure-proof your team: How to handle conflict like the pros
Global tech leaders like Meta, Tesla, and Hubspot show that mastering conflict management can drive growth, trust, and innovation.
Brands as forces for change: Shaping the future through purpose
In today’s world, where things are fractured–geopolitically, socially, economically–brands have the power to bring people together.
Trump’s trade war looms, but markets are betting on a Fed rate cut
Global risk sentiment improves on softer US inflation, Fed rate cut hopes, trade truce gains, and Ethereum’s institutional-led rally.
Why Malaysia is emerging as Southeast Asia’s fintech launchpad
Malaysia is becoming an attractive fintech hub in Southeast Asia thanks to its growing digital economy and robust regulations.
Why Vietnam’s digital bank licenses are the dark horse opportunity of 2026
Vietnam’s new fintech sandbox paves the way for digital bank licences by 2026, offering foreign investors expanded entry options.
Small business, big impact: How AI is democratising entrepreneurship
AI isn’t just for bigshots; discover how small businesses are using it to personalise, build free websites & go global.
Rewiring our world: How neuroscience unlocks the secret to sustainable tech
Neuroscience offers tools designed to engage, motivate, and inspire — tools that can make sustainability a core part of the tech culture.
The post Ecosystem Roundup: Grab’s profit masks cracks | 17LIVE faces uphill battle | Sea’s profit soars 418% | US may take Intel stake appeared first on e27.