Dear reader,
The long-rumoured Grab-GoTo merger is back in the spotlight, and this time, the deal seems more plausible. Reports suggest Grab is considering an all-share acquisition of GoTo at a valuation exceeding US$7 billion—offering a 20% premium over its pre-rumour market price.
Several factors strengthen the case for a merger. Grab’s stock has surged 45% in the past year, while GoTo’s has stagnated, making an all-share deal attractive. Additionally, some GoTo investors, including SoftBank, may be eager for an exit amid Indonesia’s illiquid market. A merger would also unlock synergies—Maybank estimates annual efficiency gains of up to US$209 million from improved driver utilisation and reduced costs.
Regulatory scrutiny remains a hurdle, as Indonesian authorities have previously raised concerns over monopolistic practices. However, the recent approval of TikTok Shop’s acquisition of Tokopedia suggests flexibility if economic benefits align with national interests. If Grab commits to further investment in Indonesia, regulatory concerns could be mitigated.
If realised, this merger would reshape Southeast Asia’s ride-hailing and food delivery landscape. And at the very least, it might put an end to the recurring “Groundhog Day” of Grab-GoTo deal speculation.
Sainul,
Editor.
NEWS & VIEWS
Grab-GoTo deal buzz returns: why it might be real this time
The deal might value GoTo at more than US$7B | One option being discussed is an all-share purchase, which would value GoTo at over US$0.006 per share, a premium of about 20% over its value before news of the potential deal broke.
Maybank foresees positive synergy from potential Grab-Gojek merger
The merger in the on-demand services will positively impact GoJek’s operations as it will end the marketing war and make capex/opex more efficient |A potential tie-up could result in a near-monopolistic presence in Indonesia with 80-90% market share.
SEEDS Capital and partners to inject US$222M into Singapore’s deeptech startups
This initiative, under the Startup SG Equity scheme, will see SEEDS Capital allocate US$111M over the next three years, with the aim of catalysing an additional US$222M through its private sector partners.
eFishery faces restructuring after fraud allegations
An internal investigation claims eFishery inflated its revenue by approximately US$600M in the first nine months of 2024, representing over 75% of its reported revenue.
Cake Group’s Bake shuts down in Singapore after buyout
This comes after the platform was transferred to new management | Cake Group sold Bake to fintech-focused GSTechnologies Ltd. last month, according to a statement issued by the London Stock Exchange on January 2, 2025.
SoftBank nears US$6.5B deal to acquire chipmaker Ampere
Ampere, which receives backing from Oracle and Carlyle Group, specialises in creating processors for data centres that use Arm’s technology | An announcement about the transaction may occur within the next few weeks.
Sika acquires Singapore’s green roof provider Elmich
The acquisition complements Sika’s roofing portfolio in the region and strengthens its specification business for commercial and residential projects |With this acquisition, Sika is gaining a new platform for growth in the Asia/Pacific region.
MUFG unit buys 49% stake in Carsome
This collaboration aims to improve auto financing solutions in Malaysia, particularly for underserved segments | There will be an emphasis on enhancing risk assessments and credit governance for financial sustainability.
Syfe to acquire Australia’s Selfwealth for US$40M to expand investment offerings
The acquisition will significantly expand Syfe’s Australian footprint by incorporating Selfwealth’s platform, which will continue operating as usual, with enhancements over time, benefiting from the former’s technology and scale.
Blockchain recovery in SEA: US$592M raised in 2024, up 45% from 2023
Singapore led the region in blockchain funding, with startups raising US$483M; Hanoi and Kuala Lumpur followed, raising US$18M and US$12M, respectively.
Digital payments drive Asia’s fintech to US$19T, nearly half of global market
Digital payments and transfers are the primary drivers of growth of fintech, contributing 40%, followed by digital commerce (21%) and digital banking (32.9%).
KMP invests in Swift Bridge to boost Malaysia’s semiconductor, RF industries
The funding will enable Swift Bridge Technologies to acquire advanced testing equipment for developing RF cables exceeding 110GHz, expand its product range to include high-frequency RF cables up to 145GHz and enhance low-frequency cable solutions.
SEA’s tech funding skyrockets in January, shattering previous records
This funding injection marks a remarkable 291% increase compared to December 2024 and an impressive 230.5% rise from January 2024.
Only 26% of Indonesian organisations implement AI: Report
For markets like Indonesia, addressing regulatory uncertainties and workforce development could be key enablers for AI growth | Singapore stands out as a leader, with 57% of large organisations having integrated AI into their operations.
Report: APAC demonstrates stronger cryptocurrency resilience, growth in 2024
Since the market downturn in December 2022, APAC has recorded a 6.4 per cent year-over-year (YoY) supply growth in cryptocurrency.
Nibertex secures funding to boost sustainable textile production
The investors include Foxmont Capital Partners and ADB Ventures | Nibertex eliminates the use of these harmful chemicals, significantly reducing environmental pollution and potential health hazards associated with traditional waterproof textiles.
FEATURES & INTERVIEWS
‘Lack of exit opportunities is a big challenge for SEA’s venture ecosystem’: Kadan Capital’s Rei Murakami
Japan’s capital market is significantly larger and deeper than SEA, providing potential IPO avenues for startups from the region, says the Kadan Capital founding partner.
e27 Startup Milestones: 10 inspiring achievements you need to know this week
We’re thrilled to spotlight ten startups that have recently shared their milestones using this feature.
2025 trends: Tech investment remains a priority for APAC business leaders, but regional disparities persist
APAC business leaders recognise the importance of digital transformation but may face constraints that prevent them from matching US levels.
High costs, space constraints make APAC markets ripe for automation: XSquare CEO
The Asia Pacific warehouse automation market is projected to grow from US$10.76B in 2023 to US$28.02B by 2029, at a CAGR of 17.3%.
FROM THE ARCHIVES
Love yourself and others: A playful guide to self-care in business
Cherish your team members and clients, but don’t forget to express your love through actions, not just words.
AI is not slowing demand for software developers in the Philippines
While AI is often perceived as a threat to human programmers, it is more accurate to view it as a productivity enhancer rather than a replacement.
Breaking barriers: Hidden hurdles faced by women entrepreneurs
By showcasing their skills, expertise, and successes, women entrepreneurs can challenge biases and change perceptions.
A paradigm shift needed: Hiring within the tech startup ecosystem
Embracing transformative change in hiring practices will undoubtedly pave the way for a prosperous future for tech startups.
How to embrace optimal efficiency in the future of work
Hybrid work modernisation is an organisation-wide transformation which seeks all hands on deck to establish new processes.
Empowering women at work: Pre-hiring stage is the key
The greatest push for gender equality at work starts from the very beginning of the funnel: even before the hiring stage.
The best New Year resolutions for startup founders: Offering ESOPs that actually work
I want to share key takeaways for founders who are thinking of designing competitive ESOPs in 2022 in order to attract and retain talent.
Equity, flexibility, recognition: The future of startup compensation in SEA
As startups in Southeast Asia navigate through bear market realities, rethinking compensation is more important than ever.
Bridging the gap: Merging tech expertise and entrepreneurship
As the world adapts to post-pandemic, we are witnessing the boom of two key areas of expertise, namely, tech and entrepreneurship.
Is blockchain the future of medicine in creating more secure healthcare?
Security breaches are so common in the healthcare industry. This is due to the lack of trust between cybersecurity experts and doctors.
Temu takes on Vietnam: The impact on domestic manufacturing and marketing
Explore Temu’s global expansion and its impact on Vietnam, highlighting opportunities and challenges for the local industry.
How to scale up your DTC game with payments
Those looking to grow their business must move fast and embrace new ways of operating, and payments is an integral part of the plan.
Why Singapore’s traditional sectors need a digital makeover
Starting on a digital transformation journey is like starting a good habit, it spills over to other areas and reinforces positive change.
THOUGHT LEADERSHIP
The new norm: Stabilising global risk sentiment in a volatile market
This week’s market trends show stabilisation amid volatility, driven by economic data, policy signals, and geopolitics.
AI productivity boom: SEA’s race to adapt in a rapidly evolving workplace
Future developments show the world is rapidly adapting to AI to tackle challenges, drive innovation, and boost global competitiveness.
Why great entrepreneurs obsess over recruitment and why you should too
If you’re a leader who believes recruitment should be left to a department, it’s time to rethink your role in attracting and nurturing talent.
Navigating the new financial terrain: From geopolitical shifts to crypto volatility
The growing complexity between traditional markets and digital assets demands a nuanced investment approach.
Empathy-first algorithms: The marriage of AI and human psychology in marketing
The future of marketing is about more than timing — it’s about understanding and responding to customers’ emotions with genuine empathy.
How electric luxury cars are reshaping the industry
In the future, I think the luxury automotive industry will keep changing as people’s needs and technology grow.
The post Ecosystem Roundup: Is Grab-GoTo merger imminent? | SEEDS Capital to inject US$222M into SG’s deeptech startups | eFishery faces restructuring appeared first on e27.