Southeast Asia’s food delivery sector is entering its consolidation era, and 2025 has made that trajectory difficult to ignore. The persistent speculation around a Grab-GoTo merger reflects more than corporate gossip; it signals an industry reaching the limits of fragmented competition. With Grab controlling more than half of regional food delivery GMV, the market is no longer wide open terrain but a concentrated battlefield where scale determines survival.
Indonesia sits at the centre of this end-game. Growth remains strong, yet Gojek’s shift toward profitability has created openings for rivals to expand. Investor patience for endless subsidy-driven rivalry is thinning, and leadership changes at GoTo only intensify the sense that structural change is approaching.
Vietnam offers a clear lesson: in a high-cost, high-risk market, being the third player is often unsustainable. Gojek’s withdrawal underscores the brutal economics of food delivery, where ecosystem depth and market dominance matter more than early entry.
What makes Southeast Asia distinct, however, is the political overlay. The emergence of Indonesia’s sovereign wealth fund Danantara as a stakeholder highlights that consolidation is not just a business decision but a national one.
Ultimately, the region is moving toward fewer, stronger platforms. The only question is whether consolidation arrives through merger headlines or quieter market exits.
REGIONAL
Southeast Asia startup funding hits US$5.4B in 2025: report: The total deal count (461) was among the lowest in over six years, with a slight increase in H2 2025 compared to H1, driven by a few large rounds. Singapore accounted for more than 60% of regional deals, while Vietnam, Malaysia, and the Philippines saw drops.
Kopi Kenangan posts first profitable year as it expands to 1,324 stores across six countries: Kopi Kenangan posted its first profitable full year in FY2025, with US$184M revenue and US$17M profit. It expanded to 1,324 stores, strengthened governance, and prepared for a future IPO.
HeyMax’s US$11M raise signals a new era of programmable travel loyalty in Asia: Singapore-based travel loyalty startup HeyMax raised US$11 million Series A led by Peak XV, with strategic and angel backing, to expand its AI-driven cross-border rewards platform and universal travel wallet across Asia-Pacific.
Travel is back, and it’s more cutthroat than ever: With international arrivals projected to hit a staggering 1.58 billion this year, surpassing pre-pandemic peaks by 5 to 7 per cent, the industry has shifted into a high-stakes, hyper-competitive landscape where digital laggards face extinction.
Singapore orders Meta to expand anti-scam facial recognition on Facebook: This follows a 2025 directive requiring facial recognition and other steps to protect certain government officials. Reports show a decline in scams involving those officials, but scammers now target others not covered before.
Indonesia warns Grok AI could be blocked over compliance issues: Authorities say that non-compliance could lead to such action, following the launch of new biometric registration rules. The platform, owned by Elon Musk’s X, has already implemented regional restrictions, including geo-blocking for Indonesia.
FEATURES & INTERVIEWS
The subsidy wars are ending and only two will survive: The annual Food Delivery Platforms in Southeast Asia report by Momentum Works suggests that while regulatory and political complexities continue to stall a formal union, further market consolidation is not just a possibility—it is structurally unavoidable.
The China playbook comes to Southeast Asia’s food apps: As 2026 approaches, the success of a platform will no longer be measured by how much it can charge per order, but by how many millions of low-margin orders it can orchestrate through its ecosystem without breaking the unit economics of its delivery fleet.
The quiet layer keeping the chip boom alive: Singapore-based Global TechSolutions supports the semiconductor boom by refurbishing and upgrading critical fab tools to OEM-level reliability, reducing downtime, improving yields, and enabling near-site agility, audit-ready performance, and resilient supply chains.
The algorithm is the new head chef: In 2025, Southeast Asia’s food delivery platforms have evolved into demand orchestrators, shaping restaurant pricing, visibility, and customer flow through dine-out deals, advertising, and data asymmetry, increasing merchant dependency.
INTERNATIONAL
Microsoft loses US$357B in market cap after stock drop: The market cap dropped to US$3.2T after its stock declined about 10% on Jan 29, the largest daily fall since March 2020, following a disappointing earnings report. Its cloud growth for Azure and other services was reported at 39%, slightly below analysts’ expectations of 39.4%.
Amazon reportedly in talks to invest up to US$50B in OpenAI: The company has previously invested billions in OpenAI’s competitor, Anthropic. OpenAI is also engaging with other investors, with a potential total funding round nearing US$100B, including contributions from firms like SoftBank.
Why Antler is going all-in on Japan’s earliest-stage founders: Antler is doubling down on Japan’s startup ecosystem, investing US$1.55M across 10 startups in 2025 and increasing 2026 pre-seed cheques, signalling confidence in Japan’s rise as a global deeptech innovation hub.
Anthropic faces US$3B lawsuit over use of 20,000 music files: A group of music publishers, including Concord Music Group and Universal Music Group, allege the company illegally downloaded over 20,000 copyrighted songs, sheet music, and lyrics. The lawsuit claims the downloads involved piracy and were used to train Anthropic’s AI models.
Paytm reports US$270M Q3 net profit: In comparison, the Indian fintech company reported a loss of US$250M a year earlier. The profit in Q3 was driven by growth in its financial and payment services business.
The company noted that it maintained control over costs during the period.
Coupang’s interim CEO face police questioning over a data breach: Harold Rogers had previously defied two police summonses. The investigation follows Coupang’s announcement that the suspect behind the breach saved personal data of about 3,000 users, a figure criticised by the science ministry.
CYBERSECURITY
From fraud fighters to zero-trust builders: SEA’s cyber stars: From incident response and threat intelligence to fraud prevention, identity security, and zero-trust infrastructure, a new wave of startups is stepping up to address the region’s evolving security challenges.
Code, power, and chaos: The geopolitics of cybersecurity: Undersea fibre-optic cables are vital to global communication, trade, and security, yet rising geopolitical tensions and cyber threats make them vulnerable. Experts urge layered defenses, smarter regulation, and international cooperation to protect digital infrastructure.
How cybersecurity companies can build trust through digital PR: Public relations is essential for cybersecurity firms to build trust, communicate expertise, manage crises, and strengthen credibility. Strategic PR combines thought leadership, transparency, storytelling, and crisis preparedness to reinforce authority.
How cybersecurity crises are redefining corporate accountability: Cybersecurity is now a leadership and stakeholder trust issue, not just technical defence. Penta’s report shows incident response, transparency and executive accountability shape reputation, regulation and investor confidence more than breaches.
SEMICONDUCTOR
Microsoft CEO says company will keep buying Nvidia, AMD chips: Microsoft has begun deploying its first homegrown AI chips, named Maia 200, in its data centers, with plans to expand deployment soon. Despite this, CEO Satya Nadella said the company will continue purchasing chips from Nvidia and AMD due to ongoing supply challenges.
Tencent-backed AI chipmaker Axera plans US$379M Hong Kong IPO: Founded in 2019, Axera designs AI inference chips for on-device computing, edge inference, and smart vehicles, with its processors enabling real-time visual data processing. The company is offering 104.9 million shares at HK$28.20 (US$3.6) each.
Nvidia helps develop DeepSeek model: US lawmaker: Representative John Moolenaar said Nvidia helped DeepSeek optimise its R1 AI model using H800 processors through joint algorithm, framework, and hardware development. He argued this support allowed DeepSeek to achieve advanced performance, undermining US export restrictions on high-end chips.
AI
Why most founders misuse AI, and what breaks when you scale it: AI-first systems don’t fail first through technology, but through broken trust. In real communities, AI amplifies founder intent, boundaries, and accountability, accelerating clarity or quietly eroding relationships at scale.
Singapore’s AI adoption surges, but data complexity raises security risks: Report: Singapore enterprises are rapidly adopting AI, with strong early success, but Hitachi Vantara warns rising data complexity and cybersecurity risks could weaken governance, resilience and long-term ROI.
AI adoption is the easy part; scaling it safely is the real challenge: Singapore enterprises have widely adopted AI, but long-term ROI remains uncertain. Hitachi Vantara warns that data complexity and cybersecurity risks threaten scalability, pushing organisations toward stronger infrastructure, governance, and security-first strategies.
Why adults are encouraged to use AI but students are not: Rethinking what learning really means: Schools often ban AI as cheating, while adult learning celebrates it as empowerment. Seniors use AI for curiosity and growth. Education should teach responsible exploration, making learning safe, human, lifelong, and joyful.
The great stabilisation: Why 2026 will be the year AI “grows up”: AI is shifting from hype to practical impact by 2026. Competitive advantage will come from proprietary data, specialised smaller models, agentic workflows, ambient hardware, precise video tools, content quality safeguards, and ethical regulation.
THOUGHT LEADERSHIP
How eSIM can cut costs, boost CX, and simplify global operations for APAC startups: eSIM in APAC is shifting from a travel convenience to essential business infrastructure. Enterprises and OTAs can gain cost control, operational efficiency, scalable device management, and better customer experience by adopting eSIM beyond tourism.
The independent director’s mandate in Asia: Stewardship, strategy, and long-term value: Independent directors in Asia are vital stewards of resilience and long-term value, guiding strategy, innovation, risk oversight, ESG accountability, and human capital, while exercising independent judgment amid complex stakeholder expectations.
Low liquidity, high stakes: Why this crypto pullback feels different: Asian markets were mixed as tech stocks paused and geopolitical tensions lifted gold and oil. Japan and China slipped, Hong Kong fell, while Korea rose. Crypto weakened amid ETF outflows and regulatory uncertainty.
Digital banks win transactions, not loyalty: A missed opportunity in Indonesia: Indonesia’s digital banks show rapid growth in users and transactions, but most customers use them mainly for payments and promotions, not saving or wealth-building. Long-term trust, engagement, and habits remain key challenges.
Fractional investing: Turning spare change into market exposure: Fractional investing lets people buy small portions of shares or ETFs, making markets more accessible and affordable. It helps young investors diversify gradually, but requires discipline and planning to avoid risky, unstructured purchases.
The foundation of Southeast Asia’s tech future: Southeast Asia must treat AI as core infrastructure, not a feature, to unlock trillion-dollar GDP growth. Regional complexity fosters global-ready AI platforms, requiring AI-native operations, sovereign models, and sustainable physical infrastructure.
The post Ecosystem Roundup: Subsidy wars fade; SEA funding hits US$5.4B; Kopi Kenangan turns profitable; Amazon eyes US$50B OpenAI investment appeared first on e27.