The rise of technology companies in Southeast Asia has lured in global investors bringing nearly $10.9 billion in 2018, producing a 38 per cent growth compared to 2017. Not surprisingly, Southeast Asia is on the cusp of becoming green pastures for unicorns (startup which are valued above $1 billion), with eight unicorns including Grab, GoJek, and Lazada setting a solid foothold in the market. Of all Southeast Asian countries, Indonesia is home to the most unicorns. Motorcycle ride-hailing mobile app GoJek, for instance, has recently secured $1.5 billion from giant investor Tencent. It has developed into a mobile app offering a full suite of services, ranging from digital payments, cleaning services, and logistics. Traveloka – a hotel reservation and flight booking online platform from Indonesia – epitomises the Southeast Asia unicorn expanding to foreign markets, not just in Asia but also to developed countries farther down like Australia. This rapid expansion marks a new milestone in the neck-breaking development of the Indonesian startup ecosystem. With the continued growth of e-commerce, Sea – a Singaporean unicorn gaming platform – has bought into Shoppee to expand to digital payments and e-commerce around Southeast Asia and Taiwan. How about Vietnam – the fast-growing… Read full this story
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