Top-funded startups in Indonesia

Can e-wallets be the key to profitability for Grab and Gojek? [Open this email in your browser]( Top-funded startups in Indonesia --------------------------------------------------------------- Hello {NAME} Welcome to another work week! In today’s edition, we look at: - The startups in Indonesia with the comfiest cash cushions - How e-wallets can be key to Grab and Gojek’s profitability - A Tencent-partnered startup’s newly raised funds But first, your quick bytes for today: 1️⃣ “[Hong Kong or Shanghai]( is a question that ByteDance has been mulling over as it looks to list its China business. Rumor has it, though, that it prefers the former. The Beijing-based company was valued at up to US$140 billion earlier this year. 2️⃣ Meanwhile, in the far west, TikTok is reportedly in talks to [sell itself to Microsoft]( and other companies after US president Donald Trump vowed to [ban the short-video app]( in the country. To save TikTok’s US ambition, sources say that parent company ByteDance has agreed to [divest its US operations](. 3️⃣ Vietnamese ecommerce marketplace Sendo has spoken: The much-anticipated merger with its rival Tiki is likely [not happening]( at this point. Instead, Sendo is looking to start its series D fundraising. If the Tiki-Sendo merger had gone through, it would have [shaken up]( Vietnam’s US$35 billion ecommerce sector. 4️⃣ Apple has a brand-new title, and that’s “the world’s most valuable publicly listed company.” Thanks to last quarter’s performance, Apple’s stocks [surged over 10%]( adding US$172 billion in market capitalization. FYI, that amount is greater than the entire stock market value of Oracle Corp. 5️⃣ Chinese electric-car maker Li Auto also had a pretty good week, debuting on Nasdaq last Thursday and promptly raising [US$1.1 billion]( in its US initial public offering. 6️⃣ Step aside, YouTube: Facebook is bringing in [music videos]( from the likes of T-Series Music, Zee Music Company, and Yash Raj Films onto Facebook Watch in India.  --------------------------------------------------------------- The Indonesian startups with the comfiest cash cushions - Home to more than 6,000 startups, Indonesia's startup ecosystem is ginormous. Just last week alone, investors poured more than [US$250 million]( worth of funding into the archipelago, with the lion’s share going to travel unicorn Traveloka  - Much has been said about Indonesia’s impending boom this decade and how entrepreneurs and investors can capitalize on the opportunities. But for this growth to be sustainable, the country has to curb one major issue: [childhood stunting](.  - Apart from unicorns like Gojek, Tokopedia and Traveloka, which startups have built sizable capital war chests? We highlighted the top 20 in [this article](. Related reads: - [Why Indonesia’s economy will experience a boom in this decade]( - [These are the most active investors in Indonesia’s startups]( - [Grab and Gojek’s investors visualized on an interactive network graph]( --------------------------------------------------------------- Grab and Gojek want you to put your money where your e-wallet is What’s the missing ingredient in Grab and Gojek’s profitability recipe? According to the Southeast Asian giants, it’s online food delivery -given [Meituan’s success in China]( this could be a valid point. But Chinese investment bank China Renaissance is saying nah ah: [E-wallets]( could be the real deal. - Learn from Alipay is what the China Renaissance is suggesting. Online payment platform Alipay is partly owned by Alibaba and accounted for 25% of the tech titan’s Q1 net profit.  - Legislation favors e-wallets, too: Singapore and Malaysia - two crucial markets for both Grab and Gojek - have started issuing digital bank licenses, presenting a massive opportunity for the super apps to tap into a larger user market.  - Grab is already gunning for it as it formed a consortium with telecommunications firm Singtel to apply for a digital full bank license in Singapore. But competition is going to be tough as they’re going up against [other applicants]( including regional [heavyweight Sea](. Related reads: - [The battle of super-app giants in China]( - [Facebook, PayPal will help Gojek win Indonesia]( - [Ovo-Dana merger could be Indonesia’s most ambitious crossover event](  --------------------------------------------------------------- The startup that acts as the pipes connecting different countries A fintech startup that Tencent partnered with in 2017 has recently raised [US$20 million]( in a series B funding round. - Founded in 2014, Hong Kong-based EMQ helps make cross-border payments easier for services like ecommerce, procurement, remittance, payroll and more.  - Busy since 2017: Not only has EMQ rolled out a new enterprise payment solution, but it has also increased its licenses from two to five, bumped up its payout capability from four markets to over 80, and strengthened its coverage in China to over 130 banks.  - Thanks to all that, the startup saw its historical annual transaction volume in the past 12 consecutive months soar by 70x. Also read: [How EMQ is helping Tencent capture a share of Southeast Asia’s remittances market](  --------------------------------------------------------------- Can Tencent’s Joox beat Spotify in Asia? Tencent’s answer to Spotify may have edged out the Stockholm-based music-streaming platform in some markets, but Joox still has a lot of ground to cover. We unlocked this [premium article]( for you to read in full this week.  --------------------------------------------------------------- Misc Happening - [Tech in Asia Virtual Conference]( (October 19 to 22) In our biggest annual event, we gather founders, decision-makers, and venture capitalists in one place so that you can get all the information and make the connections you need. This year’s speakers include Rachmat Kaimuddin, CEO of Indonesian unicorn Bukalapak, and Jixun Foo, managing partner of GGV Capital. Hiring - [Communications and UX copywriter]( at Ajaib (Jakarta, Indonesia) - [Community Manager]( at Pand.ai (Singapore, Singapore) - [AVP/VP Insurance Sales]( at Halodoc ID (Jakarta, Indonesia)  --------------------------------------------------------------- We know Mondays may be a little tough, so share this email with your co-workers and tell them that they’re doing a good job! And if you have comments about our newsletter revamp, we’d love to hear them. Drop us a line [here](. Copyright © 2020 Tech in Asia, All rights reserved. Don't want to receive these emails anymore? [Unsubscribe](.