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Aug 22, 2024 - 18:07
By asia.nikkei.com

ASEAN tech stars Grab, GoTo and Sea fight to retain market sparkle

SINGAPORE/JAKARTA -- Southeast Asia's biggest technology stars are fighting to retain their sparkle in the eyes of fickle investors, as pressure mounts to demonstrate profitability now that trimming fat off their businesses appears insufficient.

The cautious mood, heightened by geopolitical tensions and a fragile macroeconomic environment, is also affecting startups looking for capital. Fundraising in the region fell by one-third year-on-year in the first half of 2024.