Up and out: Singapore’s 20 biggest startups exits

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Singapore-based Carousell has reportedly been in talks for a potential IPO in the US via a special purpose acquisition company (SPAC).

According to Bloomberg, a merger between Carousell and L Catterton Asia Acquisition Corp (the SPAC the ecommerce firm is targeting) could value the combined entity at US$1.5 billion.

Such an exit would be the dream of any startup, signifying not only the ending of one journey, but the beginning of another, brighter one.

In today’s story, we take a look at some of the eye-popping numbers involved in the 20 largest exits in Singapore. Many of these are probably names that regularly make headlines, but there’s also a significant number of companies in less-covered sectors such as television broadcasting.

Today we look at:

• 20 of the biggest Singaporean startups that reached the exit mark
• A South Korean startup that helps shoe buyers find the perfect fit
• Other newsy highlights such as Investree acquiring a minority stake in a digital bank and an insurtech startup’s US$65 million funding round.

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Taking it home

Image credit: Timmy Loen

Getting the exit that you want is surely not an easy task. It takes a fully committed team to ensure that the company is fit to reach that stage, but once an exit does happen, the reward is definitely worth it.

Here are some of the companies that have gone through the biggest exits in Singapore and have made it to the next stage.

• Going big for Bigo: It seems only fitting that the top spot on our list goes to Bigo, a technology company specializing in AI technology. At US$1.4 billion, Bigo’s acquisition by Joyy Inc in 2019 puts it firmly ahead of Lazada, which occupies second place.

• Hungry, anyone?: Sitting at the number nine spot is the Asian Food Channel (AFC), a food-focused TV channel that zooms in on Asian dishes. The channel was acquired by Scripps Networks in 2013 in a US$66 million deal.

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