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Hi readers,
When people reach a certain age, they naturally consider finding the right partner to start a family, especially when invitations to their friends’ wedding begin filling up their mailboxes. But wise parents will always advise their children against rushing it when they’re not ready.
The decade-old Traveloka was among the first companies in Southeast Asia to begin the conversation around going public through a SPAC merger when the trend was at a fever pitch. However, just months after the unicorn said it would “marry” Bridgetown, a Hong Kong-based blank-check company, the Indonesian firm pulled the plug on it.
In my recent piece, you’ll find out why Traveloka has made the logical move, considering the circumstances surrounding both the SPAC and Traveloka itself. Scrutiny from the US Securities and Exchange Commission, the quick-deal impulse, and the Covid-19 complications – it all pointed toward bad timing.
That said, should every company break off SPAC talks? Well, your friends’ weddings shouldn’t affect you, and your own doubts shouldn’t give your friends cold feet. With the right partner, a healthy deal, and a little faith in future success, the SPAC route will remain an accessible option to many.
— Budi Sutrisno, journalist at Tech in Asia
Top stories this week
1️. Why Traveloka may have been wise to give up the SPAC route
The company remains committed to going public, and given the waning enthusiasm for SPACs, a traditional listing might be the best path to take.
2. Org Chart: The people helming Sea Group
We look at the captains leading Sea Group as the firm makes major moves in digital banking and in markets like Latin America and Europe.
3. Is earned wage access Indonesia’s latest hot ticket?
While startups like GajiGesa and Wagely have stolen the spotlight in the EWA segment, numerous VC-backed companies have quietly stepped into the arena.
4. Meet the players fighting plastic scourge in SEA
Plastic waste startups are on the rise, but more needs to be done to scale their impact.
5. A list of fundraising startups from Asia (Updated)
Fundraising is hard. To make things slightly easier, we’ve compiled this list of fundraising startups for our subscribers.
6. ShopBack posts 150% revenue growth, earns 3x return on Seedly investment
ShopBack has also raised an initial US$7.3 million in an ongoing funding round.
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