Top Stories of April 2021

The first month of the 2nd quarter saw continued interest in Asian super-apps like Grab and Gojek.  In the case of Grab, they announced the largest SPAC to-date with a record US $40b valuation to list in the US via Altimeter. As for Gojek, their proposed merger with Tokopedia could produce a combined entity valued at up to $40b.

The shine on ecommerce and content companies that fared extremely well during the past year of covid lockdowns is starting to wear off. Meanwhile, on the other end of the investment cycle, Temasek-backed VC firm, Vertex sold a stake worth roughly $400m to LGT Group. The global slowdown is far from over, but there are signs that capital flows to Asia will ramp up this quarter.

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