Grab reportedly in GoTo takeover discussions
Grab, the Singapore-based tech giant, is reportedly progressing in its efforts to acquire Indonesian rival GoTo Group, having begun due diligence on the firm, according to Bloomberg. Sources familiar with the matter told the US media outlet that Grab is reviewing GoTo’s financials, contracts, and operations as both companies and their shareholders explore deal structures and valuations.
While discussions are ongoing, a transaction is not assured. Regulatory scrutiny presents a major obstacle, as a combined Grab-GoTo entity would control an estimated 60–70% of Southeast Asia’s on-demand services market. A previous deal attempt was stalled by antitrust concerns, echoing the unsuccessful acquisition of Singapore’s Trans-Cab by Grab.
The valuation under discussion for GoTo reportedly exceeds USD 7 billion, with a potential all-stock transaction priced at over IDR 100 (USD 0.006) per share.
Earlier this month, GoTo announced that it had surpassed its breakeven guidance for full-year 2024 financial results, despite concerns about slowing growth amid inflationary pressures and high interest rates.
Following reports of merger discussions, GoTo reiterated on March 19 that no agreement has been reached regarding a potential transaction.
Kyberlife secures USD 3 million to digitize healthcare procurement
Kyberlife, a Singapore-based health tech startup, has raised USD 3 million in an investment round led by 5I Ventures, with participation from East Ventures, A2D Ventures, and NUS Alumni Ventures.
The company operates a B2B e-commerce marketplace that streamlines procurement for healthcare institutions and research labs in Southeast Asia.
The funding will support Kyberlife’s expansion into Indonesia and its goal of connecting local healthcare institutions with global suppliers. The company also plans to introduce new product categories, including laboratory instruments and chemical reagents, to enhance pharmaceutical R&D in the region.
Ekuinas invests in Bluesify to bolster Malaysia’s cybersecurity sector
Bluesify Solutions, a managed security services provider, has secured an investment from Ekuiti Nasional Berhad (Ekuinas), a private equity firm linked to the Malaysian government. The financial terms of the deal were not disclosed.
Founded in 2012, Bluesify provides cybersecurity services to financial institutions, energy firms, healthcare providers, and government entities. The investment will enable the company to scale its managed detection and response (MDR) center and expand across Southeast Asia.
Ekuinas sees the deal as an opportunity to tap into Southeast Asia’s expanding cybersecurity market, which it projects to reach USD 7.1 billion by 2029.
Fore Coffee targets USD 23 million in Indonesia IPO
Fore Coffee, an Indonesian coffee chain, is preparing for an IPO on the Indonesia Stock Exchange, aiming to raise up to IDR 379.76 billion (USD 23 million). The offering consists of up to 1.88 billion new shares, representing 21.08% of the company’s enlarged share capital.
The indicative price range is set at IDR 160–202 (USD 0.0097–0.0122) per share. The bookbuilding period runs from March 19–21, with public subscription scheduled from March 26 to April 9. Shares are expected to debut on April 11.
Fore Coffee operates a network of outlets across Indonesia and is positioning itself as a premium coffee brand, targeting the country’s growing cafe culture. The company plans to use IPO proceeds to fund expansion, digital enhancements, and operational improvements.
RedotPay raises USD 40 million to scale crypto payments
RedotPay, a Hong Kong-based crypto payment firm, has raised USD 40 million in a Series A funding round led by Lightspeed, with participation from HSG, Galaxy Ventures, DST Global Partners, Accel, and Vertex Ventures.
The company integrates traditional payment infrastructure with cryptocurrencies, allowing users to conduct everyday transactions using digital assets.
The funding will support RedotPay’s product roadmap, regulatory compliance efforts, and global expansion.
“Our team takes pride in empowering millions globally with financial access while bridging the gap between fiat and crypto,” said Michael Gao, co-founder and CEO of RedotPay.
Mito Health secures additional USD 2.2 million, expands longevity research
Mito Health, a longevity-focused health tech company, has raised an additional USD 2.2 million in seed funding, bringing its total funding to USD 4 million. The round saw participation from Y Combinator, Capital X, XA Network, and angel investors including Balaji Srinivasan and Nir Eyal.
Since its launch, Mito Health has expanded across the US, offering comprehensive blood testing and health analysis services. The company’s platform focuses on early detection of health risks and deficiencies.
The new funds will be used to further develop its artificial intelligence-powered analytics and expand partnerships with diagnostic firms.
Alphabet to acquire cybersecurity firm Wiz for USD 32 billion
Alphabet, Google’s parent company, has reportedly confirmed plans to acquire cybersecurity startup Wiz for USD 32 billion, according to Reuters. Wiz will integrate with Google Cloud, strengthening Alphabet’s security offerings as it competes with Amazon Web Services and Microsoft Azure.
The deal underscores Alphabet’s commitment to cybersecurity and is expected to close in 2026, pending regulatory approval. However, it is likely to face scrutiny, particularly regarding competition in cloud security. Alphabet has stated that Wiz’s products will remain available on rival platforms to address potential concerns.
Alphabet previously made an unsuccessful USD 23 billion bid to acquire Wiz.
Binance, Amber International, Insilico, and more made recent headlines:
- Binance, the world’s largest cryptocurrency exchange, received a USD 2 billion investment from Abu Dhabi-based technology investor MGX.
- Amber International, a Web3 financial solutions and infrastructure provider, began trading on Nasdaq under the ticker “AMBR” following its merger with iClick Interactive Asia Group.
- Insilico Medicine, a drug discovery company, secured USD 110 million in an oversubscribed Series E funding round led by Value Partners Group, with support from new industry and technology-focused investors. Existing backers also participated in the round.
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