The startup ecosystem in SE Asia and India has been witnessing active acquisition activities in the past six months as market corrections and cheaper valuations have created targets that are primed for a takeover.
Some notable recent deals include the acquisition of online card payments startup CardUp by Funding Societies, which is better known as Modalku in Indonesia, and Nasdaq-listed superapp Grab’s deal to buy and relaunch the F&B directory and review site HungryGoWhere. This was Grab’s second acquisition this year after it bought Malaysian supermarket chain Jaya Grocer in January.