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Gojek-Tokopedia vs. Sea Group?

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More: Jeff Bezos is stepping down as Amazon CEO, and Google Cloud is losing money Daily Newsletter H

More: Jeff Bezos is stepping down as Amazon CEO, and Google Cloud is losing (quite a lot of) money [Read from your browser]( Daily Newsletter Hello {NAME} Although I still harbor a belief that “real” gaming takes place only on consoles and PCs, I’m not above playing mobile games. In fact, I spend most mornings playing the gacha game Fallout Shelter Online, which is based on the popular Fallout franchise. Not too long ago, it introduced a new player-vs.-player mode where users construct three different teams from the characters they have, and securing victory means winning two battles out of three. That was all I could think of after reading about how the potential Gojek-Tokopedia merger could put the new entity in direct competition with Sea Group across at least three verticals: ecommerce, digital payments, financial services, and - potentially - food delivery. What’s more, Sea Group is like a “whale” that pays to win: It has the goldmine that is Garena, its gaming arm (and so we come full circle with this gaming analogy, hey!), to fuel any fights. Whatever happens, if the merger goes ahead, the inevitable face-off is sure to be a spectacle to behold. Today, we look at: - How a Gojek-Tokopedia merger could [bring them up against a formidable opponent]( in Sea Group - Alibaba’s numbers, which are - you guessed it - on the up - Other newsy highlights such as Bezos’ bye-bye to Amazon CEO role and Google Cloud’s growing pains ---------------------------------------------------------------  PREMIUM SUMMARY  There’s always a bigger fish What happens when a powerhouse joins forces with another powerhouse, only for them to come up against a mega-powerhouse? This sounds like a standard battle manga plot mechanic, but it’s what a potential Gojek-Tokopedia entity could face in Sea Group. - Upping the stakes: While fresh capital from a Gojek-Tokopedia IPO would level the playing field, keeping up with Sea’s capacity for burning cash would require the merged entity to deploy that capital more intensely. - A meaningful story: What the merger can do is build a compelling narrative: the combined Gojek-Tokopedia entity as Indonesia’s first Big Tech company. This would help both firms raise more capital - whether through existing investors topping up or, ultimately, an IPO. Listing on the Indonesia Stock Exchange would also give local retail investors a chance to invest in two household names. - Uneasy bedfellows: There are other mini-storylines to follow - such as how a consolidation would bring Tokopedia investor Alibaba and Gojek backer Tencent on the same cap table. Read more: [Sea’s shadow looms over a Gojek-Tokopedia merger](   ---------------------------------------------------------------  STARTUP SPOTLIGHT The rich get richer Chinese internet giant Alibaba Group recorded [US$33.8 billion in revenue]( for the quarter ended December 31, 2020, an increase of 37% from 161 billion yuan (US$24.9 billion) a year before. - Home cooking: The uptick was mainly driven by its China commerce retail business, which raked in US$23 billion during the period, up by 39% compared to 110 billion yuan (US$17 billion) in the same quarter of 2019. - Not just ecommerce: Within the same reported period, revenue from its cloud computing business Alibaba Cloud reached US$2.4 billion, a 50% year-on-year growth, while the firm’s digital media and entertainment segment and innovation initiatives generated US$1.2 billion and US$207 million in revenue respectively. - The bottom line: The company yielded US$11.9 billion in net income, growing by 56% compared to 50 billion yuan (US$7.7 billion) in the same quarter of 2019.  ---------------------------------------------------------------   Tech in Asia’s daily newsletter is free for everyone. But if you want to get full access to all of our insightful articles, charts, podcast episodes, workshops, and educational videos, you can do so by [subscribing]( ---------------------------------------------------------------   QUICK BYTES  1️⃣ Jeff Bezos will step down from Amazon CEO role He’s [transitioning to a new position]( in the company as executive chair of the Amazon board in Q3 2021. Andy Jassy, who currently serves as CEO of Amazon Web Services (AWS), will replace Bezos as Amazon CEO. Bezos has served as Amazon’s CEO since he founded the company in 1994, and he presided over the ecommerce giant as it grew from an online bookstore into one of the most dominant technology companies in the world.  2️⃣ Google Cloud lost quite a bit of pocket change in 2020 Google Cloud [lost US$5.6 billion]( in Google’s fiscal year 2020, which ended December 31, against US$13 billion of revenue. Losses and revenue in the business have both been growing since 2018, which indicates that Google is investing heavily in its cloud venture.  3️⃣ Rocketship.vc invests in ex-Carousellers’ fintech startup Fintech company BukuWarung announced it has [raised an undisclosed sum from Silicon Valley-based VC Rocketship.vc]( as well as from the early backers of payments platform Adyen, Brazil-based Nubank, fintech firm Revolut, and an unmentioned Indonesian retail giant. Funds raised from the financing round will be used to expand the company’s technology and product team in Indonesia, India, and Singapore. It will also launch more products and features to digitize MSME business operations. The company aims to launch monetization products such as credit this year as well.  4️⃣ Softbank is bringing a coronavirus test service to individuals in Japan The multinational company is doing so [via an app offered by its cell phone service provider]( a move that shows its broader ambitions in the healthcare technology business. Softbank said in a news release that by expanding the service to individuals, it wants to "make PCR testing more affordable and easier for more people." A kit for one person costs 5,500 yen (US$52), including shipping and testing fees.  5️⃣ IPO for JD (and other fun acronyms) JD Logistics, the distribution arm of Chinese ecommerce giant JD.com, is reportedly planning to submit an [initial public offering application to the Hong Kong stock exchange]( as soon as this month. The company is targeting a valuation of US$40 billion as it looks to start trading in the second quarter of 2021. JD’s stock saw a 5.5% increase to HK$372.40 following the reports’ release.  6️⃣ Tencent doesn’t let up on fighting corruption Chinese internet giant Tencent said it has [fired over 100 employees]( following its graft investigation since Q4 2019, according to its official WeChat account. In its post, Tencent listed 22 staff members from its gaming, social media, and video businesses who were suspected of graft. The tech giant also blacklisted 37 companies during the probe. The move marks one of the most detailed corruption reviews being publicized among Chinese private companies. It comes as the government continues to prioritize the anti-corruption campaign against government officials and corporate execs.  ---------------------------------------------------------------  EVENTS HAPPENING - Tech in Asia x AWS Fintech Forum on 23 February Join Tech in Asia’s upcoming half-day conference in partnership with AWS to get a headstart on how to accelerate your fintech capabilities. Through a fireside chat, a panel discussion, and a master class, you’ll get to hear Asia’s best thought leaders discuss the region’s fintech landscape, how to build and scale fintech platforms, and more. RSVP for your complimentary seat [here]( - Tech in Asia’s Product Development Conference on April 7 and 8 This year’s conference is centered around a single goal: helping companies build outcome-oriented products. With five tracks from strategy to analytics, we want you to come out of this conference with product and engineering tips to build a winning product. You can get the ticket at an [early bird discount]( today for just US$15 (usual price US$50). Existing Tech in Asia Core, Live, and ID+ subscribers can RSVP at no additional cost [here](.  ---------------------------------------------------------------  WHO'S HIRING - [Lead Solutions Consultant]( at Braze (Singapore, Singapore) - [Software Engineer]( at PT Five Jack (Itemku) (Jakarta, Indonesia) - [DevOps Engineer]( at NusaTalent (Jakarta, Indonesia)  ---------------------------------------------------------------  SHARE WITH YOUR FRIEND Don’t leave your co-workers behind! Share this with them so that they can keep up with what’s going on in the region’s tech scene. Feel free to [drop us some feedback]( if our newsletter today got you feeling smarter (or if it didn’t).  ---------------------------------------------------------------  Thanks for reading! Tech in Asia’s newsletters are handcrafted daily with love - and sometimes powered by good kopi (or tea). [ADVERTISE]( | [PREMIUM]( | [JOBS]( P.S. Don't miss out on the biggest tech news and analysis. Add newsletter@techinasia.com to your address book, contacts, or safe sender list. Or simply move us into your inbox. Was this forwarded to you? You can read this everyday when you sign up [here](. Don't want to receive these emails anymore? [Unsubscribe](.  ---------------------------------------------------------------  Today’s edition is written by Winston Zhang, with contributions from Putra Muskita and Doris Yu. It’s edited by September Grace Mahino. Copyright © 2021 Tech in Asia, All rights reserved. 51 Bras Basah Rd, #05-5061, Singapore 189554

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