Star Southeast Asia Unicorns See $51 Billion Gone Since Listings
- GoTo, Bukalapak and Grab have slumped this year amid tech rout
- Investors concerned about high valuations and profitability
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Global investors who put their faith in three of Southeast Asia’s high-profile tech startups are facing a grim reality that’s seen the firms lose $51 billion in value in the past year-and-a-half since their equity debuts.
Singapore-based ride-hailing firm Grab Holdings Ltd., which listed in New York about a year ago, has shed over 70% of its market value. It was Southeast Asia’s most valuable startup at the time it merged with Altimeter Growth Corp., the blank-check firm of Brad Gerstner’s Altimeter Capital Management. Grab lured more than $4 billion from investors including BlackRock Inc., Fidelity International and T. Rowe Price Group Inc.