Hong Kong Startup News Roundup - 19 April 2021

Singapore's Grab to list in US through $40bn SPAC deal

Grab, Southeast Asia’s largest unlisted startup and best-known tech group, is to go public in the U.S. through a merger with a special purpose acquisition company (SPAC). The startup will merge with Nasdaq-listed Altimeter Growth Capital, and the deal values the company at $39.6 billion, making it one of the most valuable companies in Southeast Asia. 

The listing of Grab is a milestone for Southeast Asia’s growing startup scene as with the exception of the Singaporean online gaming and e-commerce platform Sea, the region’s big tech startups have remained unlisted and have continued to raise funds in the private market.

Pine Labs acquires Southeast Asian startup Fave for $45 million

In a deal valued at $46 million, Pine Labs announced on Tuesday that it has acquired Southeast Asian startup Fave as the firm looks to strengthen its consumer-focused offering in the domestic and international markets. 

By helping using gift cards and vouchers, Fave helps an offline merchant connect and retain customers. This offering has been proven to be useful to merchants during the pandemic as they seek for ways to drive sales from existing customers. 

After the acquisition, the team works towards bringing Fave’s offering to customers in 3,700 Indian cities. The startup plans to hire an additional 100 employees and also plans to launch a buy now and pay later product in the next one to two months. 

Introducing RicePass Meal Subscription

Hong Kong based startup, RicePass, has recently launched meal subscription plans, the Netflix of work lunches. The company aims to offer consumers more lunchtime options at better prices and also provide restaurants a reliable customer channel. 

Set meals in Hong Kong’s CBD, Central, can cost up to HKD 100, as a result RicePass offers an attractive new alternative, will full set meals available for pick-up at HKD39 to 45 each, depending on the subscription plan.

On the menu you can find many different cuisines, including Indian, Japanese, Chinese, and substantial vegetarian options. Currently, the company covers restaurants in the areas: Central, Sheung Wan, Wanchai, Causeway Bay, Quarry Bay, and Kwun Tong, although they are constantly expanding.

Olive: How This Startup Wants To End Single-Use Packaging From Your Online Shopping

Olive may have found the solution to end the single-use packaging from your online shopping experience. The process of Olive is designed to be convenient and seamless. Once a customer signs up, when they checkout, shoppers simply select ‘Olive address’, where their chosen partnered retailers’ products are consolidated and sent out in reusable cardboard-free ‘shipper’s and delivered to customers.

Olive hopes to ‘One day, completely eliminate single-use packaging’. Although the startup mostly collaborates with the fashion industry and shoppers within the U.S., the startup plans on expanding as its membership grows. 

Taiwan’s AppWorks leads $1m round in Vietnam healthtech startup

Docosan, a Vietnam-based healthtech startup, has raised over USD 1 million in a funding round led by Taiwanese tech venture capital firm AppWorks, known for its investments in Southeast Asian Companies like Lalamove, Carousell, and ShopBack.

The startup is an online marketplace that lets patients compare healthcare providers and book appointments through its platform. Within less than a year of its operations, Docosan has claimed to have assisted 50,000 patients in Vietnam book appointments with physicians across 35 specialties.