Southeast Asia’s technology startup ecosystem has witnessed explosive growth over the past decade, attracting significant venture capital investment fueled by burgeoning digital economies, a young and increasingly connected population, and the rise of homegrown unicorns. 

Billions of dollars have poured into the region, fostering innovation across sectors like fintech, e-commerce, logistics, and enterprise software. However, as the market matures and early investments seek liquidity, a critical question looms large: are the exit pathways truly proven?

The recent ambitions of automotive marketplace Carro, aiming for an EBITDA of S$130 million ahead of a potential IPO, underscore both the potential and the prevailing caution. 

Carro’s CEO, Aaron Tan, highlighted the current landscape in a Business Times article by questioning the scarcity of sizable, profitable, high-growth tech companies ready for public markets, asking, “Name me another high-growth tech company that is profitable, EBITDA positive and sizable?” This sentiment reflects a broader reality in the region.

While headlines often celebrate large funding rounds and exceptional performance like Carro’s reported S$40 million EBITDA for FY2025 and continued growth, the narrative surrounding venture capital (VC) exits in Southeast Asia is more complex and often opaque. 

Unlike more established markets where Initial Public Offerings (IPOs) provide a visible and often lucrative exit route with clear valuation benchmarks, the Southeast Asian landscape is heavily dominated by trade sales (Mergers & Acquisitions or M&A) and, increasingly, secondary sales, a context in which even companies on the IPO path like Carro proceed with strategic patience.

A significant portion of these transactions occurs behind closed doors, with deal values rarely disclosed publicly. This lack of transparency presents a considerable challenge for the ecosystem, making it difficult for Limited Partners (LPs) to gauge actual returns on investment (ROI), for VCs to demonstrate track records definitively, and for the market as a whole to establish reliable valuation benchmarks. 

This article delves into the current state of VC-backed exits in Southeast Asia, highlighting known examples with disclosed valuations while exploring the prevalent challenge posed by the opacity surrounding trade and secondary sales.

Glimmers of Transparency: Notable Exits with Public Valuations

Despite the prevailing opacity, several significant VC-backed exits in Southeast Asia have occurred with publicly disclosed or widely reported valuations, offering valuable data points and demonstrating the potential for substantial returns in the region. These landmark events, primarily through IPOs, SPAC mergers, and occasional high-profile M&As, provide crucial benchmarks, albeit representing only a fraction of the total exit activity.

Notable Exits Summary

High-Profile Public Listings (IPOs & SPACs)

Public listings, while less common than in markets like the US, have produced some of Southeast Asia’s largest exits, particularly for regional tech giants:

• Grab (Singapore/Regional): Perhaps the most prominent example, Grab went public via a merger with Altimeter Growth Corp., a Special Purpose Acquisition Company (SPAC), in December 2021. The deal initially valued the super-app at nearly US$40 billion, although the market capitalization has fluctuated significantly since listing on the Nasdaq. This remains the largest public listing for a Southeast Asian tech company to date.
• Sea Ltd (Singapore/Regional): A pioneer in the region’s public market journey, Sea Ltd, the parent company of Shopee, Garena, and SeaMoney, listed on the New York Stock Exchange (NYSE) back in October 2017. Its IPO raised US$884 million at a valuation of approximately US$4.9 billion, setting a precedent for other regional tech players.
• GoTo (Indonesia): Formed through the merger of Indonesian giants Gojek and Tokopedia, GoTo Group held its Initial Public Offering (IPO) on the Indonesia Stock Exchange (IDX) in April 2022. The company raised US$1.1 billion at a valuation of around US$28 billion, marking one of the largest IPOs in Asia that year.
• Bukalapak (Indonesia): Another Indonesian e-commerce leader, Bukalapak, went public on the IDX in August 2021, raising US$1.5 billion in the country’s largest-ever IPO at the time. The listing valued the company at approximately US$7.5 billion.
• PropertyGuru (Singapore/Regional): The online property portal PropertyGuru also chose the SPAC route, merging with Bridgetown 2 Holdings (backed by Richard Li and Peter Thiel) to list on the NYSE in March 2022. The transaction valued the company at roughly US$1.8 billion.

These examples showcase the potential for significant value creation and liquidity via public markets, although the path often involves navigating complex structures like SPACs or opting for regional exchanges like the IDX.

Notable Mergers & Acquisitions (M&A)

While many M&A deal values remain confidential, some significant transactions have been publicly announced, particularly in the fintech sector:

• Singlife (Singapore): In a major insurance tech deal, Japanese insurer Sumitomo Life Insurance acquired Singaporean digital insurer Singlife in December 2023. The deal valued Singlife at S$4.6 billion (approximately US$3.4 billion overall, with Sumitomo acquiring the remaining stake based on a valuation reported around US$1.2 billion for that specific transaction).
• iCar Asia (Malaysia/Regional): Leading Southeast Asian used-car platform Carsome acquired ASX-listed automotive portal iCar Asia in July 2021. The deal was valued at over A$200 million (approximately US$150-200 million), consolidating players in the online automotive space.
• Moka (Indonesia): Gojek (prior to the GoTo merger) acquired Indonesian point-of-sale (POS) provider Moka in April 2020. The deal was widely reported to be valued at around US$130 million, strengthening Gojek’s merchant ecosystem.
• Coins.ph (Philippines): This Filipino fintech platform saw two significant acquisitions. First, Gojek acquired it in January 2019 for a reported US$72 million. Later, in April 2022, former Binance CFO Wei Zhou acquired Coins.ph from GoTo for a reported US$200 million, indicating substantial growth and strategic value.
• Satang (Thailand): Kasikornbank, a major Thai bank, acquired a majority stake (97%) in the licensed cryptocurrency exchange Satang (rebranded to Orbix) in October 2023. The transaction valued the exchange at approximately 3.7 billion baht (around US$100 million).

These disclosed M&A deals, while fewer in number compared to the total volume, illustrate the strategic importance of consolidation and the acquisition appetite from both regional tech players and traditional industry incumbents.

Recent VC-Backed Exits in 2023 – 2024

In a Southeast Asian startup landscape where exit pathways remain largely opaque, these recent acquisitions reflect strategic moves by both local and global players seeking scale, sustainability, and sector leadership.

• Tokopedia (Indonesia): TikTok acquired a 75% stake in Tokopedia for over $1.5 billion in December 2023, merging Tokopedia with TikTok Shop Indonesia. This partnership allows TikTok to tap into Indonesia’s 125M monthly users for e-commerce growth, while GoTo retains a revenue stream without further funding Tokopedia. The combined platform aims to dominate Indonesian e-commerce and support MSMEs.
• PropertyGuru Group (Singapore): EQT Private Capital Asia acquired PropertyGuru for around $1.1 billion in December 2024, leading to its delisting from the NYSE. With EQT’s expertise, PropertyGuru plans to accelerate tech development and regional expansion, riding on Southeast Asia’s urbanization and digitalization trends.
• Chope (Singapore): Grab acquired restaurant booking platform Chope for an undisclosed sum, aiming to enhance Grab’s merchant ecosystem. The deal strengthens Grab’s O2O (online-to-offline) capabilities, supports SMEs, and aligns with Chope’s mission to connect diners and restaurants across Asia.
• Crea (Thailand): Vietnam’s OnPoint acquired Thailand’s Crea in December 2024 to build Southeast Asia’s leading e-commerce enablement ecosystem. Together, they serve over 250 brands with advanced AI tools.
• iPrice (Malaysia): Bukalapak acquired a majority stake in price comparison platform iPrice to boost its focus on niche marketplaces. Post-acquisition, iPrice plans to expand into gaming and Australia, supporting Bukalapak’s push toward profitability in the competitive e-commerce sector.

In a region where IPOs remain elusive, M&As have emerged as the dominant currency for scaling, exiting, and winning in Southeast Asia’s startup economy.

The Dominance of Opaque Exits: Trade Sales and Secondaries

While the high-profile public listings and disclosed M&As provide valuable reference points, they represent the tip of the iceberg in Southeast Asia’s exit landscape. The reality, as highlighted by various industry reports and analyses, is that the vast majority of exits occur through trade sales (M&A) and secondary transactions, often without public disclosure of the valuation. This opacity is a defining characteristic and a significant challenge for the regional ecosystem.

Why Trade Sales and Secondaries Dominate (Beyond M&A)

Several interconnected factors contribute to the prevalence of M&A and secondary sales over IPOs in Southeast Asia:

1. Strategic Imperative for M&A: Regional tech giants and traditional conglomerates aggressively pursue M&A to consolidate fragmented markets, acquire technology or talent rapidly, and defend or expand their market share. This creates a strong demand-side pull for successful startups, making trade sales a readily available and often strategically logical exit path. 
2. Market Fragmentation & IPO Hurdles: Southeast Asia’s diverse markets make achieving the scale for a major international IPO difficult. Furthermore, local exchanges, while improving, have historically been less receptive to high-growth tech stocks, and the regulatory/cost burdens of listing remain significant deterrents compared to a private sale. 
3. Liquidity Needs & Fund Lifecycles (Driving Secondaries): As the first waves of Southeast Asian VC funds reach maturity, the pressure mounts on General Partners (GPs) to return capital to their Limited Partners (LPs). With IPO markets often volatile or inaccessible for many portfolio companies, secondary sales become a vital mechanism. These transactions allow early investors (VCs, angels) to sell their stakes to specialized secondary funds, later-stage investors, or even other VCs, providing essential liquidity without relying on a full company sale or IPO. The INSEAD/GGV report highlights this trend, noting secondaries becoming a bigger force post-2022, partly due to fund lifecycles. 
4. Valuation Mismatches: Public market volatility and potentially lower comparable valuations on regional exchanges compared to private market expectations can make a trade sale or secondary transaction at a privately negotiated price more attractive to sellers than risking an IPO in uncertain conditions.

The Compounded Challenge: Opacity and Partial Exits

The primary issue remains the lack of transparency surrounding valuations in these dominant private exit routes. Deals are negotiated confidentially, and terms are rarely disclosed unless mandated by regulations (e.g., if a public company is involved).

This opacity creates several challenges, which are further compounded by the nature of these transactions:

• Difficulty in Assessing True Returns: Beyond just the unknown valuation, trade sales and secondaries can often be partial or staggered exits. An investor might sell only a portion of their stake, or the payout might be structured over time or contingent on future performance (earn-outs). This makes it incredibly difficult for LPs to gauge the actual, time-weighted return on their investment and the overall fund performance, even if a headline “exit” is announced. The full picture of cash returned to LPs remains obscured. (Revised bullet point to include partial/staggered exits)
• Lack of Benchmarks: Without public data on full and partial exit valuations, establishing reliable valuation benchmarks for different sectors and stages becomes difficult, potentially leading to information asymmetry during negotiations.
• Perception vs. Reality: The narrative around Southeast Asia’s potential can sometimes clash with the perceived difficulty in achieving tangible, high-multiple returns, as highlighted by reports noting that cash returns remain ‘elusive’ for many private investors [Source: PitchBook via Tech in Asia]. The fact that a small number of large exits contribute disproportionately to the total exit value further complicates the picture when most exits are smaller, private, and potentially partial.
• Investor Confidence: While sophisticated investors understand the dynamics, broader market confidence can be affected by the lack of clear success stories with verifiable financial outcomes beyond the handful of mega-deals. The complexity of partial or staggered exits adds another layer of uncertainty.

Addressing these compounded challenges – both the opacity of valuations and the often partial nature of private exits – is crucial for the long-term health and sustainability of Southeast Asia’s VC ecosystem. 

While complete transparency in private deals is unlikely, fostering a culture of greater disclosure where possible, alongside robust reporting standards and the continued development of secondary market infrastructure, will be key. 

Conclusion: Towards a More Mature and Transparent Exit Landscape

Southeast Asia’s VC ecosystem is at a pivotal stage. While rich in potential and investment, achieving consistent, transparent returns is an ongoing challenge, largely due to the prevalence of opaque M&A and secondary sales. These exits offer liquidity but obscure true performance and market benchmarks.

Landmark IPOs and disclosed M&As prove substantial exits are possible, yet greater transparency across all exit types is vital for the ecosystem’s maturation. Future progress hinges on developing regional exchanges, enhancing secondary market sophistication, and encouraging voluntary disclosures.

Ultimately, demonstrating returns, not just generating them, will solidify Southeast Asia’s venture landscape. Fostering transparency and diverse, well-documented exit pathways are key to this evolution.

References

• PitchBook. (2024). Southeast Asia Private Capital Breakdown. Retrieved from https://www.pbec.org/wp-content/uploads/2024/05/2024_Southeast_Asia_Private_Capital_Breakdown-Pitchbook.pdf
• Lopez, E. (2024, March 14). Cash returns still ‘elusive’ for VC, PE investors in SEA startups: report. Tech in Asia. Retrieved from https://www.techinasia.com/cash-returns-elusive-private-investors-sea-startups-report
• Fintech News Singapore. (2025, January 22). Top 10 Largest Fintech Acquisitions in Southeast Asia. Fintech News Singapore. Retrieved from https://fintechnews.sg/106548/fintech/fintech-acquistions-southeast-asia/
• Golden Gate Ventures & INSEAD. (2019, September). Southeast Asia Exit Landscape: A New Frontier. Retrieved from https://www.insead.edu/sites/insead/files/assets/dept/centres/gpei/docs/golden-gate-ventures-insead-sea-exit-landscape.pdf
• EY. (2025, March). Southeast Asia Private Equity Pulse: 2024 in review. Retrieved from https://www.ey.com/content/dam/ey-unified-site/ey-com/asean/technical/quarterly-private-equity-pulse/documents/ey-sg-southeast-asia-private-equity-pulse-2024-in-review-03-2025.pdf
• Crunchbase. List of top Southeast Asia Companies that Exited. Retrieved May 5, 2025, from https://www.crunchbase.com/hub/southeast-asia-companies-that-exited (Note: Used for cross-referencing potential exits, specific data points verified via news searches)
• Various news articles reporting on specific IPOs/SPACs/M&A deals (e.g., Grab, Sea Ltd, GoTo, Bukalapak, PropertyGuru, Singlife, iCar Asia, Moka, Coins.ph, Satang).