A customer at a Groupon Singapore concept store. Photo: Groupon
In Asia, the daily deals industry is apparently in the doldrums. In an analysis done by Groupon Singapore, only 19 group buying companies now remain, down from a peak of 72 in 2010 and 39 in 2011. 84% of these companies lasted less than a year.
SGE has even covered the demise of a couple of these websites: Outlet.com.sg and Mocca Perks.
The downward spiral in Singapore dovetails with the predominant trend in Asia and the world: Group buying sites are shutting down en masse. In the second half of 2011 alone, Daily Deals Media reported that 1,348 such companies have gone under. While some group buying sites have been acquired, they are in the minority.
Groupon’s share price, meanwhile, has tumbled to USD 5.25 per share on 6 October from a high of USD 31, despite a profitable quarter. Another American daily deals company, JigoCity (acquired by the owner of porn magazine Penthouse), is also finding the waters choppy in Asia: It recently left Singapore, Hong Kong, Malaysia, and Australia.
But just like how the movie Rocky Balboa became a surprise hit in the face of doubts in 2006 — 16 years after the disappointing last film — Asia’s daily deals sites are reinventing themselves to stay in the fight. Read more
Last updated: 5 April, 2013
Tech startup activity has intensified in Southeast Asia in the past few years as investors and entrepreneurs have started to look more seriously at opportunities in the region. Acquisition activity has increased too. To help you keep track of what’s happening, here’s a cheatsheet of exits in the past few years, covering Singapore, Indonesia, Philippines, Malaysia, and Thailand. Let us know if we missed out on any company, or if you have any feedback on how to improve the list.
A 100-day startup accelerator program called East Ventures Alpha will open for registration in August 2011. The first run will last from September to November in South Jakarta, Indonesia, although this initiative is not just restricted to startups from that area. Read more
Back in Dec 2010, daily deal giant Groupon entered Asia with acquisitions of assets in Singapore, Philippines, Hong Kong and Taiwan. Today, they have expanded again with its acquisition of Indonesian site, Disdus. Read more
Singapore-based venture fund, East Ventures has invested in Indonesian daily deal site, Disdus.com. Terms of the deal hasn’t been disclosed. Read more