SINGAPORE (June 26): With the rapid proliferation of 4G LTE networks across the Southeast Asia region, the gig economy is seeing a boom, driven primarily by ride-hailing apps Grab and GoJek.

Also referred to as “super apps” due to the many other features apart from ride-hailing available within the apps, the duo are also the region’s the region’s first “unicorns”, with Grab valued at US$14 billion and Go-Jek at around US$10 billion in March 2020. Go-Jek, however, is in the midst of a Series F financing round, which has already attracted over US$3 billion in funding by early-June 2020

Both companies started off providing ride-hailing services, which still represents the majority of revenues for both in 2019. But now have diversified into other horizontals, including food delivery, digital payments, video streaming, hotel bookings, household care, and even massages on-demand.

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