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Asia's gig economy startups rake in cash as Uber and Lyft stumble

Grab, Gojek and Swiggy top fundraising deals in sector over past year

Singapore's ride-hailing company Grab attracted the largest fundraising deal in the sector this year. (Photo courtesy of Grab)

NEW YORK -- Asian startups are giving the gig economy a second wind, even as the troubled sector falters in the U.S. and Europe due to regulatory challenges and investor skepticism.

Asia witnessed four out of five largest fundraising deals by on-demand startups -- which rely on freelance workers to provide services from ride-hailing to food delivery -- in the 12 months trailing the third quarter of this year, though funding for such companies in general "saw some of the steepest declines" during the period, a recent Goldman Sachs report found.

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