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Startups

Sea reports $422m loss in Q1 as ASEAN tech draws investors

Singapore group says it is 'in best position' in the region as rivals announce merger

Sea's current businesses include online gaming, e-commerce, food delivery and digital payment.   © Reuters

SINGAPORE -- Southeast Asia's most valuable listed company Sea reported on Tuesday a net loss of $422 million for the three months ended in March, widening from a net loss of $281 million in the same quarter a year ago, as the Singapore-based tech group continued aggressive marketing to capture growing demand amid the pandemic.

Sea's announcement comes a day after its regional peers Gojek and Tokopedia announced a merger that would create a big Indonesian group, which is expected to go public later. Another regional tech rival Grab also announced a U.S. listing last month, drawing attention from investors. Sea's earnings therefore will be closely watched as they will be revealing of the competitive landscape in the fast-growing Southeast Asian tech scene.

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