Big game: For years, Southeast Asia's young companies were fueled by billions of dollars in venture capital from growth-chasing investors, including SoftBank Group's controversial $100 billion Vision Fund. © Illustration by Parvati Pillai

Coronavirus stalks Southeast Asia's once-thriving unicorns

For Gojek, Grab and more, quest for profit becomes struggle for survival

SHOTARO TANI, WATARU SUZUKI and PETER GUEST, Nikkei staff writers

July 29, 2020 04:41 JST

JAKARTA/TOKYO -- Car-leasing startup Smove was startlingly popular and easy to use, even in expensive and rule-bound Singapore. With the tap of a prepaid card, anyone could jump in a vehicle off the street, start it with a push of a button and drive for as little as $1 per quarter hour.