In Southeast Asian Internet battle, Sea's rise sends rivals scrambling

. The two Indonesian firms aim to create an US$18 billion powerhouse to fight off Sea and regional ride-hailing leader Grab.Meanwhile, Grab and other players, including travel app Traveloka and Indonesian e-commerce unicorn Bukalapak, are rushing for public listings, hoping to ride the coattails of Sea's stock rally while defending their turf, according to Reuters interviews with over a dozen people.

"Like the Avengers, companies need to band together if they want to ensure their survival and to win the war."CASH IS KING Sources say the Gojek-Tokopedia merger, which is likely to be finalised within weeks, will be followed by a listing in Jakarta in the second half of 2021, then a mega IPO in the United States targeted for 2022.Grab and Traveloka, for their part, are looking at speeding up the process by merging with special purpose acquisition companies, sources said. Bukalapak is planning the same, after a 2021 Jakarta IPO.

A signage of Shopee, the e-commerce arm of Southeast Asia's Sea, is pictured at their office in Singapore, Mar 5, 2021. In Indonesia, ShopeeFood is wooing vendors by touting its 80 million-strong user base and promising to subsidise steep discounting.Sea has bought Indonesian lender Bank BKE and has hired a veteran of China's peer-to-peer platforms to head its"SeaMoney" banking efforts.

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