Singapore-based startup Qxpress is eyeing a US IPO that could value it anywhere from $500m to $1b. Hey, China might be taking a step back from the US markets but that doesn’t mean the rest of Asia-Pacific has to sit and watch from the sidelines.
The Peter Thiel-backed firm is a logistics company that offers delivery, warehousing, and cargo shipping services for clients in South Korea, Japan, India, China, and the wider Southeast Asia region. It started off as a subsidiary of South Korean e-commerce website Qoo10 but has since become a distinct entity.
Why it matters
Qxpress joins other Southeast Asian startups like Singapore’s PropertyGuru, Malaysia’s Carsome, and Taiwan’s Gogoro that are mulling over a US listing. China’s step back from the US might be a silver lining for other rapidly-growing Asian startups to take a hold of.
