As the world starts to move beyond the pandemic, the need for resilience has taken the main stage in many critical sectors including construction. The construction industry is one of the largest industries in the world, contributing significantly to economic growth and employment.

However, it has a significant impact on climate change and accounts for 38 per cent of total global emissions according to the World Green Building Council. These emissions come from various sources, including the production of building materials, transportation of construction materials and equipment, construction activities, and the operation of buildings.

A significant contributor to the construction sector is the brick industry, providing building materials for a wide range of structures. However, worldwide, billions of rudimentary kilns typically use coal for brick-firing purposes and contribute to 20 per cent of the world’s black carbon emissions. Around 90 per cent of this production is in South Asia, and in some South Asian cities, these kilns are responsible for up to 90 per cent of the particulate matter emissions.

The brick industry in South Asia has been growing at an alarming rate, primarily driven by the construction boom in urban centres. In countries such as India, Bangladesh, and Nepal, the brick industry has become one of the largest sources of greenhouse gas emissions, second only to the energy sector. The impact of the brick industry on the environment, including the Himalayas, has been significant and far-reaching.

Also Read: Why these startups focus on informal plastic waste workers in the fight against climate crisis

Since the Himalayas play a critical role in the ecological, social, and economic systems of South Asia, air pollution poses a significant threat to the region’s well-being. The impact of climate change due to these emissions is causing glaciers to melt, leading to flash floods, landslides, and other natural disasters in the Himalayas. The warming of the Himalayan region is also leading to the migration of animal species and the destruction of their habitats, further resulting in the loss of biodiversity.

The brick industry’s impact on air quality is also severe. The brick kilns’ emissions contribute to the deterioration of air quality, leading to respiratory diseases and other health problems. For instance, in addition to thousands of deaths due to air pollution in the brick sector, the economic costs on public health in Nepal only per year are about US$46 million.

Brick kilns burning coal are also adding further pressure on the energy security of countries like Nepal which have a low domestic fuel reserve. Nearly 73 per cent of the total coal consumed in the country is imported (largely from India, Indonesia, and the US). According to the World Bank, Nepalese kilns burn about 1 million tons of coal per year and, owing to the increase in demand, coal consumption is increasing.

The brick industry’s impact on the social fabric of South Asian societies is also significant. The industry is responsible for the widespread exploitation of labour, including child labour and forced labour. The industry’s reliance on traditional kilns is often at the expense of worker safety and health, leading to widespread health problems, including respiratory diseases and skin disorders.

The brick industry is an essential source of employment in South Asia, providing jobs to millions of people. However, the industry’s impact on the economy is not always positive. The industry’s reliance on traditional kilns has led to inefficiencies in the production process, resulting in low productivity and high costs.

The high costs of production are ultimately passed on to consumers, making the final product expensive. The high cost of bricks has resulted in the widespread use of cheaper and low-quality materials, leading to the construction of unsafe buildings, which can collapse during earthquakes or other natural disasters.

As the demand for bricks increases with the growth of the construction industry, there is an urgent need for sustainable practices in the brick sector. Sector-wide solutions to transition to cleaner and more efficient technologies can help reduce energy consumption and greenhouse gas emissions and make the sector greener and more sustainable.

Innovative developments have taken place worldwide to successfully replace these traditional bricks with eco-friendly alternatives such as non-fired bricks, reducing greenhouse gas emissions (GHGs) while preserving the quality and strength of the material.

One of the most proven innovative alternative technologies hardens and cures bricks using soil stabilisers instead of firing, thereby avoiding coal or any fossil fuel consumption. An automated non-fired, eco-friendly brick is manufactured with three components: soil (90 per cent), cement (9.8 per cent) and soil stabiliser (0.2 per cent).

Advantages over traditional bricks manufacturing process

Reduced GHG emissions

The Good Bricks System (GBS) cuts the CO₂ emissions down to one-third of the traditional brick kilns. It also eliminates deadly black carbon, sulfur oxides (SOx), nitrogen oxides (NOx), and various particulate matters (PMs) that are causing massive health issues and climate change issues in the Himalayan region.

Also Read: How to navigate the investment opportunity in climate tech sector

High productivity

The GBS process results in enhancing productivity by reducing the production time from 28 days to just five, allowing the manufacturer to produce bricks during the rainy season and at night since all processes can be done indoors under one roof.                             

Cheaper production process

On average, the production cost of soil-stabilised bricks is about 10-12 per cent lower than conventional bricks.

Reduced production and process losses

Anecdotal evidence suggests that the amount of production and process losses in conventional brick manufacturing is between 20-25 per cent. These losses can include factors such as waste in the clay preparation process, breakage of bricks during firing, bricks that do not meet quality standards, human errors, and inconsistent brick quality owing to uneven use of coal firing. In the case of GBS (Good Bricks System), these losses account for less than three per cent.

Better working conditions

Since Good Bricks manufacturing operates year-round, it eliminates the issue of seasonal migration and allows workers and their families to receive social benefits guaranteed by full-time employment further improving their working conditions.

The importance of sustainability in the brick sector cannot be overstated. Although such non-fired technologies exist on the ground, the implementation and adoption at a larger scale would require

• Participation of all stakeholders, including brick manufacturers, policymakers, consumers, and environmental groups
• Willingness to invest in such innovative sustainable solutions

By leveraging such innovative technologies, the brick sector can move towards a more sustainable and environmentally responsible future, benefiting both industry and the Himalayas.

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The advent of Web3 has paved the way for a new wave of startups aiming to leverage the power of decentralised technologies such as blockchain and cryptocurrency. These startups have captured the attention of investors, who recognise the potential for high returns on investment as well as the benefits of diversification.

In this article, we will explore the world of Web3 startups and why they are the next big thing that investors are flocking to.

A look at Web3 startups

Web3 startups are companies that leverage decentralised technologies to create innovative solutions that are not possible in traditional centralised systems. These solutions typically involve blockchain technology, which is a distributed ledger that allows for secure and transparent transactions without the need for intermediaries.

Web3 startups are revolutionising the finance industry through decentralised finance (DeFi), which allows for peer-to-peer transactions and removes the need for intermediaries such as banks. DeFi protocols like Compound, Aave, and MakerDAO have gained popularity among users who are seeking a more transparent and decentralised financial system.

Web3 startups are also disrupting the gaming industry by introducing blockchain-based games that allow players to earn cryptocurrencies and trade in-game assets on decentralised marketplaces. Axie Infinity is a popular example of such a game, where players can earn cryptocurrencies by breeding and battling creatures called Axies.

In addition to finance and gaming, Web3 startups are also making strides in the social media industry. Social media platforms like Minds and Steemit are leveraging blockchain technology to create decentralised alternatives to mainstream social media platforms. These platforms aim to give users more control over their data and content while ensuring transparency and censorship resistance.

Also Read: Putting all your eggs in one basket?

As more industries adopt decentralised technologies, Web3 startups will continue to create new markets and revolutionise existing industries, making them an attractive investment opportunity for investors looking for high returns on investment.

Tap into the upsides

Investing in Web3 startups offers several benefits for investors who are interested in the potential of decentralised technologies. In this section, we will explore in more depth the advantages of investing in these startups.

High returns on investment

Web3 startups can offer high returns on investment through their innovative business models and disruptive technology solutions. Decentralised technologies like blockchain and cryptocurrency can transform industries, creating growth and profitability opportunities.

NFTs remain popular, with digital art and collectibles being a growing market. Nifty Gateway and Rarible are examples of Web3 startups that have capitalised on this trend, providing NFT marketplaces for artists and collectors to transact without intermediaries.

The NFT market cap grew from US$210 million in 2020 to over US$35 billion in 2022, demonstrating the explosive potential of Web3 startups to create new markets and generate high returns on investment.

With the increasing adoption of blockchain technology and decentralised finance, Web3 startups are expected to expand into new markets and revolutionise existing industries.

Diversified investments

Investing in Web3 startups provides the advantage of diversified investments across different industries and solutions. Web3 startups operate in a range of industries, including finance, gaming, social media, and supply chain management, among others. This provides investors with opportunities to invest in a range of solutions and reduce the risk of being overexposed to a single industry or solution.

Diversification is a key strategy for reducing investment risk, as it allows investors to spread their investments across different asset classes and industries. By investing in a portfolio of Web3 startups, investors can reduce their exposure to specific risks associated with any single startup and increase their chances of success.

Socially responsible investing

Investing in Web3 startups can also be a socially responsible investment, as these startups often have a positive impact on society and the economy. Decentralised technologies have the potential to create more transparent, efficient, and secure systems that benefit all stakeholders.

For example, blockchain technology can be used to create more transparent and efficient supply chains that reduce waste and improve sustainability. Web3 startups such as Provenance and Everledger are using blockchain technology to track and verify the authenticity of products, from food to diamonds, creating a more transparent and sustainable supply chain.

Investing in Web3 startups that are working on socially responsible solutions can provide investors with a sense of purpose and help to create a more sustainable future for all.

Potential for liquidity

Investing in Web3 startups can also offer the potential for liquidity, as many Web3 startups use cryptocurrency tokens as a means of fundraising and as a means of transacting on their platforms. These tokens can be bought and sold on cryptocurrency exchanges, providing investors with opportunities to realise returns on their investments.

Additionally, many Web3 startups are exploring alternative fundraising models such as initial coin offerings (ICOs) and initial exchange offerings (IEOs), which provide investors with opportunities to invest in the early stages of a startup’s development and potentially realise significant returns as the startup grows.

Challenges facing Web3 startups

Web3 startups face challenges that can impact their success.

Also Read: Strategies for success: Building a thriving Web3 startup

One major challenge is the lack of regulation and standardisation in the decentralised ecosystem. This can create uncertainty and confusion for investors, making it difficult to assess risks and potential rewards.

Technical complexity is another challenge, requiring a high level of expertise, which can be a barrier for investors.

Established companies with established market positions and significant resources can also pose a challenge to Web3 startups.

Strategies for successful investment in Web3 startups

To succeed in investing in Web3 startups, a strategic approach is necessary. This includes research, due diligence, building a diversified portfolio, and collaborating with experienced partners.

Research and due diligence are crucial for assessing risks and potential rewards and analysing technology, business models, market position, and competition.

Diversifying investments across different industries and solutions reduces risk and provides opportunities for high returns.

Collaborating with experienced partners offers valuable insights, technical expertise, market knowledge, and connections to other investors, increasing the chances of success for Web3 startups.

Final thoughts

Web3 startups are the next big thing that investors are flocking to, as they offer the potential for high returns on investment, diversification, and socially responsible investing.

While Web3 startups face challenges such as regulation and technical complexity, their potential to transform industries and create new opportunities makes them a compelling investment opportunity for forward-thinking investors.

As the Web3 ecosystem continues to grow and mature, investing in Web3 startups will likely become an increasingly important component of a well-diversified investment portfolio.

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Editor’s note: e27 aims to foster thought leadership by publishing views from the community. Share your opinion by submitting an article, video, podcast, or infographic

Join our e27 Telegram group, FB community, or like the e27 Facebook page

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Animoca Brands and its game developing and publishing subsidiary Notre Game have announced a partnership with leading martial arts organisation ONE Championship to create an NFT-powered mobile game ONE Fight Arena.

The We3 game is being developed by Notre Game and will start player testing in Q4 2023, with a full global launch in Q1 2024.

It will be available as a free-to-play mobile game on Google Play and Apple’s App Store.

Unlike traditional sports games, ONE Fight Arena will focus more on strategic gameplay than just the action inside the Circle. Gamers can select from a wide variety of ONE athletes, such as MMA legend and ONE Flyweight World Champion Demetrious “Mighty Mouse” Johnson and ONE Flyweight Muay Thai World Champion Rodtang “The Iron Man” Jitmuangnon.

ONE Fight Arena will offer players optional Web3 integration that uses blockchain technology and NFTs to provide authentic digital ownership to players for certain game assets, including ONE athletes as they appear in the game.

Also Read: Animoca Brands acquires US-based music metaverse company Pixelynx

Players who do not wish to engage in the Web3 layer will still be able to play ONE Fight Arena as a traditional free-to-play mobile game, without true ownership of their ONE digital assets.

Hua Fung Teh, Co-Founder and Group President of ONE Championship, said: “This partnership will give us the opportunity to engage with our global fanbase at a deeper level through a unique gaming experience.”

Yat Siu, Co-Founder and Executive Chairman of Animoca Brands, said: “Our partnership with ONE to create ONE Fight Arena will enable the fans of the world’s largest martial arts organisation to access a novel gaming experience with true digital ownership at its core.”

ONE Championship ranks among the world’s top five sports properties for viewership and engagement with a cumulative reach of over 400 million fans, according to Nielsen. It produces and distributes events across over 170 countries, featuring martial artists and World Champions from over 80 nations and all martial arts styles, including MMA, Muay Thai, kickboxing, and Brazilian jiu-jitsu.

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Echelon Asia Summit 2023 brings together APAC’s leading startups, corporates, policymakers, industry leaders, and investors to Singapore this June 14-15. Learn more and get tickets here. Echelon also features the TOP100 stage, where startups can pitch to 5000+ delegates, among other benefits like connecting with investors, visibility through the platform, and other prizes. Join TOP100 here.

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The 2023 Echelon Asia Summit is happening at the Singapore EXPO on 14-15 June 2023. Are you a startup founder, investor, corporate, or tech enthusiast? Don’t miss out on one of the most anticipated tech conferences in the region! Get your tickets now! For more information, visit the official Echelon page.

Registration for TOP100 is now open and we are looking forward to seeing your startup on the list!

TOP100 Program gives you the one golden chance to connect with hundreds of investors, showcase your startup at Echelon, pitch on the TOP100 stage, and access special programs. Find out what’s new in TOP100 and join here: https://bit.ly/TOP100_2023

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Now that Echelon Asia Summit is coming back in full swing, e27 is determined to make one of its key features, the TOP100, one of the best yet!

The TOP100 program is an annual initiative organised by e27 to showcase and recognise the most promising startups in the Asia-Pacific region.

The program is open to exciting new startups from the Asia-Pacific region with innovative ideas that break barriers across different industries. The selection of the TOP100 involves a rigorous screening process, including an evaluation of the startup’s product or service, team, market potential, and traction.

Also read: Effective customer retention strategies from top Philippine founders

The selected startups are given the opportunity to pitch their business ideas at the Echelon Asia Summit this June 14-15, 2023, at the Singapore Expo. The program also provides exposure to investors, mentors, and potential partners, enabling growth among participating startups and helping them expand their networks across the larger global tech ecosystem.

The TOP100 program has become one of the most prestigious startup competitions in the region, attracting thousands of applicants each year and providing valuable visibility and support to the most promising startups in the region.

17 startups closer to competing at this year’s TOP100

Being a frontrunner refers to startups close to making it to this year’s TOP100 program.

With all the amazing startups sprouting across the Asia-Pacific region’s vibrant tech startup ecosystem, we now present you with 17 frontrunners closer to competing at this year’s TOP100. Get to know them here!

WriterZen

Founded in 2021, WriterZen is a pioneer content SEO toolset that simplifies content lifecycle from creation to conversion. Tailored for all SEO expertise levels, WriterZen strives to deliver an exceptional user experience, while helping solve the most pressing issues for content creators in the new digital age by offering an advanced suite of tools for digital content creators to help them streamline their SEO (search engine optimization) workflow and produce content in the most efficient way.

More than 12,000 marketing teams, SEO professionals and agencies trust WriterZen to help them manage everything–from research to executing and optimizing content for better search results.

Wallet Codes

A one-stop platform for gamers to buy digital vouchers with ease and redeem them in peace, Wallet Codes offers a wide variety of over 50 digital top-up vouchers and gift cards at affordable prices, including Mobile Legends, PUBG UC, Steam, iTunes, Nintendo, and many more.

Wallet Codes’ top priority is to facilitate fast, secure, and convenient transactions on its platforms across all payment modes. Additionally, registered users will be enrolled in their P Points loyalty reward program with any purchase. The accumulated points can be used to redeem any product available on the platform. The highlight? There are no expiry dates or redemption periods. Furthermore, Wallet Codes also offers B2B partnerships for brand distributors and resellers looking to expand their portfolios.

Python RPA

Python RPA is developing a no-code SaaS platform for repetitive task automation. Anyone using their platform can create software bots (agent applications) that mimic human actions on a PC.

Key components include the No-code Studio, an integrated development environment for bots creation which features the following functionalities: no-code development of projects (scenarios for software bots), browser tasks automation, desktop tasks automation, MS Excel, and Google Sheets tasks automation; and the Python scripting 2. Orchestrator, a centralised software bots management server with the following functionalities: performance management, event logging, scheduling, queues, virtual machine management, and credentials management and encryption

Tokenizer NeoBank

Tokenizer enables users and businesses to store and transact Digital Assets and Fiat seamlessly in a single app for savings, transfers, payments, bill pay, investments, etc. In addition, Tokenizer is a gateway for users to easily access DeFi-based crypto yields. In addition to cryptocurrencies and fiats, Tokenizer is also a portal for tokenized assets such as real estate, bonds, etc where existing traditional assets are converted to tokens via industry-leading Asset Tokenization with Compliance and Trading infrastructure.

In short, Tokenizer is the complete Digital Assets super-app platform for the new era of banking and finance.

ZAKKI

ZAKKI is a startup dedicated to fostering an inclusive community for elderly individuals and people with disabilities through social technology. It is the flagship project of the Integrity Syariah, with a mission to promote micro-enterprises, volunteer communities, and support networks for these communities. During the COVID-19 pandemic, ZAKKI launched Naon, an anti-corruption and lost-and-found initiative, and developed MAHA, an educational game aimed at preventing discrimination and violence against children.

Additionally, ZAKKI operates the Rekan project, a volunteer network, and community learning center, as well as Kimar, a micro-business market platform for beneficiaries. ZAKKI #ForYou is a crowdsourced program that provides free goods, pets, and food to those in need.

Artopologi

Artopologi.com is an online platform that connects, serves, and grows the art ecosystem in its mission to regenerate art collectors in Indonesia. We provide online and offline platforms for artists and galleries to exhibit, sell, and authenticate artworks. Each of the artwork showcased in our marketplace comes with a digital certificate registered on blockchain as a physical asset-backed Non-Fungible Token as proof of authenticity. The certificate is minted directly by Artists and Galleries.

All types of collectors — whether aspiring ones, newbies or seasoned — can purchase art directly from the artists, from treasure troves of various galleries, or from private collections in IDR (Rupiah). We also offer B2B services to connect businesses or art enthusiasts with artists and artworks that are suitable for the brand identity and image they want to build.

Evalue8 Sustainability

Evalue8 automates carbon accounting. It enables organisations to produce greenhouse gas emission reports for stakeholders and identifies cost and greenhouse gas emission-saving opportunities. Evalue8 is a specialist software business based in Canberra that provides an enterprise sustainability platform to organisations to enable them to measure their progress towards becoming clean and green and to assist them in that process.

Their carbon accounting software links to accounting software to minimise your data entry effort and to enable your greenhouse gas emissions reporting to be as up-to-date as your information sources.

It also helps you document the calculations, which is important if you want to be able to demonstrate that you have achieved greenhouse gas emission reductions of 50% or more by 2030 or are carbon neutral by 2050, whether you wish to apply for Climate Active certification as carbon neutral or not.

Quest – Hire a Hero

Quest connects SMEs in Southeast Asia to a “cult-like” community of Gen Z gig workers within 5 minutes.

With increased pressures to reduce cost and full-time headcount, startups and SMEs in Southeast Asia are struggling to execute their ideas. On the other hand, 80% of Gen Zs are capable and hungry for alternate income sources.

At Quest, they give businesses everything they need to find, hire, and manage top gig talents for a fraction of the cost of agencies and freelance platforms.

Quest is on a mission to provide the next million jobs through flexible opportunities.

Longan Group

Longan Group is an ethical and inclusive debt management company supporting consumers and financial institutions to manage their finances more efficiently, on a mission to solve consumer indebtedness and promote financial health among the 2bn population across Asia, a $60bn market.

They provide debt solutions for banks, fintechs, and other financial institutions looking to improve cash flows and manage their balance sheets. They are headquartered in Singapore with core operations in Vietnam and Indonesia. They are actively working on further expansion.

South and Southeast Asia have experienced rapid growth in lending, both consumer and corporate, over the last 15 years. Home to some of the largest financial institutions in the world, there is an obvious void in place of professional receivable management companies. Longan Group is here to fix this problem.

Praketa Innotech Pvt Ltd

Praketa is a youth-led Indian social enterprise. Their young crew is working towards the 4th, 7th, 8th, 13th, & 17th UN Sustainable Development Goals: Affordable & Clean Energy – Climate Action – Quality Education – Decent Work and Economic Growth – Partnerships for the Goals.

They have been awarded and recognised by National & International organisations such as United Nations, Niti Aayog, Youth Sustainable Energy Hub (YSEH), Asian Development Bank, MIT, Atal Innovation Mission, and many more.

ExtraBread

ExtraBread is a decentralised lending protocol. The platform enables a more cost-effective and fully transparent model using a ready-to-go liquidity pool infrastructure by connecting investors and borrowers to democratise access to capital and finance opportunities.

Real-world assets can be tokenised into fractional digital ownerships and participants can turn these tokenised digital assets into multiple financial instruments.

Depositors can provide liquidity funds to earn a passive income, while asset owners are able to borrow or raise funds by collateralising their assets.

WeJammin

WeJammin is the perfect platform for singers, songwriters, artists, and producers to collaborate on creating new music. It’s a mobile app featuring Rap Studio and Song Maker capabilities, with a huge selection of beats and other sound effects to choose from.

Recording your vocals or instruments is a breeze — just use your earphone mic, and WeJammin will automatically compress, equalise, and apply reverb, delay, and other filters with a single tap. Whether you want to craft a hit single or just share something special with your friends and family, WeJammin has everything you need to bring your music to life.

Through cutting-edge technology and innovative tools, they are simplifying music production and fostering a global movement of music creators. With their mixing mastering AI model, they are planning to enable users to simply upload their songs on Spotify and other streaming platforms right through their phones.

Hewania

Hewania is the pet super platform covering vet telehealth, marketplace, content and community, to make pet parenting much easier than before. They are the official partner of the Indonesian Veterinary Medical Association and aim to be the pioneer of the growing pet industry in Indonesia and Southeast Asia.

They are helping pet owners to connect with credible veterinarians who are members of the Indonesian Veterinary Medical Association, and provide the best pet supply products. They are also helping pet owners to find the nearest pet shop or clinic from their place in their online directory with 5000+ data from Indonesian Veterinary Medical Association.

Potioneer

Areix Analytics Limited

AREIX is an award-winning FinTech company that develops simple and high-performance financial management services for both sophisticated and novice investors.

Their offerings solve the challenge of users that cannot access returns from sophisticated strategies due to the complexity of backtesting automated models and implementing risk management practices.

Founded in HKSTP, AREIX is now backed by international accelerators, such as the 500 Global and the AppWorks. Having achieved 15+ accolades since 2020, AREIX is an innovative pioneer in the area of web 3.0 fintech. AREIX is now leveraging its technology and expertise to build an open, user-centric, and trustworthy ecosystem.

Augmenteed

Augmenteed is a software platform for designing and building digital workflows for front-line technicians at their job sites. They optimise the daily tasks of workers by deploying applications that replace outdated manual processes, resulting in improved productivity, better team collaboration, reduced errors, and lower costs.

They augment operations for standard operating procedures, maintenance and repair, technical support, and training.

Their platform is unique as it enables industrials to digitise their processes within weeks without coding and offers the flexibility to modify and update the workflows and layouts as per current requirements. Any changes to standard operating procedures and regulations can swiftly be updated in the application

MedsGo

MedsGo was created with the goal of making medicines and healthcare supplies convenient for Filipinos. Founded in 2023, MedsGo is a digital service that allows customers to order these items on the web. We team up with registered pharmacies and distributors to guarantee quick access to essential medical products. Our services are continually evolving, which include same-day delivery, a telephone health line, and an online prescription option.

It is MedsGo’s ambition to become the principal e-commerce provider of medical items and healthcare essentials around the Philippines. Our company seeks to revolutionize the purchasing process of medications, making it hassle-free and dispensing without the need to queue up at a store.

A step closer to the 2023 TOP100

After a rigorous screening process, these startups are a step closer to qualifying for this year’s TOP100.

If you are one of the founders of the startups above, a representative from e27 will be reaching out to you soon to discuss with you the next step in your application process. Feel free to get in touch with us for any inquiries.

Also read: Ditch your other plans and Meetup with us in Singapore

If you have an exciting startup with innovative ideas that can eclipse the best and the brightest in the region, join the 2023 TOP100 and stand a chance to pitch your ideas to some of the top investors in the Asia-Pacific at this year’s Echelon Asia Summit. Register for TOP100 here.

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GoTo Group narrowed its net loss by 41 per cent for the quarter ending March 31, 2023, to Rp 3.9 trillion (US$265 million) from US$445 million recorded in the same period last year.

The improvement is mainly attributed to higher revenues and reduced incentives and product marketing spending.

In Q1 2023, GoTo Group continued to optimise monetisation and reduce costs across the organisation. Gross revenue4 grew 14 per cent YoY to Rp 6 trillion (US$408 million), while incentives and product marketing costs were reduced by Rp 2.6 trillion (US$317 million) or 39 per cent YoY.

The adjusted EBITDA for Q1 2023 improved 67 per cent YoY to US$109 million, driven by solid performances from the on-demand services and e-commerce segments.

“We continued to make considerable progress toward profitability in the first quarter of 2023, with adjusted EBITDA improving by 67 per cent YoY and 49 per cent QoQ, meaning we are halfway towards becoming adjusted EBITDA positive within Q4. Our focus on high-quality, profitable consumers along with a disciplined approach to costs has significantly increased our efficiency and gives us a glimpse of what the future looks like for GoTo,” said GoTo Group CEO Andre Soelistyo.

Also Read: ‘Indonesia will soon see a proper credit boom for businesses, consumers’: AC Ventures

The cost-saving measures implemented in Q4 2022 reduced recurring cash OpEx by around 17 per cent QoQ. Personnel cost savings from measures announced in November 2022 improved by 13 per cent from the previous quarter. Incentives and product marketing spend were also reduced by 39 per cent YoY.

On-demand services saw healthy gross revenue growth of 12 per cent in Q1, led by optimised commissions and fees in transport as well as targeted platform and delivery fees in food.

Incentives and product marketing expenses decreased by 30 per cent YoY on a blended basis between food and transport, in line with the company’s focus on increasing its high-quality consumer base, which is more resilient and less motivated by incentives.

In the e-commerce segment, GoTo’s introduction of innovative features supported continued monetisation growth during the quarter while sustaining Tokopedia’s sizable market share. These included improved merchant app functions enabling meaningful competitive insights and marketing tools to drive sales. The implementation of dynamic ad slots in search also helped increase ad relevance.

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Echelon Asia Summit 2023 brings together APAC’s leading startups, corporates, policymakers, industry leaders, and investors to Singapore this June 14-15. Learn more and get tickets here. Echelon also features the TOP100 stage, where startups can pitch to 5000+ delegates, among other benefits like connecting with investors, visibility through the platform, and other prizes. Join TOP100 here.

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