Dear reader,

The recent upheaval within Byju’s, marked by the removal of founder and CEO Byju Raveendran, underscores a significant rift between the leadership and key investors in the once-celebrated Indian edtech giant. The decision, fuelled by concerns over governance, financial mismanagement, and accountability, has culminated in a legal battle and strategic moves to block a rights issue.

This development signals a critical juncture in Byju’s trajectory, once hailed as India’s most valuable startup. Despite ambitious plans for expansion and public listing, the company faces mounting challenges, including investor dissatisfaction and failed attempts to secure substantial funding.

The dispute highlights broader issues plaguing the startup ecosystem, particularly regarding corporate governance and investor relations. Byju’s, with its ambitious acquisitions and rapid growth, now confronts a pivotal moment in its evolution, where leadership transitions and legal battles may shape its future trajectory.

As Byju’s navigates this turbulent period, restoring investor confidence and addressing governance concerns will be paramount for its sustainability and long-term success. The outcome of this power struggle will not only impact Byju’s but also serve as a cautionary tale for other startups navigating similar challenges in the competitive edtech landscape.

Sainul,
Editor.

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NEWS

Byju’s investors vote to remove founder
At an emergency general meeting, a group of investors including Prosus Ventures and Peak XV Partners voted to change the leadership at the startup; Byju’s, which has raised over US$5B to date, was valued at US$22B in early 2022.

Byju’s founder, ousted by shareholders, insists he is still the CEO
Byju Rveendran said that rumors of his firing have been “greatly exaggerated,” a day after a shareholder group voted to remove him at an emergency general meeting; He claimed that the shareholders violated several “essential” local rules.

Govt expedites inspection of crisis-hit Byju’S
The corporate affairs ministry has asked its field officers to expedite the inspection of the books of Byju’s and submit the report; The ministry will decide the further course of action after receiving the report from its regional office.

Singapore launches project to promote fintech firm expansion into Malaysia
The collaboration between the Singapore Fintech Association, Artem Ventures and OSK Ventures aims to promote the expansion of Singaporean fintech firms into Malaysia; The project will target startups in payments, insurtech, AI, and emerging tech.

QIA to invest US$1B in international and regional VC funds
The programme seeks to attract international VC funds and startups to Qatar and the wider GCC region, with a particular focus on fintech, edtech, and healthcare; QIA will invest indirectly through other VC funds but also make targeted co-investments.

Vijay Shekhar Sharma steps down from Paytm Payments Bank board
The development follows the Indian central bank penalising Paytm Payments Bank, in which Sharma owns a 51% stake, with severe business restrictions; Most of the restrictions are set to go into effect on March 15.

Tech-enabled Filipino SME lender ProCredit secures US$4.1M pre-seed funding
Investors include Integra Partners, M Venture Partners, Cento Ventures, and Gobi; ProCredit employs credit-first client engagements, a rules-based underwriting and portfolio management architecture, and flexible product offerings incorporating risk-based pricing.

Monk’s Hill, Iterative back Vietnamese wealth management startup 1Long
1Long offers two principal savings products, 1Safe and 1Term, designed for flexible savings with annual returns of up to 6.6 per cent and the possibility of earning rewards up to 9 per cent for long-term deposits.

Web3 development tools startup BuildBear Labs nets US$1.9M funding
Investors include Superscrypt, Tribe Capital, 1kx, Iterative, and Plug-N-Play; BuildBear Labs offers developers the ability to craft customised Private Testnet sandboxes across multiple EVM and EVM-compatible blockchain networks.

Indonesian e-commerce enabler Komerce gets seed funding
Investors include Achmad Zaky and 500 Global; Komerce offers solutions, including remote teams for e-commerce development, e-fulfillment, and CRM; The startup has 25K SMEs in its ecosystem, which recorded over 2M transactions in 2023.

Wavemaker Impact backs AI-powered green asset fintech financier Refy
Refy aims to de-risk these smaller green assets for investors by offering asset-based financing solutions; By prioritising decarbonisation, Refy aims to eliminate barriers to project deployment stemming from issues related to bankability.

Peak XV’s female-focused programme picks 14 startups for new cohort
The 14 companies will receive a US$100K equity-free grant, mentorship from industry experts, access to a strong founder community, and over US$1M in invaluable resources.

‘Embarrassing and wrong’: Google admits it lost control of image-generating AI
The AI system in question is Gemini, the company’s flagship conversational AI platform, which when asked calls out to a version of the Imagen 2 model to create images on demand.

Alipay ramps up efforts to monetise huge user base amid fierce competition with WeChat
Despite having over 700M monthly active users, the payment app lacks the features to entice its huge user base to stay on the platform beyond making transactions.

FEATURES & INTERVIEWS

‘We will establish a sustainable biofuels pilot plant with a capacity of 1 ton per day’: Green COP
‘Our sustainable fuel solutions reduce carbon emissions and promote resource efficiency and circularity, contributing to a more sustainable and resilient economy’, says co-founder Hanson Lee.

SEA’s top investors that drove innovation and growth last week
With a diverse array of accelerators, VC firms, and commercialisation arms in the spotlight, the landscape reflects a robust commitment to nurturing budding enterprises.

CONTRIBUTORY ARTICLES

Social trading: Friend or foe in your Lunar New Year quest for fortune?
Social trading is not new only in recent years, with explosive growth worldwide. According to research, social trading in Singapore is on the rise, with every other trader either engaging in social trading or planning to do so within the next 12 months.

The banking revolution: Balancing convenience and security in the digital era
Digital banking, the heart of the fintech world, has completely transformed the way we manage our finances; No longer confined by physical limitations, digital banks offer a plethora of financial services right at our fingertips.

Fostering sustainability through education
With the push of the Singapore Green Plan 2030 and various industry regulations, such as the increasing carbon tax, there is a greater demand for knowledge and skill sets in environmental sustainability within the workforce.

FROM THE ARCHIVES

The essentials of mapping a customer journey across digital assets
Typically, the customer journey starts when he or she first interacts with your company and brand; It’s a wholesome picture that documents every bit and piece of a transaction or experience as well as the full experience of being a customer.

Filling the leadership gap: Why you cannot delegate responsibility
The leader privately addresses the issue at hand but takes full responsibility in public; If the problem arises because one of the team members slipped, the leader’s role is to pick them up.

Is a career in biotech right for you?
You might imagine your life in biotech in a lab, working by yourself all day; But the truth is that many projects in biotech require teamwork, including operations, production, marketing, and R&D.

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That is a good question. The investment strategy after ETH spot approval may depend on several factors, such as the market reaction, the regulatory environment, the competitive landscape, and the innovation potential of Ethereum.

One possible scenario is that the approval of spot-based ETH ETFs will boost the demand and price of Ethereum, as more investors will have access to the cryptocurrency through a regulated and mainstream investment vehicle.

This could also increase the adoption and development of decentralised applications (DApps) and smart contracts on the Ethereum network, as well as upgrades, which aim to improve the scalability, security, and efficiency of the platform.

In this case, the investment strategy could be to buy and hold spot-based ETH ETFs, such as the Fidelity Ethereum Trust, the WisdomTree Ethereum Trust, or the BlackRock Ethereum Trust, which are some of the applications pending with the SEC. These ETFs would offer a more accurate and transparent representation of the underlying asset, as well as lower fees and risks than futures-based ETH ETFs.

Alternatively, investors could also buy and hold spot ETH directly, either through a crypto exchange or a wallet, if they are comfortable with the volatility, security, and custody issues of holding and storing Ethereum directly.

Also Read: Learning from history: Safeguarding crypto in 2024 and beyond

Another possible scenario is that the approval of spot-based ETH ETFs will trigger a sell-off and price correction of Ethereum, as some investors will take profits after the anticipation and speculation of ETH spot approval.

This could also expose the Ethereum network to more regulatory scrutiny and competition from other blockchain platforms, such as Cardano, Solana, or Polkadot, which claim to offer faster, cheaper, and more scalable solutions than Ethereum.

In this case, the investment strategy could be to sell short spot-based ETH ETFs. These ETFs would track the price of Ethereum by holding the actual cryptocurrency in their reserves rather than futures contracts or other derivatives.

Alternatively, investors could also sell and short spot ETH directly, either through a crypto exchange or a wallet, if they are comfortable with the volatility, security, and custody issues of holding and storing Ethereum directly.

Of course, these are just two hypothetical scenarios, and the actual outcome of the spot ETH ETF approval may differ depending on various factors. Therefore, investors should be prepared for various scenarios and adopt the appropriate strategies according to their risk appetite, time horizon, and market outlook.

Whether one is bullish or bearish on Ethereum, there are multiple ways to invest in the cryptocurrency after the spot ETF approval and potentially profit from the market movements of ETH spot approval.

Also Read: Tether under scrutiny: A deep dive into cryptocurrency crime allegations

The market reaction and implication of spot BTC ETF approval and spot ETH ETF approval can be compared and contrasted, as both are major events that could affect the price, liquidity, and adoption of the two largest cryptocurrencies by market capitalisation. The market reaction and implication of spot BTC ETF approval and spot ETH ETF approval could be similar. You take reference from NewsQuakes at Cointelegraph Pro and draw similarities.

The approval of spot ETH ETFs could boost the demand and supply of ETH, as more investors would buy ETH through the ETFs, and more ETH would be locked up in the ETF vaults. This could create a positive feedback loop that drives the price of ETH higher, as well as increase network security and decentralisation.

Moreover, the approval of spot ETH ETFs could enhance the credibility and legitimacy of ETH as a mainstream asset class and attract more innovation and development in the ETH ecosystem, especially in the areas of decentralised finance (DeFi) and non-fungible tokens (NFTs).

We encourage readers to conduct their own due diligence (DYOR) and to avoid being influenced by fear of missing out (FOMO) when investing in cryptocurrencies. Keep in mind cryptocurrencies are highly unstable and regarded as hazardous investments. This article is not intended to provide investment guidance and is only for informational purposes.

You have now till March to do your homework and plan your playbook.

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BuildBear Labs, a Singapore-based innovator in Web3 development tools, has raised approximately US$1.9 million in funding co-led by Superscrypt, Tribe Capital, and 1kx.

Iterative, Plug-N-Play, and several angels, including Kris Kaczor (creator of Typechain and DethCrypto) and Ken Fromm(ex-Ethereum Enterprise Alliance), also joined the round.

Also Read: Web3 needs novel prevention tools for novel attack vectors: AI saves the day

The capital will be used to accelerate the development of BuildBear Labs’s flagship platform.

Founded by Dipesh Sukhani and Emmanuel Antony, BuildBear Labs is building an automated and continuous testing engine (ACTE) inspired by tools like BrowserStack that goes beyond standard testing to address the unique complexities of the Web3 landscape.

A specialised platform dedicated to dApp development and testing, it offers developers the ability to craft customised Private Testnet sandboxes across multiple Ethereum Virtual Machine (EVM) and EVM-compatible blockchain networks.

BuildBear Labs’s key features include private faucets for unlimited Native and ERC20 token minting.

Also Read: How AI and blockchain collaborate for a transparent Web3 future

The Web3 firm claims to have created more than 7,700 sandbox testing environments and an active retention rate exceeding 35 per cent.

BuildBear is also actively collaborating with industry leaders like RemixIDE, Saffold-ETH, Cookbook, and SolidityScan, to provide a collaborative environment conducive to shared knowledge.

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X marks Echelon. Join us at Singapore EXPO on May 15-16 for the 10th edition of Asia’s leading tech and startup conference. Enjoy 2 days of building connections with potential investors, partners, and customers, exploring innovation, and sharing insights with 8,000+ key decision-makers of Asia’s tech ecosystem. Get your tickets here.

Want more from your Echelon experience? Be an Echelon X sponsor or exhibitor. Send enquiry here.

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While the workplace has seen its share of buzzwords like AI and Zoom, the most impactful transformation isn’t solely driven by technology. A new generation is quietly reshaping the landscape, building upon the digital shift and pandemic adjustments.

Born between 1997 and 2010, Generation Z (Gen Z), comprises roughly two billion people globally and is projected to constitute 27 per cent of the workforce by 2025. Forget the usual chatter about remote work and fancy perks; this is a greater change in what work means to people, how they collaborate, and even their career goals. This generation prioritises purpose, flexibility, and a desire to make a positive impact.

How does Gen Z differ from older generations?

Like each chapter in history, Gen Z brings its own story to the workplace, shaped by the constant hum of technology and the global village on its screens. While previous generations prioritised competition or valued autonomy, Gen Z craves purpose and balance.

Growing up entirely in the digital age, they are fluent in the language of social media and demand authenticity from employers. This tech savviness sets them apart from their predecessors, fueling a desire for responsibility and impact forged by witnessing economic and social challenges.

Also Read: Generation Z is changing the way we think, and we can all be a part of it regardless of age

“With Gen Z coming into the workforce, we are looking at a shake-up. Remote work and flexibility will be big since Gen Zs are all about keeping things chill and the tech life. Work culture may also be heading towards more diversity, social responsibility, and better work-life balance. In the future, we will most likely ditch the usual 9-5 job, and everyone will have their own working hours as long as we get the job done,” said 26-year-old Sekar Hardani, Creative Group Head of Indonesian marketing and creative agency Bikin Ide Kreatif.

What does Gen Z want from their careers?

A recent Deloitte survey reveals that about 49 per cent of Gen Zs consider their job integral to their identity. Yet, their family and friends are more important, and this probably explains why 42 per cent of Gen Zs value work-life balance, remote working and flexible leave as their top priorities when looking for a job.

“I really enjoy working, moving and travelling a lot. So a flexible or remote work environment would be best for me to have that work-life balance. I would want my employers to give me that freedom to have more time to myself and to ‘live my life’, and I’ll do my job well and meet all the deadlines. This is also why I prefer working in a company that values work-life balance, flexibility, and working efficiently. In every situation, I try to maintain that work-life balance by using all my allocated leaves every year for things that I love to do and to also try to start and finish my job on the dot, and utilising the rest of my hours that I have to myself, to the fullest. That includes breaks, travelling, me-times, and other events in my life,” said Andini Mayang Hardani, a Digital and Social Media Lead from Jakarta, who was born in 1999.

Gen Zs consider the conventional career ladder outdated and prefer empowerment and flexibility in career decisions. They seek opportunities for lifelong learning and the freedom to determine their career path and work arrangements. Diversity, equity, inclusion, and environmental consciousness are paramount. A significant 55 per cent of Gen Z conduct research on a company’s environmental impact before accepting a job, with 17 per cent opting to switch jobs or sectors due to climate concerns.

“I would always choose places aligned with my career and life plans. I try to make sure that it would also be an upgrade from my previous job, be it with the position, the company itself, or the benefits. I prioritise flexibility and efficiency in the workplace, as well as employers who value and appreciate their employees in any way, because I want to also have a life outside of the office, to still have time for my friendships, family, myself, and my personal projects outside of the office. Their policies on period and pregnancy leaves, and everything else regarding my life as a woman is also something I’d consider,” added Hardani.

Gen Z desires to have a voice and expects opportunities to expand their skills and broaden their talents and experiences. This necessitates employers to rethink how they attract, hire, develop, and retain talent, fostering personal development, which could have positive effects across all generations.

“I personally believe that there will always be room to grow and learn and that I am a forever student. For me, finding a company that prioritises investing in my personal development is essential. This can be done by providing training sessions and funding you to attend courses that would benefit your current position and/or career path. Other than that, I am always on the lookout for courses on topics I am interested in or feel like I need to learn more in-depth to help with my work,” reflected Hardani.

Gen Z is rewriting the rules of entrepreneurship

Another Deloitte survey found that over 50 per cent of Gen Z individuals live paycheck to paycheck, and their financial concerns are growing annually. This economic uncertainty has led them to postpone significant life decisions such as purchasing a home, starting a family, or changing jobs. Despite facing challenges such as a tough job market and trends like ‘quiet quitting‘, this period offers Gen Z an opportunity, albeit a challenging one, to assert themselves.

Also Read: What I learn about starting a business from my Generation Z sister

And hence, Gen Z isn’t just dabbling in entrepreneurship — they’re fully embracing it. Recent research from ZenBusiness shows that 93 per cent of Gen Zers have already ‘explored’ business ownership. And this isn’t a passing trend; 75 per cent of them are set on becoming full-time entrepreneurs as the allure of traditional careers continues to fade.

Weighing the benefits and challenges of pursuing freelance or entrepreneurial opportunities versus traditional employment within a company, Abhiruk Bhattacharyya, a 26-year-old brand marketer and the Co-Founder of Vetra Consulting, a marketing agency, said, “The decision comes down to my style of work. I have tried both paths and found that the entrepreneurial path works better with my personality and career expectations.

I thrive on challenges and new experiences, both defining the entrepreneurial mindset — where I can work outside the typical 9-to-5 work hours and from any location. This is not typically possible within traditional employment due to the rules and corporate mindset employees are expected to follow. As an employee, I cannot choose my team or clients. As an entrepreneur and freelance consultant, I can choose my team and decide who I work with. This freedom of choice is really what helped me make my decision.”

Traditional career paths are also being reassessed, as nearly 90 per cent of Gen Z believe they can’t rely on old strategies to forge their careers.

“I believe we are in for a seismic mentality change that will redefine the meaning of work in our lives. Take the popular four-day workweek, for example. I expect that to become the new mainstay in the years to come. Not because Gen Z is lazy but because Gen Z as a generation understands that productivity is not directly related to the number of hours you put into work. Productivity comes when you can fully utilise a day to get the ‘right’ things done. That’s a kinder approach to work than what previous generations would have liked,” added Bhattacharyya.

Looking to the future, it’s clear that we are at the cusp of a significant shift. This generation, equipped with digital savviness and a desire to create a better world, is breaking away from tradition and building their own ground rules — which is to do whatever brings them happiness. They’re not waiting for the world to change; they’re making it happen.

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In its latest Workplace Learning Report, LinkedIn revealed the top five skills that hiring managers in Asia Pacific (APAC) consider the most important as using AI in the workplace becomes more commonplace. According to employers surveyed, soft skills and learning ability are “increasingly important.”

“A staggering 88 per cent of employers have observed substantial changes in the skills and qualifications they prioritise in job candidates due to the pervasive impact of AI and automation in their industries. Companies are placing emphasis on candidates who possess not only AI expertise but also soft skills and a capacity for learning,” the report explains.

The report further elaborates that 94 per cent of Learning & Development (L&D) professionals in APAC believe that human skills are increasingly becoming the most competitive in our economy.

In particular, ‘communication’ has topped LinkedIn’s most in-demand skills list for 2024 across all countries in APAC: Australia, China, India, Indonesia, Japan, the Philippines and Singapore.

“This is not surprising in a new world of work where AI tools are freeing up time for professionals to excel in jobs only people can do, like build relationships and collaborate with others,” it stated.

Also Read: How this project uses artificial intelligence to help develop restaurants’ menu

In addition, the report also revealed that 40 per cent of APAC hiring managers consider an individual’s potential for growth and ability to learn as the most important factor when evaluating internal and external candidates.

“In the past year, the narrative was dominated by technological advancements, particularly the integration of AI into business workflows. The resulting surge in demand for AI expertise reflected the challenges many businesses face in navigating this transformative shift and incorporating cutting-edge technologies into their operations,” said Feon Ang, Vice President, LinkedIn Talent Solutions and Managing Director, APAC, in a statement.

“However, we are now witnessing a pronounced shift towards technical and soft skills – to thrive in the era of AI. Investing in people’s growth is no longer a perk but a strategic imperative, considering that our workforce is the driving force behind companies’ success in an era shaped by both AI innovation and collaboration with AI.”

What hiring managers are looking for

According to the report, the top five skills considered crucial by APAC hiring managers include problem-solving abilities (35 per cent), communication skills (27 per cent), critical thinking (25 per cent), AI skills (19 per cent), and IT & web skills (17 per cent).

Acknowledging the importance of adapting to the future of work, 91 per cent of companies in the region actively enhance their employees’ skills through initiatives such as online training programmes (44 per cent) and internal learning and development sessions focused on Generative AI (43 per cent).

Also Read: Artificial intelligence is a key consideration for companies looking to adapt operations to optimise user experience

The commitment to skill development is contributing to a cultural shift, making creating a learning-focused environment a top priority for Learning and Development (L&D) professionals in 2024 across all APAC markets.

A remarkable 92 per cent of L&D professionals in the region believe they can demonstrate business value by empowering employees with the skills needed for internal mobility, enabling them to transition into different roles within the organisation. This strategic focus on fostering a learning culture aligns with the broader trend of companies in APAC prioritising internal mobility as a key factor in attracting and retaining top talent.

The report reveals that 48 per cent of managers in APAC identify providing career progression opportunities as their primary priority, with 37 per cent of hiring managers seeing career growth opportunities as pivotal for retaining talent alongside competitive salary and benefits (39 per cent).

In light of these findings, it is evident that organizations in the APAC region recognise the significance of internal mobility for talent retention and as a key strategy for attracting skilled professionals in the competitive job market.

Highlighting career advancement opportunities and promoting internal mobility are crucial tactics, with 49 per cent of APAC employers endorsing these as the top two methods for attracting talent. This underscores a growing trend where companies place strategic importance on creating pathways for career growth and development to secure and retain the best talent in the years ahead.

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