Dear Pro member,
Grab is at it again!
The Singaporean tech giant has announced its plans to lay off another 1,000 employees — its biggest since the COVID-19 pandemic. According to CEO Anthony Tan, the new round of layoffs are a “painful but necessary step”.
In an email communication to the staff, Tan said the job cuts are not a “shortcut to profitability” but will enable the firm to adapt to the business environment and rapid emergence of AI. The firm is anyway on track to hit breakeven this year on group-adjusted EBITDA, he added.
Globally, more and more companies are laying off employees en masse to cut expenses in a bid to achieve profitability, which has become the most important factor these days. The current slowdown in the global economy and the resultant funding winter are key reasons companies are taking extreme steps. When the economy returns to normal, companies may think twice before adding new employees, as they now have advanced AI tools to automate some of their work. Let’s hope this will help avoid massive layoffs in the future.
This is the lead story of today’s Ecosystem Roundup.
There are also news stories about the quitting of Byju’s auditor, the FY22 financial results of StashAway and ShopBack, and more.
Happy reading.
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Grab shares fall after announcing plans to lay off 1,000 employees
This is Grab’s largest set of layoffs since the pandemic, surpassing its first round in 2020 which saw the company reduce its headcount by 5%, affecting about 360 employees.
Byju’s auditor Deloitte quits over long-delayed financial statements
According to various reports, three of Byju’s board members have reportedly stepped down as well; The Indian edutech company has been struggling to grow its business in recent months, and its valuation has fallen sharply.
ShopBack triples revenue in 2022, operating losses widen 72%
It posted a 3x increase in revenue to US$130.6M in the financial year ending March 31, 2022; The operating losses widen by 72% to US$43.2M in the same period compared to US$25.1M in the previous year.
Go-Ventures rebrands into Argor as it closes US$240M Fund II
Argor has already invested in B2B marketplaces, tech-enabled consumer businesses, SME digitisation platforms, environment tech, and embedded finance.
StashAway logs US$6.8M in revenue for 2022, losses land at US$20M
The revenue rose 13.5% y-o-y in 2022 to US$6.8M; The increase was relatively low compared to the 150% revenue growth it recorded from 2020 to 2021.
MAS proposes protocol to set standard for digital money usage
The protocol allows senders to specify conditions when making transfers in digital money; This includes factors such as how long the money is considered valid and on which platforms it can be used on.
Unacademy unit Graphy acquires SG-based community platform Scenes
Scenes helps creators monetise their followers by enabling them to build their own online platforms; Graphy helps educators sell online courses and launch their own websites and app.
ONEVIEW raises US$2.9M to improve bill payment experience
The investors are ADERA Global, Beyon Connect, and Cumulo9; The Singaporean startup’s digital post-box app enables users to easily access their documents and communications from multiple billers and senders within a single app.
Indonesian fleet-tracking startup TransTRACK bags US$2.1M funding
The investors include Ortus Star, Cocoon Capital, YCAB Ventures, and Goldbell Investment; TransTRACK plans to use the fresh funds to expand operations to 100 cities in Indonesia and other Southeast Asian countries.
Cocoon Capital backs construction planning simulation platform Frontline
Frontline enables construction companies, operators and contractors to quickly identify best-in-class construction plans with optimal activity sequencing and resource allocation.
Animoca subsidiary Anichess closes US$1.5M seed round
The investors include GameFi Ventures, The Operating Group, Koda Capital, and Bing Ventures; Anichess modernises and tokenises the game to take advantage of opportunities presented by Web3 technologies and communities.
Filipino B2B e-commerce startup Shoppable Business raises US$1.15M
The investors are Foxmont Capital and Seedstars International Ventures; Shoppable offers thousands of products from trusted brands, such as computer equipment, furniture, appliances, construction supplies, and food.
Singapore’s Integra Partners backs German cleantech startup CleanHub
CleanHub will use the fresh funds to eliminate plastic waste entering oceans and drive systemic change in the waste management industry.
Pine Venture backs children’s clothing resale platform Retykle
Retykle will use the funds to develop new resale-as-a-service tech and expand into new markets; Retykle is an online consignment store for buying and selling designer baby, children’s and maternity fashion, gear and toys.
Samsung Ventures invests in sleeptech firm Earable Neuroscience
The startup’s FRENZ Brainband wearable incorporates cutting-edge neuroscience technology into a consumer wearable to enhance sleep quality, improve focus, and promote relaxation.
Intudo Ventures, Arise back Indonesian influencer marketing startup Slice Group
Slice Group is a creator management solution that helps agencies and brands manage creator relationships; The startup plans to build embedded finance features for brands/agencies and content creators within the platform.
Retailetics’s smart cart offers personalised in-store experience while generating real-time customer insights
The retail automation startup’s AI-powered smart cart ezyCart offers personalised promotions, rewards, and in-cart self-check-out payments.
Eyeing a Slice of the fast-growing influencer economy in Indonesia
Slice is betting big on the next generation of entrepreneurs who use the audience they built through their content to launch their own businesses.
How affable.ai aims to dive deeper into GenAI with its new magic search feature
affable.ai recently introduced its new product Skye, a GenAI companion in influencer marketing; Learn how it aims to make a difference.
Fore Coffee sharpens business strategy to achieve profitability
The coffee chain startup owns 134 outlets in Greater Jakarta Area, Java, Sumatra, and Borneo; It intends to add around 75 new outlets and expand to mid-sized cities, aiming to operate a total of 200 outlets by 2023-end.
We are now in an era of cultivating organisational culture: Flash Group CEO
Startups should build investor confidence by having a business plan that goes beyond relying solely on fundraising but also generates revenues, says Komsan Lee.
Tech industry offers talent opportunities as salaries remain cautious
While the sector’s salaries may remain relatively stable, it is important to recognise the industry’s resilience and potential for a rebound.
Managing your business partners: 4 tips to make things work
One tip is to systematically get founders and their managers to take a moment to find out how they think; The second leverage tip is that you (as the leader) need to learn to listen first and respond later.
How ChatGPT, automation revolutionises ‘traditional’ industries
For businesses, especially with the threat of a global recession looming and labour shortages continuing to bite, time is money; By automating time-consuming, non-revenue-generating tasks in seconds, hospitality businesses can work more effectively.
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