Dear Pro member,
Akseleran, a P2P lending startup, has joined the list of Indonesian startups to resort to employee layoffs due to a funding crunch. The company’s CEO, Ivan Nikolas Tambunan, explains that this restructuring is necessary to position Akseleran for optimal operation and sustained growth, ensuring its long-term financial health. The decision aims to navigate the challenges posed by the funding shortage and create a more stable foundation for the company’s future.
Despite the setback, Akseleran remains ambitious and sets its sights on going public with an IPO in June 2024. The company’s leadership appears determined to use the current restructuring as an opportunity to streamline operations and improve overall efficiency, thereby increasing its attractiveness to potential investors during the IPO process.
By undertaking these measures and carefully managing its resources, Akseleran hopes to emerge from the funding crunch stronger and well-prepared to achieve its long-term business objectives. The success of its IPO venture will largely depend on the effectiveness of the restructuring efforts and the ability to demonstrate sustainable growth and financial stability to the market.
This is the top story of today’s Ecosystem Roundup.
Have a look at all the major recent happenings in Southeast Asia’s startup scene.
Sainul,
Editor.
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Indonesia’s Akseleran lays off 60 employees after postponing IPO
The P2P lender says this restructuring will ensure the company is in an “optimal condition” to operate, as well as drive long-term growth and maintain financial health. In other words, it is “not a shortcut”.
Carousell records 67% revenue growth in FY22 as expenses climb 57%
Revenue for the period was US$82.5M; Revenue from classifieds advertising, which includes subscription fees and business analytics tools, continued to be a major contributor.
Singaporean VC firm Resolution Ventures hits final close of fintech fund I
Resolution Ventures Fintech Fund I seeks to back pre-seed and seed-stage firms with a ticket size ranging from US$250K to US$750K.
Mirxes lands US$50M to take its cancer early detection solutions to new markets
The investors include EDBI, Mitsui & Co., and NHH Venture Fund; The startup will use the capital to scale the adoption and penetration of its stomach cancer blood test, GASTROClear, in major APAC markets.
Sea Group injects US$172.5M into its Singapore digibank
MariBank, which was rolled out in March this year on an invite-only basis, offers personal savings accounts, business accounts, and business loan products.
Jirnexu founders launch crypto fund manager Halogen Capital
The new company aims to make crypto investing mainstream in Malaysia; Halogen Capital also has a Shariah-compliant fund for Bitcoin and plans to roll out a similar fund for Ethereum.
HK biotech firm Immuno Cure gears up for IPO with US$12M funding
AEF Greater Bay Area Fund is the lead investor; Immuno Cure specialises in immunotherapies for cancers as well as inflammatory and infectious diseases.
HashKey, Animoca back Aethir’s pre-series A at US$150M valuation
The Singapore-based decentralised cloud infrastructure company Aethir plans to use the fresh capital to fast-track its expansion in key markets like SEA, LatAm, and North America.
Ex-Gojek VP’s modern financial analytics platform Bunker secures US$5M
The investors include January Capital, Alpha JWC, GFC, and Patamar Capital; Bunker gives executives “deep financial visibility” by turning the thousands of overlooked rows in the general ledger into actionable insights.
Plant-based meat firm GoodMorning Global secures US$4.4M via crowdfunding
GoodMorning Global aims to launch its first flagship product WonderMeat, a dry-mix complete nutrition plant-based meat.
Traveloka to shut down bill payment, top-up services in October
Some services, such as payments for housing taxes and other property-related bills, will be phased out starting August 11, according to a notification on the app.
Sunrate nets fresh funding to grow its cross-border B2B payment biz in SEA, India
The investor is Peak XV Partners; Singapore-headquartered Sunrate enables businesses to make payments to more than 150 countries and transact in 100+ currencies.
Peeba debuts in SEA to help small retailers stay competitive
Peeba says that it allows retail stores across Indonesia to buy products from thousands of curated global and local brands on consignment.
Peak XV names Rohit Agarwal as MD for Singapore
The VC firm said Agarwal will focus on the region’s early- and growth-stage investments; The exec’s expertise is in fintech, SaaS, consumer goods, and e-commerce investments.
‘Second and third-time founders tend to raise too much too early’: Ringkas’s Ilya Kravtsov
He also advises that entrepreneurs should see things from an investor angle, not purely from the founders’ perspective.
Demystifying the financial impacts of climate change with Intensel
Intensel leverages AI, big data, and its team’s combined expertise in climate science and finance to create its analytics platform.
AI tools enhance efficiency but can never replace human creativity: Gia Ngo of Give.Asia
AI has made remarkable strides, but what’s catalysing its impact is the recent move to make AI technologies more accessible to the public, says Ngo.
How to boost your pitch deck engagement with investors in 2023
To increase your investor outreach success rate and land meetings, your pitch deck game must be inventive.
Financial literacy in Southeast Asia is set to match industry growth
Financial literacy in the region hardly corresponds to the development of the industry. However, there is a good chance to balance the situation.
Are you ready for Asia Pacific’s first AI-driven mega sales season?
AI aids businesses in automating campaigns, analysing performance, and optimising resource allocation at scale for greater efficiency.
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Copyright: popunderlight
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