Dear reader,
Cake Group and Geniebook, both Singapore-based firms, are facing significant challenges as they grapple with industry-specific downturns.
Cake Group, parent to crypto platform Bake.io, is undergoing another round of layoffs despite resolving a damaging feud between its founders. CEO Julian Hosp has emphasized the need for cost-cutting measures to achieve sustainability, following substantial revenue declines since the 2022 crypto winter.
Meanwhile, Geniebook, an edtech startup once buoyed by the online learning boom, has laid off 117 employees this year. CEO Zhizhong Neo attributes these cuts to the “funding winter” and shifting market demands, as the company refocuses on a hybrid learning strategy.
Both companies are striving for financial stability amidst challenging market conditions, with Cake Group targeting breakeven and Geniebook aiming for positive cash flows by year-end.
Sainul,
Editor.
—-
NEWS & VIEWS
Finture scores US$30M to take its consumer finance brand YUP beyond Indonesia
The investors are MindWorks Capital, XVC, SWC Global, Richen Pioneer, and Antao Capital; YUP connects users with pay-later services from licensed financial institutions while offering promotional benefits.
Cake Group slashes more jobs despite end of founders’ feud
CEO Julian Hosp acknowledged that the latest layoffs are similar to Cake Group’s decision in November 2023 to trim its headcount by 30%; However, he didn’t say how many staff would be affected this time.
Sinar Mas Land’s CVC arm invests in Lamudi Indonesia
Currently, proptech marketplace Lamudi provides services, such as omnichannel marketing solutions, for over 425 property projects; It works with over 30,000 real estate agents in the archipelago.
Conversational AI platform SleekFlow nets US$7M for global expansion, AI innovation
The investors include Atinum Investment, AEF Greater Bay Area Fund, and Transcend Capital; By integrating conversations, product catalogs, payments, and order management, SleekFlow provides a unified business platform.
DiMuto concludes US$5.9M Series A round to digitize food supply chain
The investors are The Yield Lab Asia Pacific and SiS Cloud Global Tech Fund 8; DiMuto claims to have tracked and traced millions of pieces of produce and millions of dollars of trade value on its platform.
Geniebook sheds over 100 jobs as learning goes back to school
The Singapore-based edutech firm has laid off 117 employees since the beginning of 2023; Co-founder Zhizhong Neo said the “reality of the funding winter” and changing market demands led to the job cuts.
Paytm sells movie ticketing business to Zomato for US$244M
The acquisition includes Paytm’s ticketing services for movies, sports and events. As part of the deal, Paytm’s flagship app will continue to host these offerings for up to 12 months and 280 of its employees will join Zomato.
The banks that loaned Musk US$13B to buy Twitter might be having regrets
Elon Musk borrowed US$13B from Morgan Stanley, Bank of America and five other major banks to help finance its US$44B acquisition; According to the WSJ, the deal has since become the worst merger-finance deal for banks since the 2008-2009 financial crisis.
India’s trade minister decries e-commerce growth, Amazon’s ‘predatory’ pricing
Piyush Goyal expressed concern over the rapid growth of e-commerce in the country, warning of potential disruption to small retailers; India’s $1.1 trillion retail market saw e-commerce sales of less than US$80B last year.
Joel Neoh’s First Move, Gobi Partners Affiliate back financial services firm FinKnight
FinKnight claims to have helped over 15 startups navigate complex financial landscapes, optimise operations, and achieve sustainable growth.
WatBird game developer GAMEE bags investment from Pantera Capital
GAMEE will use the funds to expand its presence on The Open Network via WatBird, which connects and onboards Telegram users to Web3 through fun, meme-inspired gameplay.
MARC, SME Bank team up to support entrepreneurs and SMEs in Malaysia
This collaboration aims to foster a thriving entrepreneurial ecosystem in Malaysia by combining MARC’s strengths in credit ratings, economic research, and data analytics with CEDAR’s expertise in business coaching and entrepreneur-focused mentoring.
Dropbox acquires Index Ventures-backed AI scheduling tool Reclaim.ai
Reclaim.ai focuses on using AI to help users better manage their time and find slots for meetings and tasks, build personal habits, and take breaks.
Microsoft’s Malaysia COO poised to lead MDEC: sources
Azizah is one of three candidates under consideration; The other two are Dzuleira Abu Bakar, the former CEO of the research agency Mranti, and Shah Sidek of the International Data Centre Authority.
FEATURES & INTERVIEWS
Antler’s Southeast Asia focus: Nurturing the next wave of AI, fintech startups
Antler co-founder Jussi Salovaara shares insights on funding trends, investment criteria, and the future of the region’s startup ecosystem.
Echelon X: AnyMind Group co-founder Otohiko Kozutsumi on the third evolution of the creator economy
The Echelon X fireside chat highlighted how AnyMind Group’s AnyTag platform is revolutionising the future of influencer marketing
After successful Vietnam, Thailand entry, PasarPolis gears up for Singapore expansion
Since expanding into Thailand and Vietnam in 2019, PasarPolis has sold millions of policies in these markets; Earlier this year, PasarPolis reported 2x revenue growth since its last funding round in 2023 and a 250% surge in Gross Written Premium.
Climate tech in the Philippines: Capitalising on emerging opportunities in the ecosystem
Climate tech startups in the Philippines are at the forefront of addressing the most urgent environmental challenges.
Echelon X: Founders’ approaches to sustainable startup growth and well-being
The Echelon X panel shared personal stories, strategies, and advice on maintaining well-being while managing startup demands.
Chocolate Finance wants to be a ‘happy place’ for Singaporeans to grow their wealth
Chocolate Finance has garnered support from investors such as Saison Capital, Peak XV Partners, Prosus, GFC, and actor Henry Golding.
FingerDance uses AI to bridge communication with deaf, hard-of-hearing communities
Operating on a B2B model, FingerDance aims to extend its reach by partnering with more organisations in the future.
ReSkills shares AI integration plan as it moves towards a NASDAQ listing
ReSkills offers users access to a vast library of classes for just US$1 per month, making education affordable and accessible.
Tapway drives SEA expansion with new vision AI platform, partnership
Tapway is poised to introduce several groundbreaking innovations in the next 12 months, focusing on advancing Vision AI technology.
THOUGHT LEADERSHIP
Navigating the Gen AI wave: A startup’s battle plan
Key strategies for entrepreneurs leveraging Gen AI, from using existing models to managing costs and mitigating misinformation risks.
How startups should pivot towards being customer-centric
How ready are businesses to adopt new ways of ensuring they’re fully customer-centric, from awareness to conversion and beyond?
Re-skilling in the age of AI and navigating the future of work in Malaysia
As modern technologies continue to impact the workforce in Malaysia, the importance of re-skilling and up-skilling cannot be overstated.
The rise of Web3 and crypto startups: Pioneering the decentralised future
The rise of Web3 and the subsequent surge in crypto startups marks an era of unprecedented innovation and transformation.
A startup founder’s guide to investment agreements
The article sets out a summary of the usual investment agreements and documents during a priced round capital raising exercise for startups.
The new era of computing: Single board computers for home automation and AI
Single-board computers (SBCs) are shifting from industrial use to mainstream hobbyist applications in home automation, personal servers, and AI.
Kuala Lumpur: The Silicon Valley of Malaysia
Kuala Lumpur, with its vibrant and dynamic environment, stands at the forefront of this transformation, attracting both local and international investors.
FROM THE ARCHIVES
Is there a sudden slowdown in the pace of digital transformation globally?
Matija Kapic of Infobip says if businesses refrain from adopting digitalisation, they will lose approximately US$145 billion of GDP growth.
15 strategies for a successful acquisition
I have completed more than 30 corporate acquisitions on both sides of the transaction. Here are the most important, hard-won lessons.
Circles.Life marketing head Delbert Ty shares their viral campaign recipes
Delbert Ty of Circles.Life explains in this article how marketers can evoke strong, visceral emotions with their campaigns.
Fundamentals of cap tables for founders
Most investors will ask for a cap table when you go to seek funding. It will determine the per-share price that will be used in the financing.
Looking beyond the surface of optimising customer experience
As the VP of marketing at PayPal, this is what I can share on how e-commerce startups can optimise their customer experience.
3 ways AI technology can help startups save money
Leveraging AI technology can drastically improve the performance of your business. This is how you can achieve it.
What you should expect from your startup mentor
Make sure your startup mentor is a pillar of support and not one who constantly disparages and puts you down.
5 incentives that can be helpful in attracting awesome employees
When it comes to employees, you can’t expect the best of the best unless you can provide suitable incentives.
Preparing your company for Southeast Asia: A strategic guide to the market
Companies looking to enter this treasure trove must devise a feasible plan that tackles the regional differences in Southeast Asia.
The post Ecosystem Roundup: Cake Group, Geniebook slash jobs | Zomato buys Paytm’s movie ticketing biz for US$244M | Finture raises US$30M appeared first on e27.