Just like in previous quarters, Indonesia’s tech giant is leaning hard on non-IFAS accounting to craft a profitability story. The company’s latest Q3 results trumpet a Rp62 billion (US$3.73 million) “adjusted pre-tax profit” and a 239 per cent surge in adjusted EBITDA.
But once again, these figures depend on adding back real costs: depreciation, amortisation, interest, FX losses, and share-based expenses, which are the fundamentals that define how a business truly performs.
By standard accounting measures, GoTo still posted a statutory loss of US$15.6 million, even after trimming its red ink by 85 per cent year-on-year. Its core on-demand business–the bedrock of its super app identity– grew a meagre 2.4 per cent, with mobility and delivery barely inching forward. Meanwhile, fintech continues to do the heavy lifting, up 48 per cent year-on-year and turning a steady profit.
This isn’t the first time e27 has flagged GoTo’s reliance on adjusted metrics, and the pattern continues. Beneath the optimism lies a truth that GoTo’s glossy releases can’t conceal: profitability, in its purest form, remains elusive.
REGIONAL
GoTo’s profit claim doesn’t add up: Adjusted metrics mask a US$15.6M loss: Despite its profit claims, GoTo’s Q3 results show dependence on accounting adjustments and slowing growth in flagship on-demand segments.
Behind Blibli’s 32 per cent surge: A margin crisis in disguise: Blibli’s top-line growth masks deeper margin erosion, exposing vulnerabilities in its cost strategy and omnichannel expansion efforts across Indonesia.
Carro posts record FY2025 revenue of US$898M: This represents a 15% rise in revenue. The gross profit for the period grew 20% to US$111M.
Its gross profit margin increased to 12.4% from 11.8% in FY2024, with liquidity at US$287M and total assets of S$1.3 billion.
Publicis Groupe acquires Hepmil to build Southeast Asia’s first data-driven creator network: Publicis expands its global creator ecosystem with Hepmil acquisition, merging local storytelling and data insights to power influencer campaigns in SEA.
Singaporean proptech firm Ohmyhome’s CEO Rhonda Wong resigns: It has named Wong Wun Wun Daisy as its new co-CEO, effective October 22. The company said Wong’s resignation was not due to disagreements over operations or company policies.
India and Japan lead Asia’s tech layoffs as AI-driven cuts escalate: India has reported the second-largest wave of tech layoffs globally. The country’s total tech layoffs have exceeded 17,000 in 2025. Japan ranks third globally for the volume of tech layoffs.
Qapita acquires US fund admin firm Punch Financial: The Singapore-based provider of equity management solutions said the deal will bolster its fund management services by integrating Punch’s fund accounting and administration tools.
OpenAI rolls out Sora app in Thailand, Vietnam, Taiwan: Sora, OpenAI’s AI-powered video creation tool, lets users generate and remix videos using AI and share them on a customisable feed. It was first rolled out in the US and Canada in September.
Razorpay’s Curlec, India’s NPCI to enable UPI payments in Malaysia: The integration will allow Indian travellers to pay Malaysian merchants using UPI apps, with payments settled in Malaysian ringgit. According to tourism data, over 1M Indian tourists visited Malaysia in 2024.
TikTok reaches 460M users in Southeast Asia, expands in Vietnam: Indonesia accounts for 160M users, Vietnam 70M, and Thailand 50 million, with the remainder across the region. The company said its platform is now used for app discovery and business growth in areas like gaming, finance, and retail.
Blue Whale Energy nets US$2M to power Singapore’s first battery-based virtual power plant: Investors include Forge Ventures, Monk’s Hill, and UntroD. The startup focuses on developing and operating distributed battery systems tailored for commercial and industrial customers.
Ex-Tesla AI team’s IndustrialMind raises US$1.2M to bring a decision-making brain to factory floors: Investors include Antler, TSVC, Plug and Play, and Gang Song. Its AI Engineer understands engineering drawings and production data, recommends and validates process changes, and lifts yield and throughput.
QAI Ventures launches Singapore accelerator to drive Asia’s next computing revolution: The accelerator is designed to help early-stage founders translate scientific breakthroughs into scalable, investment-ready businesses. The five-month programme offers mentorship from global experts in quantum technologies, venture capital, and corporate innovation.
Videotto secures seed round from East Ventures to make video editing 100x faster: Videotto can also generate multiple short videos optimised for different social media platforms, helping users instantly tailor their content for each channel.
REPORTS, FEATURES & INTERVIEWS
From heatstroke to haze: India’s climate vulnerability is sparking a new wave of investment: While private climate-tech inflows have reached approximately US$4B since 2015 in India, the US$1M to US$3M ticket gap remains challenging.
Asia’s climate–health gold rush is just getting started: Private capital is accelerating into Asia’s climate–health sector, with growing VC interest, rising early-stage deals, and emerging blended financing models.
From policy to capital: How development banks are driving the climate x health agenda: Development banks and philanthropies lead Asia’s climate x health finance shift, focusing on de-risking, adaptation, and ecosystem-building for private capital.
SensorTower: Non-gaming mobile apps have taken over SEA as revenue-generating genre: At the TikTok App Summit in Hanoi, David Law of Sensor Tower, shared that 2025 marks a turning point for the region’s mobile app ecosystem.
INTERNATIONAL
OpenAI, Oracle partner on 1 GW Stargate data centre in Michigan: OpenAI, Oracle, and SoftBank have previously announced six Stargate sites in the US, with combined planned capacity now exceeding 8 gigawatts and a reported US$450 billion investment over three years.
Apple revenue in China falls 4% to US$14.5B over supply issues: Apple faces increased competition from Chinese brands, with Huawei leading the premium smartphone segment, and Xiaomi boosting its presence with the Xiaomi 17 series.
Anthropic opens first Asia office in Tokyo: The US-based AI startup aims to collaborate on AI evaluation methodologies and monitor trends in the field. The company has also joined the Hiroshima AI Process Friends Group, which seeks to promote safe and trustworthy AI development.
SEMICONDUCTOR
Samsung to build AI-powered chip factory using 50,000 Nvidia GPUs: The electronics behemoth said the AI megafactory will connect and optimise all stages of semiconductor manufacturing, including design, process, equipment, and quality control, using real-time AI analysis.
Nvidia becomes world’s first company to hit US$5T valuation: The company’s shares have risen 25% since January and are up 1,087% since the launch of ChatGPT in November 2022. Nvidia’s rapid growth has outpaced the S&P 500 index, which rose 68.9% in the same period.
Nvidia plans up to US$1B investment in AI startup Poolside: The coding automation startup in in talks to raise US$2B at a US$12B valuation. Nvidia’s involvement could begin with a US$500M investment, potentially rising to US$1B if Poolside meets its fundraising goals.
AI
Microsoft, NUS, AMD launch AI lab in Singapore: Supported by the Infocomm Media Development Authority, the lab will develop and test enterprise AI and IoT solutions for energy, infrastructure, transportation, and manufacturing. It will focus on improving energy, operational, and system efficiency using AI and edge computing.
Stop comparing AIs: How faithfulness builds clarity: AI is not just a product you use once. It’s a learning partner. Think of it like raising a child or teaching a student. You don’t switch teachers every week and expect the child to thrive. Growth comes from consistency.
What “retirement” (and AI) taught me about purpose: True freedom emerges not from escape but from building structure that gives purpose, aided by AI and self-designed systems. Structured freedom is about designing a life where your systems work for you — not the other way around.
From 15 days to 5: How AI is quietly rewiring the CFO’s role: AI-assisted finance is turning 15-day reporting cycles into five-day workflows, freeing teams to focus on strategy over spreadsheets.
THOUGHT LEADERSHIP
TikTok and the future of education: How Generation Alpha actually learns: Hour-long lecture videos, boring slideshows, and endless multiple-choice quizzes? They don’t match how Gen Alpha actually takes in information. The future is about good content, built with the same ideas that make TikTok work.
Fed cuts rates but warns against complacency: Bitcoin and altcoins react sharply: The Fed’s cautious rate cut has sparked risk repricing across markets, exposing crypto’s continued sensitivity to macro policy shifts.
Jun Pham on curiosity, creativity, and making tech human: Jun Pham is a B2B marketeer currently working at Alano.ai, which was built for people like her who did not come from tech but wanted to break into it one step at a time.
Why CSR must evolve: Building empathy and dignity in eldercare: Singapore’s ageing challenge demands a redesign of CSR, from one-off volunteer events to human-centred experiences that build empathy and dignity.
The real costs and timelines of launching a Singapore VCC: Launching a Variable Capital Company typically starts around US$29,200 for incorporation, legal, and regulatory fees, a fraction of what you’d expect in North America or Europe. Beyond savings, Singapore also brings several other perks.
The great decoupling: Bitcoin breaks from nasdaq as macro forces reshape crypto: Markets stay upbeat on US-China trade progress and AI momentum, but crypto dips 1.55 per cent ahead of a key Fed decision and rising volatility.
Unlocking Asia’s payments potential: The case for unifying fragmented policies: Coordinated regulation and partnerships are key for Asia to unify its fragmented real-time payments systems and boost cross-border trade.
A new ocean order: What startups and investors need to know about the High Seas Treaty: The High Seas Treaty is more than a conservation pact — it’s the legal architecture for a trillion-dollar ocean economy. Startups that understand how governance reshapes markets will lead the next frontier in climate and sustainability innovation.
The hidden costs of scaling too fast and how to avoid them: Scaling too early often leads to investments in tools, processes, or structures that the business cannot fully leverage yet. You end up with expensive software, overly complex hierarchies, or sales engines that outpace product readiness.
Real estate meets AI: Why property agents need to adapt before they fall behind: AI is reshaping real estate in Singapore, helping agents reduce confusion, improve transparency, and deliver more human, trusted experiences.
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The post Ecosystem Roundup: GoTo’s profit illusion, Blibli’s margin crisis, Publicis acquires Hepmil, and Asia’s AI layoff wave appeared first on e27.