Dear reader,
Grab’s second-quarter performance highlights the challenges of maintaining momentum post-pandemic. The company’s revenue miss, particularly in its food delivery segment, underscores the slowing growth after the surge during COVID-19.
With delivery sales rising only 11%, below expectations, and ride-share revenue growth also underwhelming, it’s clear that the demand spikes seen in previous years are stabilizing.
Foreign exchange headwinds, exacerbated by the weakening of Southeast Asian currencies against the US dollar, further dented revenue and gross merchandise value, contributing to the 5% drop in US-listed shares.
Despite these setbacks, Grab remains optimistic, maintaining its full-year revenue forecast and pointing to strong recovery in travel demand.
The company’s strategic investments and stock buybacks reflect its confidence in future growth, although analysts and investors will likely be closely watching how Grab navigates these headwinds.
As competition with Gojek intensifies, Grab’s ability to innovate and capitalize on new opportunities will be critical in the coming quarters.
Sainul,
Editor.
—-
NEWS & VIEWS
Grab misses quarterly revenue estimates, shares drop
The firm missed Q3 revenue estimates due to slower growth in its food-delivery business and foreign exchange headwinds; In the quarter, revenue rose 17% to US$664M, missing analysts’ estimates of US$673.3 million.
Syfe raises US$27M for product development, acquisitions
The investors are two UK-based family offices, Unbound, and Valar Ventures; Syfe caters to individuals’ wealth needs with diversified proprietary portfolios, cash management solutions, and brokerage.
Pintar snaps up Gredu, Kerja.io, Hiringmaps
With this, Indonesia-based Pintar has entered the trade-based education and labour placement sectors; Gredu is a K12-focused edutech, Kerja.io is an internship marketplace, and Hiringmaps is a job portal for migrant workers.
Sea Group revises up guidance for Shopee amid strong e-commerce momentum
The group’s total revenue increased by 23% year on year to US$3.8B in Q2; Its total adjusted EBITDA fell to US$448.5M from US$510M a year ago; Its total net income was US$79.9M as compared to US$331M a year ago.
Indonesia’s Komerce acquires real-time shipping cost calculation firm RajaOngkir
RajaOngkir allows users, including individual sellers and enterprises, to determine shipping costs from various logistics providers; Komerce is an e-commerce enabler for SMEs.
Amilo enters Thailand by acquiring Sivadon Logistics
Amilo provides access to warehousing, fulfilment, local transportation, delivery, and international expansion through its cross-border delivery services; Amilo plans to launch its cross-border services in Thailand.
Antler invests in AI-driven DevOps-as-a-service platform Nebu
Nebu automates the detection and remediation of cloud misconfigurations, ensuring continuous and secure cloud operations; The startup will use the capital to develop its platform, enhance its AI model, and fund its go-to-market strategy.
Half of Indonesia’s financial institutions plan to deploy GenAI for everyday tasks
A survey says about 44% of local leaders acknowledge GenAI’s potential to revolutionise risk assessment in microlending via analytical models; The study was conducted by AC Ventures, BCG, and Indonesia’s Chamber of Commerce and Industry.
Former top Vertex exec Jiang Honghui joins 17LIVE Group as CEO
With an MSc in Mechanical Engineering from MIT, Honghui comes with over 12 years of experience in VC investment, including at Vertex Group.
Qoala strengthens leadership with new board appointments, sharing key growth insights
The Southeast Asian insurtech company has appointed Randy Lianggara and Yujun Chean to its board; Also, following its successful Series C funding in March 2024, Qoala has launched its second Employee Stock Option Plan.
Binance restarts services in India after 7-month regulatory halt
India blocked nearly a dozen foreign crypto exchange services, including Binance, last year; Offshore exchanges needed to register locally to comply with the country’s anti-money laundering and counter-financing of terrorism framework.
Indonesia’s PasarPolis eyes expansion into Singapore
The insurtech firm said it is on track to become profitable, leveraging technology, data analytics, and strategic partnerships to drive sustainable growth, profitability, and market leadership in the insurtech sector.
South Korean alarm over EV fires puts spotlight on safety concerns
South Korea is urging automakers operating in the country to disclose the manufacturer of batteries used in EVs as authorities try to calm fears over fires involving EVs, after a recent blaze in an underground parking lot that took eight hours to put out.
TikTok disputes US claims on China ties in court appeal
TikTok told a federal appeals court on Thursday that the US Department of Justice has misstated the social media app’s ties to China, urging the court to overturn a law requiring China-based ByteDance to sell TikTok’s US assets or face a ban.
Jeff Bezos’s brother’s firm launches US$100M VC fund HIPstr
Mark Bezos’s HighPost Capital focuses on consumer companies and HIPstr aims to take advantage of dramatically lower startup valuations of the past couple of years.
FEATURES & INTERVIEWS
20 game-changing startups driving Bangladesh’s innovation wave
Bangladesh’s future looks promising, with continuous improvements in infrastructure, increased government support, and growing investor interest.
Entering new frontier: Igloo shares growth strategy in the SEA insurance space
Igloo has started to develop AI-powered models to automate underwriting and pricing as part of its upcoming plan to win the insurance space.
Echelon X: The intersection of sustainability, economics, and social impact in business
The Echelon X panel explored the evolving landscape of sustainable business practices and the economic considerations that accompany them.
Echelon X: Mia Melinda explores corporate venture capital’s impact on Indonesia’s tech landscape
The Echelon X fireside chat delved into the strategic role of CVC in fostering a vibrant tech ecosystem in Indonesia.
In promoting AI adoption, SoftServe believes in implementing a hackathon-like approach
In this interview, Dipen Mehta of SoftServe explains the common barriers that businesses face in adopting AI and what they can do about it.
Sparkline CEO on exit strategy: Valuation is simply what someone is willing to pay for your startup
In this interview, Sparkline CEO and Founder Aleetza Senn explains the factors that founders need to consider in planning their exit strategy.
Innovation and inclusivity: Niv Della’s blueprint for success in the Filipino beauty market
Niv Della Beauty Innovations, led by Nina Dizon-Cabrera, drives growth through product innovation, inclusivity, and strategic expansion.
Echelon X: Malaysia’s path to impactful innovations in the post-pandemic era
The Echelon X panel highlighted the collaborative efforts and strategic vision that are propelling Malaysia forward in the post-pandemic era.
Echelon X: Marc-Antoine Hager of CleverTap explores customer lifetime value under tight budgets
The Echelon X keynote offered a comprehensive roadmap for businesses seeking to unlock the full potential of their customer relationships.
THOUGHT LEADERSHIP
Blockchain and AI copyright: A revolution in digital rights management
Blockchain can offer innovative solutions to AI copyright challenges, with personal insights supported by statistics and research.
The upside of conglomerate influence in Thailand’s tech industry
This article explores why Thailand’s tech scene stagnates despite efforts and how large conglomerates may be stifling startup growth and innovation.
The Third Plenum: China’s commitment to economic recovery and technological innovation
China aims to “build a high-level socialist market economy,” so its reform and growth may not align with the pace of other markets.
How AI enhances market forecasting for tech startups
Successful companies leverage AI’s ability to process vast data quickly to generate precise forecasts, faster insights, and scalable models.
How a data-driven approach can optimise decarbonisation in the built environment
Granular data is key to decarbonising real estate, enabling targeted improvements and optimising ESG goals for greater sustainability.
Digital transformation & AI revolution: Shaping Singapore’s F&B industry with Korean restaurant tech
It’s time for Singapore’s F&B industry to embrace this transformation and serve up a future that’s as exciting as it is delicious.
How to build a tech startup without a CTO – From a founder without a CTO & no programming skills
Learn how to start a tech startup without coding by exploring options like hiring a CTO, using agencies, or in-house hires, and understanding their trade-offs.
FROM THE ARCHIVES
The story of an ‘accidental entrepreneur’
Starting a business is never easy. As three inexperienced students trying to navigate the field of entrepreneurship, it took time for us to get the hang of things.
Greentech revolution: Catalysing software’s success to drive a sustainable future
The delivery models and enterprise-wide integration associated with the software must also mature and manifest for Greentech.
How AI and automation can shape the future of farms
Developing an AI platform in the farming system reduces the time needed to conduct experiments and get results quicker.
The sustainable recipe to feed the world
The race towards net-zero emissions has accelerated breakthroughs in green tech introducing the world to alternative proteins, bio-based ingredients, and sustainable urban farming innovations.
How biotech is changing the global agriculture game for investors
With biotech manufacturing set to transform agriculture, investors who want to stay ahead should pay attention to this rapidly evolving space.
Are traditional conglomerates in the Philippines finally embracing corporate investing?
What stops the big conglomerates in the Philippines from getting their skin into the startup game? This article will answer that.
The extraordinary tale of a Filipino geek who swam against the odds in life
Clark Urzo is one of the two geeks from Southeast Asia to make it to Pioneer, a programme run by Daniel Gross and funded by Marc Andreessen.
Building resilience against cyber attacks in ASEAN through data
The foundation for cybersecurity begins with complete visibility over enterprise data and the controls around it.
Big Tech vs data protection laws in Asia: Who is compromising?
Big Tech companies such as Apple, Facebook, and Alibaba have been in a battle with Asian governments as data localisation heats up in the region.
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