Ruangguru Co-Founder Iman Usman (C)
Ruangguru lays off hundreds of employees
The company cites the drastically worsening global market situation for the job cuts; Ruangguru has raised a total of US$205M in funding to date; In July, it acquired education startups Schoters and Kalananti.
Startups in HK and Singapore sidestep local bourses for US SPACs
Info from financial data provider Refinitiv shows that at least nine SG and HK firm this year have announced plans to go public with SPACs listed in the US, despite the cities offering many shell companies since Q1.
GoTo’s Q3 losses drop a tad, revenues triple on cost-cutting efforts
The losses in the quarter came in lower at US$432M compared with US$483M in Q3 2021; The firm reported US$286M in net revenue in the July-Sept quarter, a significant rise from US$91.5M last year.
Binance was soliciting SG users without license, MAS says
In a letter, the MAS said that while both crypto exchanges were not licensed to operate in Singapore, only Binance had been soliciting users in the city-state; Binance also supported listings in SGD and payment methods specific to the city-state.
PropertyGuru’s Q3 revenue soars 47%, net loss narrows
Net revenue rose to US$25M for the quarter on the back of strong marketplace revenues, especially in Singapore and Malaysia; The net loss dropped to US$5.4M in the quarter from US$7M in the same period last year.
Recession Run: Australia’s Mandalay Venture to invest 20% of new fund in SEA
Partner Philippe Ceulen says the VC firm is raising a US$25M fund, meant for startups in the agritech and food technology space; The check sizes are likely to be between US$100K and US$804K.
Lightspeed eyes investments in climate tech startups in SEA, India
Electric mobility is one of the biggest areas to invest in; SaaS-based carbon accounting and offsetting solutions is the other areas of interest; Both SEA and India are poised for innovation in the EV and other climate tech space.
Better Bite rolls out new fund for idea-stage alt-protein firms
‘First Bite’ will select “several new alt protein founders in APAC” and invest US$50K into each; Founders working on new ideas in plant-based, fermentation, molecular farming, and cultivated meat spaces qualify for funding.
Indonesia’s Hangry posts 2.5x revenue jump in 2022
According to the culinary startup’s filing with ACRA, it generated US$12.2M in revenue in 2021; With that figure, its total revenue for the first 10 months of 2022 would be around US$30M.
Ayurveda tech startup NirogStreet raises US$12M to strengthen supply chain
The investors include Jungle Ventures, Spiral Ventures, and ICMG Co-Creation Fund; NirogStreet offers integrated doctor-led prescription e-commerce enablement, P2P learning for Ayurvedic doctors, and health record management.
Singapore’s wealth-tech firm Kristal.AI banks US$10M
The investors include Chiratae Ventures, Stride Ventures, and the Desai Family Office; The company has 50K+ individuals across over 20 countries on its platform, handling upwards of US$1B in AUM.
Sorabel, Magpie founders join Monk’s Hill as venture partners
Lingga Madu and Huong Tran will be in charge of sourcing and executing deals in Indonesia and Vietnam, respectively, and working closely with the VC firm’s portfolio companies.
FTX crypto exchange owes biggest creditors US$3.1B
The embattled firm, which filed for bankruptcy in the US last week, says it owes about US$1.45B to its top 10 creditors; Filings revealed more than 1M people and businesses could be owed money following its collapse.
World’s largest crypto fund swept into FTX storm
The shares of the theUS$10.5B Grayscale Bitcoin Trust, which owns 3.5% of the world’s bitcoin, has plummeted to a 39% discount to the value of its underlying assets as investors have embarked on an increasingly desperately scramble to exit.
HK’s Genesis Block to shut down following FTX crash
Genesis Block operates a portal that lets users trade cryptocurrencies by opening up an account and getting support from an account manager; December 10 will be the last day of the OTC platform.
Korea, SG, Japan suffered most from FTX’s collapse: study
SimilarWeb data from Jan-Oct 2022 shows that Korea had the highest traffic share of 6.1%, representing 297,229 monthly users; Singapore made up 5% of global traffic with 241,675 monthly users.
Will digital banks take off in the Philippines?
Millions in the Philippines live in remote areas with no access to a branch and, therefore, no way to open a traditional account, presenting a huge pool of untapped opportunities for digital banks to expand into.
Why defining work-life harmony is key to navigating uncertain waters in 2023
Our ways of working have changed forever over the last two and a half years, and it’s important to maintain a work-life harmony for success.
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