Dear Pro member,
Amid a global market slowdown, Indonesian firms Modalku and Bukalapak have followed Qoala and Ayoconnect in reducing their workforce within a short two-week span.
This trend is largely attributed to the ongoing repercussions of the global financial crisis. The job cuts underscore the prevailing challenges faced by Indonesian businesses, prompting a series of staff reductions as a means of coping with financial strain and pursuing profitability.
The prevalent strategy of downsizing is seen as a pragmatic approach to curtail costs and adapt to the altered economic landscape. With numerous firms having already implemented layoffs in recent months, this trend is expected to persist in the near future as businesses strive to navigate the challenging environment and attain financial stability.
Will the advent of Generative AI tools make things worse in the jobs market? Let’s wait and see.
Singapore-based Endowus has secured US$35 million, and many exciting developments have been included in today’s Ecosystem Roundup.
Happy reading.
Sainul,
Editor.
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Funding Societies’s Modalku cuts 18% of its workforce
It laid off 38 employees in Indonesia mainly due to the current macroeconomic environment; Funding Societies said that since being established in 2015, it has served nearly 100K businesses across its markets.
Bukalapak conducts a new round of layoffs
The affected staff include those from customer service, its Mitra business, and the product and engineering team; In Q2 2023, Bulakapak generated US$40.7M net profit, a turnaround from a net loss of US$394.8M in Q2 2022.
SoftBank’s Vision Funds recover with US$426M income in Q1
It posted a US$16.3B loss in the same quarter a year ago; The recovery is primarily driven by a US$917.1M gain on investments at Vision Fund 1, reversing from the US$9.2B in loss on investments it experienced in Q1 2022.
SG wealthtech firm Endowus raises US$35M round
The investors include Citi Ventures and MUFG Innovation; The company’s losses for 2022 jumped to US$20M despite more than doubling its revenue to US$6.1M compared to the previous year.
Alibaba posts solid 70% income growth in latest quarter
The revenue grew 14% in the latest quarter compared to the same period last year; The firm attributed the growth to its recent restructuring, which has started to “unleash new energy across our business”.
Philippine venture builder AHG Lab raises US$4M in pre-Series A
The investors include the Rufino family, David Leechiu, and Seaborne Capital; The capital will help expand AHG’s support in founder-focused programmes like Founders Launchpad.
Genexyz, which provides virtual avatars for content creators, raises US$1M
The investors include East Ventures, Emtek, and MDI Ventures; Genexyz aims to overcome the scalability and unpredictability of the physical limitations of influencers by creating meta-human IPs.
Goro raises US$1M to democratise Indonesian property investment
The investors include Iterative, XA Network, and StashAway’s Angel Investing Program; Goro enables individuals to buy high-yielding Indonesian properties with no minimum purchase.
Singaporean Web3 entertainment company DEA raises funding
The investor is Global Brain’s KDDI Open Innovation Fund III; DEA is the company behind the PlayMining GameFi platform.
IDN Media said to have acquired creator payment platform Saweria
Saweria enables creators or live streamers to receive payments from fans through various Indonesian e-wallets; Saweria had around 500-700 daily active live streamers in 2020.
Carro hits US$11M in Q1 EBITDA, its highest-ever quarterly profits
Its EBITDA is now at an annualised run-rate of over US$50M, which is more than 10x what it achieved for the entire FY2023; The used-car marketplace also achieved over US$4M in EBITDA for June 2023.
Bintang Capital backs SG waste management firm Blue Planet
Blue Planet offers various solutions throughout the waste management value chain, including waste collection, transportation, segregation, processing, and treatment.
Gaming growth in APAC sluggish amid clampdown in China: report
Data from a recently released Newzoo report found that Asia Pacific only logged a 1.2% y-o-y bump in revenue to date; This is below the global market’s 2.6% increase within the same period.
Mixi launches US$50M fund for India-based entertainment startups
Outside the CVC fund, Mixi plans to allocate about US$209.6M to US$349.3M for M&As, as well as capital and business alliances between the financial years of 2023 and 2025.
Antler Malaysia appoints serial entrepreneur as associate partner
Frank Kang will be in charge of operations and investment strategy in Malaysia; Before the appointment, Kang co-founded People2, a social networking service backed by SoftBank.
These trio grew BuyMed into a B2B healthtech brand with a reach in 12K+ townships in VN
BuyMed, which recently raised US$51.5M in Series B funding, says it processes over 5K orders daily and reaches 12K+ townships across Vietnam.
The value for biz lies in how humans, AI will enhance each other’s strengths: Mixpanel CEO
Generative AI is really just the next interface of computing, unlocking huge productivity gains across various sectors, says Amir Movafaghi.
How to achieve cybersecurity independence in Southeast Asia
Fostering a cybersecurity workforce equipped with the latest skills and knowledge will be paramount in securing the region’s digital sovereignty.
Rising trend in Vietnam: Young professionals embracing social media content creation
According to the ‘Monetise the Creative Economy’ report by Adobe, 33 per cent of those surveyed engaged in part-time content development.
How to navigate the ethical landscape of Responsible AI
Responsible AI constitutes our greatest chance at cultivating a future wherein AI is wielded for a good while mitigating its risks.
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The post Ecosystem Roundup: Modalku, Bukalapak lay off staff; Endowus raises US$35M; SoftBank’s Vision Funds make a recovery appeared first on e27.