Indonesia’s IDN grew net profit 24x in 2 years

More: GoTo posting a net loss of over US$150 million for the first six months of this year. [Read from your browser]( Daily Newsletter Welcome to Tech in Asia's free Daily Newsletter! Get full access to our subscribers-only Daily Newsletter and other insightful analysis on the big and messy topics of Asia’s tech and startup community by [registering here](.  --------------------------------------------------------------- IN FOCUS In today's newsletter, we spotlight: - [IDN’s remarkable growth story]( - Suppliers storming Temu’s office in Guangzhou in protest - At what stage Asian startups usually make an exit - Other newsy highlights such as Indonesian super app GoTo posting a net loss of over US$150 million for the first six months of this year --------------------------------------------------------------- Hello {NAME} As a writer and creative, it always makes me happy when I read about a media company doing well, especially amid the general pessimism around the industry. Of course, “media” is a very general term, and different companies in the sector grow in varied ways. Today’s premium story is about the success of Indonesian firm IDN Media - a company built with a focus on youth. Over time, the business has evolved to include esports and livestreaming content and even welcomed an idol group into its media roster. You think someone there can help me with a livestreaming setup? It sounds incredibly fun to me, though I might end up not being good at it. -- Winston Zhang  ---------------------------------------------------------------  THE BIG STORY [‘Buzzfeed of Indonesia’ hits sixth profitable year as IPO looms]( CEO Winston Utomo tells Tech in Asia that the Indonesian media company is “IPO-ready,” but it’s still looking for the right opportunity for a listing. --------------------------------------------------------------- TRENDING NEWS [Temu’s supply chain faces scrutiny as mainland sellers protest]( Hundreds of suppliers on Monday stormed the discount shopping giant’s office in Guangzhou. They allege that the platform has unreasonable policies, an “opaque” system of fines, and few support channels. [Indonesia's GoTo posts US$174 million loss in first half of 2024]( The superapp recorded a net loss of 2.8 trillion rupiah for the first six months of this year. The figure narrowed from 7.2 trillion rupiah in the same period in 2023. Net revenue rose to 7.7 trillion rupiah, up 12%. ---------------------------------------------------------------  VISUAL STORY OF THE DAY [Charting Asia’s M&As: When do startups usually make an exit?]( Tech in Asia’s data analyzes M&A deals in Asia - which stage most startups exited, how much was raised, and more. ---------------------------------------------------------------  THE FUTURE OF AI ISN'T COMING - IT'S ALREADY HERE Get an insider's look at the cutting-edge tech that’s turning heads (and benefiting bottom lines) Stop wondering if generative AI can transform your business - see it in action instead. This exclusive event will show you how to leverage AI to unlock new revenue streams, optimize operations, and gain a competitive edge. [Apply for your invite today](. 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