Hmlet’s not backing down without a fight 💥

More: Internet giant Sea’s plans to raise $2b, and SoftBank’s successful bet on DoorDash [Read from your browser]( Daily Newsletter Hello {NAME} A friend recently asked if I’d consider leaving the comforts of home to rent a space with her. Having lived abroad for two years and gotten a taste of the freedom that comes with it, it seemed an easy yes - except practicality quickly took over. Scrolling through listings for co-living spaces reminded me that this was a life I can’t afford; and even if I could, why would I? This price consciousness is a reflection of my personal beliefs and that of many Singaporeans. Singapore-headquartered co-living startup Hmlet understands this and has had to pivot its model to target locals, as the pandemic sent its primary customer base of expats returning to their home countries. Today we look at, - Why [Hmlet isn’t letting hurdles]( get in its way - The Singapore startup that’s getting a boost from its Slingshot 2020 win - Other newsy highlights such as fresh funding for Tencent-backed e-grocery startup Missfresh, and Amazon’s plans to back India’s Apollo Pharmacy  ---------------------------------------------------------------  PREMIUM SUMMARY  Hmlet’s troubles won’t get in the way of its growth Hmlet, the Singapore-headquartered co-living startup that rents out residential properties to young professionals, has seen better days. But its shortened financial runway amid the pandemic hardly spells the end for the company. - Inflate and deflate: After raising US$40 million in July 2019, Hmlet expanded its team to 198 staff, only to cut around 10% of its headcount a year later. The number of staff cuts swelled as the pandemic wore on, whittling the startup down to about 100 people. - Bad romance: Hmlet’s holy grail is the management contract model, in which a landlord pays a portion of a property’s revenue to an operator for managing it. While this is a common practice among big hotel operators, securing such arrangements proved difficult for Hmlet in its early days.. - New directions: It isn’t all bleak news. The company hopes to close a fundraising round in the next few weeks from existing and new investors. And according to its CEO Yoan Kamalski, there’s been no pressure from investors to cut costs in exchange for new funding. With travel restrictions unlikely to be lifted anytime soon, however, the startup is looking to target locals instead of expats. Read more: [Hmlet sizes down again amid difficult pivot, but it’s making progress](  ---------------------------------------------------------------  STARTUP SPOTLIGHT  Singapore’s Nextbillion comes out on top in Slingshot 2020 Singapore-based startup Nextbillion has [emerged as the top winner of Slingshot]( the global deep tech startup competition organized by Enterprise Singapore. For the competition’s fourth edition - and its inaugural virtual finals - the top 10 startups were announced during the Singapore Fintech Festival x Singapore Week of Innovation and TeCHnology (SFF x SWITCH). - Top guns: Slingshot saw over 7,500 applicants from more than 150 countries. The top 10 startups were given grants and cash prizes totalling US$673,000 - of which Nextbillion secured US$150,000 - and over US$5.6 million-worth of startup resources and support. - Winner winner chicken dinner: Nextbillion’s winning pitch: An AI-backed solution which provides transport businesses with optimized routes and complete environment mapping. In addition to the grant money, the startup will also receive a cash prize of US$37,394 and six months of serviced office space. - Rest of the best: The nine other winners include Elidah, GyroGear, eggXYt, ProAgni, Scope Photonics, Knowledge Navigator, TransferFi, Crayon Data, and Keyless Technologies.  ---------------------------------------------------------------  QUICK BYTES  1️⃣ Internet giant Sea’s got big plans Following Sea’s [digital bank license win]( - and thanks to its 5x share price gains this year - the Singapore-based internet giant now plans to raise [US$2 billion]( by issuing American Depositary Shares (ADSs). It hopes to offer 11 million ADSs and offer underwriters a 30-day option to purchase up to an additional 1.65 million shares.  2️⃣ SoftBank’s bet on DoorDash pays off Japanese tech major SoftBank Group may have made some missteps, but its 25% stake in US food delivery app DoorDash [has paid off](. The group saw an US$11.2 billion gain in the value of its stake, following DoorDash’s blockbuster stock market debut this week. The delivery app is backed by SoftBank’s Vision Fund, Sequoia Capital, Y Combinator, and Singapore’s sovereign wealth fund GIC.  3️⃣ US$305 million for this Chinese e-grocery startup Chinese online grocery store Missfresh [has secured]( US$305.6 million from a Qingdao government-guided consortium. This comes on the back of China’s e-grocery boom and just months after the Tencent-backed ecommerce startup raised US$495 million in July 2020.  4️⃣ Alibaba’s Cainiao scouts for logistics partnerships Cainiao Smart Logistics Network - the logistics arm of Alibaba Group Holdings - intends to launch its [global open tender in 2021]( in a bid to accelerate its cross-border ecommerce business. The offer is valued at US$76.4 million and will be open to markets including North Asia, Southeast Asia, Europe, the Middle East, Australia, New Zealand, and the US.  5️⃣ Amazon eyes India’s Apollo Pharmacy India’s largest branded pharmacy chain, Apollo Pharmacy, could soon get a boost - specifically, a potential investment of [almost US$100 million]( from US-based ecommerce company Amazon. This comes amid Amazon’s plans to take on Reliance Industries’ Reliance Retail and Tata Group to capture India’s burgeoning drug market.  6️⃣ Korean payments startup gets US$60 million boost Korean fintech firm Chai - which runs business-to-business service I’mport - [has raised US$60 million]( in a series B round led by the Seoul-headquartered conglomerate Hanwha Investment and Securities. Other participating investors included SoftBank Ventures Asia, SK Networks, Aarden Partners, Hashed, and several unnamed strategic partners.  ---------------------------------------------------------------  STARTUP FEATURE Hey, Heena! Thanks for your submission. Your company, Camping Co, takes the spotlight this week. - Elevator pitch: India-based [Camping Co]( provides customized sustainable tourism solutions. The platform enables travelers to explore rural communities in the country with the help of SUVs and jeeps equipped with rooftop tents and camping gears. - Story: Co-founders Heena and Harsh used to work for Uber and assisted in the launch of the ride-hailing giant’s business in India. Adventurers at heart, they discovered their passion for “overlanding” - a combination of camping and off-road travel and a self-sufficient way of getting to remote destinations through campers. They realized that there was a lack of infrastructure to promote such a way of responsible and rural tourism in the country. - How many years in operation: Two years - Number of users: 100 paid users every month with an online travel community of over 50,000 members - What's the monthly revenue? US$10,000 - Opportunities: Pioneering sustainable tourism in the country - Challenges: Covid-19 travel restrictions Want your startup to be featured too? Give us a [shout-out here](.  ---------------------------------------------------------------  EVENTS HAPPENING - ** Live Event ** Understanding the M&A process with Singlife-Aviva Singapore merger on December 17 As we close the year, let’s look at the state of startup exits in Southeast Asia and the potential of the region’s startups for building great businesses and selling them to a healthy market. [Hear]( from Walter de Oude, founder and group CEO of Singlife, about the lessons he has learned from the recent Singlife-Aviva Singapore merger, which is valued at US$3.2 billion. *Core and Live subscribers can RSVP at no extra cost! - Magnify China 2020 on December 18 KrAsia's flagship subscriber event aims to help you better understand the evolving business landscape in Asia. This upcoming event will bring you closer to China's noteworthy startups in today's hottest industries: consumption, education, healthcare, and enterprise solutions. You can sign up for free [here](.  ---------------------------------------------------------------  WHO'S HIRING - [Strategic Partnerships Manager]( at Qashier (Singapore, Singapore) - [Deputy Creative Director]( at Tech in Asia (Singapore, Singapore) - [Master Computer Programmer]( at English Hub (Jakarta, Indonesia)  ---------------------------------------------------------------  SHARE WITH YOUR FRIEND Share this with a friend to brighten up their day and to keep them in the loop with what’s going on in the region’s tech scene. Feel free to [drop us feedback]( if our newsletter today got you feeling smarter (or if it didn’t).  ---------------------------------------------------------------  Thanks for reading! Tech in Asia’s newsletters are handcrafted daily with love - and sometimes powered by good kopi (or tea). [ADVERTISE]( | [PREMIUM]( | [JOBS]( P.S. Don't miss out on the biggest tech news and analysis. Add newsletter@techinasia.com to your address book, contacts, or safe sender list. Or simply move us into your inbox. Was this forwarded to you? You can read this everyday when you sign up [here](. Don't want to receive these emails anymore? [Unsubscribe](.  ---------------------------------------------------------------  Today’s edition is written by Rebecca Liew, with contributions from Terence Lee and Miguel Cordon. It’s edited by Jaclyn Teng. Copyright © 2020 Tech in Asia, All rights reserved. 51 Bras Basah Rd, #05-5061, Singapore 189554