Why telehealth had an uneventful year in Indonesia

More: Sea’s strong Q1 revenue and another potential SPAC IPO [Read from your browser]( Daily Newsletter Hello {NAME} A few years ago, one of my freelance gigs had me working with a speech therapist in Singapore who would conduct virtual consultations with children from different parts of Asia. Since it was the pre-telehealth era, such a concept was new to me and I found it fascinating how consultations could take place online. Now, virtual consultations are booming with the rise of telehealth startups. In Singapore, I’ve already seen a range of startups targeting everything from general health to reproductive health. But in Indonesia, the industry isn’t developing as quickly. What’s going on there? Today we look at: - What’s slowing down [telehealth in Indonesia]( - Hmlet getting a [US$6 million lifeline]( - Other newsy highlights such as Sea’s strong Q1 revenue and another potential SPAC IPO -- Betty Chum, Tech in Asia  ---------------------------------------------------------------  PREMIUM SUMMARY  Indonesia’s telehealth industry has raised only US$200 million since 2016 On one hand, US$200 million sounds like a big amount. On the other hand, Indonesia’s ecommerce sector raised US$4 billion within the same five-year timeframe - that’s a US$3.8 billion difference from what the country’s telehealth sector generated. In a country where healthcare is severely understaffed (there are only four doctors for every 10,000 people), one would think that venture capitalists would jump on telehealth’s potential. But there are more issues in play. - ”Trust me, I’m a doctor”: Trust doesn’t come easy when it has to do with someone’s body and health. So acquiring users takes a lot longer for Indonesia’s telehealth startups, compared to other industries in the country such as ecommerce and edtech. - And even if the trust is there, users in the outer regions of Indonesia still meet difficulties, including not being able to purchase the prescribed medicine from pharmacies near them and limited or patchy internet connectivity. - On the bright side: Telehealth has a huge growth potential in Indonesia. Earlier this year, Halodoc was appointed as the government’s official telehealth partner and it launched a vaccination service in partnership with Gojek. Alodokter also boasts “30 million monthly active users” currently. Read more: [What’s ailing Indonesia’s telehealth industry?](  ---------------------------------------------------------------  PREMIUM SUMMARY Hmlet’s not calling it quits Hmlet had it rough the past year. The Singapore-based property tech and co-living startup executed multiple layoffs, pivoted its business to become an “asset-light” model that helps landlords run their co-living spaces, and saw its co-founder step down as CEO. But it’s finally seeing the light at the end of the tunnel. - US$6 million was recently invested in Hmlet by Sequoia Capital, Burda Principal Investments, and other investors. This, on top of the company shutting down its operations in Australia due to poor performance, will give the startup a runway of 18 to 24 months. - The newly raised funds will be used by Hmlet to diversify into managing properties that have been acquired by existing hotels in Hong Kong, Singapore, and Japan. The startup will also invest in distressed hotels in the Asia-Pacific and turn them into co-living spaces. - Background: Launched in 2016, Hmlet designs and manages shared short-term accommodation for young professionals. It has since changed its business strategy, slashing its burn rate by about 60%, and opened new revenue streams such as “material revenue” from its interior design arm operating in Singapore. Read more: [Hmlet gets $6m lifeline from Sequoia, Burda, and others](  ---------------------------------------------------------------  IN PARTNERSHIP WITH This startup festival has it all Hong Kong is on the rise as a startup ecosystem, and the [StartmeupHK Festival 2021]( is the place to learn about what the city has to offer for founders and investors alike. The festival hosts several events that target a wide scope of interests. If you want to learn about exciting innovations, the Scaleup Impact Summit brings together different founders, investors and thinkers and features panel discussions, workshops, and more. Keen on specific verticals? The Asia Proptech pitch battle event and the Asia Healthcare Innovation Summit take the chance to explore these rising industries in detail. Hong Kong’s also part of the Greater Bay Area (GBA), so dive into the opportunities that the GBA holds, whether it’s through the GBA Innovation Summit or the GBA Online Hackathon. This is just the tip of the iceberg of what StartmeupHK Festival 2021 is all about. The festival runs from May 24 to 28, so there isn’t much time left before the action begins. Head over to its [website]( to get your tickets before it's too late.  ---------------------------------------------------------------  QUICK BYTES  1️⃣ Sea’s having a good time Southeast Asian internet giant Sea Group has [more than doubled its revenue]( in the first quarter of 2021 to gain US$1.8 billion, up from US$714.9 million in the previous corresponding period. The company’s adjusted EBITDA has also reached US$88.1 million, a significant turnaround from a loss of US$69.9 million a year ago.  2️⃣ Top word of the year: SPAC Indonesian online travel company Tiket.com is [exploring going public]( through a merger with the special purpose acquisition company (SPAC) Cova Acquisition Corp. This deal is expected to push the valuation of the merged entity to US$2 billion.  3️⃣ Lazada’s shopping spree Alibaba Group, the parent company of Lazada, and private equity firm Baring Private Equity Asia have [invested US$400 million]( in Vietnam’s retail giant Masan Group, which owns the popular supermarket chain Vinmart. As part of the deal, Vinmart will start selling its grocery items on Lazada Vietnam.  4️⃣ From bookkeeping to becoming an SME neobank Indonesian bookkeeping app BukuKas has [raised US$50 million]( from both existing and new investors including TransferWise co-founder Taavet Hinrikus. Founded by members of the Lazada mafia, the startup managed to onboard 6.3 million business owners in just one and a half years, recording an annualized transaction value of US$25.9 billion.  5️⃣ Bagging US$60 million Singapore-based payments startup Thunes has [raised US$60 million]( putting its valuation at over US$518 million post-money. The startup is currently working with Singapore giant Grab, payments major PayPal, and Commercial Bank of Dubai.  6️⃣ US$125 million to discover antibodies Hummingbird Bioscience, a Singapore-based company focused on antibody discovery, pharmacology, and clinical development, has [raised US$125 million]( in its latest round of funding. The company will use the funds to advance the clinical development of its assets, including its antibody products for fighting tumors.  ---------------------------------------------------------------  EVENTS HAPPENING - Tech in Asia Pitch Night on June 22 Are you a startup founder looking to get some feedback from investors? Want the chance to walk away after your pitch with prizes of up to US$5,000 in cash as well? Then join us this June as we handpick six startups from across Southeast Asia to pitch to a panel of investor-judges and an audience of founders, investors, and professionals from the region’s top tech companies. [Sign up today to get your pitching slot](  ---------------------------------------------------------------  WHO'S HIRING - [Software Development Engineer - Backend]( at Halodoc ID (Setiabudi, Indonesia) - [Senior Software Engineer (Backend)]( at TADA (Jakarta, Indonesia) - [Senior QA Testing Engineer]( at Cakap (Jakarta, Indonesia)  ---------------------------------------------------------------  SHARE WITH YOUR FRIEND If you're feeling generous today, help us share this newsletter with your friends and coworkers so that they can keep up with what’s going on in the region’s tech scene. Feel free to [drop us some 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]( | [SUBSCRIBE]( | [HIRE]( | [FIND 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 was written by Betty Chum, with contributions from Nikita Puri, Deepti Sri, and Stefanie Yeo. It’s edited by September Grace Mahino. Copyright © 2021 Tech in Asia, All rights reserved. 51 Bras Basah Rd, #05-5061, Singapore 189554