Nas Academy doubles revenue but ends 2021 at an operating loss

More: Akulaku links up with Alipay+, and a Pakistan-based point-of-sale startup closes its US$2.5 million pre-seed round. [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](. --------------------------------------------------------------- Hello {NAME} I’ve mentioned this before, but after speaking with many founders and entrepreneurs in the course of my work, I can’t see myself becoming one. And after reading today’s featured premium article, I’m even more convinced of that. Edtech platform Nas Academy has swung to an operating loss of US$3.7 million in 2021 after clocking in a profit of nearly US$300,000 just a year earlier. That’s quite the reverse, but since much of the company’s expenditure can be put down to its spending on expanding its staff and investing in technology, it’s unlikely to cause sleepless nights for its stakeholders. I, on the other hand, can’t really wrap my head around the idea of a US$4 million step in the wrong direction, no matter the reason. Anyway, check out the article to get a deep dive into the firm’s financials and judge the situation for yourself. - Winston  ---------------------------------------------------------------  THE BIG STORY [Nas Academy swings to a loss in 2021 despite doubling revenue]( Nas Daily’s edtech platform incurred a loss in 2021 after posting a marginal profit a year earlier as staff and advertising expenses ate into its earnings.  --------------------------------------------------------------- TRENDING NEWS [Temasek, GGV join $110m round of Animoca Brands]( As part of the round, True Global Ventures’s TGV 4 Plus Fund and TGV 4 Plus Follow On Fund poured US$17.2 million in convertible notes into the firm. [Indonesia raises ride-hailing fares amid rising fuel prices]( The new ride-hailing prices will come into effect on September 10. [FTX Ventures joins $5m round of SG blockchain firm at $100m valuation]( VerifyVASP has developed a solution for Travel Rule compliance, which requires financial institutions to disclose certain information for fund transfers. [Sequoia launches platform to help startups expand globally]( Through Pathfinders, Sequoia links founders with tech executives who can help them with sales, marketing, product management, and engineering. [Alibaba-backed VC joins $14m round of Vietnam edtech firm]( Edupia aims to provide an easy and accessible English-learning platform to tackle language-based inequality in the country. [Online shopping overtakes gaming in SEA’s internet landscape: report]( The region’s ecommerce sector is expected to become a US$254 billion market by the end of 2026 in SEA, according to a report by Meta and Bain & Company. --------------------------------------------------------------- TECH IN ASIA POLL New polls arrive every Tuesday! A funding slump as meant that [layoffs are piling up in Asia]( with a total of 111,000 pink slips handed out by tech startups in the region. Moreover, the liquidity crunch appears to show no signs of easing, with a Tech in Asia’s analysis indicating that funding rounds in Southeast Asia have slid by about 28% in May from just two months earlier. With that in mind, do you believe that the worst of the mounting job cuts are over as startups adapt to the diffitcult funding environment or that there are the region is still in line for mass layoffs? [Yes]( [No]( Note: Results of our previous poll can be found at the end of the newsletter  --------------------------------------------------------------- TECH IN ASIA CONFERENCE Get a free ticket to the Tech in Asia Conference 2022! There are only two weeks to go until Tech in Asia Conference 2022 hits Marina Bay Sands in Singapore! If you're looking to expand globally this year, our official remote work partner, Globalization Partners, wants to meet you there. Hit up the Globalization Partners booth at the conference to learn how the company helps hybrid workplaces across the region's tech ecosystem. Don’t have tickets yet? As one of our sponsors for this year’s conference, Globalization Partners is sponsoring 25 FREE General Pass tickets (UP US$38) that will give you access to the event from September 21 to 22! All you have to do is claim it on the [Tech in Asia Conference website]( with the code “TIACONF22_2WEEKSTOGO”. Get your tickets now before they run out! ---------------------------------------------------------------  EVENTS HAPPENING You can also check out a curated list of trending tech events [over here](.  - *Event* [Code Without Barriers: Empowering women in tech and female founders]( on September 22nd from 12.30 p.m. to 2 p.m. at Marina Bay Sands, Singapore As the tech scene in Southeast Asia continues to grow, Tech in Asia is committed to helping diversity scale with it. With the help of our sponsor, Microsoft, we're adding a luncheon to the Tech in Asia Conference 2022 agenda to discuss how we can achieve that. We're inviting leaders who are passionate about diversity to join this luncheon to examine: - How diversity and inclusion impacts today's workplace -Why it is important for businesses to embrace intentional diversity and inclusion - The challenges leaders face with driving and enabling greater representation in the workforce - What the Code Without Barriers initiative does for women in the tech community - How startups can make the most of what Microsoft for Startups Founders Hub is doing for startup communities This event is open to Tech in Asia Conference 2022 General Pass and Priority Pass holders - [get your tickets now](. - *Event* [Building customer journeys that scale]( on September 21st from 12.30 p.m. to 1.30 p.m. at Marina Bay Sands, Singapore As customers gain access to more ways of buying, engaging, and providing feedback, the number of data points that tech businesses have to track customer sentiment increases. Together with Twilio, Tech in Asia is organizing a luncheon during Tech in Asia Conference 2022, where we're inviting marketing, product, and customer success leaders from large tech businesses to learn about: - Ensuring customer satisfaction, based on transactional and behavioral data, in an economic way - Evolving existing customer journeys - Improving personalization of the customer experience to grow and scale business This event is open to Tech in Asia Conference 2022 General Pass and Priority Pass holders - [get your tickets now](. - {AD}  [The Connected Cities Conference]( on September 9 Learn all about the future of city living at this year’s Connected Cities Conference, hosted by KPMG as part of the StartmeupHK Festival curated by InvestHK. Sessions will be held by speakers from Hong Kong’s Mass Transit Railway, Sino Group and Tai O Heritage Hotel, Clearbot, and more.  ---------------------------------------------------------------  WHO'S HIRING You can post a job [here]( or search for jobs [here](. - [Engineering Manager]( at KoinWorks Jakarta, Indonesia - [Node.JS Engineer]( at 2359 Media Singapore, Singapore - [Business Development Manager]( at Scout.inc Jakarta, Indonesia - [Front End Developer (GetPlus)]( at PT Merah Cipta Media Jakarta, Indonesia - [Digital Marketing Lead]( at GGL Life Indonesia Bulk Terminal, Indonesia - [Partnership Manager]( at GREDU Jakarta, Indonesia --------------------------------------------------------------- TECH IN ASIA POLL RESULTS Previous poll question: There were plenty of positives to take from Grab’s [second quarter results]( last week. The Singapore-based tech giant reported a smaller loss, a massive rise in revenue, a healthy cash position, and a lift in the lower end of its 2022 revenue forecast. But that was not enough to [stop Grab‘s shares from plunging 12%](. With the firm’s shares now down more than 70% from its peak, do you believe there is a buying opportunity? Here is the break down: --------------------------------------------------------------- [ADVERTISE]( | [SUBSCRIBE]( 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. Too many emails? Switch to a different frequency or get new content through our [preference center]( or [unsubscribe](. You can also break our hearts and remove yourself from all Tech in Asia emails over [here](  ---------------------------------------------------------------  Copyright © 2022 Tech in Asia, All rights reserved. 63 Robinson Road, Singapore 068894