Giants and minnows alike, not many spared from layoff mania

Check out our top articles for the week [Read from your browser]( Top Stories of The Week Hello {NAME} As the funding winter continues to bear down on the tech startup ecosystem, every day brings with it news of new casualties. The latest names on the list are JD.com-backed fashion ecommerce firm Pomelo, which laid off [8% of its staff]( Indonesian e-grocery startup HappyFresh, which is in limbo with [salaries being delayed]( and Indian fintech firm Rupeek, which conducted its [second round of layoffs]( this past week. It’s not only the smaller firms that are feeling the chills. Sundar Pichai, CEO of global tech giant Google, reportedly [hinted at possible layoffs](. While Pichai may not have said it out loud, [Tesla CEO Elon Musk did](. Shortly after, the electric car maker [shut an office in California]( and cut around 200 employees. Closer to home, TikTok’s parent firm ByteDance was reported to have [laid off “hundreds of employees”]( in its gaming unit this week. Sea Group’s own gaming arm, Garena, also reportedly [cut jobs]( in its livestreaming business. The Singapore ecommerce and gaming powerhouse was also in the news for [rescinding job offers]( in the past two weeks. It’s not only startups that are being impacted by the current macroeconomic headwinds. Top investor SoftBank is reportedly planning to [cut 20% of its employees]( at its Vision Fund unit. This makes me wonder whether this is a sign that we are to see layoffs at VC firms, especially those that are seeing big losses in their funds. I truly hope I am wrong on this one, as it could only mark the beginning of even more cold nights ahead for the startup ecosystem. But enough of the bleak news. There are also startups that are doing well during this time and are raising funding. We recently reported the financials of startups such as [Ninja Van]( and [Atome]( both of which have shown healthy numbers. Startups like these that have good unit economics could also look to hire more as they aim to strengthen their market leadership during this downturn. So those of you who are on the edge, please hang in, as more opportunities are out there. -- [Collin Furtado]( journalist at Tech in Asia --------------------------------------------------------------- TOP STORIES THIS WEEK 1️. [Tracking layoffs across Asia’s startup ecosystem (Updated)]( Several startups are dismissing staff to stay afloat as headwinds hit Asia. This layoff tracker is keeping tabs on marching orders. 2. [What caused PayMongo’s crisis? Insiders tell us]( PayMongo was once tipped to be a breakout fintech startup in the Philippines. But internal issues and a deteriorating culture may be derailing its goals. 3. [Sizing up GXS and Trust, Singapore’s newly launched digital banks]( Grab-Singtel’s GXS and StanChart-FairPrice’s Trust stress their independence from shareholders, but they’ll ultimately need the support to succeed. 4. [Carsome doubles revenue in FY21, but losses widen over 7x]( A sizable chunk of expenses come from accounting adjustments. Carsome aims to hit EBITDA breakeven by the second half of 2023. 5. [Behind iQiyi’s long, painful road to profitability]( IQiyi’s first quarter of profit-making seems to be more of a course correction, but mounting pressures lie ahead for the Chinese Netflix. 6. [Lazada-backed Dana finds new momentum as it looks beyond payments]( The Indonesian e-wallet plans to expand its financial services with lending, insurance, and wealth management for its next phase of growth. 7. [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. 8. [HappyFresh in limbo with delayed salaries and ‘inactive’ top execs]( The news comes just over a year after the company raised US$65 million in a series D round. 9. [400m Indians use WhatsApp, but will they shop on it?]( Meta's WhatsApp and Reliance's JioMart could be a match made in heaven, but cracking e-grocery in India won't be easy. 10. [Mapping out SEA’s healthtech players]( Despite coming off from a high in 2021, Southeast Asia’s healthtech boom is still going strong. --------------------------------------------------------------- EVENTS HAPPENING You can also check out a curated list of trending tech events [over here](. - *Event* [Tech in Asia Conference]( Segments on Sept 15th at Menara Mandiri, Indonesia, and on September 21st - 22nd at Marina Bay Sands, Singapore. Did you know there are three events within the Tech in Asia Conference, designed specifically for early-stage founders? Apply by September 1 for the chance to gain investor access, cash prizes, and brand visibility through these flagship segments! - [Speed Dating]( Have up to one hour of meeting booked with the most relevant investors at Tech in Asia Conference - [Startup Factory]( Take a booth in the heart of the venue to get your brand and product in front of the tech community - [Startup Arena]( Five ESG founders pitch live on the Main Stage to a panel of investors to win part of a US$24,000 cash prize --------------------------------------------------------------- WHO'S HIRING You can post a job [here]( or search for jobs [here](. [logo] [Head of SaaS Sales]( at AwanTunai Jakarta, Indonesia IDR 25,000,000 – 40,000,000 with equity [logo] [Implementation Specialist - HR]( at Mekari Jakarta, Indonesia IDR 5,000,000 – 7,000,000 [logo] [Audit & Reporting - Accountant]( at Rukita Jakarta, Indonesia IDR 8,000,000 – 12,000,000 [logo] [Senior Data Engineer - SMB]( at PT. 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