Unsavory pill: Halodoc’s list of restricted drugs

In On the Rise, we spotlight Halodoc’s role in the sale of restricted drugs, the changes in Indonesia’s agritech landscape, and our top reads. [Read from your browser]( On the Rise 🚀 Welcome to On the Rise! Delivered every Tuesday via email and through the Tech in Asia website, this free newsletter breaks down the biggest stories and trends in emerging tech. If you’re not a subscriber, get access by [registering here](. Written by Aditya Hadi Pratama Journalist Hello {NAME} This week, one of the greatest sporting competitions on planet earth came to an end. The FIFA World Cup 2022 ended in a thrilling contest between Argentina and France. La Albiceleste - the nickname for Argentina’s national football team - won the tournament after defeating France in a penalty shootout. Many will remember the match for years as the fierce battle between the soon-to-retire Lionel Messi and possible future Ballon d’Or winner Kylian Mbappé. That said, this edition of the World Cup also saw a number of controversies, which began even before the tournament [started](. Even the final match was riddled with several contentious moments. People debated whether there was no foul play in the build-up to Argentina’s first penalty goal, whether Nicolas Otamendi’s push - which led to France’s first goal - deserved a red card, and whether Lautaro Martinez was offside when Argentina struck their third goal. Argentina’s goalkeeper Emiliano Martinez even threw the ball away from the penalty spot prior to the third penalty kick in the shootout, which may have played a part in [Aurelien Tchouameni missing the target](. Speaking about something controversial, in our first Big Story, my colleagues Nikita and Collin, shine a spotlight on Temasek-backed Halodoc. The Indonesian healthtech firm listed medicines that were forbidden to be sold online, according to the country’s food and drug authority. They found that there are at least 11 prohibited drugs on the platform and there was little to no oversight in buying prescription drugs. In the second Big Story, I explore the Indonesian agritech sector, which this year attracted more than double the investments it drew last year. Back to the World Cup, FIFA has awarded Argentina’s Lionel Messi, Emiliano Martinez, and Enzo Fernandez the Golden Ball, Golden Glove, and Young Player Award, respectively. Meanwhile, France’s superstar Kylian Mbappé won the Golden Boot Award as the player with the most goals in the tournament. Inspired by that, I’ve also highlighted 10 articles that drew the most interest from our readers this year. By the way, we’re taking a break for the next two weeks, so this is our final On The Rise newsletter for this year. Here’s wishing you all a joyful Christmas and a wonderful New Year. We’ll be back on January 10 next year. -- Aditya  --------------------------------------------------------------- THE BIG STORIES 1️⃣ [Temasek-backed Halodoc enabled sale of restricted drugs]( Tech in Asia also found that some prescription-only medicines could be bought without due process. 2️⃣ [Mapping Indonesia’s key agritech players]( Funding for Indonesia’s agritech sector grew by over 2.5x in 2022, with startups attracting some of the biggest investors in Southeast Asia.  ---------------------------------------------------------------  TOP 10 STORIES OF 2022 These are the most popular stories featured in On the Rise in 2022. 1️⃣ [Mapping Temasek’s role in the startup space]( The Singapore state-owned investor has launched 28 firms, including 14 investment firms and a venture-building arm, in its quest to back disruptive businesses. 2️⃣ [Startup allegedly lied about Apple, LVMH investment; axed most of its staff]( The CEO of Singapore-based Aaqua also came under fire for berating an employee in a virtual forum. 3️⃣ [Shake-up at Sequoia-backed AI startup as APAC expansion hits snag]( AI Rudder, which recently raised US$50 million in funding from prominent investors, is facing roadblocks that may hurt its growth. 4️⃣ [After Temasek acquisition, BasisAI loses tech staff]( Singapore-based AI startup BasisAI, which was acquired by Temasek unit Aicadium, has seen most of its tech employees walk out the door. 5️⃣ [Indonesia’s ‘Uber for waste’ finds profits in garbage collection]( Octopus has witnessed 26x revenue growth in the past year and plans to expand to other countries in Southeast Asia in 2023. 6️⃣ [Hangry’s revenue triples in 2021, operating margin improves]( The Indonesia-based culinary startup’s revenue rose to US$12.2 million in its second full year of operations. 7️⃣ [Roadblocks stall Singapore’s driverless car dreams]( Singapore was one of the first countries to pilot driverless cars. So why aren’t we seeing more autonomous vehicle activity from the city-state? 8️⃣ [An unknown Singapore healthtech firm’s dubious $583m valuation]( After significantly revising revenue projections and delaying expansion plans, Euda Health slashed its valuation by 70.5% just months before its Nasdaq listing. 9️⃣ [Singapore could lose more biotech firms]( Singapore wants to be the Silicon Valley for alternative protein. But good regulatory frameworks alone won’t cut it for firms in the niche industry. --------------------------------------------------------------- FYI 1️⃣ [Recession Run: Iterative’s $55m plan amid a downturn]( Iterative co-founder Hsu Ken Ooi talks about the startups that will be affected by the economic slowdown and why the VC will continue to bet on Web3. 2️⃣ [Baby steps: Why Indonesia’s parenting market is drawing investors’ eyes]( Due to its fragmented market and dearth of reliable parenting information, Indonesia is a fertile ground for savvy startups in the mom and baby space. 3️⃣ [How founders can prepare for 2023 even as markets fall apart]( Managing your cash, recognizing that your investors will also be feeling the pinch, and overcommunicating should help you ride out the tough times.  ---------------------------------------------------------------  NEWS YOU SHOULD KNOW Check out Tech in Asia’s coverage of the emerging tech scene [here](. 1️⃣ Malaysia-based Teleport, the logistics arm of Capital A, has raised [US$50 million round of funding](. The fresh funds will be used to expand the company’s cross-border delivery capabilities in key Southeast Asian markets, onboard additional freighters, and build hubs in Indonesia, Malaysia, and the Philippines. 2️⃣ Aktivolabs, a Singapore-based healthtech startup, has [raised US$10 million]( in a series A funding round led by Adaptive Capital Partners, Seeds Capital, and Japan-based Mitsui. Aktivolabs uses real-time data from smartphones and wearable devices to predict and prevent chronic diseases. 3️⃣ Indonesia-based Venteny [raised US$21 million from its IPO]( on the Indonesian stock exchange last Thursday. The firm, which provides growth funding and human resource services, went public under the ticker VTNY. 4️⃣ Wellous, a Malaysia-based nutrition company, has agreed to merge with special purpose acquisition firm Kairous Acquisition Corp in a [deal worth US$270 million](. Following the completion of this deal, Wellous will be publicly listed on Nasdaq. 5️⃣ South Korean webtoon platform Postype banked [US$7.6 million]( in a round of funding. It helps creators monetize their work and connect with fans. Artists can publish paywalled content on the platform, accept donations, and create memberships.  ---------------------------------------------------------------  That’s it for this edition - we hope you liked it! Do also check out previous issues of the newsletter [here](. Not your cup of tea? You can unsubscribe from this newsletter by going to your “edit profile” page and choosing that option in our preference center. See you next week! [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. Too many emails? 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