From Russia with love, firms eye Indonesia for expansion

More: The moving parts of the healthcare space. [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} Last year, write downs were a common theme in the investment industry, with unicorns losing more than 40% of their value from their peaks by the end of 2022, according to an estimate from private-market data provider Caplight Technologies. With their valuations shrinking sharply, private tech companies have had a tougher 2022 than their much-derided, publicly traded peers. Worryingly, more write downs may be in store for private firms as a number of macro factors, such as high inflation, continue to bear down on them. It’s not easy trying to value loss-making tech startups amid the ongoing global downturn. Throw in the Russia-Ukraine war into the mix, and an already difficult task becomes a whole lot more complex. But that’s the exact predicament faced by countless Russian startups. However, these firms have shown themselves to be quite adaptable, as highlighted in today’s featured piece. Shunned by the markets they usually favor for expansion - Europe and Latin America - Russian startups are eyeing market domination in Southeast Asia’s largest economy, Indonesia. The premium story in focus also highlights the allure of Indonesia for Russian companies, the warm reception these firms have received, as well as how the archipelago has benefited from being a magnet for bleisure (business + leisure) travelers. -- Shravanth P.S.: If you’re an entrepreneur looking for funding, [fill out this form]( to get your company featured on our list of fundraising startups.  ---------------------------------------------------------------  THE BIG STORY [Wave of Russian startups makes a splash in Indonesia]( Russian digital nomads seeking to tap into abundant digital opportunities overseas and to escape the war with Ukraine are flocking to Indonesia. --------------------------------------------------------------- TRENDING NEWS [TikTok Shop’s GMV in SEA topped US$4.4 billion in 2021]( TikTok’s parent company ByteDance also recorded US$208 billion in ecommerce spending for its home market last year, The Information reported. [AIA’s Amplify Health acquires SG-based machine learning firm]( Aida Technologies enables clients to automatically detect data fraud, abuse, and waste, as well as process insurance claims and underwrite insurance. [SEA’s IPO market fares relatively well amid global downturn: EY report]( Indonesia led the regional IPO market with 60 deals raising US$2.2 billion in 2022. [MassMutual, Seeds Capital back SG healthcare firm’s $7.5m round]( Qritive’s AI-powered solutions help reduce treatment time and increase accuracy for cancer care. [Samsung backs Korean mental health platform’s $4.8m raise]( Mind Cafe provides mental health management services to companies such as Samsung, Naver, and Hyundai. [Microsoft eyes $10b injection into ChatGPT maker]( The round – which will include other investors – will peg OpenAI’s valuation at around US$29 billion, Semafor reported. ---------------------------------------------------------------  TECH IN ASIA PODCAST Deep Dive: How Asian VCs are giving the recession a run for its money It’s undeniable - the world is in recession. Although it took longer for the downturn to hit Asia, startups and venture capitalists have been preparing for it for months. On this episode of Deep Dive, Tech in Asia emerging tech editor Collin Furtado discusses his insights from the ongoing article series [Recession Run]( where he talks to the region’s top investors about how they’re tackling the economic slump. Listen here: [Spotify]( | [Apple Podcasts]( ---------------------------------------------------------------  EVENTS HAPPENING You can also check out a curated list of trending tech events [over here](. - [AD] [Asian Financial Forum]( from January 11 to 12 The Asian Financial Forum is back for 2023, and this year it’ll be putting several issues under the microscope. Join the event to hear from over 100 heavyweight speakers on topical subjects related to global finance, the economy, as well as trade and sustainability. Attendees can also connect with more than 130 fintech exhibitors, startups, and global investment agencies to explore new innovations and collaboration opportunities. - [AMA with Magnus Ekbom]( Former co-founder of Lazada shares tips to assembling an all-star founding team On 11 January, Magnus Ekbom, co-founder and ex-chief strategy officer of Lazada will share some tips and tricks on building your founding team and all the vital must-knows to get the right people on board. In this discussion, you can ask him questions directly about the challenges he’s faced, and the lessons he’s picked up along his entrepreneurial journey. ---------------------------------------------------------------  WHO'S HIRING You can post a job [here]( or search for jobs [here](. - [Node.JS Engineer]( at 2359 Media Singapore, Singapore - [Research, Monitoring & Learning Manager (Public Health) - Manila]( at SwipeRx (mClinica) Manila, Philippines - [Pharmacy Training & Capacity Building Advisor (Public Health)]( at SwipeRx (mClinica) Jakarta, Indonesia - [Senior Mobile Developer]( at Female Daily Network Jakarta, Indonesia - [IT Security Administrator]( at LeapXpert Manila, Philippines - [IT Presales]( at AKAR INTI ENTERPRISE Jakarta, Indonesia [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? 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