SoftBank tightens purse strings in India

Check out our top articles for the week. [Read from your browser]( Top Stories of The Week Welcome to Tech in Asia's free Sunday newsletter! Get full access to our subscribers-only premium content and other insightful analysis on the big and messy topics of Asia’s tech and startup community by [registering here](. Hello {NAME} The past few days have been marked by mass layoffs at several companies, including Amazon and ShareChat, in India. GoMechanic, a lesser-known startup in the country, let go of nearly 70% of staff. The troubled car-servicing firm had a star-studded list of investors, including Sequoia Capital India and Tiger Global, which have now ordered a third-party audit of the company. If things had gone well, GoMechanic would have added another top investor, SoftBank, to its cap table. However, the deal fell through as the startup [reported]( “over-inflated numbers and fictitious garages.” At US$35 million, this could have been one of SoftBank's smallest bets in an Indian startup, which has a legacy of cutting checks of over US$100 million to several companies such as Flipkart, PolicyBazaar, and Paytm. Clearly, the Japanese tech firm has been changing tack in India as the investment weather gets rough. While there’s been a lot of gloom around, with several startups bearing the slowdown brunt, here’s hoping global investors like SoftBank come around to assisting the investment flow in the country in a bigger way. -- [Samreen Ahmad]( journalist at Tech in Asia  --------------------------------------------------------------- TOP STORIES THIS WEEK 1️. [Plotting out SoftBank’s 2023 India roadmap]( The world’s biggest tech investor is likely to sit tight and wait for valuation corrections in the second half of the year. 2. [Vietnam’s Tiki reports widening FY 2022 loss as revenue drops]( Will new initiatives like TikiAds and buy now, pay later help the company survive increased competition? 3. [Tonik CEO on BNPL: ‘I prefer to call it sales finance’]( Tonik Digital Bank may offer installment shopping loans too, but it’s doing it the good ol’ “bank way.” 4. [The Peter Thiel-backed sleep startup on a quest to solve restless nights]( Based in both the US and Vietnam, Earable Neuroscience says its AI-powered headband can improve users’ sleep, focus, and relaxation. 5. [Malaysia is a better place than Singapore to found a startup, says this VC]( Kevin Brockland explains why he is betting on local talent despite the challenges. 6. [Series SEA: Who’s investing in the region’s biotech startups?]( We've compiled a list of investors that are pouring money into Southeast Asia’s biotech startups. 7. [Can iPhones put Blibli in the black?]( The Djarum-backed marketplace is making a play for the potentially lucrative smartphone space but established rivals await. 8. [Recession Run: Alt protein to be $200b industry this decade, says Good Startup]( Jayesh Parekh, managing partner at Good Startup, explains why he is bullish on investing in alt proteins despite a global slowdown in sales. 9. [Carro fueled up with seed funding via this deck]( The used-car marketplace operates in Singapore, Indonesia, Thailand, Malaysia, Japan, and Taiwan. 10. [These are the most active investors in Southeast Asia’s startups]( Which investors are writing the most checks to Southeast Asian startups? --------------------------------------------------------------- WHO'S HIRING  You can post a job [here]( or search for jobs [here](. [logo] [Senior DevOps (AwanTunai)]( at Deall Jobs Jakarta, Indonesia DevOps & Cloud Management [logo] [Cyber Security Engineer]( at PT WIR Asia Tbk Jakarta, Indonesia Hardware & Embedded Systems [logo] [Back End Developer (Java, Spring, Spring Boot)]( at SIGMATECH Jakarta, Indonesia Software Engineer [logo] [Business Process Analyst]( at Female Daily Network Jakarta, Indonesia Jakarta, Indonesia [logo] [Account Manager Creative]( at Boleh Dicoba Digital Bandung, Java, Indonesia Project & Product Management [logo] [Team Lead SPG]( at MyRobin Jakarta, Indonesia Sales & Business Development [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? 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](  ---------------------------------------------------------------  Tech in Asia’s newsletters are handcrafted daily with love - and sometimes powered by good kopi. Copyright © 2023 Tech in Asia, All rights reserved. 63 Robinson Road, Singapore 068894