A look at a challenger to Shein's throne: Temu

More: We look at Shein’s latest challenger and what Lenskart intends to do with half a billion dollars. [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](. --------------------------------------------------------------- IN FOCUS In today's newsletter, we spotlight: - [How top Shein rival Temu rose to prominence]( - Lenskart securing US$500 million and planning to expand in India - Other newsy highlights such as Stripe’s latest funding and Baidu’s answer to GPT-4 --------------------------------------------------------------- Hello {NAME} I’m not a fan of fast fashion. According to the [UN Environment Programme]( the industry is the second-largest consumer of water and accounts for between 2% and 8% of global carbon emissions. On top of the environmental concerns, I take issue with the consumer motivations that have driven the industry to its sky-high revenue numbers. Do we really need that many clothes? Would it kill us to wear the same top multiple times? It reminds me of that famous quote: “We buy things we don't need with money we don't have to impress people we don't like.” But this is just one man’s rant against a billion-dollar industry. Today’s premium article explores the rapid rise of Temu, the latest challenger to Shein’s crown. -- Winston  ---------------------------------------------------------------  THE BIG STORY [Why SEA should watch out for Shein’s top rival Temu]( Tech in Asia deciphers the factors behind the meteoric rise of Temu, Pinduoduo's sister company. --------------------------------------------------------------- TRENDING NEWS [Baidu’s HK shares bounce back as Ernie bot impresses testers]( A few users who tested out the Ernie chatbot posted positive reviews and made comparisons to its US counterparts, Reuters reported. [SG indie game publisher levels up with $1.2m seed funding]( The Iterative Collective provides a structured approach to incubating and releasing self-published games. [Ajaib crypto arm removes Bitcoin transaction fees]( Previously, the company implemented a 0.1% transaction fee for every purchase and sale using any crypto asset, including Bitcoin. [Ant Group supports Proxtera’s vision for global MSME ecosystem]( The B2B platform facilitates cross-border trade for MSMEs through financing and fulfillment services. [Meta starts second round of job cuts, targets 10,000 positions]( The Facebook parent began with laying off 1,500 workers in its recruiting and HR teams, Bloomberg reported. [Indonesian Shariah digibank posts 3x increase in transactions]( Hijra Bank, which just launched its app in December 2022, has also seen its number of users double since then. ---------------------------------------------------------------  EVENTS HAPPENING You can also check out a curated list of trending tech events [over here](. - [Tech in Asia’s Product Development Conference 2023]( from May 16 to May 17 Tech in Asia’s Product Development Conference is back! This year’s edition, which will be held in person in Jakarta, will feature over 20 industry leaders, experts, and innovators sharing the latest trends and strategies that can accelerate product development growth. [Register now]( to get 40% off (get additional discounts exclusively for TIA subscribers)! ---------------------------------------------------------------  IN PARTNERSHIP WITH Solutions for smart cities of the future, all in one place Technology has transformed our lives and the cities we live in. Keyless locks, voice-controlled lights, real-time traffic monitoring … the future is here. Gear up for an even more exciting future by learning more about the latest innovation and technology for smart cities at InnoEX 2023. 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