Sea eyes clear skies ahead after battling rough waters

More: Ajaib benefits from Bitcoin boom. [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 Sea pulled off a stunning turnaround]( - GoTo Group, Indonesia’s biggest tech firm, narrowing its Q4 adjusted EBITDA loss - Tech in Asia founder Willis Wee [shares his reasons]( behind starting our Product Development Conference - Other newsy highlights such as Ajaib benefitting Bitcoin’s recent blitz --------------------------------------------------------------- Hello {NAME} Sea Group’s swift ascent came to a grinding halt right after CEO and co-founder Forrest Li became Singapore’s richest man in September 2021. By May the following year, the billionaire lost the title and was one of the biggest losers in a market crash that wiped more than US$1 trillion from the net worth of the world’s 500 richest people. From Shopee’s collapse and Free Fire’s ban in India to a spate of disappointing earnings results, a litany of troubles have weighed on Sea’s share price and have nearly capsized Li’s wealth. More pertinently, the chances of Sea sparking a quick turnaround appeared slim amid unfavorable macro conditions. Nonetheless, the Southeast Asian tech bellwether managed to pull off a stunning reversal in fortunes recently. Sea’s latest results indicate the firm has landed on a sustainable long-run business model, proving its growth was not reliant on ever-increasing expenses for sales and marketing. In today’s featured piece, Tech in Asia’s chief analyst Simon Huang highlights the tough decisions and brave calls - such as cutting thousands of jobs, and slashing sales and marketing expenses - that the company took in order to achieve its first-ever quarterly net profit. -- 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 [Sea Group’s triple win: how it pulled off a stunning reversal]( The tech company’s turnaround in its fourth quarter results was about more than just cuts to its sales and marketing budget. ---------------------------------------------------------------  TECH IN ASIA'S PRODUCT DEVELOPMENT CONFERENCE 2023 Why we started the Product Development Conference "We built the Product Development Conference for coders, makers, and builders,” Willis Wee, the founder of Tech in Asia, says. “They are the backbone of the tech and startup ecosystem. Because without great products, there will never be great companies." [Click here]( to discover how Wee’s personal experiences at Y Combinator shaped his mindset and how his pursuit of building great products led to the birth of Tech in Asia’s Product Development Conference. --------------------------------------------------------------- TRENDING NEWS [GoTo narrows adjusted loss in Q4 as profit deadline draws near]( The company’s adjusted EBITDA loss decreased 52% year over year for the quarter to US$202 million. [Ajaib says its Bitcoin transactions up 600% in three days]( The Indonesia-based investment platform recently removed transaction fees for purchases and sales involving Bitcoin. [GoTo Group’s financial health in 4 charts]( We analyze the financial figures reported by GoTo Group, Indonesia’s most valuable tech company. [US startup launches e-pharmacy platform in Myanmar]( Common Health aims to make quality medicine more accessible and affordable for patients with chronic diseases. [PDD Holdings Q4 revenue jumps on low-price strategy]( The Pinduoduo parent’s Q4 operating profit also shot up 32% to US$1.3 billion. [Crypto.com secures preparatory license in Dubai]( Kris Marszalek, the firm’s CEO, said Dubai is “an incredibly important market for our business and industry.” ---------------------------------------------------------------  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)! - [Tech in Asia’s Founders Meetup: Philippines]( on April 25 Our networking event, Founders Meetup: Philippines, is happening in Manila on April 25 at Draper Startup House. Join us and share the hardest challenges you’ve faced as a founder. To help you find solutions, we’ll introduce you to fellow founders who have been there and done that. Register today! ---------------------------------------------------------------  WHO'S HIRING You can post a job [here]( or search for jobs [here](. - [SAP Engineer]( at Graha Karya Informasi Jakarta, Indonesia - [User Experience Designer]( at Rezeve Singapore, Singapore - [Sales Consultant]( at AOne Kuala Lumpur, Malaysia - [IT Project Manager (Data Center)]( at Female Daily Network Jakarta, Indonesia - [Frontend Engineer]( at PT. Ichigo Indonesia Inti Jakarta, Indonesia - [KOL Officer]( at GAMAL Jakarta, Indonesia [ADVERTISE]( | [SUBSCRIBE]( P.S. 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