Traveloka quietly lays off staff across markets

Opening Bell 🔔 is Tech in Asia’s free newsletter that brings you the biggest news and latest trends around Asia’s publicly listed tech companies. [Read from your browser]( Opening Bell 🔔 Welcome to the Opening Bell! Delivered every Monday via email and through the Tech in Asia website, this free newsletter breaks down the biggest stories and latest trends on Asia’s publicly listed tech companies. If you’re not a subscriber, get access by [registering here](. --------------------------------------------------------------- Written by Samreen Ahmad Journalist Hello {NAME} What do you think is the worst feeling that a reporter can experience? For me, it has been reaching out to employees who have recently been laid off. It feels insensitive to ask them too many questions when they’re going through tough times. But it’s also our job to keep readers updated on the ecosystem. Dozens of firms, big and small, have been slashing jobs to make it through the economic meltdown. In our first Big Story this week, my colleague, Budi, writes about one such company and the quiet layoffs that its employees are facing. Southeast Asia’s online travel unicorn Traveloka has been downsizing its workforce across different markets since January, with several affected employees staying “silent” after losing their jobs. Speaking of super apps in Southeast Asia, in a second Big Story, my colleague, Simon, details how GoTo (GOTO, JK) and Grab (GRAB, NSDQ) match up against their listed peers globally. -- Samreen  ---------------------------------------------------------------  THE BIG STORY  1️⃣ [‘Silent’ layoffs at Traveloka following COO’s departure]( Employees across Indonesia and Singapore, including those in managerial positions, were axed by the Indonesian unicorn. 2️⃣ [Benchmarking GoTo and Grab against global peers]( This gives us a sense of how Southeast Asia’s super apps are faring although the comparisons aren’t always apples to apples. ---------------------------------------------------------------  3 TRENDS TO KEEP EYE ON Hot stocks, earnings reports, restructuring, activist investor pressure, and more. 1️⃣ Accenture (ACN, NYSE) adds to retrenchment woes: Accenture, a global IT services and consulting major, will [lay off 2.5%, or 19,000, of its employees]( over the next 18 months. It is the first major IT company to announce layoffs this year, which could signal that other IT majors, such as Wipro, Infosys, and Tata Consultancy Services, may follow suit. This is bad news for Indian employees as the country has over [5 million]( workers in the IT industry. 2️⃣ Tencent (0700, HKG) gets its ad mojo back: The Chinese tech giant saw its online [advertising revenue grow 15%]( in the December quarter - its first uptick since the second quarter of 2021. This was led by the e-commerce, fast-moving consumer goods, and games sectors. This hints at a revival in ad spend, a segment extremely important for tech companies such as Meta. The Facebook parent had reported a [4% decline]( in ad revenue in the December quarter. 3️⃣ OMG, OMH!: Ohmyhome (OMH, NDAQ), a Singapore-based proptech firm, has [started trading on the Nasdaq]( under the “OMH” ticker. Ohmyhome is a new and rather small company as compared to its counterpart, PropertyGuru, which currently has a market cap of around US$762 million. Data shows that small firms tend to experience [underperform on IPO]( but so far, Ohmyhome’s stock is up 2%. 2 EYE-POPPING NUMBERS Tech in Asia scours the internet to bring you head-turning numbers from the world of business. - [3x]( The scale of overhiring at Amazon (AMZN, NDAQ) Web Services’ utility computing team. The unit posted 24,988 job openings in 2022, of which only 7,798 positions were approved to be filled. The company recently announced an additional 9,000 job cuts.  - [US$2 billion]( The amount India-based conglomerate Tata Group is likely to invest into further building its super app, Neu. THE ONE YOU DIDN'T SEE COMING We spotlight the story that had everyone talking and social media buzzing during the past week. Walmart’s made-in-India moment?: Multinational conglomerate Walmart (WMT, NYSE), which takes pride in selling items [made in the US]( is warming up to the idea of sourcing several electronics and hardware products from India. The retailer is in discussions to source items like cables, chargers, screen protectors, home appliances, hearables, and wearables from India, according to an [Economic Times]( report. The move boosts the electronics sector in India, which is likely to manufacture electronics worth [US$300 billion]( by 2026. It will also give Indian manufacturers an opportunity to make a foray into the US. Walmart, which owns ecommerce giant Flipkart and fintech major PhonePe in India, had also earlier said that it aims to triple its exports of India-made goods to [US$10 billion]( annually by 2027. It recently pumped US$200 million into PhonePe. Looks like the US-based conglomerate’s made-in-India moment is on the anvil. That’s it for this edition - we hope you liked it! Not your cup of tea? You can unsubscribe from this newsletter by going to our preference center at the bottom of this email. Happy investing and see you next week! Disclaimer: This content is for informational purposes only. Kindly do not construe any such information as legal, tax, investment, financial, or other advice. [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](  Copyright © 2023 Tech in Asia, All rights reserved. 63 Robinson Road, Singapore 068894