Charting GoTo's path to profitability

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} If you’re curious about how tech companies are navigating the economic downturn, financial charts might just be your new best friend. They’re among the most popular visuals on Tech in Asia, helping investors and analysts identify trends, risks, and opportunities before making informed decisions. Financial charts of certain companies can also provide valuable insights into how a market evolves during different economic cycles. Case in point: Indonesia-based GoTo Group. As one of the largest online transportation players in Southeast Asia, the firm’s financial performance can serve as a barometer for the overall health and growth potential of the industry at the moment. As seen in our [latest update]( of GoTo’s financial charts, the company’s gross revenue for on-demand services in 2022 jumped by 32% year over year (yoy) - a positive sign for continued growth of mobility services in the region. As GoTo put it, transport “fully recovered” to pre-pandemic levels, despite higher fuel prices and increased tariffs. Overall, GoTo achieved an improvement in its adjusted EBITDA, with a 3% yoy growth in 2022 to post -US$1 billion. The company also recorded a gross revenue of US$1.5 billion, marking a 35% yoy increase. These developments bring the group closer to its profitability target by the end of the year. -- [Gabriel Budi Sutrisno]( journalist at Tech in Asia  --------------------------------------------------------------- TOP STORIES THIS WEEK 1️. [GoTo Group’s financial health in 4 charts]( We analyze the financial figures reported by GoTo Group, Indonesia's most valuable tech company. 2. [Challenging times ahead for Ninja Van as losses spike and growth slows]( The Southeast Asian logistics player rode the ecommerce wave but is now facing slower industry growth and intense competition. 3. [‘Silent’ layoffs at Traveloka following COO’s departure]( Employees across Indonesia and Singapore, including those in managerial positions, were axed by the Indonesian unicorn. 4. [Mapping the companies taking banking digital in SEA]( With more than 60% of the region's population considered unbanked or underbanked, digital banks have plenty of room for growth. 5. [Filmmakers trapped in Hooq’s nightmarish liquidation: Show us the money]( Creditors of the Singtel-backed video streamer say they haven’t received their repayments, and there's no word if they ever will. 6. [Series SEA: Who’s investing in the region’s AI startups?]( We've compiled a list of investors that are pouring money into Southeast Asia’s AI startups. 7. [5 key takeaways from Lalamove’s draft prospectus to list in HK]( Lalatech Holdings is out to woo investors with its global presence, scalable business model, and cutting-edge tech. 8. [43% of Singaporeans own cryptocurrency despite declining confidence]( Data from the Independent Reserve Cryptocurrency Index 2023 also found that 46% of Singaporeans invest up to US$750 monthly in crypto. 9. [Capital SEA: Southeast Asia’s funding landscape (updated 29 Mar 2023)]( Who are the new active investors on the block? Which funding rounds look like outliers? This visual story answers all this and more. 10. [Mapping funding flows into generative AI]( Hundreds of startups in the nascent sector have each raised at least US$5 million, with the big bucks flowing to firms providing AI infrastructure. ---------------------------------------------------------------  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. 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