Making sense of YC’s retreat from SEA and India

More: Carousell appoints a new CFO, and an Indonesian multi-brand cloud kitchen operator secures $13.7m in its series A round. [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 look at: - [Why Y Combinator is reducing its exposure in SEA and India]( - How Sea Group has reversed its digibank fortunes in Indonesia - The TIA x SEEK Tech Community Networking event - Other newsy highlights such as Carousell appointing a new CFO --------------------------------------------------------------- Hello {NAME} Recently, I was engaged in an informative discussion on the shifting dynamics of the funding landscape in Asia with a founder of a Y Combinator-backed software-as-a-service startup and a seasoned investor in real estate and stocks. However, there was a momentary (and somewhat funny) lull when the founder mentioned his startup had secured funding at a valuation that was over 60x the firm’s gross sales last year. The immediate reaction of the equity investor was a sight to behold: His deadpan blinks oddly reminded me of outdated hardware attempting to upload and process a large file. Perhaps his reaction sums up the varying risk appetites across different pockets of the investment world. More pertinently though, the founder did also mention that his company would be lucky to bag funding at a valuation anywhere close to 10x its gross sales this year - highlighting the severe impact of the macroeconomic whirlwind that has knocked the stuffing out of global startup investors. Even Y Combinator, one of the world’s leading startup enablers, has felt the pinch. Today’s featured piece makes sense of the firm’s diminishing presence in Southeast Asia and India as well as how the recent artificial intelligence frenzy has temporarily dampened investment interest in the region. The premium story also unearths the three key reasons behind the California-headquartered accelerator’s decision to reduce the startups it funded from its Winter 2022 cohort to its Summer 2022 batch. -- 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 [YC shrinks cohorts, sees less SEA, India investments]( The California-based accelerator has seen a dwindling number of startups from Southeast Asia and India in its recent cohorts. --------------------------------------------------------------- TRENDING NEWS [SeaBank Indonesia posts strong annual profit]( The digibank’s FY2022 profit before income tax stood at US$4 million – a big swing from a loss of US$21.1 million a year ago. [Indonesian cloud kitchen firm cooks up expansion plans with $13.7m raise]( Legit Group will widen its footprint in Jabodetabek as about 80% of its business is currently concentrated in the Jakarta area. [Carousell taps former GudangAda CFO for executive team]( JJ Ang succeeded Edwin Chan, an ex-Razer executive who had been Carousell’s CFO since June 2021. [TIA x SEEK Tech Community Networking]( Join us to connect with the broader tech community and meet with selected employers that are still hiring! [Tiger Brokers releases AI chatbot investment assistant]( TigerGPT aims to leverage Tiger Brokers’ content library to help answer investment-related queries. [SG firm gets $2.3m to help F&B outlets save energy]( TablePointer’s plug-and-play solution enables F&B businesses to save costs and reduce emissions across their operations. ---------------------------------------------------------------  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](. - [Sales IT (Remote work)]( at Tomoru Bandung, Java, Indonesia - [Research and Development Intern]( at Hangry Jakarta, Indonesia - [Software Engineer Lead]( at Influx.com Jakarta, Indonesia - [Junior SEO Consultant]( at Moonlay Technology Jakarta, Indonesia - [Automation Tester]( at PT Sanskara Sanjaya Abadi Jakarta, Indonesia - [Field Engineer]( at Target Media Nusantara (TMN) Surabaya, Indonesia [ADVERTISE]( | [SUBSCRIBE]( 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. Tech in Asia thanks our partners for supporting our newsletters. 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