Blibli fails to make most of revenue surge

More: SG’s Cosmose AI hits $500m valuation after fresh 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: - [What Indonesia-based Blibli’s latest financial figures means for its future]( - The most active investors in Southeast Asia’s AI startups - Other newsy highlights such as Singapore-based Cosmose AI hitting US$500 million valuation following its latest fundraise --------------------------------------------------------------- Hello {NAME} High-growth tech startups always seem to be raking in the dough even if they’re stuck in the red for years on end. Investors continue to hand them funds with the belief that the economies-of-scale business model will bear fruit. This is especially true in the case of ecommerce firms. Building a brand and trying to get a foothold in hotly contested ecommerce markets costs serious cash. Further, to keep prices competitive, startups can’t afford to charge top dollar for their products or services right off the bat. So even if they're bringing in substantial revenue, profitability could be years away. Indonesia-based Blibli finds itself in a similar conundrum. Despite bringing in net revenues of US$1 billion in 2022, the company is still EBITDA negative. In fact, the metric worsened by 41% last year. However, with EBITDA as a percentage of total processing value improving, there are some prominent signs that the publicly-listed ecommerce company remains on track to profitability. Today’s featured piece dives deep into Blibli's financial year 2022, which ended on December 31. With the help of graphics, my colleague, Jofie, makes sense of why profitability continues to evade the firm’s grasp, and how it has benefited from expanding its offline presence. The premium story also highlights the worrying trend of dwindling assets in Blibli's books and gathers compelling insights into the company’s plans in 2023 from CEO Kusumo Martanto as well as CFO Hendry. -- 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 [Blibli posts 72% revenue jump in 2022 but remains in the red]( The Indonesian ecommerce firm also saw a 23% drop in total assets after paying off its debts to banks and selling all of its GoTo shares. --------------------------------------------------------------- TRENDING NEWS [SG’s Cosmose AI hits $500m valuation after fresh round]( The startup specializes in tracking foot traffic and engaging shoppers online. [Greywing launches SeaGPT to tackle ’email overwhelm’ for sea crew]( SeaGPT helps fleet managers answer inquiries related to port, immigration, and travel information. [Japanese startup Luup wants to transform cities into “station fronts”]( The company provides electric, compact, and single-passenger micromobility sharing services in Japanese cities. [Supply chain accelerator opens Asia-Pacific hub in SG]( Zeebox’s hub in Singapore aims to support Asian startups tackling issues in the supply chain, logistics, transport, and energy sectors. ---------------------------------------------------------------  LISTICLE OF THE DAY [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. ---------------------------------------------------------------  TECH IN ASIA'S FOUNDERS MEETUP: MALAYSIA Join us and share the hardest challenges you’ve faced as a founder If you’re an entrepreneur based in Malaysia, you’re invited to Tech in Asia’s Regional Founders Meetup, which will be held on May 23 at WIP on the Park at Marc Residence (No.3 Jalan Pinang, Kuala Lumpur 50450) from 5:30 p.m. to 7:30 p.m. Join us and share the hardest challenges you’ve faced as a founder. 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