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Blibli fails to make most of revenue surge

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Tue, Apr 25, 2023 11:34 PM

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More: SG’s Cosmose AI hits $500m valuation after fresh round. Daily Newsletter ----------------

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. To help you find solutions, we’ll introduce you to fellow founders who have been there and done that. Starting up doesn’t have to be a lonely journey. [Register]( for this exclusive event here today. Tickets are priced at US$12.50 per person, inclusive of light bites and one drink. Slots are limited and are available on a first come, first served basis. Thanks to our official event partners - AWS, CleverTap, Cooley, D.Camp, Sinarmas Land, Singapore Global Network (SGN), and Quest Ventures - and our community partner - WeWork - for making this meetup possible. ---------------------------------------------------------------  PRESS PEEKS The following press releases were published as they were received, without any editing from the Tech in Asia team. You too can publish your own press release on Tech in Asia by simply filling in [this form](. Our team will get back to you by the next business day. - JA Assure - [JA Assure, a regional Insurtech firm collaborates with India’s Top Indian University for Research and Development]( JA Assure collaborates with SRM University for Research and Development of new Technologies- JayJay - [Edtech startup JayJay got significant investment to transform the learning industry]( JayJay, a digital school, has got a $1 million investment from Jooble. With this funding, JayJay plans to improve its platform to reach more students.- Mintegral - [Mintegral Joins Google AdMob as a Bidding and Waterfall SDK Network]( Mintegral, a leading programmatic ad platform, announced today that it joined Google AdMob as a bidding and waterfall SDK network ---------------------------------------------------------------  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: Malaysia on May 23]( Our networking event, Founders Meetup: Malaysia, is happening in Kuala Lumpur on May 23 at WIP on the Park at Marc Residence. 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](. - [IT Project Manager & Infrastructure - Consumer Goods]( at PT Qerja Manfaat Bangsa Jakarta, Indonesia - [Business Analyst]( at Jubelio Jakarta, Indonesia - [ESG Program Manager]( at Bobobox Indonesia Jakarta, Indonesia - [Technical Writer]( at AccelByte Jakarta, Indonesia - [Business Development]( at Mekari Jakarta, Indonesia - [People Development Supervisor]( at Cakap Jakarta, 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. Sponsorship has no influence on editorial content. 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

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