Indonesian beauty firm spills the beans on 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} In the past year, we have seen many startups shift their focus toward profitability. As a result, some of them have made significant decisions, such as increasing efficiency and pivoting their business models. Recently, I have been trying to find profitable startups that are willing to share their secret sauce. My hope is to inspire others on how to build profitable startups in the current investment climate. Esqa, an Indonesia-based beauty firm, is one of the companies that I have discovered. Founded in 2015, the company was able to achieve profitability in its second year of operations, even without having external funding when it started. There are several interesting things about Esqa, such as its two founders - Cindy Angelina and Kezia Trihatmanto - being childhood friends, the company's focus on vegan cosmetics, and its ability to double its revenue every year. I spoke with CEO Angelina, who revealed how the company maintains its growth. She also shares the firm's plans for the future with the series A funding it raised in November. For those interested in the beauty industry, especially in Indonesia, I think this story will be interesting for you. -- [Jofie Yordan]( journalist at Tech in Asia --------------------------------------------------------------- TOP STORIES THIS WEEK 1️. [Indonesian beauty firm turns $40k investment into profitable business in two years]( Cindy Angelina and Kezia Trihatmanto founded vegan cosmetics brand Esqa, which now has hundreds of thousands of followers on social media. 2. [Grab rolls out initiatives to benefit from rebound in SEA tourism]( The super app wants to welcome travelers back to the region with new and updated features. But what impact will this have on Grab’s top line? 3. [Gen Z: the new force in the Indonesian market]( Gen Z is just starting to enter the workforce. But in a few years’ time, the entire generation will be of working age in Indonesia. 4. [Mapping Temasek’s role in the startup space (updated)]( The Singapore-based investor has launched 28 companies, including 14 investment firms and a venture-building arm, in its quest for disruptive businesses. 5. [Blending skincare, AI, and tech: Skin Inc charts path to US growth and a Nasdaq IPO]( The Singapore-based firm, which saw online sales grow 400% during the pandemic, is banking on AI-led recommendations for its next phase of growth. 6. [Breaking down the costs of launching a digital bank in Asia Pacific]( The total cost ranges from US$20 million to US$45 million, and a sizable chunk goes to tech and software licenses. 7. [True Global Ventures pivots fund to focus on generative AI]( The previously Web3-focused firm is shifting its attention back to AI, partner Kelly Choo says. 8. [Funding gap threatens net-zero targets]( Global investment in low-carbon tech must come close to US$8 trillion by 2050 for the world to hit net zero, but that will require rapid scaling. 9. [Malaysia’s Islamic fintech scene: fool’s gold?]( A Muslim-majority population is no panacea for hopefuls trying to make a dent in the Shariah fintech space. 10. [Charting the most common AI use cases]( The most common use case for AI is optimizing service operations, while predictive functions are less commonly used, contrary to popular belief. ---------------------------------------------------------------  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! 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