Can SEA startups spark an IPO revival this year?

More: Bukalapak posts its Q1 results and an Indonesian cloud kitchen firm closes down. [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: - [Indonesian startup DigiAsia Bios set for listing at $500m valuation]( - Bukalapak's first quarter results - Byju’s-linked properties raided by India’s financial watchdog - Other newsy highlights such as the closure of an Indonesian cloud kitchen firm --------------------------------------------------------------- Hello {NAME} It isn’t the best time to be an equity investor right now. After heightened geopolitical tensions, skyrocketing inflation, aggressive interest rate hikes, and supply chain constraints ended a decade-long bull run, recent crypto and banking crises have further stoked the flames of recession. These factors have cooled a once-fiery IPO market, which is billions off its record-breaking numbers in 2021. But that hasn’t stopped several high-profile stock market debuts from simmering below the surface, particularly in Southeast Asia. Indonesia, the region’s largest economy, has already set the pace to beat, according to a recent report by Ernst & Young. It was the most active country in terms of IPOs in the first quarter of this year, with 30 listings raising US$828 million. DigiAsia Bios seems poised to drive that momentum forward as it heads for the US trading floor in Q2. This comes after the Indonesian embedded financing firm closed a SPAC deal with StoneBridge Acquisition Corp in December 2022 at a pre-money equity valuation of US$500 million. Today's featured article charts the rise of the Mastercard-backed business, which will go public just six years after its inception. The premium story also examines the viability of DigiAsia's potentially billion-dollar enterprises, which are managed by just about 100 people, and offers some insights on the growing relevance of embedded financial products. -- 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 [Mastercard-backed fintech firm DigiAsia on track for US listing at $500m valuation]( The Indonesian embedded finance pioneer aims to quickly expand into Southeast Asian markets after going public. --------------------------------------------------------------- TRENDING NEWS [Bukalapak records net loss of $68.8m in Q1]( The Indonesian ecommerce firm also posted an operating loss of around US$80.3 million in Q1 2023. [Crypto.com launches AI-powered chatbot for crypto info]( Crypto.com’s new AI assistant, Amy, provides users with real-time information about tokens, projects, and prices. [Ex-RedDoorz COO’s cloud kitchen firm closes down]( CEO and co-founder Rishahb Singhi said the startup exhausted much of its runway on growth efforts despite having low margins. [Byju’s-linked properties raided by India’s financial watchdog (update)]( The country’s Directorate of Enforcement is investigating the Indian edtech unicorn for possible foreign exchange violations. ---------------------------------------------------------------  LISTICLE OF THE DAY [Series SEA: Who’s investing in the region’s ecommerce startups?]( We've compiled a list of investors that are pouring money into Southeast Asia’s ecommerce startups. ---------------------------------------------------------------  TECH IN ASIA'S PRODUCT DEVELOPMENT CONFERENCE 2023 Get an insider’s view on Tokopedia’s data-driven decision-making process and more Tick tock, there’s just two weeks left until the Product Development Conference 2023 (PDC 2023) is on! To give participants a worthwhile experience, we've put together a lineup of top-notch speakers that includes Ramesh Gururaja, chief product officer at Tokopedia and head of shared consumer platform at GoTo; Irzan Raditya, CEO and co-founder of Kata.ai; Nacitta Kanyandara, former CPO at Sayurbox, and many more. Meet them at PDC by [getting your tickets here]( ---------------------------------------------------------------  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](. - [Senior iOS Developer (GetPlus)]( at PT Merah Cipta Media Jakarta, Indonesia - [Financial Controller Manager]( at Rocketindo Jakarta, Indonesia - [Senior .NET Developer]( at EPG Group Jakarta, Indonesia - [Senior Performance Marketing Consultant]( at Ematic Solutions Makati City, Philippines - [Site Reliability Engineer]( at Kick Avenue Jakarta, Indonesia - [Finance and Accounting Sr. Lead (AP)]( at GoWork 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? 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