A profitable Indonesian beauty brand gives more than just good face

More: We explore how Esqa got to where it is now and what’s next, and look at a supply chain enabler that’s raised some funds. [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: - [Esqa’s success as a beauty brand]( - A supply chain enabler that’s raised some funds - Other newsy highlights such as MoneyLion’s exit from an Aeon-led digibank consortium in Malaysia and the closure of Cars24’s operations in Indonesia and Saudi Arabia --------------------------------------------------------------- Hello {NAME} One of my favorite ways to kill time at the mall is to wander into a place that sells makeup. Whether it’s a dedicated cosmetics store like Sephora or a drugstore with an extensive makeup selection like Watsons, I can while away large amounts of time just by looking at everything on display. It’s always fun for me to see new brands on the shelves and to learn more about what makes them unique. One brand I’ve yet to encounter on my makeup browsing adventures is Esqa. The Indonesia-based company, which was founded in 2015, offers vegan beauty products. It’s currently only available in its home market and Vietnam, which is why I haven’t seen it in Singapore. But it’s certainly done very well for itself, so who knows? I might see it soon at the local mall. -- Stefanie  ---------------------------------------------------------------  THE BIG STORY [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. --------------------------------------------------------------- TRENDING NEWS [Ant Group eyes selling stake in HK digital bank subsidiary]( Ant Bank posted around US$30 million in losses before tax for 2021, an increase from US$22 million the year before. [Weekly funding: SG takes number with AI firm’s $80m deal]( Keep track of all the startup investment activities in Asia through our weekly funding list. [TIA x IMDA: A long-term partnership built on a common goal]( It began with articles and has since expanded into a full range of multimedia offerings. [Brik gets $12m to develop low-cost construction materials]( Brik develops its own products such as low-cost, sustainable concrete, instant concrete, and paints in its labs in India, Indonesia, and China. ---------------------------------------------------------------  LISTICLE OF THE DAY [Asia layoff tracker: Meesho trims workforce by 15%]( Tech firms are dismissing staff to stay afloat as headwinds hit Asia. This layoff tracker is keeping tabs on marching orders. ---------------------------------------------------------------  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 pm to 7:30 pm. Join us and share the hardest challenges you’ve faced as a founder. 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