This A16z-backed firm draws the curtain on India operations

More: Patrick Walujo officially becomes new CEO of GoTo as Andre Soelistyo exits. [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 spotlight: - [US-based Carta closing doors in India]( - Ento bagging growth funding to expand food waste upcycling in SG - Other newsy highlights such as Patrick Walujo officially becoming GoTo’s new CEO, and Southeast Asian firms jumping on the AI bandwagon --------------------------------------------------------------- Hello {NAME} Life has a funny way of working its magic, often leaving us scratching our heads. Rarely do matters turn out exactly as planned. A wave of its wand and, just like that, your vacation is cut short. Another, and the buffet is closed as you begin to dig in. With so many things out of our control, we must constantly adapt to the ebb and flow of daily life. As a result, sometimes matters end prematurely. Wagner Group’s aborted mutiny in Russia and the tragic tale of OceanGate's Titan submersible are some recent examples. Similarly, few at A16z-backed Carta could have foreseen the financial software company, which was valued at US$7.4 billion in August 2021, shutting down its operations in India less than a year after entering the country. But that is exactly what is happening. Today’s featured piece makes sense of the US-based firm’s unexpected decision to shut its doors in the world’s fifth-largest economy and shift client accounts to its Singapore office. -- Shravanth  ---------------------------------------------------------------  THE BIG STORY [A16z-backed Carta to shut India operations, lays off staff]( The California-based firm, which entered the country less than a year ago via an acquisition, will transfer the India accounts to its Singapore office. --------------------------------------------------------------- TRENDING NEWS [Ento raises growth funding to expand food waste upcycling in SG]( The startup uses black soldier flies to turn food waste into sustainable, high-quality protein for animal feed. [Southeast Asian firms to increase AI spending by 67% in 2023: report]( The proportion of Asia-Pacific firms using AI also jumped from 39% in 2020 and 2021 to 76% last year, according to the IDC InfoBrief. [Patrick Walujo officially becomes new CEO of GoTo as Andre Soelistyo exits]( Soelistyo will assume a new role as a GoTo commissioner. [Shein denies reports of US IPO filing]( Sources told Reuters that the financial debut could come as early as before the end of 2023. ---------------------------------------------------------------  VISUAL STORY OF THE DAY [How Singapore’s startup ecosystem compares to the rest of the world]( The city-state has a shorter time to exit than the global average and has seen significantly more VC funding dished out than other ecosystems. ---------------------------------------------------------------  TECH IN ASIA'S FOUNDERS MEETUP: THAILAND  Jump in and share the ups and downs that you’ve experienced as a founder Do you wish there was a collaborative platform for founders to exchange their insights on overcoming setbacks during their startup journeys? We’ve got just the event for you. 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