Carousell rolls in dough, defying startup gloom

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} Working in startup news hasn’t been easy on the heart recently. Almost every day there are stories on layoffs, startup struggles, and even shutdowns. But seeing Carousell bringing in the big bucks did cheer me up. The company posted a 67% year-on-year revenue jump to US$82.5 million for the 2022 financial year. In comparison, its revenue in 2021 represented only a 22% increase from the year before. The classifieds marketplace has evidently been doing the work - its expenses rose 57% to US$149.8 million last year. Now it has plans in place to grow its user base 10x. The firm had also previously said it hoped to hit profitability by this year or the next. As Carousell marches toward these goals, it will be exciting to see what the company will have yet in store. We hope you'll keep an eye out for this as well. -- [Miguel Cordon]( journalist at Tech in Asia  --------------------------------------------------------------- TOP STORIES THIS WEEK 1️. [Carousell records 67% revenue growth in FY22 as expenses climb 57%]( The Singapore-based firm told Tech in Asia that growth across all of its categories is "integral to our ongoing journey toward profitability." 2. [How this UOB-backed startup disrupts Vietnam’s retail pharmacy]( Buymed, which primarily serves mom and pop drugstores, secured the country's largest tech deal in the first half of 2023. 3. [Last to start, but first on road: New Singapore e-bike maker heats up EV race]( Charged Asia, which has a zero-emissions facility in Indonesia, says it has sold nearly 1,000 bikes since December 2022. 4. [Bukalapak’s financial performance in 7 charts]( These charts help visualize the latest financial figures reported by Indonesian ecommerce major Bukalapak. 5. [How Carousell plans to 10x its user base]( This isn't the online classifieds marketplace's first attempt to drive payments on its platform. But will it move the needle on profitability? 6. [Ion Mobility now builds e-bikes from scratch after aborted design strategy]( CEO James Chan talks about why Ion’s original design manufacturer approach failed and the improvements it’s made since it switched to an OEM strategy. 7. [Are genAI and China coming for India’s SaaS crown?]( India’s SaaS ecosystem is the second-largest in the world, but generative AI and competition from China might soon erode its tech talent advantage. 8. [50 rising startups in Indonesia]( Which startups are on the path to becoming the next big thing? 9. [Capital SEA: Southeast Asia’s funding landscape]( Who are the new active investors on the block? Which funding rounds look like outliers? This visual story answers all this and more. 10. [Bootstrapped and profitable: Singapore’s 9-figure D2C secret]( Instead of turning to VC firms, Sant Qiu raised “about a million” dollars by providing consultancy and training services for over four years. --------------------------------------------------------------- TECH IN ASIA CONFERENCE 2023 Most people have a bit of competitiveness in them - after all, who doesn’t want to be known as one of the best? If you think your startup has what it takes to face off against others in the tech sector, give this year’s Startup Arena a shot. Held during our flagship Tech in Asia Conference, the segment is accepting applications from startups across all industries. For those that want to apply, just make sure that you’re operating in Southeast Asia, have a prototype, minimum viable product, or are already up and running. Also, we’re looking out for firms that need a leg up, so the company can’t have raised more than US$10 million either. Last but not least, to participate, you’ll need to have a compelling English-language pitch to explain the problem your startup is tackling, how your solution solves it, as well as the risks and potential within your business model. Sounds like a great opportunity? Apply today by clicking [here](. --------------------------------------------------------------- WHO'S HIRING  You can post a job [here]( or search for jobs [here](. 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