There are always more layers than first meets the eye

More: Free Fire’s relaunch in India and a bunch of Lines joining up in Thailand. [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: - [The sudden changes at Biofourmis]( - A new US$40 million source of financing for Indonesian startups - Other newsy highlights such as Free Fire’s new lease of life in India and connecting Lines in Thailand --------------------------------------------------------------- Hello {NAME} I started writing “for real” (in other words, with assignments, schedules, and some semblance of quality control) during my university days in Australia, for a basketball website called The Pick and Roll. My main editor - also one of the co-founders - is a Singaporean who migrated, and over time he became a sort of mentor for me. He’s now in Singapore for the first time since Covid-19 to do some catching up with friends, and we met up for brunch over the weekend. Shoutout, Kein. Anyway, we talked about a variety of things over lor mee, and one of them was about how sometimes people can act in unexpected ways because there are just many underlying, unseen factors at play. For example, someone might know he needs to lose weight and how to achieve that, but he continues to binge eat and not exercise. Why does he do that? Is he stupid? Well, not necessarily - maybe he’s struggling with taking care of elderly parents; maybe his job is extremely stressful; maybe he has a legitimate eating disorder. Those on the outside can only speculate. That also applies to the tech and startup world, and healthtech firm Biofourmis - which looked hunky-dory not too long ago - is an example of that. The firm laid off 120 employees in July, and now founder Kuldeep Singh Rajput has abruptly stepped down. Read on to find out more. -- Winston  ---------------------------------------------------------------  THE BIG STORY [Biofourmis CEO steps down after company laid off 120 staff]( Biofourmis, one of Southeast Asia’s biggest healthtech stars, raised a US$300 million funding round that propelled the startup to unicorn status. --------------------------------------------------------------- TRENDING NEWS [Superbank, Genesis to provide $40m financing for Indonesian startups]( The financing will combine conventional bank credit with venture capital investment. [Garena launches Free Fire India after 2022 ban]( The game is a localized version of Free Fire, which was banned in India in February 2022 due to data privacy concerns. [Thailand’s Line Man Wongnai acquires majority stake in local payments platform]( With the move, Rabbit Line Pay will increase its integration with the Line ecosystem in the country. [Indonesian Mukbang with Hanno Stegmann]( BCG X’s Hanno Stegmann tries out iconic Indonesian dishes while we grill him with pointed questions. Let’s see if he can handle the heat. ---------------------------------------------------------------  VISUAL STORY OF THE DAY [Indian founders, US unicorns: Charting billion-dollar startups]( The land of the free and the home of the brave has the most unicorn companies of any country, but many of them were founded by immigrants. --------------------------------------------------------------- CONNECT AND NETWORK Apply to join September 13's closed-door dinner to get free-flowing drinks! Technology is rapidly evolving, and it's getting tougher to be heard in a noisy digital world. For a business to succeed, it has to master its end-to-end customer journey. For a business to scale, it must be adept at personalizing that journey based not only on customer behaviors but also the anticipation of their future needs and actions. Keen to find out how it's done? Tech in Asia and CleverTap are bringing together senior leaders and executives from B2C product, data, growth, and marketing teams for an exclusive dinner and networking event at CTY Kitchen + Bar in Ho Chi Minh City on September 13. Connect with representatives from Gameloft, VNG, Lazada, and more to discover best practices in designing, implementing, and optimizing personalized customer journeys at scale. Network over a hearty meal and engage in an interactive Q&A with our panelists from CleverTap, Fonos, Zalo, and Cho Tot. Get the full scoop on the agenda and [claim your seat here]( before it's snatched up. Sign up now to get free-flowing drinks too! ---------------------------------------------------------------  EVENTS HAPPENING You can also check out a curated list of trending tech events [over here](. - [AD] [AWS GenAI Day]( on September 14 Dive deep into the world of generative AI at Amazon Web Services’ GenAI Day. Held virtually on September 14, the event will feature leading experts and innovators. Gain insights into the impactful trends, best practices, and essential tools that can help your startup leverage this new technology effectively. - [Tech in Asia Conference]( from October 18 to October 19 Do you see the light at the end of this funding winter’s tunnel? We do, and we believe Southeast Asia is that very light. That’s why this year’s Tech in Asia conference’s theme is Southeast Asia: A Bright Spot in the Tech World - signaling how the region can provide hope and guidance for the tech sector amid some troubling times. Hosted in Jakarta from October 18 to October 19, we’re excited to bring you a great lineup of speakers, thought-provoking sessions, and other activities. Click [here]( to get your limited first-release tickets. - [Tech in Asia x CleverTap: Unraveling the Value of Customer Engagement on September 13]( Are you looking for ways to cut through the noise and stay ahead of the curve as rapidly advancing technology transforms the digital landscape yet again? We’ve got just the event for you, where you’ll learn how experts harness AI-driven tools to craft truly personalized customer experiences and predict behavior for long-term success. Apply for a ticket to join our dinner on September 13 to uncover the power of hyperpersonalization with CleverTap so you can excel in customer engagement and retention. Limited seats available - sign up [here]( now!  - [Tech in Asia’s Founders Meetup: Philippines on September 27]( Did you miss us the first time? Great news - we’re coming back to Manila on September 27 for the eighth edition of our networking event! A shift towards digital transformation has propelled tech firms at the forefront of the Philippines’ startup ecosystem. While opportunities abound, it’s not without its challenges. Need some insights on how to navigate and thrive in this scene? Come join us at WeWork Uptown (9/F, Uptown Place Tower 3, 36th Street cor. 11th Avenue, Bonifacio Global City, Taguig) from 5:30 p.m. to 7:30 p.m. Connect with fellow startup leaders to learn how you can grow beyond the early stages of your journey and explore solutions to pressing issues. [Sign up now!]( ---------------------------------------------------------------  PRESS PEEKS The following press releases were published as they were received, without any editing from the Tech in Asia team. You too can publish your own press release on Tech in Asia by simply filling in [this]( page](. Our team will get back to you by the next business day. - INEX Innovate - [INEX Innovate Launches Test for Early Endometrial Cancer Detection]( Launched at the Singapore International Congress of Obstetrics and Gynaecology, epiHERA® is a PCR test for endometrial cancer. ---------------------------------------------------------------  WHO'S HIRING You can post a job [here]( or search for jobs [here](. - [SEO Consultant]( at Ematic Solutions Makati City, Philippines - [KOL and Affiliate Marketing Associate]( at AVEA Singapore, Singapore - [Senior IT GRC Consultant]( at Robere Manajemen Indonesia Jakarta, Indonesia - [General Affais Staff]( at Dagangan Yogyakarta, Indonesia - [Marketing Analytics Intern]( at Bina Nusantara Group Jakarta, Indonesia - [Tax Officer]( at PEMBUKUANKU Bogor, 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. 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