Backed by sharks, this startup swims to profitability

This week’s On the Rise spotlights Shark Tank-funded Primebook, Feedback Ventures’ proptech focus, and Goodwater Capital’s US$1 billion plan. [Read from your browser]( On the Rise 🚀 Welcome to On the Rise! Delivered every Tuesday via email and through the Tech in Asia website, this free newsletter breaks down the biggest stories and trends in emerging tech. If you’re not a subscriber, get access by [registering here](. --------------------------------------------------------------- IN FOCUS In today's newsletter, we look at: - A [profitable budget laptop startup]( making a splash after Shark Tank - Feedback Ventures saying proptech in Asia Pacific is hot - Goodwater making waves in Asia with a US$1 billion fund Hello {NAME} , A few months back, I received an email from a professor at the university I attended over a decade ago, inviting me to a book reading event. It got me excited about my alma mater and led me to reminisce about my college days. Living the dorm life, we couldn’t live without: a motorcycle or a bicycle for transportation, instant noodles, WiFi, and a laptop. The last item was the most indispensable tool that every student needed in their arsenal. Not only was it useful for completing assignments and class presentations, but it was also essential to keep us entertained, whether to play games, listen to music, or binge on the latest series. While I was fortunate to have a laptop, it can be unaffordable for many in India. This is why our first Big Story cheers me up. My colleague Lokesh puts the spotlight on Primebook, a profitable Indian startup that has created budget laptops for students, priced at half the market average. The Shark Tank-funded startup looks to build a US$12 million business by selling on ecommerce platforms and then branching out to the offline retail market. It also plans to enter Vietnam and Indonesia soon. In our second Big Story, Jofie speaks with Ethan Cheng, co-founder of Singapore VC firm Feedback Ventures, who says that many investors in Asia Pacific are missing out on the opportunity to invest in proptech. As for Making Waves, we have Goodwater Capital, an early investor in TikTok, speaking with Huong on deploying one-third of its US$1 billion fund into Asia. But first, check out the Big Stories. -- Collin  --------------------------------------------------------------- THE BIG STORIES 1️⃣ [Shark Tank-funded startup hits profitability building budget laptops]( Primebook plans to enter Vietnam and Indonesia soon and has a retail market strategy for India next year. 2️⃣ [For this VC, Asia’s proptech sector is a good place to land]( Singapore-based Feedback Ventures wants to invest in 15 to 20 proptech firms across Asia Pacific. It has already backed nine such startups to date.  --------------------------------------------------------------- MAKING WAVES [TikTok early investor to put one-third of new $1b fund into Asia]( US-based Goodwater Capital remains bullish on Asia's consumer tech startups despite growing concerns about profitability. “We don't shy away from companies that aren't profitable from day one. Instead, we lean into helping them achieve market leadership and long-term profitability,” says Eric Kim, co-founder and managing partner of the VC firm.  --------------------------------------------------------------- NEWS YOU SHOULD KNOW Also check out Tech in Asia’s coverage of the emerging tech scene [here](. 1️⃣ [SEA digital economy to bring in $100b]( Despite the economic downturn, the region’s digital economy is expected to generate US$100 billion in revenue this year, according to a report by Google, Temasek, and Bain & Company. Travel, which has made a major recovery after the Covid-19 pandemic, is poised for a 5.4x increase in gross merchandise value from the 2021 results. 2️⃣ [Temasek-backed startup makes second acquisition]( Digital transformation firm Temus has acquired local digital services provider Decision Science Agency and set up shop in Hong Kong – its first office outside Singapore. 3️⃣ [TikTok’s India rival enters Indonesia]( Just weeks after the Indonesian government’s TikTok Shop ban, Roposo has launched in the archipelago. However, the firm said that unlike the Indian app, the Indonesian version doesn’t come with ecommerce features. 4️⃣ [A sandbox for trusted genAI]( Singapore’s Infocomm Media Development Authority and the AI Verify Foundation have launched the Gen AI Evaluation Sandbox, a new initiative to support the development and adoption of “trusted” generative AI products. 5️⃣ [Clay to shape startups with $145m]( Impact investor VisVires New Protein has been renamed to Clay Capital and closed its second fund at US$145 million. The company aims to back foodtech and agritech startups across Europe, Israel, and Asia.  --------------------------------------------------------------- FYI  1️⃣ [Indonesia’s major cloud kitchen chains close shop, but it’s not all doom and gloom]( After the departure of GrabKitchen and DishServe, smaller chains like Portale are still optimistic about turning a profit. 2️⃣ [Khazanah backed out as anchor investor in eFishery’s series D round: sources]( Tech in Asia’s sources also talked about why Malaysia’s sovereign wealth fund withdrew from the deal.  --------------------------------------------------------------- That’s it for this edition - we hope you liked it! Do also check out previous issues of the newsletter [here](. Not your cup of tea? You can unsubscribe from this newsletter by going to your “edit profile” page and choosing that option in our preference center. See you soon! [ADVERTISE]( | [SUBSCRIBE]( | [HIRE]( | [FIND JOBS]( P.S. 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