With profits in the bag, Zalora is still a force to be reckoned with

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} We often hear about and celebrate successes but forget failures. It’s been quite the contrary for Zalora, founded in 2012 by Rocket Internet - the Berlin-based venture builder led by the Samwer brothers. Zalora was, at the time, one of the few local ecommerce marketplaces that one could shop at. It was like Asos but built for a Southeast Asian audience - which was exactly the business. In the years since, Lazada, then Shopee, and numerous direct-to-consumer brands have joined the fray. Shein has taken the region by storm with its unbelievably low prices. The popularity of livestreaming, a trend that gained traction during the Covid-19 pandemic, also paved the way for TikTok Shop to take hold. So I was pleasantly surprised to learn that Zalora had [quietly become profitable]( in 2022 after achieving a positive EBITDA margin of 0.7%. The online marketplace may no longer be the shiny new thing that hogs headlines. But, while bowing its head down, Zalora has launched a subscription service for die-hard shoppers, as well as fulfillment, logistics, and marketing services for international brands wanting to break into Southeast Asia. It’s worth remembering that not all of Rocket Internet’s ecommerce ventures have succeeded. The venture builder launched furniture site Home24.sg in Singapore in May 2012 - the same year as Zalora’s birth - only to shut the platform down three months later. But Zalora’s win - amid many other ecommerce platforms struggling to achieve the same - surely deserves some cheer. -- [Melissa Goh]( journalist at Tech in Asia  --------------------------------------------------------------- TOP STORIES THIS WEEK 1️. [Now profitable, Zalora bets on B2B, subscriptions for growth]( Zalora may not be as popular as Lazada, Shopee, or TikTok Shop in Southeast Asia, but the ecommerce marketplace was profitable in 2022. 2. [Indonesia’s early EV pioneers are making ground but vulnerable to disruptors]( Electric vehicle companies are raising big bucks to ramp up manufacturing and infrastructure. But what happens if a Shopee-like newcomer appears? 3. [AI race in Vietnam heats up as more tech giants join the bandwagon]( Analysts believe that only a handful of companies can compete in the AI race in Vietnam as it needs large capital and data handling requirements. 4. [Mapping Indonesia’s key logistics players and ecommerce enablers amid slowdown (update)]( Funding for both sectors continues to decline from its peak in 2021 amid sluggish ecommerce growth after the pandemic. 5. [Exclusive: SEA crucial to GitHub’s growth strategy, CEO says]( GitHub CEO Thomas Dohmke sees growing demand for the firm’s AI code generator Copilot and plans to reduce latency for users. 6. [For this Vietnamese startup, prosthetic arms should be within everyone’s reach]( Vulcan Augmetics, which is already present in India and Singapore, is exploring opportunities in the Middle East, US, and European markets. 7. [Turn Capital in undervalued asset hunt after Flash Coffee buyout]( The turnaround fund, established by 17Live co-founder Joseph Phua, raised its first fund to invest in business turnarounds in consumer and tech sectors. 8. [An Indian astrology startup turning prophecy into profits]( Astrotalk looks to raise US$40 million in a pre-IPO round to expand its international operations by acquiring other astrology companies. 9. [Is India’s online trading boom facing a reality check?]( Amid the new normal, Indian investment platforms are facing tighter competition, sluggish user growth, and volatile market conditions. 10. [GoTo’s on-demand segment charts its roadmap to profitability]( Among the recent initiatives rolled out by its transport business to manage cost is GoCar Hemat, which has reached more than 60 areas in Indonesia. --------------------------------------------------------------- TECH IN ASIA’S REGIONAL FOUNDERS MEETUP: SINGAPORE Join Tech in Asia's 11th and final meetup of 2023! Calling all Singapore-based founders! As 2023 comes to a close, we’re gearing up for our final Founders Meetup of the year in the Lion City, where it all began. By popular demand, Tech in Asia founder and CEO Willis Wee will talk about his startup journey, which has culminated in an M&A deal with SPH Media, in a fireside chat moderated by our COO Maria Li. Join us on December 5 at Mortar & Pestle to get a candid look at what goes on behind the scenes to pull off an M&A deal, and take home key insights that will help you best navigate and understand the M&A process if you choose to go down this route. Don’t miss this chance to learn, connect, and have fun with your fellow founders - including our own Willis - as we conclude this year’s Regional Founders Meetup event series with a bang! [Get your tickets now]( before they run out! A big thanks to our supporting partners - AWS, CleverTap, Cooley, Oracle, Sinarmas Land, Singapore Global Network (SGN), Quest Ventures, and Purple Quarter - for making this meetup possible. Note: This event is closed-door and strictly off the record - no media buzz, please! While Willis and Maria will share as much about the M&A deal as possible, confidential terms will not be disclosed. --------------------------------------------------------------- WHO'S HIRING  You can post a job [here]( or search for jobs [here](. [logo] [Finance Associate/Senior Associate]( at Deliveree Indonesia Jakarta, Indonesia Finance, Legal & Accounting [logo] [Web Operation Intership]( at GTech Digital Asia Jakarta, Indonesia Web Development [logo] [Assistant to Director / Translator Mandarin]( at PT Hans Asia Neo Sinergi Jakarta, Indonesia Logistics & Operations [logo] [Sr. Backend Engineer (FIT HUB)]( at Dealls Jakarta, Indonesia Jakarta, Indonesia [logo] [Junior Data Scientist - Tribun Network]( at Scout.inc Jakarta, Indonesia Data & Analytics [logo] [Sales Acquisition Staff]( at AKAR INTI ENTERPRISE Jakarta, Indonesia Sales & Business Development [ADVERTISE]( | [SUBSCRIBE]( | [HIRE]( | [FIND JOBS]( 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. Or simply move us into your inbox. Too many emails? Switch to a different frequency or get new content through our [preference center]( or [unsubscribe](. You can also break our hearts and remove yourself from all Tech in Asia emails over [here](  ---------------------------------------------------------------  Tech in Asia’s newsletters are handcrafted daily with love - and sometimes powered by good kopi. Copyright © 2023 Tech in Asia, All rights reserved. 63 Robinson Road, Singapore 068894