A not-so-sweet development for Cake Group

Today’s edition was written by Jonathan Chew, with contributions from Scott Shuey and Putra Muskita. It’s edited by Lorenzo Kyle Subido. [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: - [Cake Group’s co-founder filing to liquidate the firm]( - The new execs joining Resaro.ai - Other newsy highlights such as Doctor Anywhere’s latest fundraise and SoftBank potentially lowering its stake in Zomato again. --------------------------------------------------------------- Hello {NAME} I haven’t been around the block too much, so Cake Group co-founder U-Zyn Chua filing for a compulsory winding up of the company was something completely new to me. Naturally, I’d heard of companies running out of cash or their products failing, which would lead to them having to file for bankruptcy. However, this was the first time I’ve read about one that’s being forced into the process even though, operationally speaking, it seems fine. We don’t know the full scope of what’s going on behind the scenes, but one thing’s for certain: this is going to air out a lot of dirty laundry and tons of accusations will start getting thrown about. I do feel a lot of sympathy for those who work there - ultimately, they’re going to be innocent people caught in the crossfire. If there are elephants tap dancing on the grass, then you don’t want to be considered as grass. -- Jonathan  ---------------------------------------------------------------  THE BIG STORY [Cake Group co-founder files to liquidate firm, court to decide]( Cake Group faces liquidation as co-founders' fight boils over after the layoffs announced recently. --------------------------------------------------------------- TRENDING NEWS [Ex-Temasek execs join new AI startup Resaro.ai]( April Chin and Wendy Wan are joining Liu Feng Yuan – whose startup BasisAI was acquired by Temasek subsidiary Aicadium in 2021 – at Resaro.ai. [Doctor Anywhere banks $40.8m to expand digital healthcare ecosystem]( With the new funds, the Singapore-based healthtech firm said it plans to expand its services focused on secondary care. [Indian agritech firm plows into profits with retail investor backing]( Zetta Farms is eyeing a revenue of US$50 million in FYE 2024, which would be a 7x surge from its preceding year’s earnings. [GoTo confirms discussions with TikTok for ecommerce partnership]( However, the Indonesian super app has clarified that “no final decision or agreement has been reached by the parties.” ---------------------------------------------------------------  VISUAL STORY OF THE DAY [Shein leapfrogged H&M, Gap, and Uniqlo in revenue]( While the Chinese company is just over a decade old, it has already outpaced some of the fashion world’s biggest names by some metrics. ---------------------------------------------------------------  EVENTS HAPPENING You can also check out a curated list of trending tech events [over here](. - [The Future of MarTech: Trends Shaping 2024 and Beyond on January 16]( On January 16, senior marketing, product and growth leaders in Singapore are invited to kickstart the year at The Future of MarTech: Trends Shaping 2024 and Beyond, an executive roundtable and networking lunch. Limited to just 15 guests, register for a chance to -Gain insights into the problem of rising customer acquisition costs and the shift from adtech to martech -Learn the latest best practices in hyper-personalization by leveraging genAI tools for customer engagement -Explore the potential of AI and data intelligence in predicting customer behavior -Discover emerging trends in 2024 to stay ahead of evolving consumer needs [Full details & registration here!]( ---------------------------------------------------------------  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. - Ninety-Eight - [Viction Horizon – A Startup Hackathon with over $300,000 in prizes]( The official Submission form for Viction Horizon Startup Hackathon is now open from December 4th to December 27th, 2023. ---------------------------------------------------------------  WHO'S HIRING You can post a job [here]( or search for jobs [here](. - [Digital Marketing Manager]( at Deliveree Indonesia Jakarta, Indonesia - [Product & Marketing Manager]( at Juke Solutions Jakarta, Indonesia - [Software Engineer (Ayola)]( at Dealls Jakarta, Indonesia - [Java Developer (Quarkus)]( at SIGMATECH Jakarta, Indonesia - [Social Media Executive]( at Scout.inc Tangerang, Indonesia - [Government Relations Intern]( at Andalin Jakarta, 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. Or simply move us into your inbox. Tech in Asia thanks our partners for supporting our newsletters. Sponsorship has no influence on editorial content. 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](  ---------------------------------------------------------------  Copyright © 2023 Tech in Asia, All rights reserved. 63 Robinson Road, Singapore 068894