Top ten highlights from the APAC PE, VC, and startup ecosystem this week:
- GoTo Narrowed Losses: Indonesian tech giant GoTo saw a 61% decrease in losses in H1 2024, with Q2 2024 losses falling by 42% thanks to higher revenues and lower costs. The company aims to achieve EBITDA breakeven in 2024.
- Saratoga Sedaya Investama’s Improvement: Investment firm PT Saratoga Sedaya Investama Tbk reduced its net loss by over 96% in H1 2024 due to lower losses on investment returns.
- Global Digital Niaga Progress: The parent company of Indonesian e-commerce player Blibli, Global Digital Niaga, continued to decrease its losses in Q2 2024 through higher revenue and improved cost structure.
- Bukalapak’s Performance: Bukalapak swung back to a loss in Q2 2024 after achieving positive adjusted EBITDA in the previous quarter, citing the seasonal impact of Ramadan.
- JustCo’s Growth: Singapore’s co-working space company JustCo recorded double-digit revenue growth and further trimmed its losses in 2023.
- TiNDLE Foods’ Revenue Drop: Plant-based food maker TiNDLE Foods experienced a 26.1% drop in revenue in the financial year ended December 31, 2023, while managing to decrease losses by 17.1%.
- TurtleTree Labs’ Losses: Singapore-based lab-grown dairy products manufacturer TurtleTree Labs posted wider losses in 2023 due to zero revenue generation and increased expenses.
- Noah Holdings’ Expansion Plans: Shanghai-based Noah Holdings aims to expand its fund partner network globally with a new USD-denominated fund-of-funds (FoF) to back global fund managers.
- Temasek’s US Investment: Singapore’s Temasek plans to invest up to $30 billion in the US over the next five years, shifting focus from China to sectors like healthcare, financial services, and technology.
- Trifecta Capital’s Venture Debt Fund: Trifecta Capital launched its fourth venture debt fund of Rs 2,000 crore ($239 million), marking its largest fund so far, with a greenshoe option of Rs 500 crore.
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