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Anytime something related to “50%” or “halving” is brought up, I always get reminded of the scene in Avengers: Infinity War where Thanos snaps away half the universe’s population. It’s an extremely sobering moment, and we’re barely able to even comprehend the scale of such destruction.
Losing half of anything is painful, and if you’re a company that’s going through layoffs, it’s sure to hit hard. With that being said, Indonesian trucking firm Ritase is now looking for a buyer after dismissing over 50% of its staff earlier this year.
Today we look at:
- Ritase’s headcount reduction and potential acquisition.
- What goes on in Binance CEO Changpeng Zhao’s head.
- Other newsy highlights such as ByteDance taking the fight to Spotify and Blockchain.com getting an in-principle approval in Singapore.
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As the global economy continues on its downward spiral, Indonesian trucking startup Ritase is one company that has felt the worst of its effects. The firm recently had to conduct layoffs for a significant portion of its workforce. But there’s a possible silver lining on the horizon, as it’s reportedly looking to get acquired.
- A shipping connection: Ritase runs a SaaS platform that connects shippers and transporters. The platform offers features such as real-time shipment tracking, route optimization, and digitized paperwork. The firm also runs an invoice financing business that helps its trucking partners with their cash flow issues.
- Looking for a port to call home: Shipper, another delivery startup based in Indonesia, is interested in acquiring Ritase’s invoice financing business for US$1 million. However, a spokesperson from Shipper said the company is unable to provide any further information as no agreement between the two firms has been reached.
- A fair hand: Ritase had previously raised a total of US$12.9 million across several rounds, but it seems to be running out of runway. It conducted two waves of layoffs this year, but one source told Tech in Asia that the company gave everyone a “fair” shake – affected employees were given enough prior notice and compensation regarding the dismissals.
Read more: Indonesian trucking firm in talks with buyers after laying off over 50% of staff
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