Indonesian media outlet DailySocial.id lays off 18 employees

DailySocial.id CEO and founder Rama Mamuaya / Photo credit: Rama Mamuaya

Indonesia-based tech media outlet DailySocial.id has laid off 18 staff members, CEO and founder Rama Mamuaya has confirmed to Tech in Asia.

“Due to the economic situation and tech downturn, DailySocial.id was forced to let go of 18 of our talent. These people are passionate and productive – we are privileged to have worked with and learn from them,” Mamuaya said in a statement.

“DailySocial.id is aiming to be back to profitability in 2024 and continue our mission to help the Indonesian tech industry get back on its feet and grow,” he added.

Founded in 2008, DailySocial.id raised a total of US$25,000 across two rounds, according to Crunchbase. Its investors include Japan-based B Dash Ventures and Singapore-based Optimatic.

It has been covering Indonesian tech for over a decade, focusing on startups, MSME digitalization, and other tech innovations. The CEO said DailySocial.id’s various ventures – including media, research, events, and consulting – will continue to be operational for the “foreseeable future” without elaborating further.

This retrenchment comes shortly after Mamuaya announced the launch of DS/X Ventures, an investment firm targeting early-stage companies. Mamuaya, who is also an advisor at Singapore’s Antler, previously said that he expects to raise US$15 million for the new fund by the end of 2023.

DailySocial.id is a competitor of Tech in Asia Indonesia.

See also: Asia layoff tracker: Modalku, Ayoconnect, and Qoala shed over 118 jobs this month