Sign up for the Daily Newsletter, sent exclusively to our premium subscribers. We break down the big and messy topics of Asia’s tech and startup community. Get the newsletter in your inbox everyday with a premium subscription.
Hi readers,
If you’re curious about how tech companies are navigating the economic downturn, financial charts might just be your new best friend. They’re among the most popular visuals on Tech in Asia, helping investors and analysts identify trends, risks, and opportunities before making informed decisions.
Financial charts of certain companies can also provide valuable insights into how a market evolves during different economic cycles.
Case in point: Indonesia-based GoTo Group. As one of the largest online transportation players in Southeast Asia, the firm’s financial performance can serve as a barometer for the overall health and growth potential of the industry at the moment.
As seen in our latest update of GoTo’s financial charts, the company’s gross revenue for on-demand services in 2022 jumped by 32% year over year (yoy) – a positive sign for continued growth of mobility services in the region.
As GoTo put it, transport “fully recovered” to pre-pandemic levels, despite higher fuel prices and increased tariffs.
Overall, GoTo achieved an improvement in its adjusted EBITDA, with a 3% yoy growth in 2022 to post -US$1 billion. The company also recorded a gross revenue of US$1.5 billion, marking a 35% yoy increase. These developments bring the group closer to its profitability target by the end of the year.
— Gabriel Budi Sutrisno, journalist at Tech in Asia
Top stories this week
Image credit: Timmy Loen
1️. GoTo Group’s financial health in 4 charts
We analyze the financial figures reported by GoTo Group, Indonesia’s most valuable tech company.
2. Challenging times ahead for Ninja Van as losses spike and growth slows
The Southeast Asian logistics player rode the ecommerce wave but is now facing slower industry growth and intense competition.
3. ‘Silent’ layoffs at Traveloka following COO’s departure
Employees across Indonesia and Singapore, including those in managerial positions, were axed by the Indonesian unicorn.
4. Mapping the companies taking banking digital in SEA
With more than 60% of the region’s population considered unbanked or underbanked, digital banks have plenty of room for growth.
Stay updated on the go with our mobile app.
Get latest insights with smoother, more personalized experience through TIA mobile app.
