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Hello readers,
If you need a “don’t give up” booster story, here’s one: Singapore-based software-as-a-service (SaaS) firm TradeGecko wasn’t doing too well at the start of 2020 – it had to lay off a quarter of its employees because of limited revenue growth.
But things turned around in August last year when it was bought out by Intuit, a US-based software giant, for a reported US$80 million. Cut to the present day and TradeGecko just recorded a 70% jump in annual revenue. Talk about making a comeback.
So if you’re a founder going through a slump, don’t give up, persevere. Also, we’re helping founders like you find investors and raise funding. All you have to do is fill in this form to get your company featured on our list of fundraising startups.
Today we look at,
- TradeGecko’s 2020 financials
- A Singapore-based spirituality-focused tech startup
- Other newsy highlights such as Salesforce’s investment in Indian fintech unicorn Razorpay and the chances of Didi’s co-founder stepping down
PREMIUM SUMMARY
TradeGecko’s $70.7m profit, explained
TradeGecko, a Singapore-based SaaS startup, offers inventory and order management software to online retailers. Before being bought by Intuit, TradeGecko reported a loss of US$9.9 million in the financial year ended (FYE) December 2019. One year down the road, the Singapore firm posted a profit of US$70.7 million in FYE2020. How did that happen?
- US$70.8 million… of its revenue actually came from the sale of intellectual and intangible property rights to Intuit. Excluding this amount (along with another non-cash item) from its FYE 2020 financials , TradeGecko would have registered an operating loss of US$1.2 million – 7.5x narrower than the previous year’s loss.
- US$11.6 million… was TradeGecko’s total revenue in FYE 2020. Over 80% of that came from subscription fees paid by clients.
- 18%… was how much the company’s total expenditure reduced. This is due to a decrease in advertising spend, employee compensation expenses, and distribution and product development costs.
Read more: TradeGecko saw 70% revenue bump, operating losses dipped 7.5x in 2020
STARTUP SPOTLIGHT
Capricorns don’t read this
Sun and moon signs, horoscopes, and birth charts…if you know what I’m talking about, then you’re gonna like this: Singapore-based Emerging Vision (EV) offers interactive and face-to-face consultations with astrologers, tarot readers, life coaches, among others. The spirituality-focused tech startup recently raised US$4 million in a series A funding round.
Why Southeast Asia’s edtech sector is in a class of its own
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