From Russia with love, firms eye Indonesia for expansion

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Hello reader,

Last year, write downs were a common theme in the investment industry, with unicorns losing more than 40% of their value from their peaks by the end of 2022, according to an estimate from private-market data provider Caplight Technologies.

With their valuations shrinking sharply, private tech companies have had a tougher 2022 than their much-derided, publicly traded peers. Worryingly, more write downs may be in store for private firms as a number of macro factors, such as high inflation, continue to bear down on them.

It’s not easy trying to value loss-making tech startups amid the ongoing global downturn. Throw in the Russia-Ukraine war into the mix, and an already difficult task becomes a whole lot more complex. But that’s the exact predicament faced by countless Russian startups.

However, these firms have shown themselves to be quite adaptable, as highlighted in today’s featured piece. Shunned by the markets they usually favor for expansion – Europe and Latin America – Russian startups are eyeing market domination in Southeast Asia’s largest economy, Indonesia.

The premium story in focus also highlights the allure of Indonesia for Russian companies, the warm reception these firms have received, as well as how the archipelago has benefited from being a magnet for bleisure (business + leisure) travelers.

Today we look at:

• The wave of Russian startups entering the Indonesian market
• The relatively stable performance of IPOs in Southeast Asia
• Other newsy highlights such as the moving parts of the healthcare space, including funding rounds and mergers

— Shravanth

P.S.: If you’re an entrepreneur looking for funding, fill out this form to get your company featured on our list of fundraising startups.

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No cold shoulder here

Image credit: Timmy Loen

Bleisure. That’s my new word for the day. Business travelers adding a dose of leisure to their trips isn’t new, but these digital nomads have been all the buzz in Indonesia lately. The nation has been embracing such travelers, with the country’s government even announcing plans last year to offer a five-year digital nomad visa.

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