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Hello reader,
Who doesn’t love a good deal?
Of course, everyone does but some of us can chase them to a fault. My dad is a case in point.
As a kid, I remember he regularly returning from weekly grocery shopping with crisps (aka potato chips to the less British English-fluent among us) on offer. Of course, they were often flavors and brands that were on sale because they weren’t particularly tasty.
It may have come off as ungrateful when I complained about this to him, but I maintain that a good deal isn’t so good if what you’re getting doesn’t pass muster. And in our case, the crisps sat in the house unopened for weeks.
It behooves the savvy consumer to check if a deal is worth what our initial impressions say. Perhaps more people are doing just that when they scrutinize the deals available on Fave, which has suffered a significant fall in revenue.
Today we look at:
- Inside Fave’s revenue slump
- Why the future of digital economies is Asian
- Other newsy highlights such as Peak XV announcing its latest Surge cohort and why Duolingo is bullish on its future in Southeast Asia.
Premium summary
Fave deals with fiscal woes
Image credit: Timmy Loen
Digital merchant platform Fave suffered a 23.5% year-over-year slump in its revenue for the 2023 financial year, falling to US$8.8 million.
The decline may be partly explained by Fave’s adjustment of its financial year end, meaning that FY 2022 was three months longer than FY 2023.
- Losses be gone: While the revenue figures will be disappointing for the company, Fave did manage to reduce its losses significantly. Total losses for the year fell by 77.7% to -US$8.9 million, with reduced administrative costs playing a big role.
- Subheader: Merchant enabler Pine Labs acquired Fave in 2021 in a US$45 million deal. The Indian firm is doubling down on its Southeast Asia expansion after raising US$50 million from London-based Vitruvian Partners.
- Back to basics: In April of this year, shortly after the end of the 2023 fiscal year, Fave announced it would exit Indonesia to focus on its core markets of Singapore and Malaysia, as well as its new Indian operations.
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