The finer details of GudangAda’s 2021 financials

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.

Hello reader,

It’s bound to turn a few heads when a startup founded in 2019 has raised US$135 million to date. Now, throw in the promise of near-term profitability, and VCs are likely to clammer for a slice of the pie.

If everything had gone according to GudangAda’s plan, the FMCG-focused B2B marketplace should have been in the black by now. But a lot has changed since the Indonesian startup mapped out its path to profitability.

For instance, throughout 2022, the archipelago consistently recorded its highest inflation figures in eight years, as rising fuel prices further added to costs.

However, none of this indicates that GudangAda hasn’t met its checkpoints on the road to profitability, but rather that the gloomy macroeconomic climate may have thrown a spanner in the works for the firm.

In fact, a quick review of the GudangAda’s key metrics for the year ended December 31, 2021, would reveal promise. A 9x jump in annual revenue can attest to that. However, widening losses remain a cause for concern.

In today’s featured piece, my colleague, Jofie, dives into the nitty-gritty of GudangAda’s 2021 financials, breaking down the startup’s revenue streams, detailing its recent cost-cutting measures, and assessing the various challenges to the firm’s aspirations of profitability. He also brings to the fore how the firm differs from peers like Ula, Mitra Bukalapak, and Warung Pintar.

Today we look at:

• The key numbers from GudangAda’s financial 2021 report
• The job cuts at social media unicorn ShareChat
• Other newsy highlights such as the top dogs of liveselling in Southeast Asia, and Microsoft taking a stake in an India-based HR tech unicorn

— 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.

Premium summary

All for profit

Image credit: Timmy Loen

Catching the layoff bug

Quick bytes