Oddle’s post-pandemic performance

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,

When I think about the Covid-19 period, it feels like it was so long ago.

I remember trying to guess how long the lockdowns and restrictions would last, and when the vaccines weren’t available yet, the idea that there was no end in sight was scary.

But as pandemic restrictions ease the world over, it’s become clear how difficult circumstances can forge growth and improvement.

For example, I believe we’re now generally more considerate of other people’s health, and digital adoption has accelerated, making things more efficient.

Some companies saw a surge in demand during the pandemic too, and one of them was Oddle. However, now that it’s the new normal, the company’s momentum looks to be slowing down.

Today we look at:

• Oddle’s sluggish revenue growth
• GoTo’s Q3 results
• Other newsy highlights such as Airwallex’s potential new fundraise and Meesho’s latest financial figures

Premium summary

From a run to a waddle

Image credit: Timmy Loen

I generally dislike how companies are expected to not only grow revenue, but to do so in greater numbers every year. Hopefully for Oddle, its investors and stakeholders aren’t all like this.

• Slowing down: Oddle’s revenue for 2023 was US$15.5 million, which represents a 2% increase from the previous year. This is significantly lower than its 9x growth from March 2020 to March 2022.
• New avenues: Since 2022, the company – touted as the “Shopify for restaurants” – has been investing in areas like reservations, payment terminals, and loyalty. These products should help it hit profitability milestones.
• Plugging some holes: Oddle also cut expenses in 2023, with a 38% reduction in selling and distribution spending. Its research and development costs also fell by 20%.

Read more: Oddle evens out revenue for 2023, losses narrow

GoTo sees green

Learn from founders who’ve walked the path on November 12

Quick bytes