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Hi readers,
When I began seeing US-based content creators that I follow sporting clothing by Love Bonito or adorning their homes with tables from Castlery, it became clear to me that Singapore startups were making their mark in that market.
Over the years, many other homegrown firms have expanded to the US – some in less obvious ways. Take for instance Truegenics, a direct-to-consumer firm selling health supplement brands. It grew to an 8-figure business by targeting customers through informercials. Most of its customers reside in the US.
IglooCompany, a maker of smart locks, set up its second headquarters in Austin, Texas, during the pandemic, as demand for its solution in the US grew. Today, the country represents over 50% of the company’s sales.
With the US making up a growing share of revenue for many Singapore businesses, any import tariffs that US President-elect Donald Trump has threatened to impose will bring about both direct and indirect costs.
Rejigging an entire supply chain is probably as hard as it sounds. While doable, it is likely a last resort for companies – even those that have the flexibility of sourcing new suppliers from other more cost-effective markets.
In the aftermath of the pandemic and global supply chain shocks, businesses have learned how to expect the worst. Hopefully they’re more well-equipped to deal with them, too.
— Melissa Goh, journalist at Tech in Asia
Top stories this week
Image credit: Timmy Loen
1️. SG startups’ love story with the US unfazed by tariff threats
Potential US import tariffs of up to 20% could unwind the “explosive” growth that firms are seeing in their largest market.
2. Grab’s financial health in 8 charts
In the third quarter, Grab logged an all time high of US$90 million in adjusted EBITDA, while revenue increased by 17%.
3. Indonesia’s rising proptech scene at risk as middle class shrinks
Firms like Lamudi and Rukita have raised funds and claimed profitability, but PropertyGuru notably exited the market in 2023.
4. Newly listed Swiggy’s path to profitability has no easy recipe
With Zomato’s deep pockets and clear lead across verticals, IPO-bound Swiggy faces a tough battle for market share.
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