Deep Dive: Delving into the recent layoffs among Asian startups

News of layoffs at various startups and large corporations as well as small and medium-sized enterprises have been making headlines all over the world, especially as the global economy reaches critical levels due to the Covid-19 pandemic.

Photo credit: 123RF

To shed some light on the factors driving retrenchments, Tech in Asia journalists Kenan Machado, Terence Lee, and Melissa Goh discuss how the recent job cuts at Oyo, Paktor, and CXA Group unfolded.

Timecodes:

00:00 – Intro music
01:17 – This week’s topic: Layoffs
01:48 – The rise of Oyo and Ritesh Agarwal
03:01 – Oyo’s struggle to keep up with its own growth
04:21 – A series of massive retrenchments
04:59 – A general slowdown coupled with unattainable targets
06:51 – An issue faced by the entire hospitality industry, but Oyo was the worst hit
07:54 – Lessons from Oyo’s misfortune
08:43 – Will things get better for Oyo?
09:47 – Paktor’s early days
10:38 – Paktor wasn’t the only thing its parent company was doing
11:25 – The job cuts at Paktor
12:03 – Affected by Hong Kong protests and the Covid-19 situation in Korea
12:54 – Is this an industry-wide issue?
14:27 – Why is Paktor particularly affected?
15:09 – Is something more happening behind the scenes?
15:44 – How money flows from Paktor’s parent company
16:23 – Is Paktor in the clear?
18:26 – When did we first learn of CXA Group and Rosaline Chow Koo?
19:25 – Aiming for unicorn status
19:43 – Hearing about the layoffs
20:02 – What led CXA to let people go
20:30 – Hiring 100 people between 2018 and 2019
21:18 – The challenges that come with building a huge tech platform
21:50 – Problems run deeper
23:!5 – Koo’s thoughts on the issue
23:51 – The reason for her optimism
24:44 – Do things bode well for CXA’s future?

Download the full transcript here.

Featured reporter:

• Kenan Machado, Tech in Asia’s senior correspondent who’s based in India
• Terence Lee, Tech in Asia’s Singapore-based chief correspondent
• Melissa Goh, a Tech in Asia journalist based in Singapore

Essential reading:

• Masayoshi Son’s investment woes worsen with Oyo layoffs
• Paktor cuts jobs as two key markets slump; sees bright spot in voice dating app
• Behind CXA’s difficult journey to launching its ambitious insurtech platform

Episode sponsor:

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