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Hi readers,
Working in startup news hasn’t been easy on the heart recently. Almost every day there are stories on layoffs, startup struggles, and even shutdowns.
But seeing Carousell bringing in the big bucks did cheer me up. The company posted a 67% year-on-year revenue jump to US$82.5 million for the 2022 financial year. In comparison, its revenue in 2021 represented only a 22% increase from the year before.
The classifieds marketplace has evidently been doing the work – its expenses rose 57% to US$149.8 million last year. Now it has plans in place to grow its user base 10x. The firm had also previously said it hoped to hit profitability by this year or the next.
As Carousell marches toward these goals, it will be exciting to see what the company will have yet in store. We hope you’ll keep an eye out for this as well.
— Miguel Cordon, journalist at Tech in Asia
Top stories this week
Image credit: Timmy Loen
1️. Carousell records 67% revenue growth in FY22 as expenses climb 57%
The Singapore-based firm told Tech in Asia that growth across all of its categories is “integral to our ongoing journey toward profitability.”
2. How this UOB-backed startup disrupts Vietnam’s retail pharmacy
Buymed, which primarily serves mom and pop drugstores, secured the country’s largest tech deal in the first half of 2023.
3. Last to start, but first on road: New Singapore e-bike maker heats up EV race
Charged Asia, which has a zero-emissions facility in Indonesia, says it has sold nearly 1,000 bikes since December 2022.
4. Bukalapak’s financial performance in 7 charts
These charts help visualize the latest financial figures reported by Indonesian ecommerce major Bukalapak.
5. How Carousell plans to 10x its user base
This isn’t the online classifieds marketplace’s first attempt to drive payments on its platform. But will it move the needle on profitability?
6. Ion Mobility now builds e-bikes from scratch after aborted design strategy
CEO James Chan talks about why Ion’s original design manufacturer approach failed and the improvements it’s made since it switched to an OEM strategy.
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