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Hi readers,
The deeper you dig, the more you find.
If only I had a penny for each time I heard some version of that advice. The first time I heard that, I was digging up the backyard of a house we had recently moved into after I found a strange old coin there by accident. I remember my mother being more than encouraging – I was unknowingly prepping her future vegetable garden, you see.
That said, as I dug into the annals of the internet and sent out cold emails to piece together the story of a young and relatively unknown healthtech company, the advice to dig deep and wide came in handy yet again.
We started looking closely at Euda Health sometime in May – shortly after a press release hit the wires, talking about how the company was aiming to go public in the second quarter of 2022 at an estimated post-money valuation of US$583 million.
My first reaction was disbelief: How had we missed seeing a company that claimed to have 2,000 clients in Singapore alone and professed great plans for international expansion? Then we saw its revenue for 2021 was only US$10.5 million.
Euda cut its valuation to US$172 million – a downgrade of about 70%. Turns out the brow-raising valuation hinged on expansion plans that were nowhere close to seeing the light of the day.
Things continued to unspool as I dug deeper, including a potential issue of conflict of interest.
While my initial emails went unanswered, the firm eventually made contact and I’ve documented the company’s side too – including an unusual combination of property management and blockchain thrown in for good measure. If you haven’t already, read the story to find out about the other noteworthy things that the dig uncovered.
— Nikita Puri, journalist at Tech in Asia
Top stories this week
Image credit: Timmy Loen
1️. An unknown Singapore healthtech firm’s dubious $583m valuation
After significantly revising revenue projections and delaying expansion, Euda Health slashed its valuation by 70.5% just months before a Nasdaq listing.
2. Grab reports strong Q2 results, but shares plunge anyway
Grab can’t seem to catch a break: Despite reporting strong Q2 results, its shares plunged by 12% yesterday. We take a closer look.
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