Shopee woes show even tech giants not immune to SEA layoff fever

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Hi readers,

At the start of the week, a friend working at Shopee reached out to me out of the blue and said that he was fearing for his job. Moments earlier, his company had held a town hall meeting, announcing imminent layoffs across multiple markets.

From his words, I could sense an element of worry but also a touch of shock.

Tech startups are not the best bet if job security is high on your agenda. But if any company in Southeast Asia is able to offer some sort of stability, you would assume it would be Shopee – the ecommerce unit of Sea Group, the region’s largest tech firm.

But we’re living in extraordinary times, so surprises are to be expected.

My friend, in the end, was spared, but my thoughts and support go to those who have not been as lucky. As several startups shut their windows on their staff, others are opening doors to those laid off. Here is Tech in Asia’s list of tech firms hiring across Asia.

— Ardi Wirdana, journalist at Tech in Asia

Top stories this week

Image credit: Timmy Loen

1️. Shopee set for mass layoffs
The decision was announced to employees of Shopee in an international town hall meeting led by an executive from its parent company Sea.

2. How GrabMaps plans to beat Google Maps in $1b sweepstake for SEA dominance
Grab’s new B2B mapping service is well-placed to win market share, but don’t expect the numbers to move the needle.

3. Lessons from GoTo’s IPO and financial results so far
The GoTo listing and its performance holds lessons for both investors and tech companies planning an IPO.

4. Why SEA’s food bots are outshining Silicon Valley at the table
A narrower game plan amid a favorable macro environment has set SEA’s food robotics players up for success. But they’ll have to serve more than novelty.

5. Org chart: The people behind Boost
We look at the captains steering Boost as it transforms itself from an e-wallet provider to a fintech group.