Ecosystem Roundup: BetterPlace acquires MyRobin, ION Mobility raises US$18.7M, CoHive is officially bankrupt

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Indian workforce management firm BetterPlace acquires MyRobin to enter SEA
BetterPlace will soon expand into Malaysia, Thailand, and Philippines through organic and inorganic strategies; MyRobin is a blue-collar workforce fulfilment firm with an outreach of 3M+ workers in 270+ Indonesian cities.

Zomato shutters operations in Philippines
The development comes ten years after entering its first Southeast Asian market; India-based Zomato is an online restaurant guide and food ordering platform that allows users to order meals from restaurants and have them delivered.

RedDoorz breaks even in Indonesia, Philippines
The hospitality startup told Tech in Asia that the two markets contributed 95% to total revenue, but it didn’t divulge specific details; The firm expects to break even in all its markets by Q4 2023.

Social music creation platform BandLab acquires beat marketplace Airbit
BandLab also operates digital audio workstation Cakewalk and artist services platform ReverbNation; This deal will enable the company to provide “seamless access to all major elements of music creation, promotion, and distribution”.

Ex-AngelList investor Wing Vasiksiri launches second solo fund
His first fund closed in 2020 during the COVID-19 pandemic and has since gone on to deploy into 30 seed firms such as Dat Bike, Skuad, and Staffinc.

Indonesia’s CoHive is officially bankrupt
The Central Jakarta district court has appointed a team to manage the company’s assets, which will be confiscated and auctioned off to pay off its debts.

Smart e-motorbike startup ION Mobility secures US$18.7M Series A
The investors include TVS, AC Ventures Malaysia, TNB Aura, Quest Ventures, and Monk’s Hill Ventures; The firm will use the fresh capital to expand its Indonesia team, operations and capabilities.

Gobi Superseed II Fund invests in Durioo+, Lapasar, Paywatch, pitchIN
The Islamic-themed subscription-based streaming service Durioo+, whereas Paywatch is an earned-wage access solution that helps employees bridge cash flow gaps between paychecks.

SG politician reaffirms ‘no conflict of interest’ in new Grab role
Tin Pei Ling’s appointment by Grab has caused some concerns about potential conflicts of interest; Tin says that her role as a parliamentarian is “distinct” from her position at Grab.

VinaCapital invests US$1M in farm-to-business agritech platform Koina
Koina helps communities with financing, providing fair and transparent pricing, and guiding farmers on best practices; It will use the capital to expand its sales channels and improving tech.

Grab partners with Sampoerna to digitalise more warungs
Through the partnership, Grab and its e-wallet subsidiary Ovo will integrate their services into the Sampoerna Retail Community app, which is the conglomerate’s warung-focused business.

Google could reveal its ChatGPT rival this week
Google boss Sundar Pichai said in a recent investor earnings call that “very soon,” users will get the chance to “interact directly” with the tech titan’s own language models, which comes as a companion to Google Search.

Are startups neglecting the future middle-class population in Philippines?
Big brands are winning the upscale and the super mass markets, but we are yet to service the young population that is quickly turning middle class, says Foxmont Capital.

Why January gives us reasons to be cautiously optimistic
There are many reasons to worry, especially after last year’s waves of company layoffs; The string of bad news continues as we witness notable e-commerce companies such as China’s JD leaving the Indonesian market.

Binance returns to South Korea with Gopax stake
The acquisition was funded through the Industry Recovery Initiative, a co-investment programme led by Binance; Gopax, one of the largest cryptocurrency firms in Korea, barred withdrawals last November following FTX’s downfall.

How to find company market fit while expanding globally
The Localisation Premium analysis tool is your key to mapping out the wide scope of potential premiums incurred when entering new markets.

The tale of the have-yachts and the have-nots in the proptech sector
The use of proptech can create an alternative for developers and can combine investors into a powerful buying group; The have-yachts have access to powerful investment databases that provide precise market data.

The 5 ‘P’s of growth companies
It’s important for business leaders to continuously learn and enhance their skill sets, as they will change as the business climate changes.

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