Oct 28, 2025

Send it to editors@techinasia.com. In focus Hello reader, I wrote a lot of news briefs during my early days at Tech in Asia . It's been years, yet it feels like just yesterday when I'd constantly write about startups raising fresh capital every minute. (Though, admittedly, I think the Covid-19 pandemic has distorted my sense of time). It also felt like profits were cast aside back then, and the only thing that mattered was topline growth. But now, the revenue growth party's over. Take, for example, Waresix. It's an Indonesian logistics player that tripled its revenue in 2022 and followed up with a 28% year-on-year growth in 2023. However, the company's topline growth train crawled to a halt in 2024, growing by just 3.6%. According to the analysts I've spoken to for this edition's top story, this might be a deliberate move from Waresix to build a more sustainable business. And its filings illustrate this point. The company cut its loss before tax by 4.4%. Meanwhile, East Ventures said in November 2024 that Waresix had posted an annual growth rate of over 25% while keeping its EBITDA positive in the same year One of the analysts also shared that if Waresix can maintain its current level of costs and increase the usage rate of warehouses and trucks on its platform more efficiently, we can expect its net loss to narrow “significantly” over the next 12 to 18 months. If it does, we'll be sure to let you know. In other news, Southeast Asia has minted some new unicorns despite the market slump. My colleague Duc has updated Tech in Asia's story about this, adding new insights. Miguel Cordon , journalist Top Stories 1️⃣ Photo credit: Waresix The Indonesian logistics firm's slowing topline growth can signal a shift from a “growth-at-all-costs” mindset to one focused on financial discipline. Indeed, Waresix ended the year shrinking its operating cash burn by 9x. Analysts think the company is at a “critical turning point” where it needs to prove it can become a sustainable powerhouse without relying on investor cash. 2️⃣ The new additions to the list include Ultragreen.ai, a healthtech firm using AI for surgical procedure solutions, and Ashita Group, a Malaysian retailer and wholesale trader of consumer electronics. While still far away from its 2021 peak, 2025 has already introduced six new Southeast Asian unicorns – more than the three entries unveiled in 2024 and 2023 combined. A data story you shouldn't miss Image credit: Timmy Loen Southeast Asia has introduced more unicorns in 2025 compared to the last two years. However, the investment landscape remains bleak this year, as per funding data. Tech in Asia 's data shows that the first three quarters of 2025 saw the least amount of funding raised and rounds completed within the same period since 2023. So far, Singapore is the only one whose total startup funding has surpassed the 10-digit mark. Trending news 1️⃣ The deal will grant US and international investors about 65% ownership, along with control over TikTok's algorithm. The agreement, which follows a September executive order by US President Donald Trump, is expected to be signed by him and China's President Xi Jinping in Korea on October 30. 2️⃣ This deal marks the first time Amsterdam-based Prosus is entering the formation-stage investment market. The firm has committed to matching Accel's initial investments, which will range from US$100,000 to US$1 million. 3️⃣ The company is reportedly working with Juilliard School students to create training data by annotating music scores. While the release date and product details are unknown, this move places OpenAI in competition with other generative music tools from companies like Google and Suno. 4️⃣ At the same time, Ether and other major cryptocurrencies have also posted significant gains. Analysts attribute the surge to easing macroeconomic concerns, including optimism over a potential US-China trade deal and expectations of a US Federal Reserve interest rate cut this week. 5️⃣ XDC Ventures, the investment arm of Dubai's XDC Network, plans to restructure Contour by integrating the XDC Network as its core settlement and tokenization layer. It also looks to launch new pilots, expand partnerships, and work with regulators in the US, the European Union, the Gulf Cooperation Council, and Asia. How would you feel if you could no longer use Tech in Asia? Share, tag us, and land on our Wall of ❤️!