The state of Singapore’s D2C startups

More: OpenAI competitor raises funds, and VinFast accelerates India efforts. [Read from your browser]( Daily Newsletter Welcome to Tech in Asia's free Daily Newsletter! Get full access to our subscribers-only Daily Newsletter and other insightful analysis on the big and messy topics of Asia’s tech and startup community by [registering here](.  --------------------------------------------------------------- IN FOCUS In today's newsletter, we spotlight: - [Singapore’s D2C landscape]( - VinFast speeding up its factory plans in India - Other newsy highlights such as an OpenAI competitor raising its series B round --------------------------------------------------------------- Hello {NAME} Apparently, Singaporeans [spend]( US$785 on online shopping per transaction on average, more than twice the amount spent by consumers in other Southeast Asian countries. Looking at all the packages that turn up at my doorstep, I think that’s probably true. Aside from ecommerce platforms like Shopee (which I talked about in yesterday’s newsletter), the city-state is home to lots of direct-to-consumer (D2C) brands, adding to the options Singaporean consumers have to choose from. I’ve bought clothes from Love Bonito, bags from The Paper Bunny, coffee from Common Man Coffee Roasters, and I’m currently typing this while sitting in a Secretlab chair. Singapore seems to have a pretty robust D2C scene, but the real opportunity for these companies lies in expanding outside of home. -- Stefanie  ---------------------------------------------------------------  THE BIG STORY [Mapping Singapore’s leading D2C brands]( For Singapore’s D2C brands, the next choice for expansion doesn’t seem to be other Southeast Asian countries but more developed markets like the US. --------------------------------------------------------------- TRENDING NEWS [OpenAI’s Paris-based rival raises $640m at $6b valuation]( Co-founded by Meta and Google DeepMind alumni, Mistral AI develops models to compete with OpenAI’s GPT-4o, Meta’s Llama 3, and Anthropic’s Claude 3. [VinFast’s India factory to open ahead of schedule: founder]( The company will also start building its Indonesia factory within the next two months, Pham Nhat Vuong told Bloomberg. ---------------------------------------------------------------  VISUAL STORY OF THE DAY [Asia layoff tracker: Bytedance cuts 450 jobs, Paytm slashes 3500]( Tech firms are dismissing staff to stay afloat as headwinds hit Asia. This layoff tracker is keeping tabs on marching orders. --------------------------------------------------------------- SPEED DATING IS NOW INVESTOR HOUR  Empowering the next generation of innovators Investor Hour, formerly known as Investor-Founder Speed Dating, is designed to facilitate impactful connections between investors and founders. This one-on-one networking experience offers a curated space for exploring investment opportunities, seeking guidance, and forging partnerships. 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