Another Temasek firm runs into trouble

Check out our top articles for the week. [Read from your browser]( Top Stories of the Week Welcome to Tech in Asia's free Sunday newsletter! Get full access to our subscribers-only premium content and other insightful analysis on the big and messy topics of Asia’s tech and startup community by [registering here](. Hello {NAME} There was a [venture building boom]( in the last five years, as it was seen as a way for venture capitalists to gain better returns in a bear market. It was also a time when we saw several startup unicorns like FTX and Zilingo crash and fall due to founder related issues. I recall many VCs at that time defending themselves by saying that except for a few board meetings during the year, they don’t look into the nitty gritty of the functioning of a startup and hence can’t be blamed for the failures of founders. So the idea of giving VCs the control of the startup was tantalizing. The argument was that they knew the gaps in the market for tech products, plus if they had full control and transparency of the running of the startup, that would obviously equal to building a successful startup. Wrong! If you look at Temasek’s venture building journey, you can see that it’s not that simple. In the last 10 months, we have seen the fourth startup in its network face layoffs and exits. Some of them are experiencing technical troubles too. Take blockchain startup Partior. In July, it reduced its headcount and saw several staff, including members of the leadership team, resign. This came just days after the company raised US$60 million in a series B round led by Peak XV Partners. The company had mentioned greater challenges of onboarding banks and “unforeseen technical hurdles.” In addition, Partior’s losses have been mounting with very little to zero revenue in the last three years. This is due to the huge staff costs as they hire some of the topmost talent. Most corporate-led startups have big money backing them from the start, unlike founder-led startups that begin small and face severe cash crunches from the very beginning. Founders may not even take a paycheck in the initial few years and solely run on their vision, beliefs, and motivation to reach their goal. This, to me, is where the key difference lies. But that doesn’t mean every startup from a venture builder will fail. We have seen several successful startups emerge from Rocket Internet. There are [effective ways to venture building]( provided you keep a few rules in mind. -- [Collin Furtado]( journalist at Tech in Asia  --------------------------------------------------------------- TOP STORIES THIS WEEK 1️. [Temasek blockchain startup trims team amid technical troubles]( Partior faced onboarding hurdles and performance issues with its cross-border payment product, sources told Tech in Asia. 2. [Investors dragged as Beam hit with fraud allegations]( The company allegedly deployed "phantom" e-scooters for rent in Australia and New Zealand, which some say was a way to boost revenue. 3. [Indonesia’s banks feel AI magic, but experts give caveats]( Indonesia’s financial institutions have fully embraced AI, applying it in areas like credit analysis and customer service. 4. [Indonesian ‘LV of scarves’ dresses up modest fashion space]( The company was one of the first brands in Indonesia to embrace live selling. 5. [‘Don’t chase VC money’: Skuad’s insights from $81m exit]( The HR tech firm’s advice for founders? Raise less and build a good business. 6. [From layoffs to profit: Is Lazada finally ready for an IPO?]( Lazada could be valued at US$8 billion if spun off, but sustaining monthly profit amid strong rivals remains uncertain. 7. [Will Bilibili abandon gaming fanbase to fight ByteDance, Tencent?]( The company is at a crossroads: it can either stick to its niche or expand to compete with video giants in the mass market. 8. [India’s sold on VC secondaries, but SEA isn’t buying it]( VCs are offering deep discounts on secondary shares in Southeast Asia’s startups, but that doesn’t mean there are any takers. 9. [Investors aware of TransTrack CEO’s guilty verdict before funding]( Founder Anggia Meisesari was detained from 2020 to 2021 due to a fraud case. She says she has learned from her past mistakes. 10. [A major Korean bank bought $14m in WeWork shares. They were fake]( The case, which details a complex scam, implicated a couple of individuals in Singapore’s startup scene. ---------------------------------------------------------------  SYNC 2024 - AI • SINGAPORE  Meet the leading minds who are shaping the AI landscape SYNC 2024, taking place on October 8 at Capella Singapore, will bring together Asia's leading minds in AI. We're excited to announce our full speaker lineup: Oliver Jay from OpenAI and Min-Liang Tan from Razer. These industry leaders will share their insights and expertise, providing valuable perspectives on the latest AI advancements and their impact on various sectors. Attendees will get the opportunity to engage in focused discussions and participate in curated roundtables that explore key AI topics such as climate change applications and fintech innovation. Most importantly, they’ll also get to network with top founders, investors, and AI experts in exclusive private sessions designed for strategic collaboration. SYNC is designed for a group of 100 hand-picked C-level executives. Learn more about SYNC and [apply for a ticket]( to join the conversation shaping the future of AI in Asia. ---------------------------------------------------------------  EVENTS HAPPENING You can also check out a curated list of trending tech events [over here](. [Tech in Asia Conference Jakarta on October 23 - 24]( As Indonesia’s startup scene continues to evolve, new opportunities emerge beyond the traditional hotspots. Join us at TIA Conference Jakarta to dive into the latest trends and discover new investment opportunities in Indonesia's maturing startup ecosystem. [Get your tickets now]( at a special rate of 30% off. This offer is valid only until October 2. [Leadership Collective: Building at Scale on September 26]( Calling all senior product developers and engineers! 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