Near-unicorn cuts 12% of its workforce

A look into the struggles of Zilingo, a near-unicorn that has cut 12% of its workforce [Open this email in your browser]( Near-unicorn cuts 12% of its workforce --------------------------------------------------------------- Hello {NAME} $970 million in valuation - that’s how close Zilingo was to reaching “unicorn” status. And then Covid-19 happened, and all of the company’s plans and roadmaps were thwarted, resulting in rounds of layoffs. What's happening to the startup that a source says hit a gross merchandise value (GMV) of over US$2 billion by February 2020? Scroll down to find out more or [jump right in here for the full story]( (🔒). Your quick bytes for today: 🎥 The software of Hooq, the shuttered Singtel-backed video-streaming service, gets [snapped up]( by Coupang, a major ecommerce player based in South Korea. But video streaming in Asia is [not for the faint of heart]( (🔒). 👀 Many eyes are on the short video app TikTok for its “too close” proximity to China, so it’s [considering making a change]( Create a new management board or establish a whole new non-China headquarter. 💻 Imagine canceling a project after spending 1.5 years on it. That’s exactly what Google did when it [ended a cloud service]( project meant for China and other countries. 📈 Whatsapp for Business hits the [15-million-user]( mark in India every month. ⚖️ It seems that JioMeet’s UI is looking a lot like Zoom’s, and the latter is considering [taking legal action](. 📱 A bunch of short video apps [have popped up]( in India after the TikTok ban.  --------------------------------------------------------------- The struggles of an almost-unicorn When it comes to the economic effects of the pandemic, almost-unicorns haven’t been spared either. Zilingo, the Singapore-headquartered fashion ecommerce company, continues to cut more jobs not just locally but in Thailand, India, Vietnam, and Indonesia as well. It is also reportedly letting go of its [Singapore office]( (🔒). Put on your reading cap These few months haven’t been easy for the B2B ecommerce company. - In April, at least [5% of its then-900-workforce]( was laid off. - This month, 12% of the current workforce was cut. - The leadership team is also taking a 30% pay cut at minimum. We spoke to multiple current and ex-employees to find out the obstacles Zilingo has been facing. Read more: [Zilingo cuts 12$ of jobs - here's what happened behind the scenes]( (🔒) Spread the word: [Facebook]( | [Twitter]( | [Linkedin]( 😞 Other unicorns in Asia that also had to make the [hard decision]( of executing layoffs include [Grab]( [Gojek]( [One Championship]( [Ola]( and [Oyo](.  --------------------------------------------------------------- The startup that makes your internet less crappy Ah, slow internet. Nothing irks me more than having my internet connection get so bad, my pixelated image on Google Meet makes people think I’m using a de-aging filter. Singapore-based Transcelestial is a startup that aims to make our internet connection faster — as well as our online video resolution better — by building a space laser network. It recently [raised US$9.6 million]( in a series A funding round co-led by Wavemaker Partners and EDBI. Laser-fast internet with laser Founded in 2016, Transcelestial uses a wireless laser communication technology to provide high-speed connectivity. Although the company has a presence in Singapore, Indonesia, Malaysia, the Philippines, and South Korea, it is only selectively running closed beta trials with telcos such as SK Telecom, one of South Korea’s largest mobile carriers. Finding a telco to work with would be quite a feat for the startup, as telcos are known to be traditionally slow-moving when it comes to adopting new technology. According to the founder, the introduction of Transcelestial’s technology has coincided with the rise of 5G, which pushes telcos to try out innovations in the space.  --------------------------------------------------------------- The enigmatic tycoon guiding Oppo, Vivo, and Pinduoduo Often referred to by the media as “China’s Warren Buffett,” Duan Yongping, founder of BKK Electronics, is the man behind Pinduoduo, Vivo, and Oppo. We unlocked [this article for you]( to read in full this week.  --------------------------------------------------------------- Misc Happening - [Level Up Your Pitch with 4th & King]( on Thursday, July 16. - [Tech in Asia Virtual Pitch Night]( on Wednesday, July 22. - [Rewriting the Rules of User Engagement with Shopee and Garena]( on Wednesday, July 29. Hiring - [Operations Manager]( at Seekmi (Jakarta, Indonesia) - [Fullstack Developer]( at TADA (Jakarta, Indonesia) - [Head of Marketing]( at goKampus (Jakarta, Indonesia)  --------------------------------------------------------------- Before you pour yourself a glass of wine, forward this email to your friends to make their TGIF conversations a little cooler. And if you have some thoughts about our newsletter revamp, please let us know [over here](. That will make our Friday 10x better. Copyright © 2020 Tech in Asia, All rights reserved. Don't want to receive these emails anymore? [Unsubscribe](.