Chope tempered by the pandemic, ready for the recession

This week, On the Rise looks at Chope’s financials, spotlights Nusantics’ post-pandemic rise, and dives into Quest Ventures’ recession strategy. [Read from your browser]( On the Rise 🚀 Welcome to On the Rise! Delivered every Tuesday via email and through the Tech in Asia website, this free newsletter breaks down the biggest stories and trends in emerging tech. If you’re not a subscriber, get access by [registering here](. Written by Aditya Hadi Pratama Journalist Hello {NAME} If I'm not busy meeting startup founders and writing stories about their amazing (or devastating) work lives, most likely you will find me sitting with a Kindle and reading books. My favorite types of books are biographies, particularly those focused on startup founders. Steve Jobs by Walter Isaacson is one of my all-time favorites. The book portrays how Jobs bounced back after being ousted from Apple. It's like seeing a real-life definition of the idiom "What doesn't break you makes you stronger." This week’s Big Stories depict this perseverance through two firms that have battled Covid-19 headwinds to emerge stronger. My colleague Collin writes about Singapore-based restaurant management platform Chope’s journey after pandemic restrictions were lifted. The startup posted a 32% growth in gross revenue in the first half of 2022 compared to the same period last year. But despite growing concerns of a recession, the company’s founder Arrif Ziaudeen isn’t worried, as his firm survived worse conditions with the pandemic. He compares the impact of Covid-19 as a sledgehammer to the head, and the recession being just a pinch. The other Big Story, by Budi, spotlights an Indonesia-based healthtech firm called Nusantics that got a boost amid the pandemic. The biotech firm initially began with a skincare solution. When the pandemic hit, Nusantics realized that its technology could also be used to detect the Covid-19 virus. This pivot resulted in the startup recording a 7x year-on-year revenue growth at the end of 2021. Now, Nusantics is working to develop other solutions such as disease detection on animals. While Ziaudeen sees the recession as a smaller challenge than the pandemic for his business, all stakeholders in the region's startup ecosystem still need to be prepared for the upcoming economic downturn. In this week's Making Waves, Nikita gets Michelle Ng, head of environmental, social, and governance at Quest Ventures, to share her thoughts on what investors should keep in mind while signing deals. -- Aditya  --------------------------------------------------------------- THE BIG STORIES 1️⃣ [Covid-19 a sledgehammer strike, recession just like a pinch, says Chope CEO]( The Singapore-based restaurant management platform now looks to face the impact of the recession. 2️⃣ [After pandemic growth, Indonesian biotech startup tests post-Covid waters]( Nusantics branched out into making Covid-19 test kits as the pandemic hit but now continues on other paths to survival.  ---------------------------------------------------------------  MAKING WAVES [Recession Run: Quest Ventures bats for food security, sustainable solutions]( Recession Run is a series of interviews that give a peek into what investors are betting their money on amid fears of a global slowdown. In this edition, Michelle Ng of Quest Ventures talks about what investors are looking for in startups as the industry faces an economic downturn.  --------------------------------------------------------------- FYI 1️⃣ [Cold chain may be the next opportunity for Indonesia’s logistics startups]( Startups like Paxel, Superkul, and Fresh Factory are betting on the sector. As the price war in ecommerce logistics intensifies, cold chain may be the space to watch. 2️⃣ [One Championship parent reports higher revenue, losses widen]( Group One’s revenue reached US$67.7 million in FY 2021, a 19.2% growth from the previous year. However, it also saw losses worth US$111 million, more than double the FY 2020 figure of US$49.2 million. Despite these results, the media platform told Tech in Asia that it is confident about being en route to achieving long-term sustainability and profitability.  ---------------------------------------------------------------  NEWS YOU SHOULD KNOW Check out Tech in Asia’s coverage of the emerging tech scene [here](. 1️⃣ Traveloka, an Indonesia-based online travel startup, has [raised US$300 million]( in a round joined by the country’s sovereign wealth fund Indonesia Investment Authority, among other investors. 2️⃣ Line Man Wongnai, a Thailand-based food delivery firm, has reached unicorn status after [a US$265 million series B fundraise]( led by Line Corporation and GIC. 3️⃣ Elev8 Venture Partners is set to launch [a US$200 million]( fund targeting Indian tech firms raising series B and C funding. 4️⃣ Klook, a Singapore-based online travel firm, saw [a 300% revenue jump]( quarter on quarter over the last four months, owing to increased activity in its platform with travel restrictions lifting around the world. 5️⃣ HeadsUp, a sales intelligence platform focused on helping SaaS startups, has [secured US$8.5 million]( in a seed round led by 645 Ventures.  --------------------------------------------------------------- That’s it for this edition - we hope you liked it! Do also check out previous issues of the newsletter [here](. Not your cup of tea? You can unsubscribe from this newsletter by going to your “edit profile” page and choosing that option in our preference center. See you next week! [ADVERTISE]( | [SUBSCRIBE]( | [HIRE]( | [FIND JOBS]( P.S. Don't miss out on the biggest tech news and analysis. Add newsletter@techinasia.com to your address book, contacts, or safe sender list. Or simply move us into your inbox. Too many emails? Switch to a different frequency or get new content through our [preference center]( or [unsubscribe](. You can also break our hearts and remove yourself from all Tech in Asia emails over [here](  Copyright © 2022 Tech in Asia, All rights reserved. 63 Robinson Road, Singapore 068894