Ecosystem Summary: Zilingo Nears Debt Settlement; Foodtech startup Gobble Shutters; Alphabet, Spotify lay off employees

Zilingo co-founder Ankiti Bose

Zilingo spins off technology, product and IP units to Swiss startup Buyogo
The fashion e-commerce company is on the verge of a debt settlement; This comes days after Zilingo appointed EY as provisional insolvency practitioner to wind up the firm; Buyogo is a SaaS startup focused on digital e-commerce solutions for SMBs.

Gobble Shutters, the grocery ordering company of ex-Deliveroo executives
Its co-founder Domenico Tan shared on LinkedIn that Gobble’s B2C model was “unsustainable” to have long survived; The executive also shared that despite Gobble’s high sales volume, margins are still too low.

Two Singaporean PEs join forces to raise $700 million tech fund
Established by Capital Square and Basil Technology Partners, CSP Fund II will focus on SaaS, AI, data analytics and digital subsectors; The fund raised capital from HarbourVest Partners, TPG NewQuest and Committed Advisors.

Japan’s MUFG Bank Increases SEA Focus, Bullish on ID Fintech
The bank has internally committed at least US$500 million for equity investments in Asia, including India and SEA; In March 2022, MUFG launched a US$300 million Ganesha Fund to invest in Indian mid- to late-stage startups.

Indonesian e-commerce enabler Desty raises $4.35 million
Investors include East Ventures, Z Venture Capital and BAce Capital; Desty helps sellers, developers and influencers to promote and sell their products online.

Google parent Alphabet wants to cut 12,000 jobs
The cuts will affect about 6% of Alphabet’s total workforce; According to CE Sundar Pichai, the downsizing will be spread across product areas, functions, tiers and regions.

Spotify plans to cut jobs this week
While the exact number of layoffs hasn’t been disclosed, the music streaming giant has nearly 9,800 employees, according to its third-quarter results; In 2022, Spotify laid off 38 employees at its podcast studios Gimlet Media and Parcast.

Genesis crypto loan units file for bankruptcy protection
The filing includes parent company Genesis Global Holdco and two of its lending subsidiaries; Genesis has over $150 million in cash to be used to support ongoing operations and the restructuring process.

SoftBank-backed Swiggy plans to lay off 380 employees
Indian food delivery start-up cited current macro slowdown and overstaffing for restructuring; Contrary to Swiggy’s projections, the growth rate for grocery delivery has slowed.

SG is investigating Gorilla Mobile for temporary service suspension
The Infocomm Media Development Authority said that under Gorilla’s licensing terms, the company must obtain approval from the government agency before suspending its services.

How business innovation in Vietnam is developing the B2B startup ecosystem
Zone Startups contributes to Vietnam’s efforts to transform its well-known software outsourcing industry into a fledgling B2B startup ecosystem.

Boost business with financial automation
The first step in your digital finance transformation should be to assess where you currently are and move on to implementing a solution.

Bitcoin vs Altcoins: Which is the Better Investment?
This article dives deeper, comparing bitcoins and altcoins and to find out which might be more beneficial.

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