Asian startups are rising to the financing challenge4 min read 22 Mar 2023, 03:01 AM IST
Once the world’s hottest stock because of its single-minded pursuit of growth, Singapore’s Sea is slashing costs as it seeks safety in profitability.
Just when it looked likethe largest of Southeast Asia’s internet firms was yet another posterchild of cheap money, abubbly startupthat had grown too much too fast, Sea Ltd.’stop executivestook an ax to costs. Theyclosed down some Latin American operations, cutjobs,sacrificed their own salaries,and squeezed nearly $500 million out of the promotionalexpenses at theire-commerce unit.
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