The Business Times
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Startup layoffs mount amid market chill

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Benjamin Cher
Claudia Chong
Sharanya Pillai

Benjamin Cher ,

Claudia Chong &

Sharanya Pillai

Published Mon, Sep 26, 2022 · 05:50 AM
    • E-commerce player Shopee is axing more employees as its parent company Sea faces pressure to turn profitable.
    • E-commerce player Shopee is axing more employees as its parent company Sea faces pressure to turn profitable. PHOTO: REUTERS

    SOUTH-EAST Asia’s tech industry is bracing for more layoffs after several high-profile players retrenched workers in recent weeks, amid an increasingly uncertain environment and funding slowdown.

    No longer able to stomach high cash burn, some investors have called on their portfolio startups to build cash runways of as much as 24 months. These companies are trimming staff as the quickest way to reduce costs.

    Elena Chow, founder of talent solutions company ConnectOne, said that she has seen a recent rise in tech layoffs.

    Tech layoffsEmploymentStartups

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