Sep 16, 2025

Send it to editors@techinasia.com In focus Hello reader, Vietnam's ride-hailing market is ruthlessly competitive: Grab has been the dominant player for more than a decade while Gojek pulled out in 2024 after a six-year run. So how did a seven-year-old local player survive this cutthroat business? Financial discipline, said Be Group CEO Yen Vu at Tech in Asia 's AMPED event in Ho Chi Minh City last week. I believe this should be the core principle for founders – not just in Vietnam, but across Southeast Asia. The hard reality is that all businesses must reach profitability sooner or later. Sustain your company first, then set out to change the world. That's why we've updated our list of Southeast Asian tech companies that turned a net profit in the past year. This edition includes fresh names like babycare brand KeaBabies , which grew profitably without any VC money. We know that more founders are quietly building sustainable businesses across the region. If you've already hit profitability, drop us a note – we'd love to share your story. We also spotlight a Singapore-based DNA testing startup that emerged out of stealth mode and introduced a unique privacy-first approach to the industry. Tran Tuan Viet Duc , data journalist Top Story Image credit: Timmy Loen Our listicle offers a glimpse into which companies in the region have found sustainable business models. Investors looking to source leads may find this helpful – we'll keep updating it alongside our coverage of earnings Spotlight Photo credit: luchschen / 123RF DNA testing is an invasive process. It's a useful tool for health companies and professionals tailoring specific products to users, but it also gives them access to a lot of data. While services like 23andMe offer fascinating insights, their business models can involve selling aggregated user data for research. Consequently, many consumers have become wary of these providers. However, Singapore-based ConnectingDNA contends that it doesn't have to be this way for genetics-focused companies. The startup, which recently emerged from stealth mode, is betting on its wellness marketplace instead of selling data to compete in this business. Founder Cedric Lee says ConnectingDNA's business model opens up several revenue streams for the company. For example, it generates cash through marketplace commissions, DNA test sales, and vendor subscriptions. As such, there's an incentive for ConnectingDNA's users to stick around. With 23andMe, it's more like test and forget. It's important to note, though, that ConnectingDNA is still in its early testing phase. Beyond finding product-market fit, this stage could also be crucial in assessing whether a “privacy-first” approach could win in an industry where user data has often been the most valuable asset. Miguel Cordon , journalist From hype to hard truths: Vertex CEO on Southeast Asia's startup reality check Kee Lock Chua shares candid advice for LPs, VCs, and founders alike After years of cheap capital and frothy valuations, Southeast Asia's startup ecosystem is now in its first real reset. On this week's , Vertex Ventures CEO Kee Lock Chua unpacks the hard lessons for founders, VCs, and LPs alike, from the curse of excess capital and weak DPI to why discipline, not hype, will define the next cycle. Chua doesn't mince words: LPs helped fuel the boom, inexperienced funds chased growth at any cost, and founders stretched the truth just to survive. Yet he's pragmatic – Chua says that downturns are cyclical, AI may offer new opportunities, and the region may repeat the same mistakes in eight to 10 years. The real question is whether this generation of builders and backers will remember the lessons long enough to do better. Check out the full episode on your favorite platform: YouTube | Spotify | Apple Podcasts Trending news 1️⃣ The new fund will back early-stage startups in Singapore, India, and Australia that focus on AI software, infrastructure, security and deep tech. Crane Venture Partners is based in London and Singapore. 2️⃣ The company, which provides fluorescence-guided surgical technologies and supplies indocyanine green, is a newcomer to the billion-dollar club. 3️⃣ Aiming to go public by November, Groww is looking to raise US$700 million to US$1 billion at a valuation of US$7 billion to US$9 billion. Its backers include Y Combinator, Peak XV Partners, Tiger Global and Ribbit Capital. 4️⃣ The company reported a 30% drop in profit for the second quarter – its first decline in more than three years. This comes amid a price war that intensified competition in China's electric vehicle market. 5️⃣ North Korea-linked hacking group Kimsuky allegedly turned to ChatGPT to fabricate a South Korean military ID as part of a phishing campaign, cybersecurity firm Genians reported. Researchers found that Kimsuky produced a convincing draft of the ID and distributed it via emails that contained links to data-stealing malware. How would you feel if you could no longer use Tech in Asia? Share, tag us, and land on our Wall of ❤️!