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At this year’s Auto Shanghai, <a href="/company/geely">Geely Holding Group</a> announced a major follow-up to the merger of Zeekr and Lynk &amp; Co. This time, it’s consolidating its battery business.
Sources at 36Kr confirmed that Geely’s battery-related assets have been merged and reorganized under a new entity, informally referred to as Jiyao Tongxing.
The company combines legacy units—such as its “golden battery” and Shendun short blade batteries—under a unified brand: Shendun Golden Battery. In this structure, “Shendun” denotes Geely’s in-house battery safety architecture, while “golden” refers to the group’s core battery cell technologies.
Jiyao Tongxing now holds the largest short blade battery production capacity in the industry, operating six smart manufacturing bases across China.
This consolidation aligns with a broader restructuring directive issued in a year-end message from chairman Li Shufu, signaling a shift toward tighter internal integration across the group. The long-term strategy is anchored by a model comprising two horizontals and seven verticals:
<ul>
<li aria-level="1">The two horizontals refer to platform-level integrations. The Zeekr and Lynk &amp; Co brands are being unified under Zeekr Technology Group, with Zeekr positioned in the premium segment and Lynk &amp; Co targeting the broader market. Similarly, Geometry and the London EV Company (LEVC) are being folded into the Galaxy brand, while Radar Auto joins Geely Auto.</li>
<li aria-level="1">The seven verticals represent coordinated efforts across key technology areas: vehicle architecture, electronic and electrical architecture, autonomous driving, smart cockpit systems, electric drive systems, power batteries, and hybrid powertrains. The battery business consolidation falls under this vertical alignment.</li>
</ul>
<h3>Integration to reduce costs and boost efficiency</h3>
Battery integration has been underway since the year-end directive. As Jiyao Tongxing vice president and chief strategy officer Zheng Xin told 36Kr, the effort went far beyond a simple rebrand. It encompassed all of Geely’s internal battery operations, including personnel, supply chains, R&amp;D, and production capacity.
“It’s a full-chain integration,” said Zheng, adding that the process took three to four months and is now essentially complete.
Under Jiyao Tongxing, Geely has brought together all of its battery-related entities, including Yaoning, Jidian, and Yaoneng. It may also take over management of Geely’s battery joint ventures with CATL and Sunwoda.
“As of now, we’ve completed the management-level integration. Going forward, Geely’s battery business will operate through a single entity,” Zheng said.
Jiyao Tongxing’s battery lineup centers on lithium iron phosphate (LFP) short blade cells—known internally as “golden batteries”—which will first power Zeekr models and later expand to mainstream offerings such as the Galaxy E5.
“In the current industry landscape, short blade batteries are mostly reserved for premium models. We’re aiming to change that,” Zheng said.
Jiyao Tongxing plans to focus its product roadmap on a small number of high-volume models—no more than ten SKUs, with each targeting a minimum production capacity of five gigawatt-hours. The strategy is to build cost and performance advantages by concentrating resources on flagship products in clearly defined segments.
Currently, short blade batteries account for approximately 90% of Jiyao Tongxing’s total output.
By consolidating internal resources, Geely expects to lower vehicle costs—not just through internal supply synergies, but also by streamlining the upstream supply chain.
Zheng cited an example: scaling up LFP output traditionally involves multiple firing rounds that can cost an extra RMB 2,000–3,000 (USD 280–420) per ton. But by optimizing furnace design during new capacity builds, that cost can be reduced to around RMB 1,000 (USD 140).
This kind of supply-side efficiency is central to Geely’s battery strategy: standardize specifications, scale production, and drive down marginal costs to establish a self-reinforcing industrial cycle.
<h3>Enhancing battery safety</h3>
The Shendun brand now consolidates Geely’s battery safety and core cell technologies under one banner. It will include three versions: a superfast-charging model for 800V platforms, a high energy density version for 400V systems, and a hybrid variant compatible with both.
The aim is to deliver uncompromising safety. “Whether it’s a RMB 30,000 (USD 4,200) car or a RMB 1 million (USD 140,000) car, safety is non-negotiable,” Zheng said.
Geely will clearly label vehicles equipped with golden battery cells and Shendun safety systems. Since it still sources cells from other providers, the group also plans to disclose specific suppliers in Shendun-equipped models.
“Regardless of the cell provider, the safety system remains consistent,” Zheng said.
Jiyao Tongxing’s development will continue to prioritize LFP chemistry and short blade architecture to balance safety, energy density, and cost.
Short blade technology itself enabled the integration. According to Zheng, affiliates Yaoning and Jidian committed to the format three years ago, aligning not just on technical direction but also on operational practices. This allowed the merged entity to scale rapidly without overhauling manufacturing lines.
Going forward, Jiyao Tongxing will push to improve performance by boosting energy density, charging speed, and cycle life. Variants will be introduced to match the needs of different vehicles and user groups across the Geely ecosystem.
Internally, the goal is to supply 30% of Geely’s battery demand within two years. Zheng sees two levers to get there: scale, which reduces cost, and yield and utilization rates, which ensure quality and consistency.
He cited the Yancheng factory as an example, where a single cell SKU keeps the plant at full capacity. That kind of volume stability reduces switching costs and enhances both product consistency and production efficiency.
Still, Jiyao Tongxing will not be Geely’s exclusive supplier. The company’s sourcing strategy remains diversified, just as it did in the internal combustion era.
“We’ll continue to work with companies like CATL and compete on healthy terms,” Zheng said. “And we’ll expand globally, exporting leading product technologies, brands, supply chain networks, and engineering capabilities.”
KrASIA Connection features translated and adapted content that was originally published by 36Kr. This <a href="https://36kr.com/p/3266390260093320">article</a> was written by Han Yongchang for 36Kr.

Geely brings battery operations under Jiyao Tongxing to streamline and scale

Geely

Zeekr

Lynk &amp; Co

East Asia

China

Deep Tech

Batteries

Energy

… general-purpose, high-performance compute platform. As this model gains adoption in other industries, Intel expects automakers to follow. Over time, advances in general-purpose chips could reduce the need for narrowly specialized components.
Asked whether Intel would lower prices to gain market share, Weast argued that its chiplet architecture already offers better value. Most vendors, he said, rely on a single large chip for both high-end and entry-level models—resulting in unused capacity in cheaper cars, but no cost savings in production.
By contrast, chiplets allow Intel to create more tailored, lower-cost designs—particularly by mixing process nodes. The company says it’s the first in the industry to offer such a modular platform for automotives.
While Intel doesn’t disclose revenue from its automotive business, Weast noted that the unit operates under the Client Computing Group (CCG), which also includes Intel’s PC business. That structure allows the automotive team to leverage Intel’s broader investments in AI and computing infrastructure.
KrASIA Connection features translated and adapted content that was originally published by 36Kr. This <a href="https://36kr.com/p/3265735356682881">article</a> was written by Li Anqi for 36Kr.

Intel’s new automotive play centers on modular chips, but will carmakers commit?

Transportation

Autonomous Vehicles

Electric Vehicles

Mobility

Semiconductors

… href="https://www.sin-chew.com.sg/">Sin Chew Woodpaq</a>, a Singapore-based provider of specialized logistics solutions, received an undisclosed investment from Heliconia Capital, a subsidiary of Temasek, in a deal structured through holding company M3 SG.</li>
<li aria-level="1">Supabase, an open-source backend platform, raised USD 200 million in a Series D funding round led by Accel. Other participants include Coatue, Y Combinator, Craft Ventures, Felicis, and angel investors such as Kevin Weil (OpenAI), Guillermo Rauch (Vercel), and Taylor Otwell (Laravel).</li>
<li aria-level="1"><a href="https://www.seindonesia.co.id/">Se’Indonesia</a>, a quick-service F&amp;B brand best known for its beef rice bowls, raised Series A funding in a round led by Insignia Ventures Partners, with participation from Argor Ventures, Saison Capital, and W Fund. Existing investors Kopital Ventures, Mulia Sky Capital, and Trihill Capital also joined the raise.</li>
</ul>
If there are any news or updates you'd like us to feature, get in touch with us at: <a href="mailto:hello@kr-asia.com">hello@kr-asia.com</a>.
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Deals in brief: Flash Coffee eyes expansion with USD 3 million boost, Thunes raises Series D funding, Manus creator nets USD 75 million, and more

Venture Capital

Private Equity

Investment

Merger &amp; Acquisition

Singapore

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Southeast Asia

Vietnam and South Korea are cracking down harder on Chinese goods that are transshipped through the two Asian countries in an attempt to evade heavier US tariffs.
Hanoi and Seoul are in talks with the Trump administration to stave off the full implementation of its currently paused "reciprocal" tariffs. As part of this, they have indicated that they will comply with a US request to support enforcement of the duties imposed on China.
Vietnamese Prime Minister Pham Minh Chinh told officials at a government meeting on April 22 to address concerns raised by the US and instructed them to put in place measures against smuggling, trade fraud, and attempts to disguise places of origin. "We need perfect preparation for the negotiations with the US," he added.
Vietnam's Ministry of Industry and Trade recently instructed officials who certify product origins to clamp down on counterfeits. For companies with a sudden increase in applications for Vietnam certificates of origin, compliance is to be ensured via on-site inspections of factories.
As trade frictions intensify, cases of country-of-origin fraud will increase and complicate the situation on the ground, the ministry said in its directive. The ministry appears concerned about improper transshipments of US-bound Chinese goods through Vietnam.
The US suspects that Chinese manufacturers are setting up shop in third countries to export to the US market. These operations would perform simple assembly of parts shipped from China and falsely relabel the finished products.
Vietnam is seen by the US as a main location for these activities. Vietnamese exports to the US have grown over the years. In 2024, Vietnam's goods trade surplus with the US exceeded USD 100 billion.
In the past, operators in Vietnam have been caught engaging in country-of-origin fraud and illegal transshipments of televisions and shoes. A portion of steel products exported from Vietnam are transshipped goods, the US has found.
The Trump administration is hitting back against Southeast Asian countries suspected of transshipping exports. Last week, the US Department of Commerce announced plans for tariffs of up to 3,521% <a href="https://asia.nikkei.com/Economy/Trade-war/US-to-set-tariffs-on-solar-cells-from-Southeast-Asia-as-high-as-3-521">on solar cells</a> from Vietnam, Cambodia, Thailand, and Malaysia.
It appears that Vietnam will play up its efforts to crack down on improper transshipments as it lobbies for the US to cancel tariffs.
South Korea is taking action as well. On April 21, the official Korea Customs Service announced the launch of an investigative task force on fraudulent exports.
The service <a href="https://asia.nikkei.com/Economy/Trade-war/Chinese-goods-evade-Trump-tariffs-via-false-Made-in-Korea-labeling">said it had seized</a> KRW 29.5 billion (USD 20.7 million) in goods mislabeled as being of South Korean origin in the first quarter. Items for the US accounted for 97% of the figure.
But if South Korea actively cooperates with the US, it risks a backlash from China. On April 21, the Chinese Ministry of Commerce <a href="https://asia.nikkei.com/Economy/Trade-war/China-warns-countries-against-teaming-up-with-Trump">slammed US efforts</a> to use tariff negotiations to pressure countries to limit trade with China.
"China is firmly opposed to any party striking a deal at the expense of the Chinese side," a ministry spokesperson said.
The Chinese government has warned South Korean manufacturers not to export products containing Chinese rare earth metals to US military contractors, South Korean media reported on April 22. The letters went to makers of electric vehicles, batteries, medical devices, and more.
The letters threatened the South Korean companies with trade sanctions for noncompliance, according to the reports.
This article first appeared on <a href="https://asia.nikkei.com/Economy/Trade-war/Trump-tariffs/Vietnam-South-Korea-crack-down-on-Chinese-goods-skirting-U.S.-tariffs">Nikkei Asia</a>. It has been republished here as part of 36Kr’s ongoing partnership with <a href="https://www.kr-asia.com/nikkei-teams-up-with-36kr-in-asia-tech-news-coverage/">Nikkei</a>.

Vietnam, South Korea crack down on Chinese goods skirting US tariffs

Vietnam

<a href="/company/grab">Grab</a> kicked off fiscal year 2025 with a robust first quarter, reporting a net income of roughly USD 10 million for the three months ended March 31. This marks a notable turnaround from the USD 115 million loss registered in the same period last year, and was accompanied by an upward revision to its full-year adjusted EBITDA forecast, now pegged between USD 460–480 million.
Revenue reached an all-time high of USD 773 million in the quarter, up 18% year-on-year (YoY), with gains across Grab’s mobility, deliveries, and financial services segments. Adjusted EBITDA at group level rose to USD 106 million—its 13th consecutive quarterly increase—while operating losses narrowed around 72% to USD 21 million.
“We achieved yet another quarterly record number of users on our platform,” said CEO Anthony Tan, noting that demand growth came despite seasonal slowdowns linked to the Lunar New Year and Ramadan. He attributed the momentum in part to product innovations such as artificial intelligence-powered merchant tools and ride guidance features.
<h3>A closer look at the segments</h3>
Grab’s deliveries segment, which includes food and grocery services, posted revenue of USD 415 million—an 18% increase YoY—while gross merchandise value (GMV) rose to USD 3.13 billion. Even during what is typically a seasonally softer quarter, the segment reported its highest-ever number of monthly transacting users, helped by a Ramadan-related shift toward home cooking that lifted demand for GrabMart, its grocery delivery service. Segment adjusted EBITDA climbed 50% to USD 63 million, boosted in part by advertising revenue, which now accounts for 1.7% of deliveries GMV, up from 1.3% a year ago.
Mobility revenue rose 15% to USD 282 million, with GMV up 17% to USD 1.8 billion. Grab noted that advance bookings for airport rides more than doubled from a year earlier, reflecting stronger travel demand. Monthly transacting users for the segment rose 20%, and the adjusted EBITDA margin held steady at 8.8%, even as the company increased incentives to support new service tiers.
Financial services recorded the fastest growth of the three segments, with revenue rising 36% to USD 75 million. Total loan disbursals grew 30% to USD 630 million, though the segment remained in the red, posting an EBITDA loss of USD 30 million—9% wider than the previous year—due to higher credit loss provisions.
<h3>Incentives haven’t gone away, but are being used differently</h3>
Grab spent USD 501 million on consumer and partner incentives during the quarter, amounting to 10.1% of its on-demand GMV, up slightly from 9.7% in the same period last year. Rather than reduce spending outright, the company has shifted toward more targeted deployment of incentives, relying on scale and operational efficiencies to help support its bottom line.
Internally, Grab’s incentive structure has gradually become more performance-driven. While the company has long used bonuses to attract and retain drivers, eligibility criteria have grown more stringent over time. For instance, drivers in Singapore looking to qualify for Grab’s new joiner incentive must now maintain a minimum customer rating of 4.7, accept more than 90% of trip requests, and keep cancellations below 10%.
Grab has also overhauled its welfare offerings. GrabBenefits 2.0, introduced in 2025, expands on the original 2018 initiative with added features such as medical subsidies, telemedicine access, and wellness perks like flu vaccinations and massage services. However, these remain largely reserved for top-tier drivers who meet certain performance thresholds. These changes were said to be guided by partner feedback and are aimed at reducing downtime from illness and supporting overall well-being.
At the same time, the platform has expanded its use of tiered offerings. “Saver” rides now make up over a quarter of mobility transactions, while demand for premium features like prebooked airport pickups has increased. These options allow for more granular margin control, though they also raise the possibility that service quality may increasingly depend on what users are willing to pay.
<h3>Profit through precision, not just cuts</h3>
Where Grab did reduce costs was in regional corporate spending, which fell 5% YoY. Share-based compensation also declined. Foreign exchange movements worked in the company’s favor too, delivering USD 33 million in gains that helped tip net income into the black.
More broadly, user engagement deepened. Grab said more than 60% of customers now use multiple services on its platform. Advertising revenue grew alongside this trend, with average spend per merchant up 30% YoY, and the number of self-serve ad clients increasing 49%.
Still, not all metrics were positive. Adjusted free cash flow was negative USD 101 million for the quarter, due to working capital outflows that are common in Q1. And while its digital banking units in Singapore and Malaysia are drawing in customer deposits—USD 1.4 billion as of March 31—the lending business remains unprofitable.
<h3>Cautiously forward</h3>
Grab is maintaining its full-year revenue forecast at USD 3.33–3.40 billion. But with its Q1 performance showing that the business can turn a profit without significantly pulling back on growth efforts, the company raised its EBITDA target by USD 20 million at both ends.
How durable that performance proves to be remains an open question. Grab continues to rely on incentives, and while its pricing and segmentation strategy appears to be gaining traction, concerns persist about long-term affordability for users and income stability for drivers.
Still, broader trends suggest Grab isn’t running out of road. According to the <a href="https://economysea.withgoogle.com/report/">e-Conomy SEA 2024 report</a> by Google, Temasek, and Bain &amp; Company, Southeast Asia’s digital economy is projected to grow from USD 263 billion in 2024 to USD 363 billion this year, and could reach USD 600 billion by 2030. If that growth materializes, it could offer significant upside for Grab’s multi-vertical model.
For now, its first-quarter results signal that profitability and growth need not be mutually exclusive, at least when the economic winds are blowing in the right direction.

Grab raises EBITDA outlook as Q1 revenue and user growth beat expectations

Grab

On-demand Services

Ride-hailing

Food Delivery

Grocery Delivery

Consumer Economy

Malaysia

Thailand

Philippines

At this year's Auto Shanghai, Axera and Black Sesame Technologies showcased advancements that reflect two major automotive technology trends: expanding compute power and deeper system integration.
Axera presented its M57 series, the latest addition to its automotive chip portfolio, while Black Sesame revealed the Huashan A2000 family and a new smart safety platform built on its Wudang series. These products are designed to meet the growing need among automakers for centralized, high-performance computing systems.
The M57 series represents a substantial upgrade from Axera's previous generation, offering up to 10 TOPS (tera operations per second) of compute capacity. It supports mixed-precision formats, FP8 and FP16, and is optimized for bird’s eye view (BEV) algorithms—critical for advanced driver assistance systems (ADAS) and autonomous driving technologies.
Designed for energy efficiency and thermal stability, the M57 keeps power consumption below 3.5 watts even at a junction temperature of 125 degrees Celsius. This low power draw makes it a practical solution for both traditional internal combustion engine vehicles and electric vehicles.
To further enhance system performance, the M57 integrates Axera’s SmartVision AI-ISP technology, improving image quality under extreme lighting conditions and thereby supporting more accurate perception and decision-making in ADAS applications.
In terms of safety, the M57 incorporates a microcontroller unit (MCU) with an embedded safety island, allowing it to meet ASIL-B and ASIL-D requirements. This structure helps localize faults and limits their propagation across vehicle systems.
Axera has leveraged its mass production experience to make the M57 series readily deployable. The chip supports configurations ranging from advanced 5R5V domain control systems, which integrate driving and parking functions, to more cost-efficient solutions using two-megapixel cameras. Vehicles featuring the M57 are under development for the European market.
Black Sesame introduced its Huashan A2000 family, fabricated using a seven-nanometer automotive-grade process. The company shared that the A2000 series offers compute performance up to four times that of current automotive chips. The product line includes the A2000 Lite for assistance in urban scenarios, the A2000 for broader scenarios, and the A2000 Pro for high-level, full-scenario support.
To maximize computational efficiency, Black Sesame developed the Jiushao NPU architecture. This design accelerates transformer-based AI models for real-time inference and supports mixed-precision FP8 and FP16 computations. It also includes a priority preemption mechanism, ensuring that time-sensitive tasks receive computational resources when needed—a critical factor for high-level driver assistance systems.
In addition to Huashan, Black Sesame introduced its Wudang series, described as the industry's first cross-domain fusion computing chips. The accompanying smart safety platform isolates smart cockpit, driver assistance, and body control functions, minimizing the risk of system-wide failures due to localized faults.
The modular design of the Wudang platform enables scalability via multi-chip parallelism, allowing automakers to adapt computing capacity to a wide range of vehicle classes while managing platform development costs more effectively.
Among the new offerings, Black Sesame showcased the Wudang C1296 chip, also manufactured using a seven-nanometer process. The C1296 integrates smart cockpit, driver assistance, and body control functions at the hardware level, facilitating real-time communication across critical subsystems. Several Dongfeng Motor Corporation models are already set to incorporate the C1296, with mass production planned for 2025.
KrASIA Connection features translated and adapted content that was originally published by 36Kr. This <a href="https://36kr.com/p/3267719254495881">article</a> was written by Fan Shuqi for 36Kr.

Axera and Black Sesame roll out chips built for smarter, safer vehicles

AI Infrastructure

… shipment value is only USD 1–2 million,” Gao said. “But as companies scale, they’ll need to go legit.”
He believes gray clearance will remain an option under high tariffs—just not for everyone. “The risk is on the brokers, not the startups. The higher the tariffs, the more lucrative the business becomes. Someone will always take that bet.”
whereRelatedArticle
<h3>Not putting all eggs in one basket</h3>
Most founders and investors are stuck in wait-and-see mode.
36Kr has learned that typical overseas inventory can sustain sales for two to three months. Many companies have already paused new shipments, holding out for clarity on tariff negotiations.
The founder of a smart glasses brand predicted that tariffs will eventually stabilize at around 30–40%. At that level, he believes Chinese products can still find ways to remain competitive.
“Tariffs above 100% are just too extreme. They won’t stick,” said the founder of an AI companion toy startup that recently launched on Kickstarter. Still, he’s preparing for the worst. His team is drafting a new global strategy that would reduce the US market’s share of sales from 70% to below 50%.
Even with the headwinds, the US will likely stay on the map for Chinese AI hardware firms—just not in the driver’s seat.
“Kickstarter will probably still be the first stop for Chinese startups going overseas,” Li said. “The US market still sets the tone for innovation. Even with 100% tariffs, early adopters here might still pay.”
The challenge, according to Gao, is diversification.
“In the long run, this could be a healthy reset,” he said. “It has made everyone realize they can’t rely on the US alone. They need to think globally from the start.”
Chinese exporters are now slicing up the global market with sharper precision. At the top of the priority list: North America and Europe. Next come Japan, South Korea, Singapore, and the Middle East. Southeast Asia and Latin America trail behind, with India and Belt and Road Initiative countries rounding out the lineup.
“Each market has its own needs. The key is finding the right value-for-money fit,” Gao said.
Some players are already adapting. The AR glasses company mentioned earlier has carved out a diversified footprint spanning Europe, East Asia, Southeast Asia, and the Middle East.
“Our product is currently exempt from US tariffs, so sales haven’t been hit,” the company’s founder said. “But even if tariffs spike, we’re confident our global business will remain steady.”
For a time, AI hardware and US expansion were at the top of investors’ wishlists. Now? Not so much. Gao said several firms have paused investments in projects targeting the US market.
Still, he sees that as a temporary reaction. “Investor sentiment can flip in a few months. That’s just how the market works.” In fact, he sees this as an ideal moment to back promising startups at more favorable valuations. The playing field is more level now, and that gives investors leverage.
“China’s manufacturing ecosystem is unmatched. Some of these precision gadgets, like AI glasses, can only be made here. And China’s AI capabilities are world-class. None of that changes just because tariffs go up,” Gao said. “The road to global expansion won’t stop here.”
KrASIA Connection features translated and adapted content that was originally published by 36Kr. This <a href="https://36kr.com/p/3260923510718208">article</a> was written by Wang Fangyu for 36Kr.

US tariffs push Chinese hardware startups to redraw global roadmaps

Hardware

<a href="/company/bukalapak">Bukalapak</a> swung to a net profit of IDR 112 billion (USD 6.7 million) in the first quarter of 2025, recovering from a net loss of IDR 955 billion (USD 57.3 million) in the final quarter of 2024, according to unaudited financial results released on April 30.
Revenue rose to IDR 1.5 trillion (USD 90 million), up 37% from the previous quarter. The uptick was driven by gains in the company’s gaming and retail operations. Contribution margin—defined as revenue minus variable costs—nearly doubled to IDR 80 billion (USD 4.8 million), while adjusted EBITDA loss narrowed to IDR 20 billion (USD 1.2 million), improving from a loss of IDR 147 billion (USD 8.8 million) in the previous quarter.
On a cash flow basis, adjusted EBITDA plus net interest income climbed to IDR 212 billion (USD 12.7 million), from IDR 105 billion (USD 6.3 million) in Q4 2024.
The financial turnaround follows Bukalapak’s decision to <a href="https://kr-asia.com/indonesias-bukalapak-pivots-to-digital-services-ends-physical-goods-sales">exit physical goods sales</a>, a shift first announced in January and completed by February 9. The company has refocused on digital offerings—including mobile credits, streaming vouchers, and tax payments—as part of a broader transition to higher-margin services. The move came amid fierce competition from larger players such as Shopee and TikTok Shop, with physical sales accounting for less than 3% of Bukalapak’s total revenue.
As part of its overhaul, Bukalapak reorganized its business into four new segments: Mitra Bukalapak, which offers digital services for Indonesia’s warungs (small neighborhood shops); gaming; retail; and investment. This replaces its earlier two-division structure, and is intended to better reflect the company’s evolving strategic priorities.
CEO Willix Halim said the company expects to complete its restructuring by midyear and believes the latest results signal progress in its transformation. “The improvements in contribution margin, operational efficiency, and return to profitability show that our transformation is yielding tangible results,” he said in a statement.
Bukalapak closed the quarter with IDR 18.8 trillion (USD 1.1 billion) in cash, cash equivalents, and liquid investments. While the company has ample financial headroom, it remains under pressure to demonstrate that its pivot to a digital-first strategy can drive sustainable returns after years of losses and a sharp decline in its stock price since its 2021 IPO.
All USD conversions are approximate and based on an exchange rate of IDR 1 = USD 0.00006.

Bukalapak returns to profit in Q1 after shedding physical sales

Bukalapak

<a href="/company/goto">GoTo Group</a> reported record adjusted EBITDA of IDR 393 billion (USD 23.6 million) for the first quarter of 2025, swinging into the black after a loss in the same period a year earlier. The results, announced on April 29, reflect sharp gains across core business units and arrive as the company remains the subject of ongoing merger speculation involving Singapore-based Grab.
Core gross transaction value (GTV) rose 54% year-on-year to IDR 83.2 trillion (USD 5 billion), while net revenue climbed 37% to IDR 4.2 trillion (USD 252 million).
<a href="https://www.bloomberg.com/news/articles/2025-03-18/grab-is-said-to-move-forward-with-talks-to-acquire-rival-goto">Bloomberg</a> reported in March that Grab had started due diligence on GoTo, examining its financials, contracts, and operations. Talks were said to have taken place, although no agreement has been finalized. Any merger would require regulatory clearance, a significant hurdle given antitrust concerns in Southeast Asia’s on-demand economy.
GoTo’s fintech unit contributed IDR 47 billion (USD 2.8 million) in adjusted EBITDA—the segment’s second straight profitable quarter. Lending revenue surged 168% year-on-year to IDR 763 billion (USD 45.8 million), while outstanding consumer loans grew 108% to IDR 5.7 trillion (USD 342 million). The number of monthly transacting users in the fintech ecosystem increased 30% to 20.6 million.
On-demand services, spanning mobility and delivery, posted adjusted EBITDA of IDR 314 billion (USD 18.8 million), with both segments delivering 17% GTV growth.
The company’s overall net loss narrowed to IDR 276 billion (USD 16.6 million), down from IDR 420 billion (USD 25.2 million) a year earlier. Operating cash flow turned positive at IDR 301 billion (USD 18.1 million).
As of March 31, GoTo held IDR 21 trillion (USD 1.26 billion) in cash, cash equivalents, and short-term time deposits. It has also repurchased 25.9 billion shares—worth approximately IDR 1.6 trillion (USD 59.4 million)—under a buyback program launched in 2024.
The company reiterated its full-year 2025 adjusted EBITDA guidance of IDR 1.4–1.6 trillion (USD 84–96 million).
CEO Patrick Walujo, who <a href="https://kr-asia.com/goto-ceo-patrick-walujo-commits-to-long-haul-as-profitability-edges-closer">committed</a> in January to remain at the helm through 2029, continues to drive GoTo’s focus on profitability. Since assuming the role in mid-2023, Walujo has prioritized operational discipline, including strategic exits from non-core markets.
GoTo finalized its <a href="https://kr-asia.com/goto-pulls-out-of-vietnam-as-it-doubles-down-on-core-markets">withdrawal from Vietnam</a> in September 2024, shutting down Gojek-branded services after prolonged struggles to gain market share. The move was part of a broader strategy to consolidate and strengthen its core markets.
All USD conversions are approximate and based on an exchange rate of IDR 1 = USD 0.00006.

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