GoTo Group, the massive Indonesian ride-hailing and e-commerce decacorn valued at $15 billion, is laying off 12% of its roughly 10,500-person permanent workforce. The global wave of layoffs hitting U.S. tech companies like Meta, Amazon, and Twitter is finally cresting in Southeast Asia, impacting its most prized startups like GoTo, one of only four decacorns in the region.

After six years of jostling with local competition and aggressive expansion, Uber has finally abandoned its growth-at-all-cost strategy in Pakistan. On October 11, the company notified users in Karachi, Islamabad, Faisalabad, Multan, and Peshawar that it was discontinuing service in the cities; it continues to maintain a presence in Lahore.

At the G20 Summit in November, U.S. President Joe Biden and Indonesian President Joko Widodo shook hands on a $20 billion deal to help Indonesia make the transition from coal. But, as Indonesia aims to secure its position in the global chain of EV production, Chinese companies, instead of exporting raw nickel ore, are partnering with Indonesian companies to export refined nickel products, such as nickel matte — a crucial component of many EV batteries.

As local Bangladeshi startups falter, Foodpanda, the service owned by German multinational Delivery Hero, is swooping in. The company now controls nearly 65% of the market share in the country’s food delivery industry, estimated to be worth over $43 million in early 2021. The market share of the other local player, Pathao Food, has halved to just 20% since 2019.