Google, Temasek, and Bain report: Southeast Asia online spending will rise ~20% in 2022 to $200B, down from 38% in 2021, as digital adoption growth normalizes (Olivia Poh/Bloomberg)

Olivia Poh / Bloomberg:
Singapore-based online shopping rewards app ShopBack adds $80M to its Series F from Temasek’s 65 Equity, making the round $160M, source says at a ~$1B valuation  —  ShopBack, an online shopping rewards app backed by Singapore’s Temasek Holdings Pte, raised $80 million from the state investment …

Sandali Handagama / CoinDesk:
Chainalysis: emerging markets, led by Vietnam and the Philippines, drove global cryptocurrency adoption over the past year; China remained active despite a ban  —  The blockchain analytics firm’s 2022 Global Crypto Adoption Index also shows China remains active despite a ban on crypto trading.

Pranav Balakrishnan / The Economic Times:
Bain & Co. and Flipkart report: India’s e-commerce userbase is expected to grow 25%-30% annually for the next five years and pass the US’ number in two years  —  The online shopper base in India, which was at 180-19 million in 2021, will also increase to about 400-45 million users by 2027 …

Juro Osawa / The Information:
Sea Ltd., Southeast Asia’s largest internet firm by revenue and market value, has laid off 7,000+ employees, or ~10% of its staff, over the past six months  —  Sea Ltd., Southeast Asia’s largest internet company by revenue and market value, has laid off more than 7,000 employees …

Lucy Harley-McKeown / The Block:
Web3 gaming and VC firm Animoca Brands raised $110M via convertible notes led by Temasek, Boyu Capital, and GGV, after raising $434M in 2022  —  – Animoca Brands confirmed earlier reports it had raised a fresh funding round of $110 million.  — Temasek, Boyu Capital and CGV Capital are now backing the firm.

Zheping Huang / Bloomberg:
Kuaishou reports Q3 revenue up 12.9% YoY to ~$3.2B, beating estimates, and a ~$378M net loss, holding its own against ByteDance and China’s slowing economy  —  Kuaishou Technology’s revenue beat estimates, holding its own against a slowing Chinese economy and competition from TikTok owner ByteDance Ltd.