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Bukalapak shifts focus to profits as WeWork woes dull shine of Asian unicorns

Job cuts at Indonesia's fourth-biggest unicorn marks latest downsizing by major startup

Indonesian online retailer Bukalapak cut around 100 jobs as the company shifts focus toward sustainability. (Photo by Erwida Maulia)

JAKARTA -- Indonesia's Bukalapak has become the latest Asian internet startup to shift gears from go-go to go-slow with a round of job cuts as investors increasingly demand that e-commerce companies focus on profitability instead of growth.

Several Asian unicorns -- unlisted startups valued at more than $1 billion -- have announced job cuts in recent months, but this is thought to be the first significant restructuring by one based in Indonesia. Bukalapak said on Wednesday it would be laying off almost 10% of its 2,000-strong workforce. 

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