After years of expansion in Southeast Asia, Chinese e-commerce giant JD.com is shutting down its Thailand and Indonesian platforms. While company did not give a reason for the closure, it is largely being seen as a major setback for the company’s overseas expansion efforts.

On the back of this, we speak to Aaron Sarma of ScaleUp Malaysia on how to scale up sustainably, potential pressure on startup valuations, and startup spaces he’s watching in 2023.