Understanding how investors operate is key to understand the startup ecosystem. So learn more at Echelon Asia Summit 2019!

Have you booked your ticket yet? Use the code ECHELONFUTURE to secure yours.

One of the interesting parts of the startup world is that conversations surround investment just as much as startups and entrepreneurs.

Obviously, this is a world of business so we need money to function, but from a macro perspective watching how investors operate provides insights into the future of the startup industry.

A couple of years ago, it seemed inevitable that Southeast Asia would see a tidal wave of cash coming from China. Then geopolitical events, domestic politics and a bumpy year in China’s startup industry forced the country’s startup scene to look inwards. Yes, China still has a keen eye towards Southeast Asia, but the levels do not match what seemed inevitable just 12-14 month ago.

So what is really happening?

Southeast Asian funds are getting larger, corporates are getting more involved (in some countries) and even former-startups have their own investment arms (Go-Jek, Grab). Plus, more and more companies are turning towards family offices, private offices and high-net-worth-individuals to raise their cash.

At Echelon, we are going to get into the nitty gritty of the investment world.

For example, one session is titled, “The burden of Face; The reality of politics and relationship building within the ecosystem.” In Southeast Asia, relationships are just as important to raising money as product, and we will sit down to discuss the pros and cons of this fact.

Also Read: Echelon Asia Summit 2019 is 20 days away –answer this quiz correctly to score a ticket

We also have AMAs with investors like Michael Smith Jr. from Seedplus and Eddie Thai from 500 Startups. This should be a fun session. We are going to integrate live audience questions and Sli.do to let attendees be the star of the talk. The investors are ready to answer any of your questions — so let’s bring it!

We will also discuss alternative investing (are ICOs still a thing??), what is in store for the B2C industry and how to navigate the Indonesian market.

Plus much more!!

Looking forward to learning more about the Southeast Asian startup ecosystem? Register for Echelon here!

—

Have you booked your ticket yet? Use the code ECHELONFUTURE to secure yours.

The post Learn about the future of capital at Echelon Asia Summit 2019! appeared first on e27.

Hear from a Founder who has sold his company to the most famous startup success story in Southeast Asia

Already excited for Echelon? Buy your tickets here! Enter promo code ECHELONCAPITAL for free tickets!

In May 2014, Agung Nugroho Co-founded Kudo, a startup that aimed to create cutting-edge solutions that helped bridge the online and offline commerce sectors.

The company allows the unbanked population in Indonesia to shop online via agents who facilitate the transaction.

Kudo caught the eye of ride-hailing giant Grab as it began to make its push into the country as part of a “Grab 4 Indonesia 2020 master plan”. The system seemed to integrate nicely into Grab’s payment infrastructure, which has made its financial services product a core part of the company moving forward.

Eventually Grab acquired Kudo and rumors indicated the startup had been valued over US$100 million.

For CEO Albert Lucious, the relationship paid a path for him to become the Chief Product Officer at OVO, the Indonesian payment company that is used by Grab. This meant Nugroho was shifted to the CEO of Kudo in October, 2018 where he remains.

For many startups, part of building a company is trying to create a product or business model that will eventually catch the eye of a potential buyer. This may mean traditional corporates, but with the region producing more unicorns, it may also mean looking at the region’s most successful startups.

What does it take to get the attention of Grab? How can a startup build a relationship that eventually leads to acquisition? How can a smaller startup make sure the deal is mutually beneficial?

Nobody is better positioned to answer these questions than Nugroho, who will be speaking at Echelon Asia Summit 2019!!

Also Read: These fantastic Echelon speakers are set to tackle this crucial ecosystem challenge

His fireside chat is titled “From startup to acquisition; How one company endeared itself to Grab.” Audience members can look forward to an insightful 1-on-1 conversation about running a startup in Indonesia, building it to a point where it gets acquired and then running it after the acquisition.

If this sounds exciting to you, register to Echelon here!

—

Already excited for Echelon? Buy your tickets here! Enter promo code ECHELONCAPITAL for free tickets!

The post Learn how this Echelon speaker got his startup acquired by Grab appeared first on e27.

The previous CEO was fired amidst a full-blown crisis whereby they company shut down their operations in the Philippines, Indonesia and Hong Kong

Honestbee appoints Brian Koo as new CEO [Reports]

Brian Koo, the grandson of South Korean tech giant LG founder, has been appointed as interim CEO and Board Chairman of Honestbee, according to Straits Times. Earlier there were reports that the grocery delivery startup  fired its CEO Joel Sng.

The new report is based on an internal email that Sng has sent earlier, announcing and confirming his resignation. However, he did not give an exact timeline of his resignation. In the email, Sng also named Roger Koh as the company’s CFO, Victor Chow as COO, Jonathan Low as CTO, and Varian Lim as chief of staff.

Walmart-owned Flipkart in talks to acquire Bengaluru-based Namdhari Fresh [CNBC-TV18]

Walmart owned Flipkart is in talks to buy Bengaluru-based grocery chain Namdhari Fresh as it is looking to push its play in the food and grocery segment, sources told CNBC-TV18.

Started in 2000 by parent company Namdhari Seeds, Namdhari Fresh operates over 30 stores in Bengaluru.
While Walmart is said to have held talks with Namdhari, the acquisition will be made through Flipkart, said the sources. The contours of the deal, however, are still being worked out, they added.

According to the sources, Walmart is keen to get into businesses with strong agri-supply chain and Namdhari’s sourcing from farmers is a key area of focus in the talks.

OYO to acquire Amsterdam based @Leisure Group [press release]

Asia’s leading budget hotels chains OYO Hotels & Homes has announced that it has agreed to acquire Amsterdam based @Leisure Group.

@Leisure is a leading vacation rental company in Europe and manages holiday homes, holiday parks, and holiday apartments. OYO will acquire @Leisure from Axel Springer, the media and technology company.

@Leisure Group, through its Belvilla, DanCenter, and Danland brands, offers more than 30,000-fully managed holiday homes across 13 countries in Europe and through its Traum-Ferienwohnungen brand, offers a subscription-based home management service with over 85,000 homes across 50 countries. This represents a total inventory of 300k+ rooms.

BlackBuck raises US$150M in Series D [press release]

BlackBuck, an online marketplace for trucking in India, has announced that it has closed a US$150 million round of equity funding, led by Goldman Sachs Investment Partners and Silicon Valley-based Accel.

Other new investors who participated are Wellington, Sequoia Capital, B Capital and LightStreet. The round also saw participation from existing investors Sands Capital and International Finance Corporation, the investment arm of the World Bank. This takes the total amount of funds raised by the company to over $230 million.

BlackBuck currently has over 300,000 trucks and 60,000-plus fleet owners on its platform. The company will deploy these funds to penetrate deeper into the market, by on boarding new trucking partners along the existing as well as new transportation corridors. The company will invest heavily in product and data sciences capabilities, to enable more efficient freight matching processes.

NEXEA Accelerator invites application for its new batch [press release]

Malaysia’s NEXEA Accelerator is inviting application for its new programme. Applications close on May 31.

Twenty startups will be selected for the one-month pre-accelerator programme. The top 5 will receive mentorship from experienced and successful ex-entrepreneurs, cloud IT and tech worth up to RM1.5 million, access to NEXEA’s experts on fundraising, marketing, legal, finance and strategy, introductions to angel investors, family offices, and later-stage VCs when ready, and seed funding of RM50,000.

–

 

The post Today’s top tech news, May 02: Honestbee appoints Brian Koo as new CEO appeared first on e27.

Cultural nuance and understanding can provide an opportunity to stand apart in the mobile app industry

Establishing a mobile presence has become an integral factor for business success in today’s dynamic market. Globally, apps account for over 80 per cent of mobile time and with app downloads predicted to grow to well over 250 billion downloads by 2022, it is clear to see where the opportunity lies for marketers to grow and consolidate their user base, particularly in Southeast Asia where 350 million internet users spend more time on mobile than any other market.

To succeed, businesses and independent app developers should go beyond just launching an app and increasing downloads. They need to own its entire life cycle — including user engagement and retention.

One important aspect of engagement is to seize the opportunities that come once in a year. The festive month of Ramadan, in this sense, is perhaps the ticket to making your app stand out in a crowded marketplace.

Nearly 250 million people will be celebrating Ramadan across Indonesia, Malaysia and Singapore. The potential impact of Ramadan on businesses is, therefore, undeniable.

As we know, consumers and businesses alike are influenced by their surroundings and habits. It’s no surprise that just like Thanksgiving and Black Friday in the United States, or Boxing Day in England, Ramadan makes a serious impact on Southeast Asian businesses.

Over the past decade, this sacred time of fasting and prayer has called for a shift in the digital realm. Users are increasingly turning to their phones for shopping, information or diversion, profoundly impacting how app marketers are approaching their mobile strategies and campaigns around this festive season.

Ramadan this year, will start on the evening of Sunday, 5 May and end on the evening of Tuesday, 4 June. This leaves businesses with a very short window to further plan their marketing activities for this period.

Also Read: Learn how this Echelon speaker got his startup acquired by Grab

Here are the top three key pointers to ensure that mobile-first businesses reach the right audience with the right messaging this Ramadan season.

Benefiting from the 13th Month Salary Allowance

Businesses should consider allocating more of their Ramadan campaign budget spend to Indonesia, as the largest economy in Southeast Asia has been a top performer over the past few years. Besides the country’s strong economic growth in 2018, smartphone penetration has been steadily on the rise, growing from 24 per cent in 2017 to 26 per cent in 2018.

The most significant opportunity for businesses comes from a steady increase in the purchasing power of their users in Indonesia during this period.

“Tunjangan Hari Raya” (THR) translated to “Religious Holiday Allowance” is commonly known as the 13th salary, and is usually given two weeks before Eid. This additional “month’s salary” provides app users with the additional boost in buying power, which can in many cases translate into more in-app purchases.

While current data shows that Ramadan observers tend to spend this disposable income on new clothes, gadgets grooming and gifting, perhaps there’s more than can be done outside the typical habits.

With so many transactions taking place over this festive period, marketers who get their messaging right will be able to capitalise on this massive opportunity and direct shoppers and browsers alike to their app.

The Right Message at the Right Time of the Day

To campaign more effectively during Ramadan, businesses should take the opportunity to secure a better understanding of the holiday itself. Appreciating the nuances and traditions of different observances can make all the difference.

Whether it’s rising for pre-dawn Sahur, fasting through the lunch hours or winding down after Buka Puasa (breaking the fast), marketers can learn the times of day in which they should avoid pushing alerts for offers and discounts to their audiences, and which other times would boost app opens and revenues.

A recent report from AppsFlyer indicates that for most app categories, the hours between 3 am to 6 am before Sahur are when festival observers tend to be most active online and make the most app purchases. Other peak periods include lunch hours and evenings, after Buka Puasa.

On the other hand, after observers leave work from 4 pm to 8 pm, apps register fewer opens and purchases, compared to other periods in the year. During these hours, in fact, many consumers are commuting in traffic or preparing for Buka Puasa.

Localisation is More Than Just Translation

Localisation does not only refer to the local user interface but also covers marketing content. Advertisements and articles created in one geography can be interpreted differently in another.

Indonesia and Malaysia have many regional dialects and languages, but more importantly, each country has a unique culture that should be respected and reflected in any marketing strategy. Businesses should then ensure that they take into account the cultural differences at the social, organisational, and individual levels.

For instance, Mudik is the tradition of returning home to celebrate with family and is observed across Indonesia, Malaysia and Singapore. It is also commonly known as ‘Pulang Kampung’ in Indonesia and ‘Balik Kampung’ in Malaysia and Singapore.

This period sees a substantial rise in travel spending on flight and train tickets, car rentals, and accommodation. Mudik presents an opportunity for marketers to personalise their messages based on their customer profile, which includes information about the user’s hometown and place of work, language and personal preferences.

Also Read: Want free Echelon tickets? Solve this riddle

In conclusion, businesses should be spending substantial portions of their budgets on Ramadan, when supported by strong data recording purchasing and engagement patterns.

As the opportunity to re-plan marketing campaigns within the four weeks of Ramadan is small, marketing campaigns should be devised in a lean way, by testing and iterating efforts throughout this period.

Furthermore, by taking advantage of specific seasonal occasions, such as Indonesia’s 13 Month’s salary and Pulang Kampung, and targeting users with localised content at specific times of the day, app marketers will be able to tap into unexpected revenue sources and boost user retention.

—

Photo by أخٌ في الله … on Unsplash

The post How should your business approach the upcoming Ramadan? appeared first on e27.

We really, really want to see you all at Echelon Asia Summit 2019

We have been giving away free tickets to attend our annual Echelon Asia Summit 2019 event at Singapore Expo, May 23-24 –and the response has been astonishing.

The free tickets are running out real fast, but we really want to see you at the event. So we decided to give away 20 more FREE Starter tickets!

Friendly reminder of what Starter tickets can give you: Full access to content on all four stages (featuring more than 100 speakers!), more than 200 exhibitors, the Official Echelon App, and the Echelon Official Afterparty at only US$10!

To get the promo code for your ticket, answer the following question: Echelon Asia Summit 2018 –last year’s event– was held in what month?

Also Read: 15 more companies will join us as exhibitors for Echelon Asia Summit 2019

Useful hints:

1. The answer is only one word
2. It is written in all caps
3. It is NOT the same month as this year’s
4. That’s it. No more hints. It’s super easy!

And here are the steps to claim the tickets:

1. Go to this page
2. Click “Enter Promotional Code”
3. Put in the answer to the question in the blank space for promo code
4. Pick the ticket of your choice. And another one for your friend. And another one. And another
5. Complete transaction
6. See you in 20 days!

—

Image Credit: Chris Geirman on Unsplash

The post Echelon Asia Summit 2019 is 20 days away –and we have more FREE tickets to give! appeared first on e27.

With the #MeToo campaign turning two years, Echelon is examining whether the tech world done enough to create a safe space for diversity and level the playing field

It has been almost two years since The New York Times published a story detailing decades of allegations of sexual harassment against Hollywood heavyweight Harvey Weinstein. Actresses Rose McGowan and Ashley Judd were among the women who came forward to speak up against him.

This news story opened a Pandora’s box, with hundreds of women across the world coming out to share their sexual assault stories at workplaces, offices, hotels, and even streets and public transports, under the hashtag #MeToo on popular social media platforms, including Facebook.

The #MeToo campaign had massive repercussions not just in the movie world, but the tech world, too. Many high-profile women came forward to narrate the stories of sexual exploitations by widely-admired men in the tech world. The list included Cheryl Yeoh, the Founding CEO of the Malaysian Global Innovation & Creativity Centre (MaGIC), who in a detailed blog post shared the story of sexual assault by Dave McClure, former Head of 500 Startups, at her apartment back in 2015.

Echelon Asia Summit 2019 is just a few days away –and we have more FREE tickets to give!

Now, with #MeToo campaign turning two years, has the tech world done enough to create a safe space for diversity and level the playing field? Echelon 2019 is examining this through a panel discussion.

Titled #Metoo 2 years on: Has the tech world done enough to create a safe space for diversity and level the playing field?, the discussion will be moderated by e27’s Senior Writer Anisa Menur Maulani.

The panelists are:

Gail Wong, Co-founder, Ladies Investment Club

Wong is a champion of women’s causes. She empowers women with their finances/business via proprietary programs, and coaches business leaders to bring their whole selves to work and life, and thrive on their terms. She has compassion for women resigned to fear, overwhelm, or dependence with their money, or those in gender-skewed business. She enjoys connecting with women about money strategies and aspirations.

She also organises and invests financial, human and social capital in women-led companies. Fusing both specialties as a practitioner and coach, she engages in uncommon conversations about what matters most to a person, and guide them through challenges to win in their lives.

Born in Singapore and a mother of two, Wong has worked in Boston, New York, Philadelphia, and London. She is also a vocalist, yogi, and a mental wellness advocate.

In Wong’s own words, human beings are the happiest and most productive when all three facets of being — mind, heart and spirit — harmonise. “My own search for higher purpose over a lifetime of academic and professional success propels me to coach talented people, who desire to serve the world to own their unique brilliance, truth and values. Together, we design life on their terms, one that fully expresses and maximises who they are.”

“My passion to forge a new normal – financial zen and mastery for every woman – inspired “Courageous Conversations about Money”. I bring women together in a safe space to demystify money and learn to handle it as naturally as our homes, careers and children.

She also leads investment platforms pairing female capital with women-led ventures. She champions and advises women leaders out to make money meaningfully.

Ling Lin, Head of Product, TransferWise Asia

Lin is all about product and customers. She has 10-plus years of experience in startup, product, general management, people operations, user experience, and international expansion.

As the Head of Product, Lin looks after 15 currencies across three products – send money, borderless, and cards. She has spent her time across North America, Asia, and Europe.

Prior to joining TransferWise, she was Senior Product Manager at Amazon. Previously, she was Chief of staff for OnePlus.

Also Read: We need to change the way we talk about sexual harassment, an interview with Cheryl Yeoh

Lin holds an MBA from INSEAD and a Master of Science/Bachelor of Science from Stevens Institute of Technology.

Mike Davie, Founder and CEO, Quadrant

Currently based in Singapore, Davie has been leading the commercialisation of disruptive mobile technology and ICT infrastructure for over a decade with leading global technology firms in Asia, the Middle East and North America.

He parlayed his vision and knowledge of the evolution of ICT into the creation of DataStreamX, a data analysis platform, in 2014. DataStreamX ultimately evolved into Quadrant, a blockchain-based platform that allows organisations to verify and interpret complex datafeeds, with a primary focus on location data. With Quadrant, organisations and individuals can now have full trust in their data and use it to build targeted solutions and allocate resources efficiently to meet the requirements of their customers, citizens, and colleagues.

Prior to founding Quadrant, Davie was a member of the Advanced Mobile Product Strategy Division at Samsung where he developed go-to-market strategies for cutting edge technologies created in the Samsung R&D Labs. He also provided guidance to Asia and Middle East telcos on their 4G/LTE infrastructure data needs and worked closely with them to monetize their M2M and telco analytics data.

Davie is a frequent speaker at ICT and Big Data conferences around the world. Topics of his talks include Monetisation of Data Assets, Data-as-a-Service, the Dichotomy of Real-time vs. Static Data.

In his personal time, Davie maintains a lifelong passion for extreme sports including Xterra, kite boarding, triathlons, snowboarding, and ice and rock climbing. He has participated in Xterra triathlons in places around the world including Malaysia, Thailand, and the APAC Championship in Philippines. He has also run the DMZ Half Marathon along the border between North and South Korea.

Have you booked your ticket yet? Use the code ECHELONFUTURE to secure yours.

—

Photo by Mikkel Frimer-Rasmussen on Unsplash

The post Has the tech world done enough to check #MeToo? These speakers are discussing this topic at Echelon appeared first on e27.

The funding round for Triplogic is the latest in the Indonesian logistics tech sector in the past few months

Indonesian logistics startup Triplogic today announced an undisclosed seed funding round from venture capital firm East Ventures.

The Bandung-based startup plans to use new funding to support product and tech development.

It will also use the funding to expand its logistics network by partnering with small- and medium-sized entrepreneurs (SMEs) to become their drop shipping points.

The startup is currently working with over 1,600 SMEs and aim to add more than 15,000 drop points in 2019.

Triplogic itself is currently operating in 61 cities across Indonesia, including Jakarta, Bandung, Surabaya, Jogjakarta, and Palembang.

“Triplogic is not just an ordinary logistics company that only does parcel delivery. We are an end-to-end partner that provides logistics, parcel delivery, fulfillment, and distribution services for SMEs. As a Logistics-as-a-Service (LAAS) company, we focus on creating a strong supply chain ecosystem,” explained Triplogic CEO and Co-Founder Oki Earlivan in a press statement.

Also Read: Fore Coffee secures US$8.5M funding from East Ventures

Co-founded by Earlivan, Rowdy Fatha, and Krisna Adiarini, Triplogic’s services included instant delivery by setting up drop shipping points in SMEs and local shops that feature smart lockers and drop boxes.

The funding round for Triplogic is the latest in the series of funding for Indonesia-based logistics and warehousing startups, such as Kargo and the fourth batch participants of GK-Plug and Play Indonesia.

For East Ventures, the investment is part of its effort to build an ecosystem of startups in Indonesia.

“East Ventures has invested in a wide range of companies within the commerce and supply chain ecosystem, and we are extremely excited about how our ecosystem is starting to take shape,” said East Ventures Partner Melisa Irene.

“All the e-commerce platforms we have invested in creating value by helping customers obtain their products easily, creating a seamless online-to-offline experience; the recent example, Fore Coffee. We realised that Triplogic, as the last mile player, is the missing piece in the puzzle of our core supply chain ecosystem, and it fits perfectly,” she added.

—

Image Credit: Triplogic

The post Indonesian logistics tech startup Triplogic raises seed funding round appeared first on e27.

Growth is fantastic, but it needs to managed in such a manner whereby sustainability is not lost

Andreas Ehn was the first hire Spotify ever made back in 2006.

As the tech juggernaut’s first CTO, he was responsible for hiring the engineering team and leading the development of the systems that form the basis of music platform that most of us now use everyday.

Ehn recently made a trip to Sydney, Australia, as part of his role with Antler, a global startup generator and venture capital company which provides exceptional individuals with the opportunity to launch their own business.

Ehn spoke about building and scaling successful startups, sharing his tips and advice for other founders and entrepreneurs.

User Growth Vs Team Growth

“There are two sorts of growth that you battle with, but that also ultimately defines your success as a startup: one is the growth of your user base, and that’s the good side. But then the other side, which should be driven by the growth of your user base, is the team.”

“When I was at Spotify, which was roughly the first three and a half years, we doubled our headcount about every year. I think that’s at the upper limit of sustainable growth. A lot of startups have grown faster than that but I think that’s very difficult while retaining a fairly efficient organisation and culture.”

He went on to warn founders:

“You can have false positives when you try to identify your product market fit. Just because something grows really fast doesn’t necessarily mean that you can sustain it. You have to understand why does it grow and can I keep fuelling the fire in a sustainable way.”

Hiring is Key

Capturing and utilising great people with amazing skills is an important step toward success.

“When you meet exceptional talent I would say bring them on board even if you don’t have a specific job for them because you will find something valuable for them to do,” says Ehn.

“If you can keep the number of people (staff) down and still serve your customers, that’s an extreme benefit because you can keep the organisation much more focused and there’s an enormous overhead to headcount growth.”

Although overall, Ehn identified that hiring is difficult for most organisations across the world, irrelevant of their size or industry.

“Each company has its own problems, but regardless of geography hiring is a constant challenge,” he says.

“Either you’re in a geography where there isn’t much of it, or you are but there’s a lot of other companies competing for it. Regardless of whether your in a place that doesn’t have a lot of great engineers, or if you’re in the middle of Silicon Valley, it’s equally hard because it’s just more competitive where there are large talent pools. Everyone struggles with that.”

Being a Tech Leader

Throughout his career Ehn has been a leader in numerous forms. First as an engineering manager, then a CTO, as well as a board director, founder, advisor and investor. All roles in which he has lead teams or people to achieve better outcomes. From those experiences, Ehn says the most valuable aspect he has learned is to be transparent.

“Make sure everyone in the organisation has all the information,” he says.

“Part of that is just how you communicate and document that in a way that is accessible.”

Also Read: Jungle Ventures closes US$175M of third fund, targets US$220M

He said this is increasingly important that leaders of digital teams who may be dispersed across the globe.

Government Assistance

This needs no explanation:

“I get this question a lot: what can we do as a government for startups. There’s a lot of things you can do but most of them involve not getting in the way.”

Winning Founders

When asked what he thinks founders ought to be or possess in order to be successful in the future, Ehn said:

“Someone that has insight that is not commonly understood yet, something new that people in general haven’t thought of or definitely think can’t work  and has the ability, skillset, but perhaps most importantly, the tenacity and drive to pursue that and fight off all the obstacles that will be in his or her way along the road. And when everyone thinks you’re going to lose, you still think you’re going to win.”

Scratch Your Own Itch

Knowing how to start or what to focus on when launching a business can seem daunting. Instead, Ehn suggests entrepreneurs should simply “scratch your own itch”.

“What you need to think about it is how common a problem is it, how big of a problem is it?” he says.

“If you really want to turn it (your idea) into a startup then you need to be confident that the business solves a big enough of a problem for a big enough of a market that is willing to pay to get this problem solved.”

Also Read: AsiaIOA teams up with e27 at Echelon Asia Summit to raise international awareness for Taiwan startups

—

Photo by Heidi Sandstrom. on Unsplash

The post Former Spotify CTO Andreas Ehn explains how to build and scale successful startups appeared first on e27.

Krungsri Finnovate, Thailand-based Krungsri Bank’s venture capital arm injects an undisclosed amount into the startup’s Series A+

Krungsri Finnovate, a VC arm under Krungsri Bank, announced that it has invested into the extended Series A round of Thai customer relations management (CRM) startup Choco CRM, as reported by DealStreetAsia. Besides CRM, Choco CRM also offers point of sales (POS) services.

Prior to investing the undisclosed amount into Choco CRM, Krungsri Finnovate has invested in four startups. It previously funded blockchain and online payment unicorn Omise, fintech company Finnomena, proptech startup Baania, and AI-based banking system developer Silot.

Choco CRM targets small and medium enterprises (SMEs) with its CRM and POS solutions that offer personalised rewards and promotions. It claimed to be able to connect with the end-users through a physical card, mobile phone number, and a mobile application.

“The goal of this investment is to facilitate SMEs operators to be able to deliver financial services and to achieve business management efficiency and to have access to enhanced financial services, including Information-based Lending platform of Krungsri,” said Krungsri Finnovate managing director Sam Tanskul.

As for Choco CRM, its founder and CEO Sirasit Suriyapattanapong stated that this partnership has helped paving way for Choco CRM to access the financial services market, in addition to its current customers such as restaurants, gadgets, and fashion stores.

Also Read: Jungle Ventures closes US$175M of third fund, targets US$220M

Krungsri will be a key driver in the development of a payment gateway for Choco CRM’s POS users.

Before securing this investment, Choco CRM had secured US$1.25 million in funding from InVent back in September 2018. InVent is the corporate venture capital arm of Thailand’s telecommunication firm INTOUCH Holdings.

–

The post Krungsri Bank VC invests in Thai startup Choco CRM appeared first on e27.

The company is experiencing a crisis and is trying to raise enough money to get through the year

Honestbee, the grocery-delivery startup that is navigating choppy waters, has fired CEO Joel Sng, as reported by TechCrunch.

The exit of Sng means the only remaining Co-founder is Jonathan Low, who is in the engineering department. It is not immediately clear who will take over from Sng.

A strange quirk of Honestbee was that Joel Sng was also a Partner at Formation8, the company that lead its US$15 million investment from a few years ago.

The Co-founder was let go amidst a full-blown crisis whereby they company shut down their operations in the Philippines, Indonesia and Hong Kong operations. They have also suspended food-delivery in Thailand.

The company plans to lay off about 10 per cent of its staff and was reportedly being pursued for a purchase by Grab. Honestbee had held acquisition talks with Grab, Go-Jek, and others in recent weeks.

Honestbee has had no issues raising money, having nabbed US$46 million over the past three years. But, TechCrunch reported a burn rate of US$6.5 million per month that appears to have come to a head this week.

The startup seems to be trying to raise enough money to get it through the year.

The future of Honestbee seems to be an offline supermarket, a futuristic store that integrates technology into an offline grocery experience.

Also Read: Honestbee halts local operation in the Philippines

TechCrunch previously reported that Honestbee was struggling to pay suppliers and was experiencing payroll delays. The article also stated that executives within the company were leaving.

Honestbee released a generic statement about their current struggles but has mostly refused to comment to media questions about the company’s future.

—

 

The post Honestbee has reportedly fired its CEO appeared first on e27.