Here’s why these 5 Thai startups will make a strong impact in the local industry and beyond

Entrepreneurs in Thailand’s startup ecosystem have much to cheer for as the industry is on a strong growth trajectory. Through the work of various government-backed initiatives and agencies such as the National Innovation Agency (NIA) and True Digital Park, tech innovation and investment has become the cornerstone of the Thai government’s efforts to transform the country into a digital economy.

Such favourable conditions have led to healthy investor interest in the country’s burgeoning startups. Indeed, in the past years, we have seen the likes of Chinese giants, such as JD.com and Alibaba, pour hundreds of millions of dollars into the local economy to bolster the tech industry. According to a report by Techsauce, the number of deals grew from 13 in 2013 to 35 in 2018 (though the deal value (although the deal value saw a drop from two years before).

Yes, while there are still chinks to be ironed out, such as introducing more business-friendly regulations, the fact remains that stakeholders in Thailand’s ecosystem can be optimistic about its future.

To illustrate, here are five growth-stage startups (Series B and above) that have become shining examples of what the Thai ecosystem can produce, with the right backing (and the right teams, of course).

Eatigo

The restaurant booking app Eatigo became a hot item on the startup press when it was revealed that it raised a Series B funding from global travel information giant TripAdvisor through its global restaurant reservation brand, TheFork. What was significant about this news was that it was TripAdvisor’s first investment in a Southeast Asia-based startup.

TripAdvisor remained confident in Eatigo’s business model and operational abilities, putting additional capital into the company two years later in a pre-Series C round, giving the company a total of US$25.5 million in funding raised.

The strategic investment allowed Eatigo to expand aggressively into various markets in Southeast Asia, including Singapore, Hong Kong, Thailand, the Philippines, Malaysia, and India.

Also Read: Thai government to endorse e-sports a new industry focus

Today, Eatigo, now six years in business, is a household name not only among entrepreneurs but also consumers, who use them to grab cheap meal deals during off-peak hours. The model is a win-win for both diners and restaurants as it helps the former maximise their capacity and the latter to eat at discounted prices.

The company was last reported to have over four million users, and partners with over 4,000 eateries including luxury hotels and restaurants.

Wongnai

Like Eatigo, Wongnai operates in the restaurant service vertical, although, instead of providing restaurant booking services, its primary offering is restaurant reviews — similar to Yelp.

The company operates only in Thailand, allowing its users to peruse information and photos of restaurants in the country.

Wongnai clinched a Series B from InVent, the VC arm of InTouch Holdings, in 2016. And in 2018, the company made its own investment, putting US$1 million in restaurant POS startup FoodStory.

This move enabled Wongnai to build its own restaurant management system, which allows owners to streamline the process of managing delivery orders or menu updates on a single digital platform. The system also allows diners to pay for their orders using QR codes.

Today, Wongnai claims to have over eight million users and 250,000 restaurants across nine cities in its inventory.

Eko

Founded by Korawad Chearavanont, the heir to one of Thailand’s wealthiest business empire, Eko is designed as an all-in-one communication and task management platform that is built for the smartphone, which Chearavanont says goes beyond its rivals such as Slack and Facebook’s Workplace.

Some of the Eko app features include hierarchical approval system, digital signature, and even auditing facilities. It can be deployed in several industries ranging from hospitality, retail, corporation, construction, to healthcare.

The founder, who is now 25 years old, secured US$5.7 million in funding in 2015, and, three years later, clinched a US$20 million Series B funding round led by Indonesian conglomerate Sinar Mas Digital Ventures (SMDV), with participation from other investors such as RedBeat Ventures (an investment unit of AirAsia), East Ventures, and Gobi Partners.

Chearavanont has set his sights beyond Thailand and plans to expand the business to regions like the US and Europe.

Pomelo

Fashion marketplace Pomelo has a lot of competition in Southeast Asia, but it has not stopped the company from raising US$19 million in a Series B round led by JD.com and Provident Capital Partners, together with Lombard Investments, in 2017.

The company has raised a total of US$31.5 million to date. Its success can perhaps be partly attributed to Co-founder David Jou’s extensive experience launching Lazada in Thailand and the company’s focus on fast, trendy fashion at affordable prices.

While primarily an online store, Pomelo has also started into the offline space. Just two weeks ago, it launched its offline store, in the heart of Singapore’s shopping district — demonstrating, also, the company’s strong regional presence.

Pomelo is also mulling developing new technology that will help eliminate traditional check-out lines.

Check out e27‘s in-photos feature on the store in this link.

Omise

E-payments company Omise was but one of the companies that managed to catch the ICO wave was still riding high, clinching US$25 million in the process. Like Pomelo, it also has to face a slew of international competitors, such as Stripe, for example.

But that has not dulled prospects for Omise. Just after the ICO, the company raised an undisclosed investment led by the corporate venture arm Krungsri Finnovate, a subsidiary of the Krungsri bank.

Also Read: Thailand’s KBank introduces KATALYST project to support startup funding

The funding enabled Omise to build out its vision of an Ethereum-based p2p open payments and value exchange (OmiseGO network) and its blockchain e-wallet.

In 2018, OmiseGO raised an undisclosed amount in funding, led by Japanese VC firm Global Brain. Together, they are working on foundational projects including the Ethereum Community Fund (ECF) and blockchain focused co-working space, Neutrino.

Earlier this year, Omise lit the headlines when a report claimed it was acquired by CP Group, one of Thailand’s largest and oldest conglomerate; Omise later refuted the report in an official statement.

While it remains to be seen whether Omise’s blockchain and crypto initiatives will see widescale adoption, it is no doubt that the company is not afraid of pushing ahead with cutting edge innovation.

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In addition to Bank Negara Malaysia, we also have updates from Singapore Tourism Board, Slack, and SoftBank Vision Fund

Bank Negara Malaysia to regulate insurance comparison sites – Fintech News Malaysia

Bank Negara Malaysia is set to regulate insurance and takaful aggregation business as a new category of registered business under the Financial Services Act 2013 (FSA), Fintech News Malaysia reported.

Citing a press statement by the central bank, the report stated that once the new regulation comes into effect, insurance and takaful aggregators will be required to register under the FSA to continue their businesses, including those under the fintech regulatory sandbox.

Currently, Jinerxu and GoBear are listed under insurance aggregation category in the central bank’s sandbox.

Bank Negara Malaysia is currently seeking its exposure draft.

Singapore Tourism Board launches accelerator programme – Press Release

The Singapore Tourism Board (STB) is calling for local and international companies to join its pilot programme Singapore Tourism Accelerator.

Set to run for two years, the programme aims to “develop solutions to long-standing issues, as well as developing new ideas that will transform the tourism sector.”

It targets startups that are already at the prototyping or business development stage as well as those that have piloted a breakthrough solution in another city and are looking for opportunities to scale their
solutions in the Singapore and Asian markets.

To select the startups, STB will work with the accelerator’s appointed partner Found8.

The accelerator programme was first announced during 2019 Tourism Industry Conference as the Singapore Tourism Incubator.

Also Read: MOLCube mobile payment startup gets nod from Malaysia’s Bank Negara

Slack debuts on NYSE at US$38.50 per share – TechCrunch

Workplace communication platform Slack debuted on the New York Stock Exchange (NYSE) up 48 per cent at US$38.50 per share following reports on Wednesday night (local time) that it has agreed to a reference price of US$26 per share, TechCrunch reported.

It closed up 48.5 per cent on Thursday (local time) at US$38.62 per share, with the stock climbed as high as US$42 in intraday trading.

The report also stated that Slack’s market cap now sits well above US$20 billion, or nearly three times its most recent private valuation of US$7 billion.

The company became the second large venture capital-backed business to complete a direct listing.

SoftBank Vision Fund in talks to invest up to US$350M in India’s CureFit – The Economic Times

SoftBank Vision Fund is reported to be in talks to invest up to US$350 million in India-based healthcare startup CureFit, which could push its valuation to above US$1 billion, according to The Economic Times.

Citing three sources that are familiar with the matter, the report stated that the development is still in its early stages. The parties that are involved have not yet agreed on the total size of the funding.

One source said that the plan for this funding round is to take CureFit global.

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Image Credit: Austin Distel on Unsplash

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Collaborating with Digitaraya, PT Bank Central Asia Tbk (BCA) launches the fintech-focussed accelerator

PT Bank Central Asia Tbk (BCA), one of Indonesia’s largest private banks, announced that it has partnered with Digitaraya, to launch ​SYNRGY Accelerator.

The accelerator programme is open for any startup with ideas and innovations to improve fintech industry in the country.

SYNRGY Accelerator also announced eight selected startups that will join its accelerator programme.

“SYNRGY Accelerator will be dedicated to accommodating startups needs to grow and to contribute to the tech ecosystem in Indonesia. SYNRGY Accelerator will continue accepting fintech startups with innovative ideas and shared vision,” said Vice President of BCA Armand W. Hartono.

The eight selected startups are:

• Crowde, a P2P lending platform to help funding Indonesian farmers.
• IndoGold, a buy-and-sell platform for gold that promotes gold investment.
• Amalan, a startup that focusses on supporting people who can’t pay off credit card, collateral-free debts, and home ownership debts.
• AgenKan, P2P lending apps that allows the customer to apply for loans using ID card.
• Bizhare, a platform that allows users to invest in a big business with a small share.
• Kendi, an app that supports digital financial recording for SMEs.
• Bamms, a mobile and web app for tenants to communicate with tenant relations officer, and building management
• Jari, an SaaS-based app to bill and to support an overall billing needs.

Also Read: 5 growth stage startups that are leaders in Thailand’s ecosystem

The next step of the program will be a three-month bootcamp starting on June 24, 2019, and followed by Demo Day in September.
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magicpin gives rewards and cashback to consumers, who can use these points to get discounts on their next purchase

Our obsession with selfies has prompted many leading smartphone brands to improve the front camera, which they claim will help us capture our very best looks. But what else can we do with our selfies? We may post it to our Facebook or Instagram accounts, make it our profile picture, and get some ‘likes’ and ‘comments’. Can our selfie do something more constructive to improve our lives, or earn some rewards/cash-backs at the very least?

Here is a social discovery startup that may help us earn our next meal just by clicking our selfie and posting it to the app. magicpin, as the name goes, is the new “selfie expert” in town.

“The way the access economy is shaping up in India is that consumers value experiences more than ownership. They are increasingly spending time and energy on living rather than having,” said magicpin Co-founder and CEO Anshoo Sharma. 

Also Read: Create a video selfie to hit songs & share it online using #VelFie

“This is the exactly the concept we are working on. magicpin is basically a social network for local experiences that acts as extended senses for consumers to experience the best out of a locale. It is also new-age guide that lets consumers find the best places around an area for food, fashion and beauty,” Sharma adds.

The startup was launched in 2015 by venture capital experts Sharma and Brij Bhushan. 

Sharma has over 13 years of professional experience in investing, consulting, and tech roles across India and the US. Before magicpin, he worked at VC firm Lightspeed India. He is a graduate from IIM Ahmedabad.

Bhushan has spent  a large part of his professional life closely involved in the startup ecosystem with Nexus Venture Partners as an investor. An IIM Bangalore alumnus, he has earlier worked at Bain & Co. in India. 

How magicpin works

magicpin calls itself the foursquare of India for its similarity to the US-based local discovery app’s business model. In fact, magicpin has added the selfie element to the business model to make it more appealing to selfie-obsessed Indian consumers.

Pin a location on the map, and magicpin will show you the best local experiences that people in the neighbourhood are having — from the hippest cafés to the yummiest dimsums, the trendiest fashion boutique, or luxurious spas.

“Our user community, known as magicians, is up and about in their city’s neighbourhoods sharing their experiences across food, beauty and fashion categories in picture stories that inspire other users to have the same experiences,” Sharma said. “As soon as the customer leaves the shop, he/she gets an instant message to come back to the place, creating more awareness about the upcoming offers and discounts at the merchant. For their each spending, they get rewarded in ‘magicpin points’ that can be used to buy more services and experiences at our partner merchants,” Sharma elaborates.

For the consumer, magicpin is a destination to share visual stories of their local experiences, find out the buzz in their vicinity, and discover interesting, like-minded people to connect with and events and merchants to go to. Whereas, for partner brands and merchants, magicpin is a place to engage, drive discovery, reward loyal customers, and share updates about new events or services. On the app, a partner’s customers create content that goes on to social media to more relevant users, increasing new and repeat business to the partner.

Gurgaon-headquartered magicpin is operational across Delhi-NCR, Bangalore, Mumbai and is planning to expand to other cities as well.

How the idea took birth

Over the past decade, China has taken a giant leap in technological and infrastructural development. The Asian giant’s tremendous growth has inspired many an entrepreneur. Sharma also struck magicpin’s idea during one of his visits to China.

“During my visit, we happened to see a novel business model, wherein if anyone is drunk at a restaurant or street market, the management or the association will make sure the person gets a cab and it drops him/her safely at his/her destination. In the process, the person gets some cash-backs/rewards, prompting him to come back. Keeping that in mind, we though of combining both online and offline retail services through an app, where people can get the best discounts by posting their selfies,” Sharma elaborated.

According to Sharma, magicpin is at the centre of both user and merchant. In most cases, the merchant doesn’t have access to customers. Once the customer leaves his shop there is very little chance for him/her to come back. “Our aim is to fill this gap. We give better access to the merchants using magicpin. We created this hyper market app where we make sure merchants and customers do come together,” he said.

Unlike many other startups that use digital media and other modes of marketing platform to reach out to the masses, magicpin relies purely on its referral network. The moment a customer tries the app, it will show his/her who are on the app. He will also find the call-to-action as soon as a friend comes on board.

The company charges the merchants a commission on each sale based on the size of the business.

Sharma claims magicpin’s revenues are growing fast and is currently driving INR 30 crore (US$5 million) business monthly. The tremendous growth has landed the startup a couple of funding rounds. The latest investment of US$7 million came in May this from Lightspeed India Partners, Waterbridge Ventures and two unnamed global family offices. Bain & Co Indian Chairman Srivatsan Rajan and Delhivery CEO Sahil Barua also contributed to the round.

As of now, imagicpin is employing 190-odd people.

The startup was part of Google Launchpad program 2015.

In India, offline retail is estimated to be a US$1 trillion market by 2020. This is 100x the size of e-commerce and constitutes many large brands and millions of merchants across categories like restaurants, fashion, spa, beauty, yoga, sports, gym, and more. With the penetration of smartphones, the way we discover and transact these local experiences is changing, and magicpin aims to be a catalyst of this change.

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Featured image credit: ryanking999 / 123RF Stock Photo

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You might want to remember the names of these growth stage startups

The Indonesian tech industry is rife with potential –but I guess you know this already.

By 2019, the country has become home to four out of the 10 unicorn startups in the Southeast Asian region –Go-Jek, Tokopedia, Traveloka, and Bukalapak. In addition to raising billions of dollars, these startups have also become a top-of-mind brand in their respective industries.

But these four big names are not just the only ones leaving their mark in the market. Defining growth stage startups as those who had raised Series B funding rounds and beyond, e27 presents five of the most exciting growth stage startups in Indonesia.

CoHive

As the Indonesian startup ecosystem grows, so is the demand for affordable office spaces that also enables tenants to build network and collaborate. With 31 locations across four cities in Indonesia, CoHive is easily one of the biggest names in this sector.

Previously known as EV Hive, CoHive started out as a project by Southeast Asian early stage venture capital firm East Ventures. The company has recently made headline as it made the first close of its US$20 million Series B funding round at US$13.5 million. Led by Stonebridge Ventures, the funding round also included Kolon Investment, Stassets Investment, a local property developer as well as existing investors from the company’s Series A funding round such as H&CK Partners.

In addition to coworking spaces, CoHive has also launched products in the coliving and coretails sectors. It had even launched its own 18-story building CoHive 101, which included all of its offerings in one location.

Also Read: 5 growth stage startups that are leaders in Thailand’s ecosystem

WarungPintar

One of the most noticeable things about tech industry in Indonesia is that innovations tend to focus on grass root level. Like Go-Jek, who have been working with informal motorbike taxi drivers (ojek), Warung Pintar is an example of Indonesian startup who aim to digitise a cash-heavy business sector in the country.

The company works with “warungs” (mom-and-pop stores) to help embrace the digital era by implementing cashless payments and digitised supply chain. It has recently raised a US$27.5 million Series B funding round from existing investors SMDV, Vertex Ventures, Pavilion Capital, LINE Ventures, Digital Garage, Agaeti, Triputra, Jerry Ng, and EV Growth. The funding round also included Lippo Group-backed cashless payment platform OVO.

Starting out with only two kiosks in January 2018, Warung Pintar has grown into more than 1,300 kiosks.

Ruangguru

In the edutech sector, Indonesia has Ruangguru, which started out as online marketplace for private tutors. The startup has since branched out to offer other services such as Learning Management System for formal education system, integrated learning video subscription service, on-demand tutoring service, and a social learning education solution for group-based distance learning.

Ruangguru raised an undisclosed Series B funding round led by UOB Venture Management in July 2017. In addition to venture capital funding, the startup has also received grants such as one from the MIT SOLVE programme.

Ruangguru co-founders Iman Usman and Adamas Belva have been named in the Forbes’ 30 Under 30 Asia 2017, for the consumer tech category.

Also Read: There’s still a big funding gap in Malaysia’s growth-stage startup space: RHL Ventures’s Raja Hamzah

HaloDoc

The healthtech sector is one of the most promising in the Indonesian tech industry, and one particular name stood up: HaloDoc. Offering a telemedicine service, the startup this year has raised a US$65 million Series B funding round from UOB Venture Management. In addition to existing investors, the funding round included new investors such as Singtel Innov8, Korea Investment Partners, and WuXi AppTec.

The startup has previously raised a funding round that included Indonesian ride-hailing giant Go-Jek, which allowed HaloDoc’s medicine delivery service to be included in the Go-Jek platform as Go-Med.

HappyFresh

This year was proven to be a challenging one for online grocery services in Indonesia, with Honestbee shutting down its operations in the country.

HappyFresh announced in April that they have closed US$20 million in Series C round of funding, led by South Korean VC firm Mirae Asset-Naver Growth Fund.

It had also previously announced an investment round from GrabVentures, which led to its service to be integrated into the Grab platform, as part of its ‘super app’ ambition.

For HappyFresh, their journey was not without challenges and setbacks. In 2016, the startup pulled out of two markets in Asia and also replaced its then CEO Markus Bihler with incumbent Guillem Segarra.

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Image Credit: Fikri Rasyid on Unsplash

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