Dear reader,

The recent turmoil surrounding Byju’s, a prominent player in India’s edutech arena, has escalated with major backers advocating for a leadership overhaul and board restructuring.

This demand, echoing concerns over governance and financial mismanagement, underscores a deepening rift within the company’s stakeholders.

Think & Learn’s assertion of shareholders’ limited authority to influence management decisions contrasts sharply with investors’ calls for an extraordinary general meeting to address pressing issues.

Amidst this internal strife, Byju’s faces additional challenges on the global front, with its US division embroiled in bankruptcy proceedings following substantial debt defaults. Allegations of financial impropriety, including claims of fund misallocation, further tarnish the company’s reputation.

The involvement of notable investors such as General Atlantic and the Chan Zuckerberg Initiative underscores the gravity of the situation, casting a shadow over Byju’s once formidable position in the edtech landscape.

As the saga unfolds, restoring trust and stability appears paramount for the company’s future viability amidst a landscape of heightened scrutiny and financial uncertainty.

Sainul,
Editor.

NEWS & ARTICLES

Byju’s US division files for bankruptcy protection
The move comes after the unit, Byju’s Alpha, defaulted on US$1.2B in debt. According to a document filed by the US entity’s CEO Timothy Pohl, Byju’s Alpha lacked the funds to pursue its conflict with its parent firm over the debt.

Byju’s investors call to oust founder
This development comes days after its parent Think & Learn said it was looking to raise US$200M via a rights issue; This would mean a plunge of nearly 99% from the company’s peak valuation of US$22B.

Mobile crypto payment app Oobit raises US$25M in Series A
Investors include Solana Labs’s Anatoly Yakovenko and stablecoin issuer Tether, 468 Capital, and CMCC Global’s Titan Fund; The Singaporean startup will use the funds to expand across APAC, Latin America, and the UAE.

Validus banks new funding to boost SME financing in Vietnam
The investor is Japanese firm Reazon Holdings; Singapore-based fintech firm Validus uses data analytics, AI, and supply-chain partnerships to provide financing for SMEs in the region.

Shopee lawsuit against ex-employee dismissed by Singapore judge
Shopee had sued Lim Teck Yong – who last held the executive director of operations position at Shopee Brazil – for joining ByteDance weeks after leaving his Shopee post in mid-2023.

Genesys acquires Singapore SaaS startup Radarr to flex more AI muscles
Radarr helps companies make decisions based on relevant real-time online conversations – on social media and other digital platforms – through data visualisations, dashboards, and insights reporting.

Temasek exits Policybazaar investment for US$290M
Temasek held a 5.42% stake in the Indian insurtech marketplace; Policybazaar had recently posted its first quarterly profit of US$4.4M as demand for insurance bolstered revenue during the December 2023 quarter.

Jio Financial says not in talks to acquire Paytm’s wallet business
Paytm and Jio Financial Services have reportedly been engaging for months for a deal, something that escalated after the Indian central bank widened its crackdown on Paytm’s Payments Bank.

Pyxis bags US$3.4M to help make the maritime industry greener
Investors include Motion Ventures, Shift4Good, Seeds Capital, and MarImpact; Pyxis will use the new funds to accelerate its electrification tech development and expand the production of its electric harbour crafts.

Web3 gaming IP company Pixelmon secures US$8M seed funding
Investors include Animoca Brands, Delphi Ventures, Amber Group and Bing Ventures; Pixelmon delivers ownership of IP and in-game assets through its fractionalised IP ecosystem Mon Protocol.

Indian EV ride-hailing firm Snap-E Cabs secures US$2.5M
Inflection Point Ventures is the lead investor; Snap-E currently operates with 600 electric cars in India’s eastern city of Kolkata and looks to add 300 to 400 more by the end of this financial year

Snapchat’s parent lays off 10% of workforce
The layoffs would impact roughly 500-plus employees; The layoffs were announced in an SEC filing, where Snap explained the move was necessary to support its further growth; In November 2023, it conducted a saw small-scale layoff.

Chinese EV sales drop in Jan amid decreased demand
The decline was especially marked for BYD, which accounted for nearly a third of the country’s green energy vehicle sales last year; BYD, the biggest Chinese EV maker, witnessed a 41% sales decline compared to December.

CONTRIBUTORY POSTS

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We plan to refine our custom GPT further, exploring broader applications in storytelling and thematic content.

Tech firms in Southeast Asia poised to ‘leap’ forward with gender equality
Within the tech industry, Southeast Asia is seen as a force leading the way for change by steadily narrowing the gender gap.

Beyond the union: Understanding the complexities and impacts of M&As
More often than not, M&A between organisations involves more stakeholders and impacts more people than a marriage between two families.

AI and ethics in digital marketing: Building trust in the tech era
AI presents a world of opportunities in digital marketing, but it also demands a new level of ethical responsibility.

Leveraging AI and ML in supply chain management for smarter decision making
By leveraging the convergence of AI and blockchain, future supply chains will become intelligent, self-learning networks that maximise value.

Breaking the myth: The reality of social entrepreneurs and their business approach
Pragmatically and operationally, social entrepreneurs are entrepreneurs as their endeavours are rooted in entrepreneurial principles.

Using AI to save your time by 50 per cent in your business operations
By integrating AI into our processes, we’ve not only increased our productivity but also improved our job satisfaction.

FROM THE ARCHIVES

Web3 needs novel prevention tools for novel attack vectors: AI saves the day
AI is Web3’s security lifeline, enabling tools to protect millions and billions of dollars worth of user funds.

Embracing AI’s promise: Navigating the future of marketing
In an era where AI is reshaping the marketing industry, we explore how marketers, particularly in Singapore, can unlock AI’s potential.

Embracing global entrepreneurship: Redefining startup success beyond Silicon Valley
Throughout our quest to support founders, we have found that a collaborative and strategic approach is always required when building startup communities.

Financial models for Web3 startups: Guiding principles for success
By comprehending the dynamics of the Web3 landscape, startups can leverage the power of decentralised technologies in their financial models.

Oh my cash: Navigating cash flow management in today’s market
Learn how to effectively manage cash flow in today’s market by implementing strategies that prioritise financial stability and flexibility.

How to unlock new horizons with generative AI
In the current search engine paradigm, information synthesis is a manual process. Generative AI models like ChatGPT bridges this gap, internalising and summarising vast amounts of data, offering succinct and accurate responses.

FEATURES & INTERVIEWS

M&A process in SEA is stuck in the dark age: say match.asia co-founders
Singapore-based match.asia disrupts M&A in SEA with a free marketplace, data-driven matching, and global buyer network collaboration.

What is next for Indonesian e-commerce scene after GoTo, TikTok Indonesia merger?
This deal is a major blow for Shopee, and it would be interesting to see what strategy will come up next.

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X marks Echelon. Join us at Singapore EXPO on May 15-16 for the 10th edition of Asia’s leading tech and startup conference. Enjoy 2 days of building connections with potential investors, partners, and customers, exploring innovation, and sharing insights with 8,000+ key decision-makers of Asia’s tech ecosystem. Get your tickets here.

Want more from your Echelon experience? Be an Echelon X sponsor or exhibitor. Send enquiry here.

The post Ecosystem Roundup: Byju’s in deep mess | Temasek exits Policybazaar investment | Oobit secures US$25M appeared first on e27.

Singapore-based crypto payment app Oobit has concluded its US$25 million Series A investment round.

The backers in this round include the investment arm of USDT parent company Tether, CMCC Global’s Titan Fund, 468 Capital, and Solana co-founder Anatoly Yakovenko.

The startup plans to use the funds to expand into Latin America, the UAE, the Asia-Pacific, Canada, and Australia beyond its primary markets in the European Union and the UK.

Also Read: ‘Young, tech-savvy population contributes to cryptocurrency growth in Vietnam’

Oobit provides a gateway to spending cryptocurrencies in traditional commerce settings. Consumers pay with crypto, but merchants receive fiat money, like a typical credit card transaction.

Using Oobit, crypto holders can tap and pay at over 100 million retailers across the globe, anywhere Visa and Mastercard are accepted, similar to using Apple Pay.

Tether CEO Paolo Ardoino said: “Oobit, in our perspective, stands as a catalyst, breaking down barriers and facilitating frictionless transactions for crypto holders worldwide.״

Also Read: Tether under scrutiny: A deep dive into cryptocurrency crime allegations

In the near future, Oobit intends to open up the same capability to any external third-party wallets, creating a bridge between Web3 and spending. This will transition Oobit into a non-custodial crypto payments app, allowing external wallets to tap & pay with crypto anytime, anywhere, just by connecting via the Oobit app.

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X marks Echelon. Join us at Singapore EXPO on May 15-16 for the 10th edition of Asia’s leading tech and startup conference. Enjoy 2 days of building connections with potential investors, partners, and customers, exploring innovation, and sharing insights with 8,000+ key decision-makers of Asia’s tech ecosystem. Get your tickets here.

Want more from your Echelon experience? Be an Echelon X sponsor or exhibitor. Send enquiry here.

The post Tether, Solana co-founder back Oobit’s US$25M Series A round appeared first on e27.

Angel investors and syndicates are just some of the alternatives that tech startups can tap into for their fundraising. In its operations, angel investors and syndicates may face unique challenges, including dealing with hefty paperwork when setting up their syndicate or Special Purpose Vehicles (SPVs). This is the area where Auptimate aims to make a difference.

Auptimate is an online platform that aims to help angel syndicates, founders, and fund managers set up and operate SPVs and Syndicates. It has helped more than 70 syndicates and SPVs raise over US$40 million from at least 400 investors for deals across Southeast Asia, the Middle East, and Europe.

As a one-stop solution, Auptimate solutions do not require users to use different kinds of services for different purposes. It also offers a fully digital experience without needing papers or face-to-face meetings.

Since launching in 2022, Auptimate has been through the incubation programme with SMU IIE’s BIG programme and Accelerating Asia in 2023.

Also Read: Angel investor Mike Flache shares his tips to begin investing in startups

In an email to e27, Auptimate co-founder Davin Dedhia explains that the company’s users consist of angel investors, syndicate leads, startup founders who are fundraising, and fund managers.

It has three different products catering to all of these users: Angel Syndicate, Founder SPV and Venture SPV for syndicates, startup founders and fund managers, respectively.

Auptimate charges a one-time set-up fee of US$500 for each of these three products. It also charged between US$6,000 and US$11,500 for the Angel Syndicate- this fee is to cover 10 years of coverage.

For the Founder SPV and Venture SPV, the company charges between US$750 to US$4,000 as annual recurring fees.

“We recently closed our 75th client and have onboarded over 400 investors on our platform. We are seeing a lot of network effect and are now seeing a lot of referral business coming in, thus enabling us to reduce our marketing spends.”

In reaching out to its potential users, Auptimate uses a multi-channel approach and reaches out to prospects via digital marketing channels as well as events.

Also Read: Your investors are your number one fan: Tina Di Cicco of Manila Angel Investors Network

The company attempts to make its process as seamless as possible with the use of technology.

“We are investing heavily in technology and automation, which will require us to have fewer interactions with clients. This helps us not require a very large team to handle many clients,” Dedhia explains.

What’s in the future

There are many exciting things coming up for Auptimate in 2024. With the upcoming launch of more SPV products and fund administration, Auptimate aims to exceed US$1 million in revenue this year.

But for the company, that is not the only thing on their agenda.

“We are only a one-year-old startup, and our KYC and customer onboarding is already fully automated. We expect to focus on the three products we have for the large part of this year, and we see ourselves expanding into more regulated structures with Fund Administration,” Dedhia says.

“We are also going to expand our team with key hires across Sales, Operations and Technology functions to bolster our efforts to reach the milestone.”

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Image Credit: Auptimate

The post Auptimate facilitates US$40M raised across 70 syndicates, SPVs with its one-stop digital solutions appeared first on e27.

We are thrilled to welcome back Prudence Foundation as the Disaster Tech Partner for Echelon X 2024!

Over the past three years, our collaboration with Prudence Foundation has centred around the SAFE STEPS D-Tech Awards, a platform dedicated to recognising and supporting startups with innovative technologies capable of mitigating the impact of natural disasters, preventing them, or expediting recovery efforts.

This year, Prudence Foundation takes centre stage at Echelon X 2024 with a dedicated pavilion that will showcase the groundbreaking work of 10 disaster tech startups. These startups, carefully curated for their exceptional contributions to disaster resilience, will not only be exhibiting their cutting-edge solutions but will also have the opportunity to present their innovations onstage.

Get Echelon X  tickets: Check today’s discounted rates

The partnership between Echelon and Prudence Foundation has always been rooted in a shared commitment to fostering technological advancements that make a positive impact on communities facing natural disasters. The SAFE STEPS D-Tech Awards have been instrumental in unearthing and promoting transformative solutions that have the potential to save lives, protect communities, and accelerate recovery in the aftermath of calamities.

At Echelon X 2024, attendees will have the unique opportunity to engage with these disaster tech startups, gaining firsthand insights into the technologies that could shape the future of disaster preparedness and response. The pavilion will serve as a hub of innovation, providing a platform for networking, collaboration, and a deeper understanding of the groundbreaking work being done in the disaster tech space.

In addition to the pavilion, the 10 selected startups will take the stage to share their stories, challenges, and triumphs. The presentations promise to be enlightening and inspiring, offering a glimpse into the transformative potential of technology in addressing the challenges posed by natural disasters.

Also read: The opportunities and future of disaster tech (D-Tech) in Southeast Asia

Come and be a part of this extraordinary opportunity to connect with the disaster tech pioneers, witness live demonstrations of their solutions, and contribute to the collective effort of building resilient communities.

Echelon X 2024 is not just a conference; it’s a convergence of minds dedicated to driving positive change through technology. As we embark on this journey with Prudence Foundation, we invite you to explore, learn, and be inspired by the incredible strides being made in the field of disaster tech. Together, let’s build a future where innovation becomes a powerful force for safeguarding our communities in times of need.

Join us at Echelon X 2024, where innovation meets impact, and together, we shape a more resilient and secure world. Get your tickets here.

The post Prudence Foundation returns as Echelon X 2024 Disaster Tech Partner appeared first on e27.

Singapore-based global invoice financing marketplace Incomlend has acquired LC Lite, a specialised Web3-powered trade finance marketplace, for an undisclosed amount.

The merger will empower Incomlend to operate through a new fintech platform, reaching crypto and fiat investors through trade finance as it looks to accelerate its expansion in the Middle East. The deal will also enable the fintech firm to bring a fresh offering of Web3 technology to its platform, creating a new asset class.

Also Read: Incomlend raises US$20M Series A for Asia, Europe expansion

Investors will have access to both platforms, which will coexist and continue to offer their own standalone fintech solutions. The firm plans to expand the fintech platform to support stablecoins transactions in the future.

Founded in 2016, Incomlend is an alternative cross-border trade finance platform. It claims to have processed over 6,000 transactions in over 50 countries worldwide.

Commenting about the deal, Incomlend Co-Founder and CEO Morgan Terigi said: “It empowers us to link the crypto and fiat spaces which is going to be crucial as both markets continue to expand and new technologies become available. The merger will also increase the liquidity of the marketplace, which will help to boost the UAE economy.”

Also Read: Why blockchain is instrumental for the future of trade finance

According to the ASEAN Briefing, the value of Singapore’s net inflow of Foreign Direct Investments (FDI) is projected to trend around SGD27.7 billion (US$21 billion) in 2024. A Statista report predicts crypto revenue in the country will show an annual growth rate (CAGR 2024-2028) of 8.8 per cent, resulting in a total amount of SGD642.7 by 2028.

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X marks Echelon. Join us at Singapore EXPO on May 15-16 for the 10th edition of Asia’s leading tech and startup conference. Enjoy 2 days of building connections with potential investors, partners, and customers, exploring innovation, and sharing insights with 8,000+ key decision-makers of Asia’s tech ecosystem. Get your tickets here.

Want more from your Echelon experience? Be an Echelon X sponsor or exhibitor. Send enquiry here.

The post Invoice financing marketplace Incomlend acquires LC Lite to reach crypto, fiat investors appeared first on e27.