Dear reader,

Byju’s, once India’s premier edtech startup with a valuation of US$22 billion, is now facing insolvency proceedings after failing to pay US$19 million to the Board of Control for Cricket in India (BCCI).

This decision, announced by India’s companies tribunal, marks another significant setback for the company, which has already dealt with leadership changes, investor disputes, job cuts, and a dramatic drop in valuation to under US$3 billion.

An interim resolution professional, Pankaj Srivastava, will now oversee Byju’s management, with CEO Byju Raveendran reporting to him. Byju’s assets will be frozen during the proceedings.

Despite these challenges, Byju’s expressed optimism about reaching an amicable settlement with the BCCI and is reviewing legal options to protect its interests. The company gained significant popularity during the COVID-19 pandemic by offering online education courses and also provides offline coaching.

The insolvency proceedings are a stark reminder of the volatility in the startup ecosystem and highlight the importance of robust corporate governance and financial management.

Sainul,
Editor.

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NEWS

Once India’s biggest startup, Byju’s faces insolvency proceedings
The Edutech company, once valued at US$22 billion, will face insolvency proceedings for failure to pay US$19M million in dues to India’s cricket board. In Feb, a group of Byju’s investors, including Prosus and Peak XV, voted to oust its CEO, Byju Raveendran.

Indian crypto exchange WazirX halts withdrawals after losing US$230M
The decision comes after a security breach at the Mumbai-based firm’s multisig wallets; A preliminary investigation had found that a wallet created outside WazirX’s ecosystem had been compromised.

Former top exec at FinVolution Simon Ho joins GoTo as CFO
Ho, who replaces current CFO Jacky Lo, will be based in Indonesia and will oversee all finance and investor-related group functions at GoTo; Ho will subsequently join GoTo’s Board of Directors; Ho is replacing current CFO Jacky Lo.

PEXX secures US$4.5M for its stablecoin-to-fiat payment platform
The investors include TNB Aura, Antler, EMO Capital, and Filecoin; To date, PEXX claims to have transacted ~US$3 million and onboarded customers and businesses, including Web3 companies, exchanges, and media.

Telkomsel Ventures leads data and AI-as-a-service startup Tictag’s Series A round
Tictag aims to simplify data collection and annotation by breaking tasks into manageable portions via its app-based crowdsourcing platform.

Financial marketplace Jeff raises US$2M from Presto Ventures
Jeff is betting on its ability to track users’ alternative data, such as device screen size and email activity, to build a platform that helps Asia’s underbanked population better access financial services.

Ficus Capital invests in Malaysia’s sustainable recycling startup Klean
Klean operates a sophisticated digital container deposit system using AI-powered reverse vending technology; This investment will support Klean’s initiatives in container recovery and expand its network of reverse vending machines.

Bangladeshi B2B e-commerce startup ShopUp aims for Nasdaq listing
ShopUp acknowledges the challenges but remains optimistic that achieving this milestone would attract more foreign investment; ShopUp has secured over US$200M in investments from global investors, including Peter Thiel’s Valar Ventures.

MON Protocol launches new fund to invest in Web3 gaming studios
MON Ventures will look to invest in seed and pre-Token Generation Event-stage blockchain applications, focusing on gaming and infrastructure.

Wittaya Aqua bags US$2.8M to expand its feed-to-farm platform in Asia Pacific
The investors include Yield Lab Asia Pacific, SEEDS Capital, and Future Planet Capital;
Wittaya consolidates existing data points across the seafood supply chain to drive greater profitability, sustainability, and efficiency.

pitchIN to support startups by students, lecturers of Malaysia university UMT
This enables startups to raise funds through the pitchIN platform while receiving support and guidance throughout their fundraising journey.

NUS, CSA launch new centre for cybersecurity innovation, talent development
The centre will bring government, academia, and industry together to catalyse impactful initiatives in the cybersecurity sector.

OpenAI unveils GPT-4o mini, a smaller and cheaper AI model
The company says GPT-4o mini outperforms industry-leading small AI models on reasoning tasks involving text and vision; GPT-4o mini will replace GPT-3.5 Turbo as the smallest model OpenAI offers.

FEATURES & INTERVIEWS

Small market, big dreams: Meet the 30 Sri Lankan startups that are punching above their weight
Sri Lanka has over 880 startups, of which some have already gone global while others have made significant traction in the local market.

How Partior leverages blockchain to offer faster, cheaper cross-border payments
Partior combines tokenised deposits and assets into a single programmable platform to ensure transparency, liquidity, and settlement finality.

Growing in the Philippines: How BuildHub PH crafts its national expansion strategy
BuildHub PH looks at three criteria before deciding on a region in the Philippines to expand its e-commerce business.

THOUGHT LEADERSHIP

Emerging trends in 2024 that will excite your inner geek
This article discusses the recent advances in quantum computing and biological matter, and explores how these innovations will shape the future.

Conquer the B2B SaaS game: 10 content marketing strategies for startups
Content marketing is a powerful tool for B2B SaaS startups looking to generate leads and establish a strong market presence.

Gear up and grow: Key regulatory updates for Malaysian startups in H1 2024
Malaysia’s startup scene faces several new rules on investment, e-commerce, personal data, and cybersecurity.

Embracing neurodiversity: Hiring individuals with autism in Australian workplaces
Employing individuals with autism or other disabilities is not just a legal or moral obligation but a way to build resilient teams.

Bridging the digital divide: How technology is empowering frontline workers in APAC
Frontline managers are the unsung heroes of many industries and play a critical role in managing hourly employees across multiple locations.

Navigating Singapore’s family office boom: Essential strategies for success
Partnering with experienced wealth managers helps family offices tackle challenges and seize opportunities for long-term success.

AI in e-commerce: A threat or an opportunity for jobs in 2024?
AI can process data and execute tasks, but it lacks the creativity, intuition, and strategic thinking that humans bring to the table.

Singapore’s AI-powered future: Reshaping industries and economies
Backed by government support to harness AI for industry transformation, the nation is also intensifying research efforts.

Between data and gut feeling, which one do Singaporean customers trust to make decisions?
Qlik’s report also found that Generation Zs are more wary about the privacy concerns that surround technology.

Uncovering the rise and challenges faced by deep tech startups in Singapore
While considerable work has been done to grow the deep tech startup scene in Singapore, it remains far from the finished article.

AI and automation: Transforming India’s lending landscape
In lending and loan management, AI enables lenders to originate loans faster and better understand customers’ creditworthiness.

FROM THE ARCHIVES

From zero to 90M downloads: Strategies for growing an audience in global markets
We talk about Zenhom’s strategies for entering new markets and why there’s no such thing as “over-communication” in a remote workplace.

US Navy Chief Digital Transformation Officer reveals why most transformations fail
When it comes to digital transformation, Dr Patrick O’Connel highlights the importance of having a steady, strong budget.

How Sipher won high-profile VCs’ hearts even before its blockchain games hit the market
Unlike most blockchain games, Sipher not only aims to onboard the crypto- and NFT-savvy crowd but to introduce it to the traditional gaming community.

The realities of scaling food tech in today’s resource-strapped world
We need to win consumers over on flavour and nutritional quality and encourage them to appreciate alternative proteins as real food options.

The secret sauce of de-risking early-stage venture capital
The conventional venture capital model is fraught with risks, but in order to be successful, it is crucial that de-risking remains at the heart of investment decisions.

The rise of generative AI in digital mental health solution
Digital mental health solutions emerge as conduits between the analytical capabilities of AI and the nuanced realm of human emotions.

In the age of AI, which human skills increasingly stand out?
AI has its limitations and likely for decades, it will not be able to compete with a few critical human skills.

Is generative AI the game-changer for productivity?
While Generative AI can automate various tasks, it cannot entirely replace human creativity, empathy, and critical thinking.

Moosa Genetics boosts beef production in Indonesia through DNA tech, farmer support
Moosa Genetics enhances Indonesia’s cattle industry with advanced biotech, improving meat yield, quality, and sustainability for farmers.

How behavioural science is transforming corporate learning
In the context of corporate learning, behavioural science principles can be adapted to nudge people to accept change positively.

Throwaway gold: How data can tap into the unrealised potential in plastic waste
From data to discarded goods, the plastic waste crisis provides plenty of fuel for an entrepreneur looking to innovate.

The “godfather” of Hungarian startup ecosystem shares the keys to global expansion
Imre Hild, Managing Director of startup advisory firm Global Traction, is widely known as the “Godfather” of the Hungarian startup ecosystem.

This Vietnam startup seeks a place in the crowded alternative protein market for its cricket-made food products
The 500 Startups-backed Cricket One processes 100M+ crickets a month and has shipped its cricket powder to 15+ countries around the world.

Founder of world’s largest wine app reveals key to building a strong global team
Founder of wine app Vivino talks about how the roles of the team need to change as an organisation grows in new markets.

Disrupting consumer engagement models with location-based NFTs technology
Location-based NFTs are a class of digital content, albeit pieces of metadata, that are tagged to real-world locations.

How SMBs can use conversational commerce to boost year-end sales
For brands that have yet to introduce conversational commerce in their platform, I believe that the time is now.

How to tackle employee mental health to build a resilient workforce
World Mental Health Day is the perfect opportunity to reflect on how organisations have supported their workforce.

How companies can manage data privacy in hybrid and multi-cloud work environments
To tackle data privacy risks in a landscape where workflow automation and cloud environments are intertwined, businesses need to do this.

The post Ecosystem Roundup: Byju’s faces insolvency proceedings | Security breach: WazirX loses US$230M appeared first on e27.

e27 has been nurturing a supportive ecosystem for entrepreneurs since its inception. Our Contributor Programme offers a platform for sharing unique insights.

As part of our ‘Contributor Spotlight’, we shine a spotlight on an outstanding contributor and dive into the vastness of their knowledge and expertise.

In this episode, we feature Janine Teo, CEO of Solve Education!, a non-profit focused on delivering quality education to underserved populations, particularly the Bottom of the Pyramid (BOP) demographic.

Teo is the first Asian to receive the International Intellectual Benefits to Society Award from Mensa International. She also serves as an advisor to the Asian Development Bank on Digital Technology for Development and is a fellow of the University of Pennsylvania’s Global Social Impact House.

Thoughts, goals, and journey

Teo’s journey in the education industry started with a profound belief in education’s transformative potential. Witnessing her mother’s lack of access to schooling fueled her commitment to breaking down barriers to learning for marginalised communities.

After years in corporate positions, she discovered her true passion lay in leveraging technology to create accessible, quality education opportunities. This realisation culminated in the founding of Solve Education!, where she leads efforts to democratise education through innovative technological solutions.

“Looking ahead, my professional goals include expanding our reach to impact more learners globally and continuously innovating our educational tools. Personally, I’ve realised that I have neglected my health while building Solve Education! and it’s time to focus on my well-being. Prioritising my health is essential to sustaining my energy and passion for our mission. By achieving a better balance, I can be more effective both personally and professionally,” Teo reflected.

The driving force

Teo’s motivation to join the e27 Contributor Programme stems from a desire to share her experiences and insights to inspire and empower others.

“By contributing to e27, I can connect with a broader audience of entrepreneurs and innovators, fostering a community of learning and support. It’s a platform where I can advocate for the importance of education and technology in driving social change, which aligns closely with my work,” she said candidly.

Advice for budding thought leaders

Teo advises aspiring thought leaders and contributors to be authentic and passionate about their subjects, emphasising the importance of sharing unique experiences and insights and voicing personal perspectives.

She suggests, “To be articulate and efficient, focus on clear, concise communication and tailor your message to your audience. Regularly practice writing and speaking to refine your skills, and always seek feedback to improve. Lastly, stay curious and continuously learn, as this will enrich your content and keep your contributions relevant and impactful.”

Juggling too many things?

Teo said, “Balancing work, contributions, and personal life is indeed challenging. I prioritise and set clear boundaries to ensure I dedicate time to each area.”

Teo finds that journaling and reflecting helps her stay focused and manage stress. She also makes time for activities that rejuvenate her, such as reading, swimming, and spending time with loved ones. For professional growth, she seeks continuous learning opportunities and engages with mentors and peers for guidance and support.

“Embracing a growth mindset and being compassionate with myself and my team are key strategies that help me navigate this balance,” she adds.

Staying in the loop

In the fast-evolving field of educational technology, staying updated involves reading industry publications, research papers, and reports. Teo engages in professional networks, attends webinars, and collaborates with peers and experts to stay informed. She also experiments hands-on with emerging tech to understand its potential and limitations and volunteers as a startup competition judge to engage with cutting-edge innovations.

Teo’s recommended books include “Learning How to Learn” and “Education for 1.3 Billion” by Li Lanqing.

She regularly shares updates, insights, and valuable information about her work and the sector through her LinkedIn profile and newsletter while also recommending the AVPN (Asia Venture Philanthropy Network) newsletter for staying informed.

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Are you ready to join a vibrant community of entrepreneurs and industry experts? Do you have insights, experiences, and knowledge to share?

Join the e27 Contributor Programme and become a valuable voice in our ecosystem.

The post Building a better world: Janine Teo’s journey to empower underserved learners appeared first on e27.

Southeast Asia’s Generative AI (GenAI) startup ecosystem is vibrant and diverse. Startups use various foundational models to innovate and solve complex problems.

Foundational models are large, pre-trained AI models that can be fine-tuned for specific tasks. Trained on vast datasets, they offer versatility and power for various applications and can understand and generate text, images, and other data forms, serving as a strong base for specialised AI systems, like GPT for text and DALL-E for images.

GenAI Fund, a new investment vehicle in Vietnam, conducted a survey to discover the current trends and opportunities for GenAI Startups in ASEAN, including the foundational models they utilise. At the time of the soft launch, the VC firm analysed over 500 GenAI startups and conducted interviews and surveys with over 180 GenAI startups across the region on 25 different data points.

Also Read: Is generative AI the game-changer for productivity?

Below are the three key takeaways based on the survey’s preliminary findings.

The full ASEAN GenAI Startups report will be released in the coming weeks.

Key Takeaway #1: Vietnam is second to Singapore in GenAI adoption

Based on the startups surveyed up until the soft launch, over 90 per cent are startups at the application layer, with 47 per cent of startups based in Singapore, 32 per cent in Vietnam, and 8 per cent in Indonesia.

While Singapore’s lead is unsurprising for the usual reasons (business/tax structure, funding access, diverse talent pool and network, robust infrastructure and existing startup community, supportive and solid government), Vietnam’s #2 spot is eye-catching.

Anecdotally, it’s worth noting that an increasing number of regional startups (excluding Vietnam) have built/are building their initial MVPs — or established their remote development teams — in Vietnam. The names include Eklipse.gg, a GenAI tool automatically converting lengthy streams into viral clips.

“What is surprising at first glance is Indonesia’s relatively slower uptake in building GenAI startups. When interviewed by us, notable startup founders and VCs attribute this to Indonesia’s penchant for startups that can better leverage its large 280 million population, i.e., primarily B2C startups like GoTo, Traveloka, Akulaku, Kopi Kenangan, etc.,” says GenAI Fund’s Partner, Denning Tan.

However, a number of bright sparks are appearing from Indonesia, such as Meeting.ai, a leading B2B GenAI-powered transcription and summarisation software.

KeyTakeaway #2: The rise of B2B GenAI startups

Prior to GenAI going mainstream (i.e., before the launch of ChatGPT in November 2022), an estimated 80 per cent of ASEAN startups were focused on B2C business models and applications.

Fast-forward to July 2024. Based on the GenAI Fund survey, over 90 per cent of GenAI-native startups are B2B-focused or B2B-led (with some aspects of B2C), which is a complete contrast to non-GenAI startups, generally.

Consistent with B2B SaaS startups, 81 per cent rely on subscription-based pricing models, and 78 per cent have either achieved early recurring revenue, are profitable or have paid pilots and POCs despite 92 per cent being at pre-Series A stage, with an overwhelming majority focused on productivity-based solutions and workflows across several sectors.

Layered on this is that 71 per cent of surveyed startups target a global (mainly US) market from Day 1, while 29 per cent are focused on ASEAN.

This dynamic poses some challenges.

1.  While enterprises in ASEAN are showing an increased appetite for third-party GenAI/AI-based solutions, the processes to onboard and implement SaaS are still beset by slow processes like Request for Proposals (RFPs), other tender processes, stakeholder challenges, internal resistance, insecurity, excessive POCs etc. This could spell the death knell for fast-moving GenAI startups needing quicker cash flow or traction to prove product market fit.
2. For B2B startups targeting a global market and whose product is designed more for larger enterprises, making breakthroughs in a large foreign market without sufficient traction, credibility, and on-the-ground SaaS sales teams/partners is extremely difficult amidst intense competition.
3. It does not help that startup funding for ASEAN GenAI startups has been somewhat muted—but that’s a separate discussion.

Recognising these challenges, Big Tech companies like AWS, GCP, and Azure have been initiating programmes to help accelerate go-to-market for GenAI startups.

Also Read: From Amazon to AI: How GenAI Fund fuels innovation in SEA through a unique model

Some startups have shown resilience and are thriving; an example is Singapore-based business productivity GenAI startup Bluesheets, which connects and automates an organisation’s data across the enterprise customer’s existing platforms.

Key Takeaway #3: GenAI Startups have become more sophisticated

How GenAI startups consume tech (in particular, choice of LLMs and cloud) points towards a more sophisticated multi-model and multi-cloud approach.

Starting with LLMs, from GenAi Fund’s survey, 74 per cent of startups currently use Open AI, followed by open-sourced models Llama (Meta) at 39 per cent, Hugging Face at 32 per cent, Claude (Anthropic) at 29 per cent, Gemini (Google) at 17 per cent, Stability AI at 15 per cent, followed by sub-10% usages for other models, including custom/in-house ones.

Practically all are multimodal in approach, displaying sophistication in leveraging open-sourced options for fine-tuning, retrieval-augmented generation (RAG), and other grounding customisations, as well as for simpler reasons like cost optimisations.

“When speaking with foundation model companies, there is a shared consensus that the segment may be commoditising quickly, which also explains the frequent downward adjustment of API prices,” he adds. “Similarly, with cloud consumption, we are seeing an increasing number of GenAI startups adopting a multi-cloud strategy from early stages, as opposed to relying on single cloud architecture for most startups pre-GenAI era.”

Also Read: Experts advocate thoughtful regulation for the rapid rise of Generative AI

As expected, the top 3 cloud providers used by the GenAI startups surveyed are led by AWS at 65 per cent, GCP at 45 per cent and Azure at 43 per cent. One data point here that stood out was the rise of Azure as a cloud of choice for GenAI startups; Azure is traditionally more entrenched with enterprises – aided in part by the popularity of Open AI, and the presumption that a large portion of B2B SaaS GenAI startup’s potential customers are indeed enterprises who use Azure or at least Microsoft 365.

As a result of the perceived commoditisation of both the choice of models and cloud, Big Tech companies are upping the ante with programmes and benefits that specifically target GenAI startups to encourage long-term build and familiarity with their respective products.

Some examples include AWS GenAI Spotlight APJ, Generative AI Accelerate Programme (NUS Enterprise), and Google AI Accelerator Programme (Singapore).

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Image Credit: 123RF.

The post 3 key takeaways from the soft launch of GenAI Fund’s ASEAN GenAI Startup Report appeared first on e27.

As Artificial Intelligence (AI) continues to gain popularity worldwide, including in Southeast Asia (SEA), startups are faced with the question of how they can help different sectors embrace the technology—not only in their home country but also in the region.

This is the mission that Aboitiz Data Innovation (ADI) aims to tackle with its solutions.

Founded in 2021, ADI is a Singapore-based Data Science and Artificial Intelligence (DSAI) startup backed by the Philippines’ Aboitiz Group.

Launched with the support of Singapore’s Economic Development Board (EDB), ADI has served as a central entity for DSAI collaborations and a catalyst in reshaping industries through AI. To date, it has partnered with organisations such as Cloudera to bring GenAI to Asia Pacific’s financial and industrial sectors, speeding up data and AI processes to empower enterprises to make more accurate and timely decisions, thereby increasing revenue generation and optimising costs.

It also partnered with Thailand’s REPCO NEX and AboitizPower to create the Philippines’ first smart power plants. These plants use DSAI to optimise their performance, empower operators and engineers to make more informed decisions, and ensure a safe and resilient power grid.

Also Read: How Transparently.AI uses Artificial Intelligence to detect accounting manipulation, fraud

In addition to those partnerships, the startup has also teamed up with leading organisations in the banking and financial services sector, power sector, and public sector.

“At ADI, we hope to become the go-to partner for organisations in making AI work. We aim to foster a collaborative ecosystem across the region where entities can work together to push the boundaries of innovation to solve pressing problems and uncover opportunities,” CEO Dr. David R. Hardoon tells e27 in an email interview.

“Emerging from the Aboitiz Group with diverse businesses, our data science and AI capabilities focus on financial services, power, and the public sector. We are well-positioned to expand our AI capabilities built and tested in the Philippines and Singapore to other SEA markets, including Malaysia, Indonesia, and Thailand, by addressing common challenges while adapting to each market’s unique nuances.”

In this conversation, we learn how ADI plans to leverage its expertise in the Philippines and Singapore to address similar challenges and opportunities in neighbouring markets, fostering industry-wide transformation.

This is the edited excerpt of the conversation.

What key challenges and opportunities has ADI identified in the Philippines and Singapore that are common across neighbouring markets? 

Despite being a hot topic for a few years, AI still raises concerns due to its novelty. Implementing AI innovations in SEA faces varying readiness levels, and while innovating with AI can pose challenges, it offers opportunities for transformative breakthroughs.

Also Read: RevComm’s MiiTel, Cloud IP phone powered by artificial intelligence, is changing how businesses engage customers

For me, AI is all about knowledge. They are not replacing humans in terms of knowledge. Still, suddenly, you have this technology that aids us in organising knowledge and making sense of the available information.

AI’s value lies not just in the information it provides but also in how that information is applied. Organisations should move beyond focusing solely on revenue potential and invest in AI to enhance their capabilities and achieve long-term improvements.

Similarly, when parents invest in a child’s university education, they don’t ask, “How much will I get back in five years?” They invest to improve the child’s capabilities and future prospects.

The way we see AI at ADI is that it provides the inherent ability to find patterns through data, which is crucial to making sound decisions that would lead to solutions to problems and new opportunities. We recognise that various industries and countries in the region face both common and unique challenges. This is where AI solutions stand out, offering scalability or customisation as needed.

AI technologies are designed to adapt and be applied broadly while being flexible enough to be tailored to specific needs or challenges.

In the bigger picture, organisations can benefit from harnessing AI. While it’s good for one or two companies to benefit from AI, the real opportunity lies in empowering organisations across industries to adopt AI and derive benefits from it.

How does ADI plan to apply its expertise and successful strategies from the Philippines and Singapore to other markets in the region?

We plan to adapt our successful strategies from the Philippines and Singapore to other markets by tailoring them to local needs. We will use our insights to address specific challenges, build and strengthen partnerships, and implement best practices to replicate our success and drive growth across the region.

Also Read: Ethics and Artificial Intelligence: Is the technology only as good as the human behind it?

We also leverage our team from over 14 countries globally, with diverse backgrounds, domain expertise, and local, regional, and global experience. With a global workforce, ADI promotes diversity, cultural exchange, cross-border collaboration, and a multidisciplinary approach. This diverse talent pool enables ADI to tap into a wide range of perspectives, skills, and experiences, enhancing our ability to leverage AI effectively.

What partnerships or collaborations is ADI pursuing to enhance its impact and effectiveness in addressing these challenges and opportunities in the broader region?

We have recently set a goal of expanding its data science and AI capabilities across SEA to foster innovation and growth across the region. Through our work in the Philippines, we found that some challenges and opportunities in deploying, developing, and delivering value from AI are the same as in neighbouring markets in SEA.

This provides an immense opportunity for us to bring ADI’s know-how and approaches to making AI work to other countries in the region. Besides Singapore, we are also currently exploring how we may integrate our data science and AI solutions to solve some of the most pressing issues in other neighbouring countries like Malaysia—for example, landslide detection in areas prone to adverse weather conditions.

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Image Credit: Aboitiz Data Innovation

The post The value of AI for businesses lies in how the information is applied, not just its provision appeared first on e27.

Papaya, a Thailand-based omnichannel ordering and payments platform for restaurants, bars, and hotels, has secured an undisclosed amount in an equity financing round led by Beenext.

A2D Ventures also participated.

With the new capital, the B2B venture plans to expand its operations to Singapore, enhance its integrated technology infrastructure, and invest in marketing efforts to grow its merchant base.

Also Read: Thailand’s startup ecosystem in 2024: Fewer funding announcements, but promising opportunities ahead

Papaya was founded in mid-2022 by Kush Sodhia, Haakon Brekke, and Julian Timings.

The startup provides a digital ordering and payment customer experience across dine-in, takeaway, and delivery channels. The firm claims its platform allows hospitality (restaurants, bars, hotels) operators to grow sales by 20 per cent on average while reducing staff work by up to 30 per cent, all while learning more about their customer base.

Customers can dine at their own pace rather than relying on staff availability. As they use their phones to order, pay, and create accounts, Papaya can provide merchants with customer-level insights to enhance the overall customer experience.

“Hospitality was one of the hardest hit industries during COVID and recovery has been slow. Sales are only now starting to hit pre-COVID levels and there is still a 35 per cent shortage of staff across the industry in SEA. The industry has also lagged when it comes to understanding customers in a data-driven way,” said Kush Sodhia, CEO of Papaya. “We founded Papaya to help operators use technology to solve these problems and are excited to have BEENEXT and A2D Ventures as new partners on this journey.”

Also Read: NIA showcases cutting-edge innovations at SITE 2024

Since its launch, Papaya has partnered with a number of cafes and restaurants across Thailand, including Tim Hortons, Bartels, Fatboy Izakaya, The Commons, Vistro, and Okasan.

Papaya previously raised capital from Global Founders Capital and The MBA Fund.

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