In an era where sustainability, economic considerations, and social responsibility are increasingly intertwined, businesses are grappling with the evolving landscape of these practices.

The Echelon X panel discussion, titled ‘Does Sustainability, Economic, and Social Impact Still Matter Today?’, delved into this critical topic, examining case studies, discussing current trends, and debating the role of businesses in driving positive change.

Moderated by Rachel Wong, Founder of Founders Doc, the panel featured esteemed speakers:

• Tim van Vliet, VP Venture Scale at ENGIE Factory Asia-Pacific
• Greg Blackwood from NUS Enterprise Investment Committee and RaiSE / NUS TS2 Selection Committee
• Diana Kam, CEO of Singapore Markets & APAC Region at Venturebeam
• Gavin Chua, Head of Stakeholder Engagement in APAC at Meta

The panel discussion provided valuable insights into the ongoing relevance and importance of sustainability, economic considerations, and social impact in today’s business world. Whether you are an entrepreneur, investor, or simply curious about the future of business, the session highlighted the critical role that businesses play in driving positive change.

As the landscape continues to evolve, the commitment to these principles remains essential for building a more resilient and equitable future. The panelists’ perspectives underscored the need for continuous innovation, collaboration, and a holistic approach to business practices that prioritize sustainability and social responsibility.

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Singapore-headquartered logistics tech company Amilo.co has acquired Thailand-based Sivadon Logistics to bolster its operational capabilities and network.

The terms of the deal remain undisclosed.

“Thailand is pivotal for us as we support our expansion within one of Asia’s most dynamic regions,” said Amilo CEO Arun Mambully. “The acquisition of Sivadon Logistics provides us with an extensive network and a stellar team, enhancing our ability to not only help international brands enter Thailand but also support Thai SMEs to go global with our already established cross-border products.”

Also Read: Exclusive: Indonesia’s e-commerce enabler Komerce acquires RajaOngkir

Amilo provides access to warehousing, fulfilment, local transportation, delivery, and international expansion through its cross-border delivery services. It has a presence in Malaysia, Vietnam, Singapore, and Thailand. It has a network of over 20 warehouses and operates a fleet of 100-plus trucks.

The company claims to have served over 100 customers across these markets with an exclusive partnership with Belgium Post’s Landmark Group.

In a few months, Amilo will launch its cross-border services in Thailand. In September, this platform will also receive a new upgrade, including additional cross-border partnerships, new price comparison features, and upgraded dashboards.

Sivadon is Amilo’s third acquisition. Previously, it snapped up last-mile aggregator Kahago in Indonesia and an unnamed company in Vietnam.

“There are many amazingly well-managed, locally built small logistics companies in SEA and they are looking for opportunities to become international while leveraging on modern technology to increase efficiency,” said Arun Mambully, CEO of Amilo. “We are excited to partner with such companies.”

In 2022, Amilo raised US$2 million from unnamed international investors.

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The Southeast Asia region has emerged as a hotspot for fintech innovation and growth, with its large population, rapidly expanding middle class, and increasing digital adoption. While the potential rewards are significant, entering the Southeast Asia market as a fintech company comes with a unique set of challenges and complexities.

In this comprehensive article, we will delve into the difficulties fintech companies encounter when venturing into the Southeast Asian landscape.

Regulatory hurdles

Navigating the complex regulatory environment in Southeast Asia can be a formidable challenge for fintech companies. Each country within the region has its own set of financial regulations, licensing requirements, and compliance standards. Achieving and maintaining regulatory compliance can be a time-consuming and costly process.

Compliance variability

Even within a single country, regulatory requirements can vary significantly, posing a compliance challenge. Companies need to stay abreast of changes in regulations, which may be influenced by political, economic, or social factors.

Customer trust and data privacy

Building trust among Southeast Asian consumers is paramount for fintech success. Concerns about data privacy and cybersecurity have grown, making it essential for companies to demonstrate their commitment to protecting user data.

Consumer education

Many consumers in the region may not be familiar with fintech services, necessitating extensive education and awareness-building efforts. Clear communication and user-friendly interfaces are vital to overcoming this challenge.

Currency and exchange rate risk

Dealing with multiple currencies in the region presents currency risk. Fintech companies must devise strategies to manage exchange rate fluctuations and offer multi-currency services.

Competition from established players

Local and international banks and financial institutions often have a strong foothold in the Southeast Asian market. Competing with these established players can be challenging, requiring fintech companies to offer compelling value propositions.

Payment preference variability

Southeast Asia exhibits a diverse range of payment preferences, including digital wallets, bank transfers, cash payments, and mobile money. Adapting to these preferences and integrating with local payment providers is essential.

Infrastructure and connectivity

While urban areas in Southeast Asia are typically well-connected, rural regions may lack reliable internet access and financial infrastructure. This digital divide can hinder the reach of fintech services.

Also Read: Lead, don’t follow: The essential guide to category creation and market domination

Political and economic instability

Some countries in the region have a history of political and economic instability. Fintech companies need to carefully monitor these developments and assess risks to their operations.

Partnerships and local relationships

Collaborating with local banks or financial institutions may be necessary for certain fintech services. Building these partnerships and navigating local relationships can be complex.

Language and cultural barriers

Language diversity and cultural differences across the region can pose communication and marketing challenges. Tailoring content and services to local customs and preferences is essential.

Access to rural markets

Expanding into rural and remote markets can be logistically challenging. Fintech companies must develop strategies to overcome these geographical barriers and reach underserved populations.

Financial inclusion

Promoting financial inclusion is a significant goal in Southeast Asia. Fintech companies must develop services and strategies to reach unbanked or underbanked populations.

Currency regulations

Some countries may impose strict currency controls or limitations on fund transfers, affecting the operations of fintech companies.

Customer support and localisation

Providing customer support in multiple languages and adapting services to local customs and preferences can be resource-intensive but is essential for customer satisfaction.

Conclusion

While Southeast Asia presents immense opportunities for fintech companies, the journey is riddled with challenges that require careful planning, adaptation, and resilience. Successful market entry and growth in this diverse and dynamic region hinge on a combination of factors, including regulatory compliance, consumer trust, innovation, and effective localisation. Fintech companies that navigate these complexities wisely can unlock the vast potential of the Southeast Asian market and contribute to financial inclusion and digital transformation in the region.

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Bangladesh’s startup ecosystem is maturing, with an increasing number of startups, incubators, accelerators, and investors. While the capital city, Dhaka, remains the main hub for startups, other cities such as Chittagong and Sylhet are also emerging.

The government has been supportive by launching initiatives such as Startup Bangladesh, a flagship VC company, and the ICT Division’s Innovation Design and Entrepreneurship Academy (iDEA) project.

Sectors such as fintech, healthtech, edutech, e-commerce, logistics, and agritech are the key drivers, with fintech, in particular, seeing rapid growth with startups focusing on mobile payments, digital wallets, and microfinance.

Despite the growth, startups in Bangladesh face challenges such as regulatory hurdles, limited access to capital, and inadequate infrastructure. Skill gaps and talent retention are also significant issues, with many skilled professionals seeking opportunities abroad.

However, the future looks promising, with continuous improvements in infrastructure, increased government support, and growing investor interest. Bangladesh’s young and tech-savvy population is a significant asset, providing a robust base for future entrepreneurs.

We have compiled Bangladesh’s hottest startups below:

PriyoShop

An online B2B marketplace offering multi-category products, including electronics, fashion, beauty, stationery, and groceries. It also connects wholesalers, retailers, manufacturers, and customers.

Also Read: Accelerating Asia, Iterative back B2B retail marketplace PriyoShop’s US$5M round

Founding year: 2013
Total funding raised: US$5.6 million
Investors: Century Oak Ventures, SOSV, GFR Fund, Bonbillo, Accelerating Asia, South Asia Tech, Voltity, Iterative, Bansea, Accelerating Asia.

Chaldal

An online grocery store offering multi-category grocery products. The product category includes baby care, pet care, food, home cleaning, office supplies, and other daily needs. The company claims to deliver within 4 hours in other areas around Dhaka.

Founding year: 2013
Total funding raised: US$20.4 million
Investors: Startup Bangladesh, Xploration Capital, Mir Group, Y Combinator, Razor Capital, IDLC Finance, IFC, 7percent Ventures, 500 Global, ACE & Company, Mavcap, Inflection Ventures, Christina Ventures, COENT Venture Partners, Beenext, Wombat Capital, Reapra, Breakform Ventures, Cherubic Ventures, Metaplanet, Digital4s, Tech Emerge, Beresford Ventures, Alter, TPN Investments.

Shohoz

An online platform offering two-wheeler ride-hailing and food delivery services. The platform offers a range of services, including online bus ticket booking, railway e-ticketing, and event ticketing.

Founding year: 2014
Total funding raised: US$18.4 million
Investors: VNV Global, Golden Gate Ventures, Heritas Capital Management, Linear Venture,
ADN Telecom, Partech Partners, Cypress Capital, Tekton Ventures, 500 Global, Fenox Venture Capital, Pegasus Tech Ventures.

Jatri

An app-based platform for tracking and booking bus tickets. It offers a subscription-based solution to users. Users can subscribe to a plan, book tickets, and track buses on the platform. Users can book bus tickets by specifying the journey points, date, and time on the platform.

Founding year: 2019
Total funding raised: US$5.3 million
Investors: Undisclosed.

Pathao

A mobile app offering food delivery and ride-hailing services. The app allows users to order food based on their locations. It also offers services like ride-hailing, cab, parcel delivery services, etc. The app also offers multi-category products like fashion, beauty, toys, home improvement, and art & craft stationery.

Founding year: 2015
Total funding raised: US$2.8 million
Investors: Startup Bangladesh, The Osiris Group, Gojek, Openspace Ventures, K3 Ventures, Adventure Capital, RC Ventures, Agaeti Venture Capital, Provident Growth, Trihill Capital, AC Ventures, Alter.

Shuttle

An online platform to book shuttle services for women passengers. It’s an app-based pick-and-drop service. Its shuttle runs on a specific route.

Founding year: 2018
Total funding raised: US$2.5 million
Investors: South Asia Tech, Bangladesh Angels, Accelerating Asia, Startup Bangladesh, Robi Axiata, Impact Collective, TheVentures, SBK Tech Ventures.

iFarmer

A full-stack agritech startup that provides smallholder farmers with finance, high-quality inputs, agronomic advisory, and access to the market. It provides a one-stop solution using technology.

Founding year: 2017
Total funding raised: US$2.2 million
Investors: IDLC Finance, Startup Bangladesh, Millville Opportunities Fund, Falcon Network, Accelerating Asia, Zayn Capital.

Zantrik

An app-based platform that provides on-demand automotive services and breakdown assistance for cars and motorbikes in Bangladesh. Users can avail of onsite services or schedule services at partnered workshops at their convenience.

Founding year: 2018
Total funding raised: US$1.7 million
Investors: Bangladesh Angels, Startup Bangladesh, Accelerating Asia, BD Venture.

Shomvob

An online job board platform. It allows candidates to browse and apply for vacancies based on location, department, etc. The target sectors include IT, customer services, human resources, security, and warehouse.

Also Read: Cocoon Capital invests in Bangladesh’s B2B job-tech platform Shomvob’s US$1M round

Founding year: 2021
Total funding raised: US$1 million
Investors: Cocoon Capital, Bill & Melinda Gates Foundation.

bKash

A mobile financial services and payment systems for consumers. It features a solution for money transfers, mobile recharges, utility bill payments, and others. Users can dial a number to initiate the transaction, fill in the account, and amount, and the money will be sent to the receivers mobile.

Founding year: 2011
Total funding raised: US$261 million
Investors: SoftBank Vision Fund, Alipay, Bill & Melinda Gates Foundation, IFC, Gray Ghost Ventures.

Romoni

An online appointment booking platform for at-home beauty services. It is a marketplace where users can order beauty and tailoring services. The services include bridal makeup, manicure, pedicure, facials, and spa treatment.

Founding year: 2018
Total funding raised: US$740,000
Investors: Accelerating Asia, SiliconCapital.

DoctorKoi

An online doctor appointment platform. Users can search for doctors by location and medical speciality and book appointments online. The platform also provides information on the initial consultation fee.

Founding year: 2015
Total funding raised: US$700,000
Investors: VERGE, Accelerating Asia, SBK Tech Ventures.

HandyMama

An online platform that provides home cleaning and handyman services. All service professionals are vetted and background-checked. The services include cleaning, electrical work, plumbing, appliance repair, carpentry, and painting.

Founding year: 2015
Total funding raised: US$315,000
Investors: BD Venture, Fenox Venture Capital, Accelerating Asia, Pegasus Tech Ventures.

Socian AI

A provider of NLP-based speech recognition and conversational AI solutions. It provides AI-based chatbots, speech-to-text, voice recognition, and sentiment analysis. It also allows users to collect data from various sources and analyse it to understand data insights. It features keyword extraction, geo-location mapping and management, cluster creation, and data interpretation solutions.

Founding year: 2016
Total funding raised: US$2,30,000
Investors: Startup Bangladesh.

Interactive Cares

A learning and development platform for multiple industries in Bangladesh, it offers educational courses and training on topics such as PHP, Laravel, FullStack web development, and MERN stack web development. It also offers solutions for studying abroad, jobs and recruitment, and freelancing.

Founding year: 2020
Total funding raised: US$100,000
Investors: Accelerating Asia

ShopUp

ShopUp is a B2B e-commerce startup that connects small and medium-sized enterprises (SMEs) with mills and manufacturers. It provides SMEs with a one-stop solution for sourcing products, reducing the time and effort required to find suppliers, negotiate terms, and orchestrate operations. Additionally, it acts as a nationwide platform for small manufacturers, mills, and brands to sell their products.

Also Read: Bangladeshi B2B e-commerce startup ShopUp aims for Nasdaq listing

The startup offers various value-added services, including financing and logistics support, to help small firms grow and compete with prominent players.

Founding year: 2018
Total funding raised: Over US$200 million
Investors: Valar Ventures, Prosus, Pierre Omidyar’s family office, Sequoia Capital India, VEON Ventures, Flourish Ventures, Lendable.

SOLShare

SOLshare has developed a P2P solar electricity trading platform, which solves an immediate customer problem of today — physical access to energy. SOLshare enables customers to produce, trade, and consume this demand in a local microgrid. The company uses an energy meter connected to solar panels called SOLbox, which enables electricity trading between households and micro-enterprises so that excess energy won’t go to waste and can even go back to the supply grid for distribution.

Founding year: 2015
Total funding raised: US$2.2 million
Investors: innogy New Ventures, EDP (Portugal)

MedEasy

A digital health platform that aims to simplify the lives of chronic patients in Bangladesh by providing authentic and affordable medicines sourced directly from trusted manufacturers. According to the company, its proprietary inventory management system and decentralised distribution network reduce delivery times by 4x compared to competitors.

Also Read: Seedstars, Accelerating Asia back Bangladeshi e-pharmacy startup MedEasy

Founding year: 2020
Total funding raised: US$750,000
Investors: Seedstars International Ventures, Doha Tech Angels, Startup Bangladesh Limited, Accelerating Asia, nVentures.

PulseTech

A provider of digital solutions for pharmacies and individuals, the company offers business management solutions for pharmacies, including MediPOS, a comprehensive Point of Sales (POS) management software, and Medbox B2B Medicine Supply Chain Solution. It also offers Medicart, a hyperlocal model of online pharmacy e-commerce where consumers can buy healthcare products.

Founding year: 2021
Total funding raised: US$1,20,000
Investors: Undisclosed.

10minuteschool

A web-based educational platform providing video content and online tests in Bangladesh. It provides content material for school curriculum and skill development. It also offers a video library, preparation tips, model tests, and pre-scheduled live classes for admission preparation, competitive examinations, and university courses.

Founding year: 2013
Total funding raised: US$9.3 million
Investors: conjunction.capital, Surge, Startup Bangladesh, Sequoia Capital, SBK Tech Ventures.

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Empowering employees with cybersecurity training is a key defence strategy for today’s businesses all over the globe. As cyber threats grow in both frequency and complexity, businesses must prioritise cybersecurity training for their employees.

The difference in how we approach cybersecurity training for employees now is defined by how rapidly the technology has advanced. Malaysian businesses’ demand for cybersecurity professionals is increasing, and 30,000 skilled employees are needed to achieve it by 2030 – further highlighting the urgency for cybersecurity awareness training.

As technology evolves, so do the methods and sophistication of cyber attacks. The most common cybersecurity threat facing businesses and individuals is phishing, making it imperative for businesses to fortify their cybersecurity defences. The frequency of cyber-attacks has escalated, reflecting both the expanding digital landscape and the increasing value of digital assets.

Factors driving prioritisation of cybersecurity training in Malaysia

One must examine and understand the driving factors behind why businesses need cybersecurity training among their employees before they take further actions to combat it.

Malaysian businesses need to prioritise cybersecurity training for their employees due to the rising frequency and sophistication of cyber-attacks. In 2023, Malaysia faced numerous cyber-attacks targeting critical citizen data, impacting key public sector organisations such as Perkeso and Telekom Malaysia. Concerns about the security of Malaysia’s Central Database Hub (Padu) persist.

According to a recent report by CyberSecurity Malaysia, an alarming 842.84GB of data was exposed between January and June 2023. The government and telecommunications sectors were particularly vulnerable to these breaches. This stark statistic highlights the significant cybersecurity challenges faced by a nation that prides itself on its digital advancement.

The rise in the frequency and severity of cyber-attacks forces proactive measures to defend and detect any evolving threats that may slowly drive businesses to the ground. Protection of digital assets. Safeguarding sensitive information and intellectual property is critical and a no-brainer to maintaining daily operational continuity and customer trust.

Also Read: Protecting innovation: Cybersecurity as the backbone of tech independence

Risk management and resilience. Cybersecurity training is not only preparing businesses for evolving threats but also helping to manage risks effectively and recover swiftly from any potential threats.

It is clear that businesses need to implement and adopt cybersecurity training but it is also important to understand that a one-size-fits-all approach won’t work to each business needs specific training. For instance, a finance agency may want to focus on fraud prevention and secure daily transaction practices, while healthcare bodies prioritise their patients’ personal information and data protection.

Critical learning objectives and specialised modules

Some of the effective learning of cybersecurity courses aim to fully equip employees with the right skills and knowledge including recognising the threats. As mentioned earlier, identifying common cyber-attacks internally such as phishing, malware, and social engineering tactics is the first step in the process. Secondly, implementing best practices is key. Cybersecurity training and best practices in daily operations to safeguard digital assets help create discipline among employees.

Thirdly, responding to incidents and taking action are equally important. Developing a framework or strategies to reduce the impact of cyber-attacks and ensure quick recovery. Lastly, businesses need to consistently work on promoting a cybersecurity culture within the organisation. Fostering a culture of cybersecurity awareness including organising employee engagement events such as Cybersecurity Week, or even monthly/bi-monthly announcements.

OpenAcademy ensures the relevance of its cybersecurity learning content through continuous adaptation to industry trends and technological advancements — including feedback from industry experts, updates on emerging threats, and evolving regulatory requirements. This approach enables businesses to stay updated on potential vulnerabilities and emerging cyber-attacks.

As part of the ongoing commitment to address this issue, the Malaysian government is also taking proactive measures to enhance cybersecurity awareness and skills among Malaysians. In support of this initiative, National Training Week (NTW) 2024, first introduced in 2023, offers a comprehensive week of free training events and activities across the country. This programme brings together a diverse range of organisations and individuals, providing valuable learning opportunities through various methods and platforms.

These resources are available online including interactive webinars, instructional videos, and downloadable materials as well as offline which include in-person workshops, seminars, and printed guides, provide hands-on learning experiences and direct interaction with experts, which can be accessed at any time, enabling companies to customise their training programmes to suit their specific needs and schedules.

Also Read: Cybersecurity in the AI age: How startups can stay ahead

By leveraging these diverse resources, businesses can effectively implement best practices and new skills among their employees, ensuring a more comprehensive and adaptable approach to enhancing organisational capabilities and workforce development.

Conclusion

All in all, as Malaysian businesses navigate the complexities of an increasingly advanced landscape, the importance of cybersecurity cannot be overstated. It is not merely a reactive measure against cyber-attacks anymore but rather a proactive measure taken by businesses and industry leaders to fortify defences and empower their employees.

OpenAcademy’s specialised cybersecurity learning content is designed to make cybersecurity accessible to everyone within your organisation. By focusing on fundamental principles, we ensure that all employees, regardless of their technical background, gain a basic understanding of cybersecurity.

This widespread knowledge helps create a more secure digital environment and empowers every team member to contribute to safeguarding the company’s digital assets. Investing in comprehensive, accessible training means that all employees can confidently navigate and respond to cybersecurity challenges, strengthening the overall resilience of your business.

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When investing in companies, ensuring good enterprise value, strong financial ratios, and robust cash flows is crucial for identifying growth opportunities. For decades, these financial metrics have been used to indicate a company worth investing in, potentially promising solid returns for shareholders.

Today, however, integrating environmental, social, and governance (ESG) factors into investment strategies is increasingly critical to capturing the full picture of a firm’s potential and resilience.

Here are three key reasons why understanding ESG factors is critical for investors, especially in the Asia-Pacific region.

Enhancing risk management

ESG considerations are at the heart of effective risk management. Traditional financial metrics are essential, but they often fail to capture a company’s full risk profile. ESG metrics provide critical insights into risks that can significantly impact a company’s performance. 

For example, over 57 million people across the Asia Pacific were affected by climate disasters in 2021. Imagine the financial impact if your investee firms or its employees were located in those regions. Or, outdated technology might mean a facility consumes excessive energy, impacting not only environmental resources but also increasing operational costs. For a “Social” factor, consider an investee company in the technology sector that only hires one gender—can it truly create products representative of our diverse society?

Tracking these risks is the only way to understand the strategies needed to manage them. Often, the data exists but companies fail to operationalise its consolidation because it’s scattered across different parts of the organisation. It is also sometimes an exercise that is done once at the start of the investor relationship instead of leveraging it over the course of the investment period.

Also Read: Small steps, big impact: How SMEs can champion ESG initiatives

Driving operational efficiency

Integrating ESG metrics into traditional financial analysis provides a more holistic view of investee company performance and opportunities to create operational efficiency. For instance, tracking information about sustainable packaging for retailers can lead to cost savings through reduced material use and waste. Similarly, tracking the number of workplace injuries and days lost due to injuries are additional metrics that can contribute to better financial performance and lower risk when managed. 

In Asia Pacific, companies face unique challenges, such as the lack of consistent common language that makes the understanding of global standards tricky. For example, the nuances of diversity, equity, and inclusion (DEI) policies and demographic data tracking can vary significantly between countries, leading to inconsistent data collection processes.

Additionally, human error, lack of information, and overly complex data collection methods can result in poor data quality. An effective ESG strategy involves a clear and consistent approach to yield high-quality data, which is crucial for achieving the efficiency needed for desired investment outcomes, as well as a technology platform that integrates with your current tech stack.

Meeting investor expectations and regulatory requirements

Private equity firms are increasingly requesting metrics that account for emerging risks. Issues such as cybersecurity are particularly relevant to the Asia-Pacific region as technology becomes more sophisticated. Organisations in the Asia-Pacific region experienced an alarming average of 1,835 cyberattacks per week in the first quarter of 2023, compared to the global average of 1,248 attacks per week, according to IMDA Singapore.

Last year, Asia Pacific witnessed the highest level of cybercrime activity for the second consecutive year, accounting for 31 per cent of global attacks. As digitalisation continues to expand across the region, cybercriminals are increasingly targeting Asia, making cybersecurity an essential component of risk management for businesses.

On the ESG regulatory front, there has been an uptick in jurisdictions requiring mandatory reporting from non-listed companies. While many regulations in the region are targeted to public companies, Japan, Hong Kong, Indonesia, and Singapore encourage non-listed companies to adopt sustainability disclosures on a voluntary basis.  Singapore and New Zealand have also established regulatory requirements.

Starting in 2027, Singapore will require large non-listed companies to disclose climate-related information. New Zealand has already introduced mandatory climate-related disclosures for financial institutions and large entities beginning in 2023.

Also Read: ESG frameworks and standards: Cutting through the complexity for private markets

With regulatory requirements also on the rise globally, private equity firms may limit their pool of potential investors during fundraising if they lack robust ESG data. Investors based in regions such as EMEA often have stringent regulations and requirements for ESG disclosures, making comprehensive ESG reporting crucial for attracting and retaining these investors.

Practical steps for investors

To operationalise your ESG processes, consider these basic steps:

• Adopt global standards and frameworks: Leverage existing ESG frameworks such as EDCI, GRI, and SASB to inform sustainability reporting. Having a policy simply means an overview on values and principals but having a framework is a more practical and prescriptive step.
• Integrate ESG into due diligence: Make ESG metrics a core part of your investment evaluation and portfolio management process to demonstrate your commitment to sustainable investing and long-term value creation.
• Engage with stakeholders: Regularly engage with your stakeholders and those of your investee companies.
• Utilise technology: Implement technology solutions to streamline ESG data collection and reporting. If data collection is too onerous, you jeopardise the quality and completion of the process.
• Address regional challenges: Language and Cultural Differences: Provide training and resources to help local teams understand and implement global standards.
• Simplify data collection processes: Develop straightforward, efficient data collection methods to reduce the burden on local teams and improve data quality. This could be assisted with evolving technology today.

As the investment landscape evolves, integrating ESG considerations into your strategy not only enhances operational efficiency and risk management but also aligns with global investor and regulatory expectations, ensuring robust and sustainable growth for the future. Make sure you have the full picture.

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The Echelon X fireside chat titled ‘$10M in 2 Years: Building Direct-to-Consumer Brands in Southeast Asia’ provided an insightful look into the business of DTC brands in SEA. The session explored key themes such as testing and manufacturing, branding and marketing, the metrics that truly matter, the resurgence of retail experiences, and the maturation of the DTC space in the region.

Moderated by Prahlad Jaya, Founder of Kurate, the fireside chat featured Roy Ang, Co-Founder and CEO of Evo Commerce. Together, they offered a comprehensive look into the business of DTC brands in SEA. From the initial stages of testing and manufacturing to the critical aspects of branding and marketing, the discussion covered the essential metrics that drive success in this competitive landscape.

Additionally, the speakers explored the return of retail experiences and how the DTC space is evolving and maturing in Southeast Asia. The session provided valuable insights and practical advice for entrepreneurs and industry professionals alike.

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In the past decade, India has witnessed a dramatic rise in the number of startups, transforming the country into one of the most vibrant entrepreneurial ecosystems in the world. With a rich pool of talent, increasing access to capital, and a supportive government, the Indian startup landscape has evolved rapidly.

This article delves into the factors driving this growth, the challenges faced by startups, and the future prospects of entrepreneurship in India.

The Indian startup ecosystem: A snapshot

India’s startup ecosystem is one of the fastest-growing in the world, boasting over 80,000 startups as of 2023. These startups span various sectors, including technology, healthcare, finance, education, and agriculture.

The growth of this ecosystem has been fueled by several factors:

• Demographic advantage: India has a young and dynamic population, with over 65 per cent of its citizens under the age of 35. This demographic dividend has created a large pool of energetic and ambitious entrepreneurs who are eager to innovate and disrupt traditional industries.
• Digital transformation: The widespread adoption of smartphones and the internet has opened up new avenues for digital startups. With over 700 million internet users, India presents a vast market for tech-driven solutions. The government’s push for a digital economy through initiatives like Digital India has further accelerated this transformation.
• Access to capital: The availability of funding has been a crucial factor in the growth of Indian startups. Venture capital firms, angel investors, and government-backed funds have played a significant role in providing the necessary capital for startups to scale. Additionally, India has seen a rise in corporate venture arms and international investors looking to tap into the burgeoning market.
• Government support: The Indian government has introduced several policies and initiatives to foster entrepreneurship. The Startup India initiative, launched in 2016, offers a range of benefits, including tax exemptions, simplified compliance processes, and access to government tenders. Moreover, the government has set up funds like the Fund of Funds for Startups (FFS) to provide financial support to startups.
• Educational institutions and incubators: Indian educational institutions, particularly the Indian Institutes of Technology (IITs) and Indian Institutes of Management (IIMs), have become hotbeds of entrepreneurial activity. Many of these institutions have established incubation centres that provide mentorship, resources, and networking opportunities for budding entrepreneurs.

Key sectors driving growth

The Indian startup ecosystem is diverse, with several sectors showing significant promise. Some of the key sectors driving growth include:

• E-commerce: India’s e-commerce sector has witnessed exponential growth, driven by increasing internet penetration, rising disposable incomes, and changing consumer behaviour. Startups like Flipkart, Snapdeal, and BigBasket have revolutionised the way Indians shop online, offering everything from electronics to groceries at the click of a button.
• Fintech: The financial technology (fintech) sector in India has emerged as a global leader, with startups like Paytm, PhonePe, and Razorpay leading the charge. These companies have disrupted traditional banking and financial services by offering innovative solutions such as mobile payments, digital wallets, and online lending. The government’s push for digital payments through initiatives like UPI (Unified Payments Interface) has further fueled the growth of fintech startups.
• Edutech: The education technology (edutech) sector has gained significant traction, especially in the wake of the COVID-19 pandemic. Startups like BYJU’S, Unacademy, and Vedantu have transformed the learning experience by providing online courses, interactive content, and personalised learning solutions. With the increasing demand for quality education and skill development, the edtech sector is poised for continued growth.
• Healthtech: The healthcare sector in India has seen a surge in healthtech startups offering innovative solutions to address the country’s healthcare challenges. Companies like Practo, 1mg, and PharmEasy have revolutionised the way healthcare services are delivered, from online consultations to medicine delivery. The COVID-19 pandemic has further accelerated the adoption of digital health solutions, making healthtech one of the most promising sectors in the Indian startup ecosystem.
• Agritech: Agriculture is the backbone of the Indian economy, and agritech startups are playing a crucial role in modernising the sector. Startups like Ninjacart, DeHaat, and CropIn are leveraging technology to improve supply chain efficiency, provide real-time data to farmers, and offer precision farming solutions. With the government’s focus on doubling farmers’ income, the agritech sector is expected to see significant growth in the coming years.
• Electric vehicles (EVs) and clean energy: The push for sustainability and clean energy has led to the rise of startups in the electric vehicles (EVs) and clean energy sectors. Companies like Ola Electric, Ather Energy, and ReNew Power are leading the charge in developing electric vehicles, charging infrastructure, and renewable energy solutions. With the government’s ambitious targets for EV adoption and renewable energy capacity, this sector is set to play a vital role in India’s future.

Also Read: How can biofuel reduce India’s dependence on oil imports?

Challenges faced by Indian startups

Despite the impressive growth, Indian startups face several challenges that can hinder their progress:

• Regulatory hurdles: Navigating the complex regulatory environment in India can be daunting for startups. While the government has made efforts to simplify processes, compliance with multiple regulations across different sectors can be time-consuming and costly.
• Access to talent: While India has a large pool of talent, there is a shortage of skilled professionals in areas such as data science, artificial intelligence, and cybersecurity. Startups often struggle to attract and retain top talent due to competition from larger companies and global players.
• Funding challenges: Although there has been a surge in funding, not all startups have access to the necessary capital. Early-stage startups, in particular, may find it challenging to secure funding without a proven track record or strong connections in the investor community.
• Market competition: The Indian startup ecosystem is highly competitive, with numerous players vying for market share in key sectors. Startups need to continuously innovate and differentiate themselves to stay ahead of the competition.
• Scaling issues: Scaling a startup in India can be challenging due to the country’s diverse market, which is characterised by varying consumer preferences, regional languages, and infrastructure limitations. Startups need to adopt a localised approach to effectively reach and serve customers across different regions.
• Intellectual property (IP) protection: Protecting intellectual property is crucial for startups, especially those operating in technology-driven sectors. However, the process of obtaining and enforcing IP rights in India can be cumbersome and time-consuming, posing a risk to startups’ innovations.

Success stories and unicorns

India’s startup ecosystem has produced several success stories, with numerous startups achieving unicorn status (valued at over $1 billion). Some of the most notable unicorns include:

• Flipkart: Founded in 2007, Flipkart is one of India’s earliest e-commerce giants. Acquired by Walmart in 2018, Flipkart has played a pivotal role in shaping the Indian e-commerce landscape and inspiring a new generation of entrepreneurs.
• Paytm: Launched in 2010, Paytm started as a mobile recharge platform and has since evolved into one of India’s leading fintech companies. With a wide range of services, including payments, banking, and e-commerce, Paytm has become a household name in India.
• BYJU’S: Founded in 2011, BYJU’S is the world’s most valuable edtech company. With its engaging and interactive learning platform, BYJU’S has transformed the way students in India and abroad approach education.
• Ola: Ola, founded in 2010, is India’s leading ride-hailing company. It has expanded its services to include electric vehicles, food delivery, and financial services, making it one of the most versatile startups in the country.
• Zomato: Founded in 2008, Zomato is a leading food delivery and restaurant discovery platform. Zomato’s success has paved the way for other foodtech startups and contributed to the rapid growth of the food delivery market in India.

Also Read: India beats Singapore, US to rank highest for AI project implementation

The future of Indian startups

The future of Indian startups looks promising, with several factors contributing to the continued growth of the ecosystem:

• Increased digital adoption: The ongoing digital transformation in India will create new opportunities for startups across various sectors. The rise of 5G, the Internet of Things (IoT), and artificial intelligence (AI) will drive innovation and open up new markets.
• Global expansion: Indian startups are increasingly looking beyond domestic markets and expanding their presence globally. With a focus on innovation and cost-effective solutions, Indian startups have the potential to become global leaders in their respective fields.
• Focus on sustainability: As the world grapples with climate change, there will be a growing emphasis on sustainability and green technologies. Indian startups in sectors like clean energy, electric vehicles, and sustainable agriculture will play a crucial role in driving this transition.
• Government support: The Indian government’s continued support for entrepreneurship, through initiatives like Startup India and Atmanirbhar Bharat, will provide a conducive environment for startups to thrive. Policy reforms aimed at simplifying regulations and improving ease of doing business will further boost the startup ecosystem.
• Rise of deep tech startups: As India’s startup ecosystem matures, there will be a shift towards deep tech startups that leverage advanced technologies like AI, blockchain, and quantum computing. These startups will drive innovation in areas like healthcare, finance, and cybersecurity, creating new opportunities for growth.

Conclusion

India’s startup ecosystem has rapidly evolved into a global powerhouse, driven by innovation, resilience, and a spirit of entrepreneurship. As startups continue to disrupt traditional industries and create new markets, they are not only contributing to economic growth but also shaping the future of technology and business.

The road ahead is filled with opportunities as well as challenges, but with continued support from the government, investors, and the community, Indian startups are poised to make a significant impact on both the domestic and global stage.

The next decade will likely see Indian startups not just thriving within the country but also becoming influential players on the world stage, driving change and setting new benchmarks in various industries. As the ecosystem matures, it will be exciting to watch how these startups continue to innovate, adapt, and lead the way into a new era of entrepreneurship.

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Singapore-headquartered savings and investment platform Syfe has closed a US$27 million funding round.

The money came from two unnamed UK family offices and existing investors Unbound and Valar Ventures, the US-based VC firm co-founded by Peter Thiel.

Also Read: Wealthtech, insurtech, SaaS fintech are the new hot verticals in Indonesia: AC Ventures report

This round brings the total funds raised by the company to US$80 million.

Syfe will use the funds to accelerate product development. This will include launching new verticals in its newest markets, Hong Kong and Australia, to match the holistic offering of managed investment portfolios, cash management solutions and full-fledged brokerage already available to customers in Singapore.

Dhruv Arora, founder and CEO of Syfe, said: “We will also be assessing strategic investment opportunities or acquisition targets aligned with our mission and growth objectives.”

Licensed and operational in Singapore, Hong Kong and Australia, Syfe aims to empower people to build their wealth for a better future. It caters to individuals’ wealth needs with diversified proprietary portfolios, cash management solutions, and brokerage.

Also Read: Peter Thiel’s Valar Ventures leads Singapore wealthtech startup Syfe’s US$30M Series B round

In Singapore, Syfe manages multiple billion dollars in assets, and over 5 per cent of adult citizens use the platform to achieve their financial goals. According to the company, its Singapore unit turned profitable in early 2024.

The startup has customers from 60-plus countries.

In 2021, Syfe announced the closing of its US$30 million Series B funding round, led by Valar Ventures. A few months earlier, the same VC firm led a US$18.6 million Series A funding round in the firm.

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Image Credit: Syfe.

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Singapore-based global VC firm Antler has invested US$110,000 in pre-seed funding in AI-driven DevOps-as-a-Service platform NEBU as part of its Malaysia Residency programme.

The startup will use the capital to develop its platform, enhance its AI models, and fund its go-to-market strategy.

Also Read: Antler closes US$72M SEA Fund II, to invest US$27M in 45 startups in 6-9 months

Cloud misconfigurations present significant challenges and risks, including security vulnerabilities, data breaches, and increased operational costs. These misconfigurations can result in downtime, loss of customer trust, and substantial financial losses.

NEBU’s solution aims to mitigate these risks by automating the detection and remediation of cloud misconfigurations, ensuring continuous and secure cloud operations.

The startup’s primary customers are cloud-native companies. By leveraging expert AI, NEBU automates all DevOps infrastructure activities, reducing the costs associated with monitoring and maintaining cloud environments. This enables businesses to focus on creating value, while NEBU augments their capabilities of cloud infrastructure management efficiently.

Recently, Antler announced the final close of its second Southeast Asia fund, worth US$72 million. Fund II will continue investing in early-stage tech-enabled companies in the region with pre-launch, pre-seed, and seed capital.

Also Read: Antler invests in 19-year-old’s AI-powered research and writing platform Intellecs

Over the next six to nine months, it targets to invest US$27 million in 45 early-stage startups. Part of the funding will also support startups formed during Antler’s residency programmes in Singapore, Indonesia, Vietnam, and Malaysia.

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Image Credit: Nebu.

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