Dear reader,

Flash Coffee, a tech-enabled coffee chain, has appointed former Foodpanda CEO Jakob Angele as its executive chairman to steer the company towards profitability.

After a period of rapid expansion across Asia Pacific, the company has scaled back significantly, liquidating its operations in Singapore, Thailand, Hong Kong, Taiwan, and South Korea, leaving it with just 67 stores in Indonesia.

Despite this contraction, Angele is optimistic, noting that most of the remaining outlets are EBITDA-positive. The company has focused on fine-tuning its cost structure and revamping its menu, with 63% of drinks being new offerings tailored to Indonesian tastes.

This strategic shift, coupled with enhanced seating options, has improved offline business performance. Angele, who shares a professional history with Flash Coffee’s founder, believes the brand is well-positioned in Indonesia’s competitive market, offering quality at a medium to high price point.

The company plans to open five to ten new stores in Indonesia this year, with no immediate plans for international expansion. Confident in the potential of the Indonesian market, Angele envisions Flash Coffee expanding to 300-400 outlets domestically while maintaining profitability.

Sainul,
Editor.

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NEWS & VIEWS

Flash Coffee taps ex-Foodpanda CEO in turnaround bid
The tech-enabled coffee chain has hired Jakob Angele as its executive chairman in a bid to hit profitability; Flash Coffee liquidated its operations in Singapore last October, while it sold its Thai business the following month.

Google is working on AI that can hear signs of sickness
According to Bloomberg, Google has trained one of its foundation AI models with 300 million pieces of audio that included coughs, sniffles and laboured breathing to identify, for example, someone battling tuberculosis.

Validus secures up to US$50M from HSBC to support Indonesian MSMEs
The capital will be deployed through Validus’s Indonesian subsidiary, Batumbu, to support local MSMEs and address the country’s financing gap; There’re currently 64.2M MSMEs that contribute 61 per cent of the country’s GDP.

Malaysia’s Kenanga Group acquires 8% stake in Singaporean fintech firm Helicap
The partnership aims to further advance the group’s digitalisation initiatives;
Helicap is a platform that specialises in the alternative lending space in Southeast Asia.

Customers of WazirX unlikely to recover full funds
The Indian cryptocurrency exchange WazirX suffered a US$234M hack in July; George Gwee, a director at restructuring firm Kroll working with WazirX, said that at least 43% of the money any customer had in WazirX is unlikely to be recovered.

OKX Singapore gets payment nod from MAS, taps ex-Grab exec as CEO
The license allows OKX Singapore to offer digital payment token services and cross-border money transfers, including spot trading of cryptocurrencies for customers in Singapore.

Uber drives deeper into South Korea to take on Kakao Mobility
Currently, Korea’s ride-hailing industry is dominated by Kakao Taxi, Kakao Mobility’s consumer service, with more than 23 million registered users and a 98% market share.

Singapore’s GIC acquires logistics facility in Yokohama, Japan
The asset is well-located within the Kanagawa Prefecture and enjoys convenient access to the entire Greater Tokyo region; The facility was developed by Daiwa House Industry, a Japanese real estate developer.

Protégé Ventures invests in rocket propulsion, space launch startup ESS
ESS’s HRF-1 technology can eliminate up to 90% of costs and 69% of GHG emissions compared to traditional liquid propulsion systems.

FEATURES & INTERVIEWS

Empowering change: Singapore’s female-led startup success stories
These Singaporean startups, led by visionary women, are proving that female founders are making waves in the tech industry.

Echelon X: Exploring the realities of market access in the Middle East
The Echelon X fireside chat clarified the realities and offered practical insights for companies eyeing the Middle Eastern market.

Echelon X: Pinhome’s strategies for sustainable growth and financial stability
The Echelon X fireside chat showcased how Pinhome navigated Indonesia’s property tech market to achieve sustainable growth and positive unit economics.

Mastering the funding maze: Unlocking financing pathways for founders in the Philippines
Investing in startups in the Philippines has become increasingly attractive due to its rapidly growing economy and youthful population.

THOUGHT LEADERSHIP

Thailand’s tech renaissance: Building bridges to global success
The numbers are in—emerging markets like Thailand need a new strategy for their struggling tech ecosystems to foster global innovation and growth.

Understanding priced and unpriced funding rounds: A startup lawyer’s guide for startups
Learn the key differences between priced and unpriced funding rounds and how they impact your startup’s valuation, equity dilution, and fundraising.

Revolutionising sourcing and procurement with AI: Sourcefy’s vision
Transforming B2B sourcing with AI-driven precision: Sourcefy redefines the supplier discovery and management process.

Why Australia is the hidden gem for global investors
Australia, traditionally known for its strengths in finance, mining, energy, and agriculture, also excels in the technology sector.

FROM THE ARCHIVES

Want to build a sustainable startup? Solve a problem for your customers
Resourceful startups have demonstrably proved that there are few problems that can withstand human motivation to overcome pain.

Globalise strategy, localise conversations: The key to nailing native advertising in new markets
By knowing what can make an impact now and what to prepare for moving forward, a balance can be made in native advertising.

4 perks of continuous data protection for businesses
When investing in consumer data protection, keep in mind that there is no unique strategy that works for any business.

How to fight a costly turnover in an effective way
Posting jobs, interviewing, preparing offers, and onboarding new job candidates are all very costly procedures. Replacing an employee costs an average of ⅙ of their yearly pay, which adds up quickly the higher up the food chain you go.

Is voice the next revolution in fintech?
Owing to the current state of mobile penetration, voice will increasingly be shifting towards higher-value work, including in fintech.

10 unarguable things that great leaders do
Articles have been written by others naming the traits they would like to see in leaders, but you may notice something in common here.

How to keep your remote employees’ networks more secure
As remote working becomes more commonplace, here are some steps you can take to ensure your IT security is not compromised.

5 early lessons I learned building my startup
To grow, do not surround yourself with yes men. Always be ready to have your startup ideas challenged to grow them.

A better way to work: independent doers lead the way
No matter how you’re employed, embracing change is the best way to stay relevant; and independent doers are leading the way, let’s keep up.

5 analytical tools that entrepreneurs can use to scale
A handy list of five analytical tools that can be used to obtain a holistic view of your business, compiled for your convenience.

Why you should start a business in your 40s
In your many years of work experience, you will have figured out your strengths, and be able to use it to your advantage.

Things to consider during the startup fundraising process
By looking at financial projections, the company would have an idea if it can fund plans via cash or should opt for fundraising.

Why fasting is the ultimate productivity hack for entrepreneurs
Who would have thought the secret to working more efficiently lies in a thousand-year-old practice?

These 5 toxic factors cause employees to quit even before they have another job
Founders and managers must know how to retain employees and maintain a good work culture in their businesses.

Here are 8 ways you can utilise expressive blogging for your startup
Blogging is the most effective way of promoting your business without being too up-front about your product or service.

The post Ecosystem Roundup: Flash Coffee looking for a turnaround | Google working on AI that can hear signs of sickness appeared first on e27.

Lokatani, an agritech startup focused on developing hydroponic vegetables, has announced a pre-seed funding round with AsiaPay Capital and Jakarta Ventura (Jakvent).

“This funding will be used for various aspects, from increasing production capacity, developing internet-based agricultural technology, expanding distribution networks, marketing and promotion, to human resource development. This support also allows Lokatani to continue aligning plant production in real-time with customer demand using IoT through an integrated application,” said CEO Abdul Choliq.

Also Read: The age of the super farmer: How technology is enabling the average farmer

Founded in 2019, Lokatani utilises IoT technology, an inventory management system, and hydroponic methods to produce premium vegetables.

Through its on-demand order approach, Lokatani adjusts the production process to customer demand, thus increasing farmers’ production efficiency. The “scheduled planting” system implemented by Lokatani is the key to maintaining supply stability in terms of quality and quantity, supported by IoT technology for automated vegetable maintenance.

The startup’s offerings are:

• Loka Fresh specialises in selling high-quality hydroponic vegetables under the “Sayuran Pagi” brand, making fresh vegetables available on demand.
• Loka Grow emphasises research and development to empower farming communities through a co-farming scheme.
• Loka Tech is an integrated application with IoT that facilitates automated monitoring and agricultural processes, as well as more efficient and effective inventory management.
• Hydro Estate offers services for constructing and maintaining hydroponic farms, including greenhouse operations.

“The value chain built by Lokatani is an ecosystem that greatly helps address the fragmented value chain in agriculture systems, particularly in hydroponics. As a strategic investor, we hope to leverage our expertise in payment infrastructure to drive financial inclusion and positively impact hydroponic farmers,” said Rizki Maarif, Venture Investor Team & Research Lead at AsiaPay Capital.

“Lokatani not only serves as an aggregator in this ecosystem but also plays a crucial role in guiding and supporting the farming community. We hope that the farming community, especially hydroponic vegetable farmers, will continue to grow and progress alongside Lokatani,” stated Jakvent CEO Chrisantina Lunaryati.

Also Read: How AI and automation can shape the future of farms

Asiapay Capital is an investment arm of Asiapay Group, a Hong Kong-based digital payment services company.

Jakarta Ventura is a regional VC company under the auspices of Bahana Artha Ventura (BAV), a subsidiary of the state-owned enterprise of investment and insurance holding company PT Bahana Pembinaan Usaha Indonesia (Persero), also known as IFG.

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Image Credit: Lokatani.

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BillEase, a digital consumer finance platform in the Philippines, has secured an undisclosed strategic investment in a Series C round led by TPG’s The Rise Fund.

Existing investor Burda Principal Investment also participated.

This investment will help BillEase support its growth.

“The Rise Fund has built a global track record of helping socially impactful companies scale, and their investment will empower us to not only sustain our strong growth but also expand our product offerings to serve the underserved and underbanked better, enabling more Filipinos to improve their living standards,” Georg Steiger, CEO of BillEase, said.

Also Read: BillEase nets US$5M more to grow loan portfolio, launch credit products

BillEase leverages machine learning and AI to build financial products while mixing traditional global credit underwriting best practices to meet customers’ needs. It offers personal loans, e-wallet top-ups, prepaid load, gaming credits, bill payment, a buy-now-pay-later (BNPL) service and deals from over 10,000 merchants and over 600,000 QRPh-accepting merchants.

“In the Philippines, there remains a need among businesses and individuals for greater access to affordable financial products. Only 18.8 per cent of people in the Philippines can reportedly borrow money from a formal financial institution or money provider,” said Lito Camacho, Senior Advisor for TPG. “BillEase is offering a solution that solves that pain point for many, giving access to flexible payment options in a safe and sustainable way.”

In April, BillEase received US$5 million in credit facility from Saison Investment Management, the offshore lending arm of Japan’s Saison International.

In 2022, BillEase completed an up to US$20 million debt facility from Singapore-based fintech firm Helicap Securities.

The post TPG’s unit leads Series C round of Filipino consumer finance app BillEase appeared first on e27.

TailorTech, a Malaysian startup focused on transforming power management for off-grid locations, has raised US$110,000 from Antler.

Founded by brothers Ts. Dr. Indera Shaiful and Ts. Indera Shafiq, TailorTech aims to tackle problems faced by industries that are reliant on generator sets in remote and off-grid locations, including inefficiencies, high costs, frequent maintenance, and the environmental impact associated with conventional generator sets.

Also Read: Antler’s Southeast Asia focus: Nurturing the next wave of AI, fintech startups

TailorTech has developed the Power Enhancer System (PES), an integrated smart power management solution designed to optimise the use of generator sets. Engineered to reduce operational costs and carbon footprints, it provides a solution for industries where reliable, efficient, and sustainable power is critical and costly.

The PES shows potential for a wide range of off-grid generator-set users, including telecom tower operators, plantation estates, mining, construction sites, and rural villages and clinics. In regions such as Malaysia and Indonesia, these sectors frequently need suboptimal power solutions that lead to increased costs and environmental concerns.

While renewable energy sources are often considered viable alternatives, their economic feasibility in diverse and challenging locations remains limited. TailorTech’s PES addresses this gap by enhancing existing generator infrastructure with smart, efficient technology that reduces both costs and emissions.

TailorTech plans to deploy its first on-site installation as a proof of concept for a targeted client. This deployment will be a critical demonstration of the PES’s effectiveness and scalability, potentially paving the way for further investment opportunities and market expansion.

Also Read: ByteGami gets Antler’s backing for its plug-and-play gamification platform

The introduction of TailorTech’s PES is timely, aligning with global efforts toward net-zero carbon emissions and sustainable energy solutions. Although the PES does not entirely eliminate carbon emissions, it offers a substantial reduction, making it a practical and immediate solution in the shift towards greener energy practices.

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Image Credit: TailorTech.

The post TailorTech bags funding for its off-grid power management solution appeared first on e27.

It’s been a few months since the Berkshire Hathaway Annual General Meeting (AGM) drew to a close, but even today, I find myself reflecting on the invaluable lessons shared by some of the world’s most brilliant investors.

It was an honour to learn from these individuals whose wisdom and generosity continue to shape my journey as an investor. Among the many insights I gathered, one conversation stood out: my chat with Mohnish Pabrai.

Pabrai, an esteemed investor in his own right, offered a simple yet profound piece of advice that encapsulates the essence of Warren Buffett and Charlie Munger’s success —

“Circle of competence grows very slowly. Be patient about it.”

This statement might seem obvious, but its implications are vast and far-reaching, especially in today’s fast-paced investment environment.

The circle of competence: A deliberate and gradual expansion

Pabrai’s emphasis on the circle of competence is a reminder that mastery in investing doesn’t happen overnight. He pointed out that Buffett and Munger didn’t rush into investing in Coca-Cola. In fact, it wasn’t until after 16 years of experience with See’s Candies—a company they bought in 1972—that they truly understood the power of a brand and a consumer monopoly. This understanding didn’t come from a quick study or a sudden insight; it was the result of years of observation, learning, and deep immersion in their circle of competence.

The idea of a circle of competence is not new. Buffett himself has spoken about it extensively, urging investors to stick to what they know and to be cautious about venturing into unfamiliar territories. However, what Pabrai highlighted was the patience required to expand this circle. It doesn’t grow rapidly; rather, it expands slowly, as one accumulates knowledge and experience over time.

Also Read: Mastering the funding maze: Unlocking financing pathways for founders in the Philippines

The power of patience in a fast-paced world

In an era where speed is often equated with success, the idea of being patient can feel counterintuitive. We live in a world that celebrates quick wins and instant gratification, where the pressure to make fast investment decisions can be overwhelming. The temptation to chase after the latest trends, to dive into industries we barely understand, and to expect immediate returns is ever-present.

Yet, as Pabrai reminded me, true understanding cannot be rushed. Buffett and Munger’s decision to invest heavily in Coca-Cola, a position that eventually occupied a quarter of Berkshire Hathaway’s entire book value, was not made in haste. It was the result of years of patient observation, during which they built a deep conviction in the company’s long-term potential.

The same principle applied when Buffett invested in Apple—a move that came after 44 years of careful study and reflection. Despite the time it took, these investments became cornerstones of Berkshire Hathaway’s success, proving that patience is not just a virtue in investing; it is a critical component of long-term success.

Connecting the dots over time

Pabrai’s insights serve as a powerful reminder that investing is a journey, not a race. The desire to move quickly is understandable; we all want to see our investments grow and succeed. But rushing the process often leads to mistakes, misunderstandings, and missed opportunities. Building a strong foundation of knowledge, on the other hand, takes time and effort. It requires a commitment to learning, a willingness to go deep, and the patience to wait for the right opportunities.

Also Read: Fostering inclusion: AI’s role in SEA’s education sector

Buffett’s famous analogy — “You can’t produce a baby in one month by getting nine women pregnant” — is a humorous yet poignant illustration of this principle. Some things simply cannot be hurried. The dots that make up the picture of a successful investment strategy will connect eventually, but only if we take the time to understand them fully.

Embracing the slow and steady approach

Reflecting on Pabrai’s advice, I find myself more committed than ever to the idea of slow and steady progress. As investors, we must resist the urge to rush into decisions. Instead, we should focus on gradually expanding our circle of competence, learning from our experiences, and patiently waiting for the right moments to act.

The rewards for this approach are clear. Buffett and Munger’s success is not just a result of their intelligence or insight, but of their patience and persistence. They understood that great investments are built on a foundation of deep knowledge and strong conviction—both of which take time to develop.

As I continue on my own investment journey, I carry with me the lessons from this year’s Berkshire Hathaway AGM, particularly the wisdom shared by Pabrai. His reminder to be patient, to go slow, and to trust in the process of building a circle of competence has reinforced my belief that true success in investing is not about speed, but about depth and endurance.

So, the next time I find myself tempted to rush into a decision, I’ll remember Pabrai’s words and the example set by Buffett and Munger. After all, in the world of investing, it’s not about how fast you get there, but how well-prepared you are when you do.

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The post The timeless wisdom of patience in investing: A conversation with Mohnish Pabrai appeared first on e27.