Last week, Singapore-based cultivated seafood startup Umami Bioworks announced a merger with cell-based crustacean meat company Shiok Meats in a rather unexpected move. The deal raised many eyebrows as the alt-protein market is far from mature, and consolidation is many years away.

However, Umami CEO Mihir Pershad sees the merger as good and timely, allowing the two firms to establish a one-stop-shop for seafood incumbents wanting to adopt cultivated production.

Umami CEO Mihir Pershad spoke with e27 and shared the rationale behind the deal and how it will impact the alt-sea food industry in Southeast Asia.

Edited excerpts:

Can you tell us more about the motivation behind the merger between Umami Bioworks and Shiok Meats and how it positions the combined entity in the cultivated seafood industry?

As Umami began submitting its first regulatory dossiers and signing initial customers for production facilities in Q4 2023, we felt it was a good time to take a more strategic look at how the industry may evolve in the next few years and how we could position the company to be the partner of choice for incumbents looking to adopt a more sustainable production technology.

The merger with Shiok Meats stood out as an opportunity to bring together the IP, resources, and commercial progress of two pioneers in the sector to establish a leading platform for cultivated seafood.

This merger allows two companies with complementary strategic priorities in cultivated seafood to combine their resources, commercial relationships, and species pipelines to establish a leading platform that can be the one-stop-shop for seafood incumbents wanting to adopt cultivated production.

With Umami Bioworks leading the merged entity, what are the key strategies or initiatives you plan to implement to leverage the strengths of both companies and drive growth?

Umami has focused on International Union for Conservation of Nature (IUCN)-listed fish species that are unsuited to commercial farming and are facing growing demand, including eel, tuna, snapper, grouper, and halibut, whereas Shiok Meats has prioritised work on crustaceans, including shrimp, crab, and lobster.

Together, these species represent a robust pipeline of several of the most at-risk and commercially desired seafood products.

Also Read: Alt-food revolution: A look at SEA’s growing demand for sustainable food

Further, Umami can now extend its platform technologies for screening, continuous production, and machine learning-based automation to the Shiok crustacean portfolio to accelerate the development of cell lines, production processes, and commercially ready products.

How do you envision the continuation of Shiok Meats’s work on crustaceans under Umami, and what potential impact do you foresee in addressing market demand and sustainability challenges?

We have seen a strong pull from the market, including our existing strategic partners, for cultivated crustacean options. We are committed to continuing the development of crustacean cell lines that enable scalable production.

Further, Umami’s priority has always been ETP (endangered, threatened, and protected) species that are unsuited to large-scale commercial farming and are facing growing demand. Crustaceans like lobster and crab are aligned with our strategic mandate.

With growing instability in crustacean supply and an increasing number of crustaceans being added to the IUCN Red List, we believe that creating a sustainable alternative to the current wild catch of crustaceans will be critical to preserving these species in the wild while meeting rapidly growing demand.

As per a news report, you plan to bring cultivated unagi and white fish to the market via hybrid product applications. Could you elaborate on the significance of these choices and the expected market reception?

We are initially planning to bring cultivated unagi (eel) and white fish (grouper) to the market, as these are the most advanced species in our pipeline and those for which we already have commitments from existing strategic partners. We selected unagi initially because it is an iconic and culturally important species in many Asian countries, and we believe that preserving this food heritage will be a strong element that can motivate consumer adoption.

Grouper, while also culturally important in many Asian countries, we selected for its versatility. Whitefish is the second largest category in seafood but includes a wide variety of culinary preparations and product formats, from fillets to smaller cuts. Grouper’s versatility will allow us to develop a range of products with multiple global food companies, establishing a more rapid path to scalability and offering a diverse range to consumers.

The cultivated seafood market is still in its early stages. How do you see this merger impacting the broader industry landscape in the APAC region?

Cultivated seafood as a sector is now on the cusp of commercialisation and initial scale-up. As the cultivated industry is starting to mature, we believe that M&As like this one are good for the industry, as they allow for the consolidation of IP and resources to accelerate commercialisation and scale-up.

Our goal with this merger was to establish a leading cultivated seafood platform globally and to become the partner of choice for seafood incumbents looking to adopt cultivated products. Umami will now have one of the deepest pipelines in the cultivated sector along with a licensing commercial model that will allow us rapid industry adoption that will be needed to increase seafood supply to meet expected demand growth over the coming two decades.

As the cultivated seafood sector progresses towards commercialisation, what are the main challenges or obstacles that Umami Bioworks anticipates, and how do you plan to address them?

Regulation and market access: Currently, the US is the only major market where cultivated products can be sold. Singapore and Israel are much smaller markets. Most food incumbents – and investors – want to see more markets available before they invest in establishing large-scale production and investing in category creation for cultivated.

Further, regulations to allow market testing of products with consumers are also unclear or unwritten in many markets, making it challenging to test products for acceptance and market fit.

Also Read: Shiok Meats wants to bring cruelty-free shrimp products to your dining table with its US$12.6M Series A

Umami is working closely with a number of government and industry bodies to accelerate the development of frameworks for market testing and commercialisation.

Consumer acceptance and education: Once cultivated seafood products are available for sale, we believe it will be essential to establish a clear identity for the category to help consumers understand what cultivated seafood can offer and why they should care. This is a critical and often overlooked aspect of building a new category and will require localised messaging based on market research into the desires and concerns of consumers in various regions.

Scale-up and industrialisation: Producing a few kilograms of cultivated fish is one thing. Producing it at scale, reliably, with rigorous quality and production standards is another. We call this industrialisation, and at Umami, we believe it is one of the most critical aspects to the success of cultivated seafood. This is partially an engineering challenge to ensure production systems are reliable and rigorously evaluated in a factory environment and partially a biology challenge, ensuring sufficient process controls to manage a bioproduction process in different seasons and climates and regional variations in supply chains.

Umami engages closely with strategic suppliers to bring production experts into the process design and validation phase in early scale-up. Then we specify those to ensure reproducibility between production sites.

With regard to regulatory approvals, what are the key considerations and milestones for Umami Bioworks as it prepares to launch its products in various markets, including Singapore, the US, and beyond?

In our view, the first major milestone is establishing a clear and comprehensive theory of safety that allows for transparent communication of risks, benefits, and mitigation or validation approaches, which is critical.

Also Read: Umami Meats secures US$2.4M seed funding to scale its cultivated seafood business in Singapore

With only three exceptions, most regulators worldwide do not have frameworks that have been used to approve products yet – and none have yet approved seafood – so establishing a roadmap with regulators is critical. Beyond that, conducting experiments and generating the data from the dossier is an ongoing set of milestones as our process continues to mature. We also work with regulators to clearly delineate what will be included in our initial dossier and to separate new technologies and approaches that may only be incorporated in the future.

How does Umami Bioworks plan to navigate the competitive landscape in the cultivated seafood industry, especially considering the emergence of other players and evolving consumer preferences?

The cultivated seafood sector is still nascent, with no products yet available in the market or approved by regulators. Given the immature state of the industry, we believe that the startups in this space have a shared challenge to successfully bring the first products to market and educate consumers about the category. The emergence of additional startups is not much of a concern today, as the seafood market is nearly US$200 billion globally, and we are all collectively capable of serving a small fraction of that in the next few years.

The broader challenge of establishing a category identity for cultivated seafood, determining the key factors to achieve product-market fit with consumers, and navigating the myriad regulatory regimes globally is far more critical.

Looking ahead, what are the key markets that Umami Bioworks aims to target, and what strategies will be employed to establish a strong presence and capture market share?

Due to clear regulatory frameworks and established regulatory review processes, Umami will initially focus on Singapore and the US. However, we see multiple key markets in Asia, including Japan, South Korea, and China, which have a tremendous appetite for priority species and growing seafood demand.

We are currently actively engaged with multiple regulators worldwide and are planning several regulatory dossier submissions this year.

Also Read: Shiok Meats CEO Sandhya Sriram to step down after merger with Umami Bioworks

Once we have completed the integration, we will also establish a clear roadmap for crustacean approvals that are in line with our customers’ market priorities.

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

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

This article was first published on March 18, 2024

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Visit Echelon X to learn more about the program. Get your tickets here!

Development of the digital ecosystem in Indonesia showing a positive result of growth. The growing number of internet users is the main factor of this growth. To support and empower the development of the digital ecosystem, real action from several institutions will be needed. The main goal of this ecosystem is to help tech companies and startups from early to mature stages reach their potential by implementing technology. A supportive and functional ecosystem can boost both technology and innovation development. 

In building a digital ecosystem, there are several challenges such as the need for a digital talent pool compounded with the difficulty in finding talent with digital skills, and equal distribution of internet access. Innovation hubs address key challenges in bringing support and resources to innovative organisations, fostering productivity by executing a well-thought-out blueprint. The goal is to allow the companies housed in these spaces to thrive.

Also read: Wallex: Driving business growth with secure cross-payments

To this extent, Sinar Mas Land has come up with an ambitious project designed to support the growing Indonesian, and subsequently, the Southeast Asian regional tech industry. Built almost a decade ago, over 40 tech companies and 700+ startups are housed inside the Digital Hub at BSD City. Case in point, Indonesian e-commerce company Sirclo has been part of BSD City’s Digital Hub ecosystem since 2018, among other notable names such as Microsoft, Traveloka, AWS, and Living Lab Ventures.

The Digital Hub envisions becoming the future technological ecosystem of Indonesia, comprising creative institutions, education, enterprises, talent development, startups, venture capital, as well as national and multinational companies.

More than a land development project, Digital Hub is a well-thought-out blueprint for innovation

Situated on a 26-hectare plot of land within the core of BSD Smart City’s Central Business District, Digital Hub is crafted as a sprawling, eco-friendly hub for tech commerce, which aims to serve as a centre for Indonesia’s upcoming innovators, enterprises, and organisations dedicated to shaping a more interconnected and environmentally aware future.

Currently, two major developments are utilised and inhabited, each one meticulously planned to empower innovation. 

One is called the Biomedical Campus, dedicated to elevating the standard of healthcare and positioning Indonesia as a leading destination for medical tourism. Their mission is to establish a thriving ecosystem by fostering partnerships, collaborations, and cooperation with experts across various sectors of the medical field, including research centres, manufacturers, practitioners, health service providers, and education institutions.

Various resources are available, including advanced facilities like smart maker spaces, all while enjoying the beneficial effects of nature on creativity and well-being.

Also read: Echelon X: Meet the Exhibitors who will showcase their innovations

Innovators can further capitalise on this benefit by incorporating the Digital Hub’s Urban Forest into their daily work schedule, utilising the vast multipurpose park meant for recreation, sports activities, and meetings in a relaxed outdoor setting. Workstations, sports facilities, and an outdoor cinema are also available for use. Digital professionals can also take advantage of the full wi-fi coverage and solar energy-powered outlets.

In principle, the Digital Hub is built under six elements of productivity as the overall direction in realising the vision — Diversity, Mobility, Connectivity, Interaction, Health, and Camaraderie. 

Irawan Harahap, CEO of the Digital Tech Ecosystem & Development Sinar Mas Land, explained, “Our company’s mission is to empower and accelerate the growth of startups and entrepreneurs across Asia and nurture future talents to foster innovation, driving economic growth, and creating a vibrant startup ecosystem in the region by providing them with access to cutting-edge resources, mentorship, and opportunities for collaboration.”

Bringing the Digital Hub experience to Echelon X

It is with great anticipation that Digital Hub will be participating in the upcoming Echelon X — Echelon Asia Summit’s 10th-anniversary event happening on 15-16th May 2024 at the Singapore EXPO Hall 2. Echelon X is aimed towards supercharging its flagship programs to tailor to the evolving needs of the next generation of tech leaders.

This aligns perfectly with Digital Hub’s mission, as it allows its team to connect with like-minded individuals, share knowledge, and explore partnerships that will propel the growth and success of startups throughout Asia.

Irawan mentioned, “We are looking forward to the networking opportunities at this year’s [Echelon X]. Connecting with other industry leaders, potential partners, and investors is invaluable for expanding our reach, gaining insights into market trends, and exploring collaboration opportunities.”

Attendees can expect the Digital Hub experience condensed in their exhibition booth. “Overall, we anticipate that our involvement in the summit will be instrumental in driving our [mutual] growth and success in the Asia-Pacific region.”

Also read: Introducing BAE: The world’s first AI travel companion by BuzzAR

Digital Hub intends to build connections with potential partners, investors and other stakeholders and aims to showcase to a diverse audience of industry experts. They are also considering exploring opportunities to expand business or projects into new markets within Asia or globally.

Make sure to check out Irawan and his team at Echelon X! Conference attendees also stand a chance to win Digital Hub merchandise upon registration at the Digital Hub booth. 

Sinar Mas Land is one of the many exciting industry leaders from across the Southeast Asian region who will be joining us for Echelon X. Joining them are other key leaders, visionary entrepreneurs, and groundbreaking startups from all corners of the region who will be gathering for two packed days. Echelon X will feature dedicated content stages, exhibitions, panel discussions, and more — all to support and empower the tech startup ecosystem with actionable insights through a series of knowledge-sharing activities.

Join us at Echelon 2024, where innovation knows no limits, and the possibilities are endless!

The post Sinar Mas Land: How Indonesia’s trendiest Digital Hub is pushing for innovation appeared first on e27.

Martech, short for Marketing Technology, encompasses various tools and software designed to streamline marketing processes, enhance efficiency, and drive better results. From customer relationship management systems to analytics platforms and social media management tools, martech provides marketers with the necessary infrastructure to plan, execute, and measure their marketing campaigns effectively. By automating repetitive tasks, centralising data, and providing valuable insights into customer behaviour, martech empowers marketers to work more efficiently and make data-driven decisions.

One critical advantage of martech is its ability to provide valuable insights into customer behaviour and preferences. By analysing data from various sources, including website interactions, social media engagement, and email interactions, marketers can better understand their audience and tailor their marketing efforts accordingly. This enables marketers to deliver more personalised and targeted messages to their audience, driving higher levels of engagement and ultimately leading to better results.

Next month, at Echelon X, attendees will have the opportunity to dive deep into four major conference themes: Agile Business Practices, Sustainability & Responsibility, Collaborative Ecosystems, and Fostering Creativity. As one of the critical elements that help companies move forward with their businesses, martech will be one of the points examined at the event.

To prepare ourselves for the event, in this listicle, we familiarise ourselves with the nine martech companies that have led the march into the future of marketing.

Braze

Braze (£BRZE) emerges as a pioneering force in customer engagement, fostering enduring connections between consumers and the brands they hold dear. With Braze, marketers gain unprecedented access to harness and utilise data from any source, empowering them to engage with customers creatively and in real-time, seamlessly across multiple channels from a singular platform. Braze offers a spectrum of capabilities ranging from cross-channel messaging and journey orchestration to AI-powered experimentation and optimisation. It equips companies with the tools necessary to cultivate and sustain deeply engaging relationships with their customer base, thereby nurturing growth and loyalty.

Also Read: These 5 marketing analytics platforms are taking the field into the future

Braze stands as a beacon of excellence in the industry, garnering accolades such as the 2024 US News Best Technology Companies to Work For and the 2023 UK Best Workplace for Women by Great Place to Work. Recognised as a Leader by Gartner® in the 2023 Magic Quadrant for Multichannel Marketing Hubs and in The Forrester Wave: Cross-Channel Marketing Hubs, Q1 2023, Braze continues to set the standard for innovation and effectiveness. Headquartered in New York with a global footprint spanning North America, Europe, and APAC, Braze is poised at the forefront of shaping the future of customer engagement.

CleverTap

CleverTap, the quintessential engagement platform, stands as the cornerstone for brands seeking to unlock boundless customer lifetime value by crafting bespoke experiences tailored to retain their most prized clientele. Empowering businesses to curate individualised journeys that traverse the entire customer lifecycle, CleverTap offers a comprehensive suite of analytics that scrutinises every facet of this journey, facilitating real-time measurement and optimisation. Its distinctive AI prowess is perceptive and prescriptive, guiding businesses towards astute and expeditious decisions.

By amalgamating experiences from myriad touchpoints, CleverTap heralds a new epoch in customer engagement. Anchored by TesseractDB, the world’s premier database customised for customer engagement, CleverTap ensures both velocity and scalability. With the trust of over 2000 esteemed clients, including Electronic Arts, TiltingPoint, and TED, CleverTap has secured backing from renowned investors like Peak XV Partners and Tiger Global. Headquartered in Mountain View, California, CleverTap’s global footprint spans key cities, including San Francisco, New York, London, and Singapore, positioning it as an indispensable partner in pursuing customer-centric excellence.

Insider

Insider stands at the forefront of revolutionising customer experiences, a unified platform tailored for individualised, cross-channel engagement. Empowering enterprise marketers to integrate customer data across diverse channels and systems seamlessly, Insider harnesses the predictive power of AI to anticipate future behaviours and personalise interactions.

Through Insider’s versatile platform, marketers orchestrate experiences spanning the web, apps, web push, email, SMS, and messaging apps such as WhatsApp and Facebook Messenger. Recently attaining unicorn status, Insider garnered acclaim from NASDAQ for its distinction as one of the select woman-founded, women-led B2B SaaS unicorns globally. Recognized as the top leader in The Forrester Wave for Cross-Channel Campaign Management 2021 and the Gartner Magic Quadrant for Personalization Engines 2021, Insider maintains its stellar reputation, securing the #1 Leader spot on G2’s Mobile Marketing Software and Personalization Grids for 20 consecutive quarters. CrunchBase lauded Insider’s co-founder and CEO, Hande Cilingir, as one of the foremost women CEOs outside the US.

Trusted by an elite cadre of Fortune 500 companies and top brands in retail, automotive, and travel sectors, Insider boasts a client roster that includes Singapore Airlines, Virgin, Toyota, New Balance, IKEA, and many more. With over 1,200 global businesses placing their trust in Insider’s AI-driven personalised experiences, the company continues redefining customer engagement and satisfaction standards across industries.

Also Read: How Shopee uses AI, data to build a marketing strategy that suits changes in user behaviour

MoEngage

Positioned as an indispensable ally for customer-centric marketers and product owners, MoEngage emerges as a beacon of insights-driven customer engagement. Focusing relentlessly on customer satisfaction and retention, MoEngage empowers businesses to analyse customer behaviour meticulously and craft personalized communication strategies spanning web, mobile, and email platforms. Its comprehensive features encompass robust customer analytics, AI-driven journey orchestration, and unparalleled personalization capabilities seamlessly integrated into a single, intuitive dashboard.

Boasting a diverse clientele that includes Fortune 500 giants like Deutsche Telekom, Samsung, and Ally and agile mobile-first brands such as Flipkart, OLA, and Bigbasket, MoEngage has consistently elevated customer engagement across industries. Whether nurturing new leads through onboarding processes or long-term relationships for sustained growth, MoEngage equips product managers and growth marketers with the tools they need to curate unforgettable customer experiences at every stage of the lifecycle.

AppsFlyer

AppsFlyer is at the forefront of empowering brands to make informed decisions for both their business and their customers. Armed with a suite of advanced technologies encompassing measurement, data analytics, deep linking, engagement, fraud protection, data clean room, and privacy-preserving capabilities, it is rooted in the belief that brands can enhance customer privacy without compromising on exceptional experiences. Rooted in believing that brands can enhance customer privacy without compromising on extraordinary experiences, AppsFlyer catalyses thousands of creators and over 10,000 technology partners.

By facilitating better understanding and fostering more meaningful relationships with customers, AppsFlyer drives innovation and progress in digital engagement, paving the way for a future where privacy and personalized experiences coexist harmoniously.

Moloco

Dedicated to democratising growth through operational machine learning, Moloco emerges as a transformative force for businesses of every size. With its pioneering machine learning platform tailored for growth and performance, Moloco empowers app publishers, e-commerce platforms, and streaming services to harness the power of their unique first-party data. Through Moloco Ads, performance marketers gain access to advanced machine learning models, facilitating scalable user acquisition for mobile apps. Meanwhile, Moloco Commerce Media equips retailers and marketplaces with a versatile solution for building their own ads business, offering relevance, results, and automation for efficient ad operations at scale.

Also Read: Unlocking email marketing success: 5 foolproof tips every startup must embrace

Not to be outdone, Moloco Streaming Monetization aims to revolutionise the revenue strategies of streaming media companies, introducing outcomes-based advertising that prioritises user relevancy and advertiser success. Founded in 2013 by a team of machine learning engineers, Moloco has established a global presence with offices spanning the US, the UK, Germany, Korea, China, India, Japan, and Singapore, solidifying its position as a leader in the field of operational machine learning.

ON24

Embarking on a transformative journey into the AI era, ON24 stands as a beacon of innovation, dedicated to revolutionizing businesses’ go-to-market strategies and fostering cost-effective revenue growth. With its cutting-edge intelligent engagement platform, ON24 empowers customers to merge unparalleled experiences with personalized content, unlocking the ability to capture and leverage connected insights on a vast scale.

As a trusted partner to industry-leading giants across various sectors, including technology, asset management, healthcare, and industrial domains, ON24 delivers a goldmine of first-party data to fuel sales and marketing innovation, streamline operations, and enhance business outcomes. From its headquarters in San Francisco to its global presence spanning North America, EMEA, and APAC, ON24’s commitment to driving transformative change resonates across continents, shaping the future of business in the digital age.

Splitmetrics

Within the dynamic realm of mobile app growth, SplitMetrics emerges as a comprehensive ecosystem of products and services united under the esteemed banner of the SplitMetrics brand. Within this innovative landscape, SplitMetrics Acquire, formerly SearchAdsHQ, and SplitMetrics Optimize reign supreme, boasting accolades such as the ASO Tool of the Year 2022.

Alongside these offerings, SplitMetrics Agency is a testament to the brand’s commitment to excellence. With an unwavering dedication to simplifying the path to business success for mobile-first enterprises worldwide, SplitMetrics embodies a spirit of empowerment and innovation. As an Apple Search Ads Partner, supported by a passionate team of over 120 mobile app growth experts, SplitMetrics thrives on the success of its customers. This relentless pursuit of customer satisfaction attracts top-tier app and game publishers from around the globe to join hands with SplitMetrics on their journey towards growth and prosperity.

Also Read: Unlocking email marketing success: 5 foolproof tips every startup must embrace

Amplitude

In the bustling digital innovation landscape, Amplitude offers a powerful analytics platform that illuminates the intricate pathways of the customer journey. With its self-service capabilities, Amplitude empowers enterprises to navigate this terrain easily, gaining invaluable visibility into the dynamics of their digital products.

Serving as the backbone for over 45,000 digital ventures across a diverse spectrum of industries, including 23 of the esteemed Fortune 100, Amplitude catalyses innovation and strategic decision-making. Amplitude paves the way for enterprises to evolve, adapt, and thrive in the dynamic digital landscape by providing answers to the pivotal question of how digital products influence business outcomes.

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

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

Image Credit: 123RF

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Singapore, 26 April 2024 – ADA, a leader in digital and data-driven business transformation across Asia, today launched a visionary suite of AI CoPilots engineered to redefine enterprise marketing and commerce functions, driving efficiency and effectiveness, fostering a new era of strategic and operational agility through data and AI democratisation.

Seamlessly integrated with ADA’s suite of digital services, AI CoPilots tap into diverse datasets and proprietary AI models. Each CoPilot unites disparate information streams, dismantling the silos between different platforms and business units. By doing so, it provides transformative insights with real-time predictive analytics and delivers strategic guidance customised for the unique dynamics of each enterprise.

ADA’s inaugural lineup of AI CoPilots encompasses four strategically devised tools, each tailored to optimise distinct facets of digital enterprise:

• CoPilot for Full Funnel Marketing: Rapidly synthesises diverse datasets, offering businesses actionable insights to identify high-value users and refine campaigns across the funnel, enabling data-driven decisions as quickly as tomorrow.
• CoPilot for e-commerce: Offers advanced predictive capabilities for e-commerce platforms to anticipate market trends and consumer behaviour, powering a competitive advantage for clients.
• CoPilot for Conversational AI: Empowers chatbots with the ability to engage in deep, meaningful dialogues and provide human-like responses, swiftly resolving queries with a clear focus on outcomes.
• CoPilot for Customer Segmentation: Enables clients to rapidly access and leverage ADA’s XACT data segments, transforming their marketing with compliant, actionable insights from over 300 million profiles.

Also read: Sinar Mas Land: How Indonesia’s trendiest Digital Hub is pushing for innovation

“Our new AI CoPilots will set a benchmark in the industry by enabling enterprises to execute unprecedented marketing and commerce strategies,” said Srinivas Gattamneni, CEO at ADA. “This initiative is not just an investment in technology, it’s an investment in our customers’ future, providing them with the tools they need to thrive in a competitive market. This move not only amplifies the reach of ADA’s advanced machine learning models and AI technologies but also reinforces the company’s dedication to fostering a synergistic ecosystem where our client’s strategies are seamlessly executed from insight to action.”

ADA’s commitment to innovation and its expansive presence in 12 countries underscore its role as a transformative force in the industry. As ADA continues to expand its capabilities and reach, it remains dedicated to delivering cutting-edge solutions that drive business success.

About ADA

ADA leverages data, artificial intelligence, and technology to transform businesses across Asia. With a robust presence in 12 countries, ADA combines the best of AI and analytics to provide comprehensive digital solutions that drive business performance.

The company has a multi-faceted, data-driven approach that encompasses:

• Data Transformation Services
• Marketing Solutions
• e-commerce Solutions
• Customer Engagement Solutions

The company’s dual headquarters are in Singapore and Malaysia. Notably, ADA’s shareholders include industry giants like Softbank, Axiata, Mitsui, and Sumitomo Corporation.

Also read: Wallex: Driving business growth with secure cross-payments

For more information about ADA and its new AI CoPilots, please visit www.ada-asia.com or contact the ADA team.

Contact:

Klara Grintal, Head of Brand and Customer Experience

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This article is produced by the e27 team, sponsored by ADA

We can share your story at e27, too. Engage the Southeast Asian tech ecosystem by bringing your story to the world. Visit us at e27.co/advertise to get started.

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tozero, a lithium-ion recycling startup based in Germany, has emerged as the champion of the EPiC (Elevator Pitch Competition) organised by the Hong Kong Science and Technology Parks Corporation (HKSTP).

The Munich-headquartered startup will receive 1.1 million Asia Miles (a loyalty and frequent-flyer programme run by airline operator Cathay Pacific) and a cash prize of US$90,000, in addition to investor exposure and partnership opportunities.

Co-founded by Sarah Fleischer and Dr Ksenija Milicevic Neumann, tozero aims to establish Europe’s leading lithium-ion battery recycling plant, focused on recovering critical materials such as lithium, nickel, cobalt, and graphite in a sustainable way. By reintroducing these materials into the supply chain, tozero aims to support the creation of new batteries while promoting a circular economy.

The EPiC winner was selected from the 12 finalists across three categories — fintech, proptech and mobility — who demonstrated their solutions before a judging panel comprising renowned investors, entrepreneurs, and executives in Asia on Friday. The 12 finalists will be awarded a cash prize of US$10,000 each.

EPiC 2024 attracted a total of 603 contestants from 47 economies, of which 71 were selected for the elevator pitch. They stand to receive US$45 million in investment, including up to US$5 million from the HKSTP Corporate Venture Fund (CVF) and US$240,000 in cash prizes, plus partnership opportunities. As many as 71 startups participated in the EPiC pitching contest.

Also Read: Meet the 10 Southeast Asian finalists demonstrating at EPiC 2024 in Hong Kong

tozero is also the winner in the mobility category. The other two category winners are Bizbaz (fintech) and Roboticplus.AI (proptech).

Below are the snapshots of the finalists:

Bizbaz (Singapore)

BizBaz is a technology company specialising in advanced AI, data analytics, and behavioural science solutions. It claims to have successfully transformed industries by leveraging cutting-edge technology to unlock valuable insights and intelligence.

imBee (Hong Kong)

imBee aims to revolutionise the way businesses handle internal data and enhance productivity through an AI-powered search and knowledge discovery platform. Its innovation’s centrepiece is Aiskbee, which utilises advanced neuro-symbolic reasoning with deep learning-based state-of-the-art Large Language Models (LLMs). This technology enables its AI Assistant to comprehend queries in natural language, making search more intuitive and efficient.

Rey (Indonesia)

Rey is an integrated health insurtech firm that provides end-to-end health care in one subscription. Its platform combines health coverage with healthcare delivery — from preventive, curative, to rehabilitative– into a seamless experience. Launched in Indonesia in July 2022, it has acquired 10K+ paying members and generates US$1 million of ARR.

Tanbii (US)

Tanbii integrates ESG, fintech, and gaming to change how climate change is combated by gamifying carbon reduction efforts. It bridges the gap between the Web2 and Web3 worlds to foster a sustainable lifestyle. By utilising advanced technologies like blockchain and AI, Tanbii accurately tracks, calculates, and rewards users for reducing their personal carbon emissions from sustainable purchases, green travelling, and other low-carbon activities.

Certivity (Germany)

Certivity is a regtech SaaS platform that digitises regulations to create ‘law as data’, analyses it with AI and connects to engineering processes. It enables customers to digitise and streamline their compliance processes, reduce costs, collaborate and accelerate time-to-market for their products

Wheel.me (Norway)

Wheel.me is a robotics and IoT company that has invented an autonomous wheel. Called Genius, the wheel turns almost any object into an autonomous robot. With a wide range of use cases, Genius can move just about anything, and revamp automated material handling in manufacturing, supply chains, logistics, warehouse operations and elsewhere.

Novac (Italy)

Novac is developing a solid-state shapeable supercapacitor that can be easily integrated into the structure of the vehicle, with no dangerous liquid inside, thanks to its portfolio of innovative materials for energy storage systems. The target markets are smart mobility, drones, electronics, automotive and aerospace, where there is not enough space for energy storage but a strong need for additional power.

Roboticplus.AI (China)

RoboticPlus.AI is an intelligent robotic system company. It creates a new generation of robotic solutions adaptable to flexible manufacturing through its self-developed industrial software platform, RoBIM. It is deeply involved in the core technologies of robotics, including control, algorithms, and human-machine interaction.

Green Independence (Italy)

Green Independence aims to accelerate independence from fossil fuels by providing on-site green energy and clean water, addressing inefficiencies in currently available tools to tackle three crucial challenges: water scarcity, dependence on fossil fuels, and the intermittency of renewable energies. This is achieved through the New Artificial Leaf (NAL), its multifunctional solar panel with two main modules: solar-water purification and electrochemical.

Also Read: Elevator Pitch Competition (EPiC) accelerates startups from SEA to the world

Hyele Limited (Hong Kong)

Hyele provides accurate and cutting-edge technology for smart urban water supply systems (UWSS) that improves all stages of UWPS management — from first design to superior operational performance and extended system life. Hyele’s pipeline condition assessment technology is pioneered by experts who leveraged advances in research and engineering science to provide unique and prime performances. It provides clients with a comprehensive condition assessment service, utilising its specialised software and state-of-the-art hardware.

Kodifly (Hong Kong)

Kodifly focuses on creating real-time digital twins using cutting-edge LiDAR technology, delivering actionable insights for infrastructure challenges like deformation, landslides, and vegetation encroachment through precise 3D point cloud processing. It automates several most tedious processes in the infrastructure maintenance chain: data collection, analytics, and decision-making, allowing teams to free up the time to focus on what’s more valuable. Its hardware scans and models infrastructure dynamically, being installed on a moving vehicle or a train, while its software analyzes the data, pinpointing defects and suggesting maintenance. The solutions prioritise the safety and longevity of essential transport infrastructure such as airports, railways, and highways, emphasising climate resilience.

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

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

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India heads the pack as an artificial intelligence leader, with 70 per cent of companies having AI projects up and running or in motion, according to a new report.

This is in stark contrast with the global average of 49 per cent. Additionally, the report found that 91 per cent of India-based companies will use half or more of their data to train AI models in 2024, finds the second annual Cloud Complexity Report released by NetApp.

“The world today is driven by AI, and data plays a critical role in enhancing AI capabilities,” said Puneet Gupta, Vice President and Managing Director at NetApp India/SAARC. “India is a country of humungous data sets. No surprise then, that India leads the world, and corporations are embracing the technology to further their IT agenda.”

Also Read: FPT, NVIDIA to build US$200M AI factory in Vietnam

The Cloud Complexity Report analyses the experiences of global technology decision-makers deploying AI at scale.

The report found a clear divide between artificial intelligence leaders and laggards across several areas, such as regions, industries, and company sizes. While 60 per cent of AI-leading countries such as India, Singapore, the UK, and the US have AI projects up and running or in the pilot, only 36 per cent are doing it in lagging countries (Spain, Australia/New Zealand, Germany, and Japan).

Technology leads with 70 per cent of AI projects up and running or in the pilot, while banking & financial services and manufacturing follow with 55 per cent and 50 per cent, respectively. However, healthcare (38 per cent) and media & entertainment (25 per cent) are trailing.

In terms of sizes, larger companies (with more than 250 employees) are more likely to have AI projects in motion, with 62 per cent reporting projects up and running or in the pilot, compared to 36 per cent of smaller companies (with fewer than 250 employees).

Globally, 67 per cent of companies in AI-leading countries report having hybrid IT environments, with India leading (70 per cent) and Japan lagging (24 per cent).

As much as 87 per cent of Indian companies have optimised IT environments for AI, and some lagging countries also have AI-ready IT environments: Germany (67 per cent) and Spain (59 per cent).

AI leaders are also more likely to report benefits from the technology, including a 50 per cent increase in production rates, 46 per cent in the automation of routine activities, and a 45 per cent improvement in customer experience.

The study further noted that despite the divide, there is notable progress among the laggards in preparing their IT environments for AI, but the window to catch up is closing rapidly.

A significant number of companies in AI-lagging countries (42 per cent) have optimised their IT environments for AI, including Germany (67 per cent) and Spain (59 per cent).

Also Read: Exploring the boundaries of AI: What AI can or cannot do?

Rising IT costs and ensuring data security are the two biggest challenges in the AI era, but they will not block AI progress. Instead, AI leaders will scale back, cut other IT operations, or reallocate costs from other parts of the business to fund AI initiatives. About 53 per cent of India-based companies reported being more likely to scale back or cut other parts of IT operations to make room for AI projects.

The study further revealed that 71 per cent of Indian enterprises feel cybersecurity is the biggest challenge for managing the increasing complexity of data across cloud or multi-cloud environments. This is followed by 52 per cent of tech leaders reporting increased scepticism over the cloud and 37 per cent worrying about going over budget.

The study, conducted by Savanta on behalf of NetApp, fielded 1,300 IT executives from key markets, including the US, UK, France, Germany, Spain, Australia/New Zealand, Japan, Singapore, and India.

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

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

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The world of work is undergoing a seismic shift. The rise of hybrid work models is a prime example. A recent survey by the International Foundation of Employee Benefit Plans found that close to three-fourths (74 per cent) of employers now offer hybrid work arrangements.

This aligns perfectly with employee preferences, with a strong majority (68 per cent) preferring a hybrid model, versus 28 per cent wanting to work full-time from home and eight per cent preferring full-time on-site work, according to a World Economic Forum survey. This shift, coupled with globalisation and a growing emphasis on talent experience, is forcing companies to rethink their HR strategies.

Enter the vanguard of HR transformation companies — innovative players disrupting the traditional landscape and empowering businesses to thrive in the new era. From streamlined global hiring to AI-powered talent insights, these companies are equipping businesses with the tools they need to build winning teams and navigate the future of work.

A 2023 study by Gartner revealed that forty-six per cent of HR leaders cited HR technology as their top investment priority. This surge in investment highlights the growing importance of technology in streamlining HR processes, improving talent acquisition, and fostering a positive employee experience.

Next month, at Echelon X, there will be four major conference themes that the attendees will get to dive deep into: Agile Business Practices, Sustainability & Responsibility, Collaborative Ecosystems, and Fostering Creativity. HR transformation will also be one of the things that ecosystems are looking at. How are we going to make that difference? What best practices are out there? Most importantly, who are the people set to make a difference?

To prepare ourselves for the event, check out this list of nine transformative companies offering innovative HR solutions shaping the current talent management landscape.

Deel

Founded in 2019 by Alex Bouaziz and Shuo Wang, Deel is a comprehensive Global People Platform that simplifies international workforce management, covering culture, onboarding, payroll, and compliance. With industry-leading HR tools and compliance expertise, Deel enables companies to scale globally efficiently.

By offering a single platform for teams, Deel eliminates hiring and management barriers, facilitating seamless collaboration and access to new opportunities. Additionally, Deel is developing Deel AI, an in-house tool akin to a global employment assistant, offering insights on regulations in 150+ countries and providing company-specific data.

It raised US$50 million in a venture round at a US$12 billion valuation in May 2022, bringing its total funding to US$679 million.

Globalization Partner

Founded in 2012 with the goal of streamlining global business operations, Globalization Partners (G-P) became the first company to offer Employer of Record (EOR) services and defined the category with its industry-leading SaaS-based Global Growth Platform.

Led by CEO and Founder Nicole Sahin, the platform pairs the industry’s most compliant EOR solutions with best-in-class Payroll and HCM solutions, making it easy to hire and manage teams in 180+ countries without setting up entities.

In 2022, G-P secured a US$200 million investment, valuing the company at US$4.2 billion.

Also Read: Addressing real-world challenges: 8 AI companies transforming lives with innovative solutions

Jobstreet

Jobstreet, Singapore’s leading online job marketplace owned by SEEK, leverages Artificial Intelligence to connect job seekers and employers more efficiently. It offers access to over 100,000 tech jobs across various APAC markets.

To further enhance regional connectivity, SEEK recently unified its online marketplaces — SEEK, Jobstreet, and JobsDB — under one AI-powered platform. The platform employs AI to assess talent and provide personalised recommendations, analysing data from resumes, job ad descriptions, and employers’ past behaviours. This enables fast and accurate hiring decisions, with employers able to expedite the talent shortlisting process by incorporating AI-recommended screening questions in their job ads.

Peter Bithos, CEO of SEEK Asia said, “One unified platform means we can now offer our product to millions of people across Asia in an entirely new way so that our customers can find jobs and talent more easily.”

Employment Hero

Founded in 2014 by Ben Thompson and Dave Tong, Employment Hero has developed an all-in-one platform for seamless and compliant talent recruitment, onboarding, payment, and management. This empowers business owners and managers, allowing them to focus on business growth while ensuring peace of mind.

The Employment Hero super-app, ‘Swag’, serves as a real-time control centre for employees, offering efficient and intelligent management of their work and financial activities.  The company claims that over 300,000 businesses and 2 million employees are now using its products.

In October 2023, the company secured US$168 million in funding, bringing its total fundraising to over US$650 million to date.

Multiplier

Founded in 2020 by Sagar Khatri, Amritpal Singh and Vamsi Krishna, Multiplier is driven by the mission of connecting individuals with their ideal jobs, regardless of location.

With a presence across 150 countries, Multiplier empowers its clients to tap into global talent pools using its EOR technology and infrastructure so that clients can instead focus on scaling their businesses. The company’s proprietary technology simplifies the employment process by managing the complexities of local compliance, labour contracts, payroll, benefits and taxes.

Multiplier has secured US$60 million in Series B funding in March 2022.

Remote

Founded in 2019 by Job van der Voort (CEO) and Marcelo Lebre (President), Remote is a global HR platform designed to empower companies to build geographically distributed teams.

Their suite of solutions simplifies hiring, managing, and paying international teams. This includes services like HRIS, payroll, international employment, and contractor management, enabling companies to compete more effectively in the global economy. The company claims that as of November 2023, it offers contractor management services in over 160 countries and acts as an Employer of Record (EOR) in over 80 countries.

In April 2022, Remote secured US$300 million in Series C funding, reaching a valuation exceeding US$3 billion.

Bossjob

Founded in 2023 by Kiat How Quak and Anthony Garcia, Bossjob is a hiring platform designed to streamline communication between job seekers and employers. This chat-first, AI-powered platform aims to expedite the hiring process by enabling direct chat communication between candidates and potential employers.

Following early success in the Philippines market and securing US$5 million in venture funding, Bossjob expanded its operations in Q3 of 2023 with launches in Singapore and Malaysia, marking the beginning of its global expansion strategy.

Also Read: A horse of another: Here’s the complete list of Southeast Asia’s 30 unicorns

NodeFlair

Founded in 2018 by Adrian Goh and Ethan Ang, NodeFlair is a Singapore-based platform focused on career transparency for tech professionals. It provides verified career data, including salaries, company culture, and benefits, with the mission of empowering tech talent to make informed career decisions.

NodeFlair’s verified career data, including salary information corroborated by payslips, has positioned it as a valuable resource for tech professionals in Singapore, with over 20 per cent actively utilising the platform to inform their career decisions.

Darwinbox

Founded in 2015 by Chaitanya Peddi, Jayant Paleti, and Rohit Chennamaneni, Darwinbox is a cloud-based Human Capital Management (HCM) platform designed to automate HR processes, deliver data-driven insights, and improve the employee experience. Its AI and ML-powered suite offers a user-friendly, mobile-first experience for employees.

Darwinbox currently serves over 850 organisations and 2.2 million employees across 116+ countries. The company secured US$5 million in Series D funding in January 2023 at a valuation of US$1.42 billion.

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BillEase, a consumer finance and buy-now-pay-later app in the Philippines, has received US$5 million in credit facility from Saison Investment Management, the offshore lending arm of Japan’s Saison International.

This round expands BillEase’s existing Helicap-led credit facility to US$40 million, which already included participation from various investors, such as the Helicap Income Opportunities Fund, several institutional credit investors, and high-net-worth individuals.

Also Read: Helicap joins Filipino consumer lender BillEase’s cap table with US$20M debt facility

The funding will allow BillEase to grow its loan portfolio and launch credit products tailored to the needs of its over one million users.

“Coming off a year where we achieved profitability and doubled our revenues, we are extremely well-positioned to scale our consumer loan offerings and expand access to affordable financial services across the Philippines,” said Garret Go, CFO of BillEase.

BillEase leverages machine learning and AI to offer personal loans, e-wallet top-ups, prepaid load, gaming credits, bill payment, and a buy now, pay later (BNPL) service in partnership with over 10,000 merchants.

The fintech firm claims it achieved profitability in 2023, revenue doubled year-over-year and served over 800,000 customers.

“The Philippines is emerging as one of the fastest growing countries in Asia post-COVID, with a huge population that is rapidly digitising. With this as a backdrop, we hope to build our presence in the market, and play a catalytic role in enlarging Philippine’s digital financing ecosystem, to unlock greater economic opportunities for individuals and households,” said Kosuke Mori, CEO of Saison International.

“With 65 per cent of the population unbanked and more than 80 per cent of the country’s transactions still paid with cash, our partnership with BillEase through Helicap is driving financial inclusion by building a credit history for a large share of their customers and creating meaningful impact for a broader segment of the population in the Philippines,” said Claudia Rojas, Head of SIMPL.

Also Read: This e-credit card allows Filipinos to buy big-ticket items online with easy instalments

“We are thrilled to have SIMPL as an investor in BillEase,” said David Z Wang, Co-founder of Helicap, a Singapore-based fintech company. “Their investment underscores the immense potential of BillEase to drive financial inclusion and uplift underserved communities in the Philippines. With this additional capital, BillEase can accelerate its growth and bring affordable financial services to even more customers across the country. This partnership exemplifies our shared vision of leveraging technology to create economic opportunities.”

In September 2022, BillEase completed an up to US$20 million debt facility from Helicap Securities, bringing its total raised to US$55 million in debt and equity. This included the US$11-million Series B round led by BurdaPrincipal Investments earlier that year.

Previously, it raised US$20 million in secured debt from UK-based Lendable.

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

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

The post BillEase nets US$5M more to grow loan portfolio, launch credit products appeared first on e27.

East Ventures, a venture capital (VC) firm operating in Indonesia and Southeast Asia, recently unveiled its East Ventures Sustainability Report 2024. The report showcases the firm’s ongoing commitment to integrating Environmental, Social, and Governance (ESG) frameworks throughout its operations and ecosystem. It highlights the firm’s strides in generating positive societal impacts while ensuring responsible business practices.

East Ventures has crafted policies that underpin its investment decisions, emphasising sustainable investments. It integrates ESG and impact management principles, serving as a guiding principle in fostering responsible investing practices and enhancing corporate governance within its portfolio companies.

In an email interview with e27, East Ventures Partner Melisa Irene explains the firm’s approach to ESG and how it is promoting it to its portfolio companies.

East Ventures’ investment strategy fosters positive impacts and mitigates ESG risks. Through its ‘Doing Good’ approach, the firm evaluates its investments’ potential positive environmental and societal outcomes using a Theory of Change framework. Simultaneously, the ‘Avoiding Harm’ aspect focuses on risk mitigation, incorporating ESG standards into the selection process and ensuring ongoing compliance with regulations and best practices.

Also Read: Former MD of Temasek Lifesciences Accelerator Sang Han joins East Ventures Korea

To understand the process, check out an edited excerpt of the conversation.

What particular challenges do you face in promoting ESG in your work? How do you tackle them?

ESG risks and opportunities cover broad topics, including greenhouse gas emissions, diversity and inclusion, and business ethics. Each topic adheres to various standards and frameworks that outline the highest level of ESG performance for companies. Aligning to all these standards and frameworks requires extensive effort and resources; hence, prioritisation is essential.

Our approach is tailored to the unique characteristics of our business and portfolio companies. We utilise a materiality-driven strategy, which means that by engaging collaboratively with our portfolio companies, we define the priority of ESG topics most relevant to respective companies’ verticals. This allows us to focus on the most critical ESG risks and opportunities rather than addressing them all indifferently.

Moreover, we also consider the maturity level of our portfolio companies when implementing ESG. We do not demand that our portfolio meet the full criteria of ESG immediately while disregarding the companies’ financial sustainability. The bottom line is that the company needs to comply with all relevant ESG regulations. Beyond compliance, we collaboratively develop an ESG and impact action plan with our portfolio companies, laying out immediate and long-term improvements. Consequently, ESG becomes not just a compliance exercise but a value-adding initiative that fosters company growth.

What steps do you take to promote sustainability in your portfolio companies?

Our investment team and ESG Specialists actively work with our portfolio companies to map out their ESG integration and maximise opportunities for sustainable growth and impact creation.

For example, we work with our portfolio company in the agriculture sector to identify their detailed ESG risks and opportunities for improvement. The project’s outputs include recommendations on aligning with sustainability best practices to minimize biodiversity risk and improvements in Environmental and social management practices.

Also Read: East Ventures launches US$30M fund to back Indonesian startups

Following the project, we worked with the company to develop a strategy to improve internal processes and address respective ESG risks better.

Let us get back to the basics: How is implementing sustainability good for businesses?

Sustainability is a long-term goal that can be achieved through ESG implementation. ESG elements are becoming more crucial in influencing global business and investment choices. This trend stems from the realisation that sustainability and responsibility are vital for mitigating risks and fostering opportunities, leading to enduring value creation.

As a venture capital firm, our role in shaping the future involves supporting innovative firms that drive positive change. By incorporating ESG criteria in our investment strategies, we aim to generate value for our investors, portfolio companies, and the broader society.

We proactively look for investment prospects in companies aligned with our ESG commitments. Our investment emphasises enterprises tackling local challenges, enhancing efficiency and effectiveness, and making a significant positive impact. Our sustainable investment approach is designed to build a portfolio with meaningful impact, contributing to long-term value.

What aspects do you wish to improve on in your sustainability journey?

We have been launching our annual Sustainability Report for the last three years. It helps us better understand our efforts and serves as an assessment of our operation and initiatives for long-term sustainability/ESG goals.

We have gained some insightful insights/findings that help us strategise our operation better, and they have been implemented in our operation recently. We believe that if we do well, we want to do good, too. So, we are looking to create more initiatives and collaborate more with the relevant stakeholders to further create impacts and promote sustainability.

Also Read: East Ventures, SV Investment launch US$100M fund to bridge SEA, Korea startup ecosystems

What is your big agenda regarding sustainability this year?

We are dedicated to continuously enhancing our sustainability initiatives and upholding our principles and pledges. From an investment perspective, we will continue making investments that align with our ESG commitments.

Moreover, we remain committed to creating and supporting this space’s initiatives; for instance, we have again launched the Climate Impact Innovations Challenge with Temasek Foundation to empower climate-tech solutions in Indonesia and Southeast Asia.

We also launched a free web-based emission calculator for companies in Southeast Asia called ECOVISEA.

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Image Credit: East Ventures

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Not till long ago, ‘growth at any cost’ was the mantra in the startup world. Investors pushed their portfolio companies to acquire customers and grow the business at any cost. This prompted startups to splurge money with no clear goal to build a profitable and sustainable business. This strategy worked well when funding was a glut. 

However, a slowing global economy and the ongoing funding winter turned things around. Investors have now become more cautious and have realised that growth at any cost is unsustainable, making fundraising more challenging for startups. Investing in scalable and sustainable businesses has become the new buzzword.

Growth and scalability: similar but not the same

Although ‘growth’ and ‘scalability’ are two business jargon used to refer to an organisation’s overall development, few understand the differences. 

Scalability refers to the ability of a system, process, or organisation to handle increasing amounts of work or expansion without sacrificing performance, quality, or efficiency. It typically involves designing for flexibility, redundancy, and efficiency to ensure that resources can be added or adjusted as needed without significant disruption.

Growth, on the other hand, refers to the increase in size, revenue, market share, or any other metric of a business, product, or organisation over time. Growth can be organic, where it occurs naturally through increased demand or market penetration, or it can be stimulated through strategies such as marketing, acquisitions, or partnerships.

Let me give you an example- one of our portfolio companies, Goofy Tails, sells pet food. When we first invested in this firm, dog food formed the bulk of its sales (90 per cent). In one of our mentoring sessions with the founders, we learnt that the cat food market is big in a market like India, and we helped the company scale into this category with the right marketing strategy. 

This led to Goofy Tails’s cat food sales growth, leading to an increase in the startup’s total revenue, and currently, this category accounts for 30 per cent of the sales. This is an example of scaling.  Goofy Tails also plans to enter a new geography with the new products. This is growth. 

Also Read: Critical considerations: Address these 5 questions before scaling your tech startup

Another example is Healthfab, a firm that provides innovative and affordable health and hygiene solutions. They achieved scale by increasing production efficiency and using economies of scale to reduce cost. They scaled revenue six times in a short period and set up their own factory in Bangalore, India to reduce the costs further.

There are quite a few tools in the market to help with business scaling, but sadly, most founders don’t leverage them to their advantage. Using tools like chatbots to engage customers on your platform can be one simple way. This technique could nudge customers to return or buy more.

Risks associated with scaling, correcting bias with mentorship

A common mistake many founders make is investing a lot of money to scale and grow the business, assuming they can raise money to sustain it shortly. This stems from the belief that unit economic and profitability metrics are not crucial in the early stages and that priority should be given to scale and grow fast.

We believe this may not be an optimum strategy. We must understand that scaling and growing should be sustainable. Founders need to tread a fine line by spending wisely and controlling the cash burn. Of course, this results in slower scaling, but it is definitely sustainable. As the business scales, it is hard for founders to stay focused on innovation. ‘Sharing the experiences’ can be one way to tackle this challenge. This keeps founders motivated and stay focused on the core things.

Sometimes, founders fall into a confirmation bias trap and believe whatever they do is right and good for the business. This narrow mindset often hinders the ability to scale intelligently. Here is where an experienced mentor comes in handy. A mentor with a different and objective mindset could offer alternative and out-of-the-box solutions to their problems and help them scale faster and with less cash burn. 

A classic example is Unirec, one of India’s pioneering sustainable fashion brands. It partnered with Netflix to obtain the official rights to produce merchandise for the recently released Bollywood movie ‘The Archies’. They benefited from mentor support, which was instrumental in helping structure this collaboration.

Also Read: Powering startups: 10 cutting-edge digital marketing strategies for rapid growth

We understand that scaling a startup can be a daunting task, requiring expertise and experience that founders may lack. We believe there are five growth engines to help startups accelerate business growth while aiding them in overcoming any strategic or operational challenges that they may face. These Growth Engines, led by industry experts, comprise five pillars, including BeyondMarketing, BeyondDistribution, BeyondServices, BeyondCapital and BeyondPeople.

Collaboration is crucial

Bringing together two or more companies with complementary products is also another great way to scale faster for both. 

An example is a recent collaboration between multiple startups in the pet-care space. Companies like Urban Animal and GoofyTails partnered with Dog-O-Bow to offer their products on the Dog-O-Bow platform. Simultaneously, MyPetzOPD, a mobile veterinary care startup, established a satellite centre at DogNation. Such opportunities to collaborate often come in places where we would least expect them. 

In a nutshell, collaboration helps companies to scale quickly and easily. However, collaborations occur only when founders know each other well and work together productively. 

No more blind expansion

With the free flow of capital becoming a thing of the past, venture capitalists and other types of startup investors have started prioritising sustainability and scalability. Companies that can handle increased demand without compromising quality or burning through cash are the new targets for them.  

Having said that, sustainable scaling requires prudent financial management and ongoing innovation. Collaboration, mentorship, and leveraging tools for engagement are vital in navigating the complex journey of startup scaling. Sharing best practices within ecosystems and having experienced mentors can help founders navigate challenges and achieve sustainable growth. By focusing on scalability, startups can navigate the current economic climate and position themselves for long-term success.

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