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

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

The Indian startup ecosystem: A snapshot

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

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

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

Key sectors driving growth

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

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

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

Challenges faced by Indian startups

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

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

Success stories and unicorns

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

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

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

The future of Indian startups

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

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

Conclusion

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

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

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

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

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

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

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

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

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

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

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

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

The startup has customers from 60-plus countries.

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

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Image Credit: Syfe.

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

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

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

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

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

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

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

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

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

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Image Credit: Nebu.

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Moderated by Aaqib Alvi, Country Manager of Sustainable Living Lab, the fireside chat featured Steven Wongsoredjo, CEO and Co-Founder of SuperApp.

The discussion delved into SuperApp’s journey, highlighting how the company has successfully integrated impact, technology, and growth into its business model. Wongsoredjo shared the innovative strategies and technologies that SuperApp employs to create meaningful social impact while achieving significant business growth.

The session offered valuable insights into the potential for businesses to make a positive societal impact without compromising commercial success, highlighting how SuperApp’s ventures in Indonesia are shaping the future of impact-driven technology and growth.

Fundraising or preparing your startup for fundraising? Build your investor network, search from 400+ SEA investors on e27, and get connected or get insights regarding fundraising. Try e27 Pro for free today.

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Indonesia, one of Southeast Asia’s rapidly growing economies, is driven by digital technologies. The Coordinating Ministry for Economic Affairs of The Republic of Indonesia states that accelerating the digital economy is an effective strategy to boost national economic performance. In 2021, Indonesia’s digital economy was valued at US$70 billion, the highest in ASEAN, and it is projected to reach US$330 billion by 2030.

Indonesian consumers are value-focused, and innovative technologies have significantly changed how goods and services are consumed. Technology companies face the challenge of quickly absorbing, understanding, implementing, and managing new products. This shift increases the demand for highly available technical systems, supported by dynamic infrastructure capable of handling massive unstructured business data sets. Business customers are now optimising databases and managing current architectures to improve unit economics and reduce technology costs per user.

With infrastructure disparities and regulatory complexities, Indonesia stands at the forefront of implementing policies that support technology advancement. That’s why OceanBase in partnership with e27 staged an event entitled OceanBase INFINITY 2024: “Pioneering Indonesia’s Digital Economy,” on 26th of June, 2024 in Jakarta.

OceanBase catalyses knowledge-sharing

“We firmly believe that building a strong cooperative network is crucial for business success, and are committed to an open ecosystem, promoting knowledge sharing, active communication, and resource integration,” shared Evan Yang, CEO of OceanBase, during his speech. Yang also highlighted the fact that in 2021, OceanBase went fully open-source and has now seen over 500 companies using the OceanBase community edition — underscoring OceanBase’s commitment to fostering innovation to strengthen the digital economy.

Also read: Unlock the secrets to IP success at IP Week @ SG 2024

“The global digital economy is seeing a bright future and the opportunities for digital transformation in Indonesia are vast. Making such a future a reality requires vision, courage, and collaboration. And it also requires us to embrace bold change and innovations,” added Yang.

Seeking to address gaps in the digital economy, this project serves as a platform to foster essential knowledge sharing among ecosystem stakeholders, including fireside chats and panels with top tech leaders diving deep into cutting-edge topics:

• Fireside Chat: Charting a Path for Innovation & Impact including special guest – Norman Sasono, CTO, DANA Indonesia; and moderated by Noudhy Valdryno (Ryno), Director of Public Policy and Government Affairs for Indonesia, Ant International

• Industry Panel: Indonesia’s Digital Landscape – Navigating Trends & Trade-offs in 2024 with panellists: David Park, Head of Engineering, Fazz; Aditya Chintawar, Chief Product & Technology Officer, Koinworks; Kenneth Shaw, Co-Founder & CTO, Brankas; Lillian So, ASEAN Fintech & Unicorn Leader, Amazon Web Services. 

• ​Building a Resilient Digital Infrastructure: Learn how to leverage data analytics and AI for optimal efficiency and growth with panellists Martijn Wieriks, Chief Data Officer, Julo; Mohamad Triana Walujadjati, Chief of Enterprise, Infrastructure & Security, DOKU; and Eggy Tanuwijaya, Head of Solution Architect, Alibaba Cloud Indonesia. 

• Technology Showcase: OceanBase Pioneering Next-Gen Database Technology and their Innovation Roadmap with OceanBase CTO Charlie Yang, who unveiled groundbreaking innovations that ensure scalability and reliability for mission-critical operations.

Optimising resources requires a flexible tech system

Cost-effectiveness is crucial for tech management, as no company can build a limitless cloud system without resources. DOKU, an early Indonesian payment management company, started with payment gateways and expanded to wallets, e-money, and remittances, each requiring different regulatory compliance.

Mohamad Triana Walujadjati, Chief of Enterprise, Infrastructure & Security, shared, “We need to secure four vastly different flows. Without this capability and this flexibility, we cannot fulfil those compliance requirements. Or the cost becomes too high for us to implement them in the same infrastructure.”

Aditya Chintawar, Koinworks’ Chief Product and Technology Officer, attests that auditing their infrastructure is crucial as Indonesia’s first super financial app and credit-led SME bank. They are redefining how Indonesia invests, borrows, and transacts. Preparing ahead for a company’s longevity requires teams to pivot their focus from constantly rushing to build to being more conscientious of their tech requirements. 

Also read: NIA’s SITE 2024 sets new records at MHESI’s SCI Power for Future Fair

He added, “[The questions to ask are] is this really required? Can you optimise? Is it possible to kill this service? And that was the time when our whole team was very motivated because we can actually clean up the infrastructure, and internally, we are very happy with this shift.”

Industry leaders suggest companies be mindful of their tech cost per user or per transaction, which needs to flatten or lower over time. Given that products take time to implement, do a PoC, and get wider adoption, startups need cloud providers that can offer possibilities to co-pilot and co-build over time, with a more efficient way to manage the cost of data storage as it scales.

Challenges for adoption still arise, especially in fintech

As mobile services are widely used, educating the market and promoting digital literacy remains a big challenge. For example, fintech companies are working with regulators and other players to digitally train users, such as instructing them not to share their PIN or OTP. 

Norman Sasono, CTO of DANA Indonesia, shared that their mission is to service the “240 million cellular active subscribers that get access to mobile internet.” Their goal for financial inclusion aims to give access to unbankable Indonesians by starting with more accessible services such as payment, followed by lending, investments, and insurance.

DANA rapid business growth necessitated upgrading its initial small-scale MySQL architecture due to issues with capacity, high availability, and data consistency. To address this, DANA adopted OceanBase’d 3-replica architecture, deploying two replicas locally and one on the public cloud, creating a hybrid cloud infrastructure. This upgrade enabled a seamless expansion from a 3-node to a 6-node cluster, significantly enhancing performance and capacity.

With the OceanBase, DANA successfully migrated hundreds of MySQL instances to OceanBase. Since migrating in 2019, DANA has maintained high availability, financial-grade data consistency, and zero database failures, supporting tens of millions of users with over 99.99% system availability. Additionally, a comprehensive OceanBase training program has developed a proficient local team of Database Administrators (DBAs).

Sasono shared that “we hope that increasing their financial literacy will significantly increase their financial health. And if one Indonesian can be helped by DANA with our financial service for their daily financial lifestyle, multiplied by 200 million people—[this] means we increase the financial health of the whole nation.”

Growth is important, but David Park, Head of Engineering (CTO Office) for Fazz, shares that their most important journey is doing it right with proper user onboarding processes in place. Due to the volume of data from several entities across Southeast Asia, these internal processes move quite slowly.

Serving different profiles, Fazz is “naturally using various user onboarding KYC external platforms, but none of them is really up to [their] standards or expectations. And most importantly, they become extremely costly. As a CTO, it’s one of the pain points to do some cost optimisation around all the SaaS that we use.”

Also read: Growing SEA startups with Kickstart Ventures

Kenneth Shaw, Co-Founder and CTO at Brankas, shares the same sentiment. In their experience, banks, for example, use software that can keep up internally, but at roughly the same cost, they can hire an additional consultant by withdrawing redundant software.

Shaw explained, “The trend is swaying towards adhering to open standards and open kinds of technology, whether that’s APIs or choosing a database in a way that kind of makes it easier for them to train their staff and then also with an eye on reducing costs.” 

He added, “The idea being that you don’t have to go and reinvent the wheel and you can adapt someone else’s standard, and hypothetically you’re saving money somewhere in that world. That’s really a true and real driver of open adoption. It is all about efficiency.”

Managing GenAI data efficiently requires tremendous support

GenAI is experiencing the same trend across Southeast Asia. Lillian So, ASEAN Fintech & Unicorn Leader at Amazon Web Services, shines a light on their part in building the ecosystem. “We’re trying to better enable startups to adopt these trends [at a cost-effective way]. Besides the availability of new sexy technology like Gen-AI, Amazon Web Services is also trying to provide an assistant to them [as they build].”

Eggy Tanuwijaya, Head of Solution Architect at Alibaba Cloud Indonesia, shared his experience with most customers focusing on infrastructure. “[Their main considerations] are on data replication, availability, and compliance. We see this, especially in big data and AI. Some of the customers are still trying to find out what is the best case study for the changing AI and they’re trying to discuss it with us also.”

AI allows companies to be as creative as possible in adapting use cases in order to be customer-focused. However, Julo’s Chief Data Officer, Martijn Wieriks, challenges startups to truly leverage this technology for more impactful applications. 

“That’s the real challenge, to think creatively about how you can use these things. I think that’s also difficult because analytics require a certain data accuracy, which comes with a lot of risk. There’s a lot of data that we have collected over the years from our customers.”

Given his experience working on machine learning models, Wieriks sees a huge opportunity. “This is where a lot of these large language models can help to consolidate [this massive data set] and turn that into something that’s easy to understand.” 

“Companies are given further direction on where they can act. Data can help advise and tailor the experience for customers in order for companies to provide better products, and act at the right moment. That’s some of the applications that we’re looking at in the analytics space right now.”

Redesigning servers to be cloud-ready and change-resilient

Tech products, in order to grow, must build better from the lens of actual profitability. This could mean helping manage your data online across teams. But in order to do so, it must be clear that the migration would be focused on not just profitability, but also efficiency. 

“Moving to the cloud is not just only moving your server to the cloud, but I think you need to re-architect and modify your design, your product, and your application, to get the maximum benefit from moving [your data] to the cloud,” added DOKU’s Walujadjati.

Koinwork’s Chintawar specified the importance of this mentality: “With the whole economic climate changing, use your team’s time frame to look into what works, what needs to be optimised, and, of course, innovate further where it works so that you can improve the customer’s experience.”

Also read: How AHG Lab empowers entrepreneurs from the Philippines

Launching new products and initiatives would continuously transform the organisation’s operational efficiency. To mitigate risk, Brankas’ Shaw advised that the key is to balance pushing the boundaries without going too far out of acceptable norms. “The products that I see that are successful don’t really tend to be world-changing. They’re just slightly better than what we had before. It’s that kind of collective change over time that makes things revolutionary in a longer time frame.”

Part of the iterative process is to stop organisations from trying too much at once while being very clear about the success metrics for each stage of experimentation. “I’m a big fan of innovation and experimentation,” So of AWS added, “because I think what cloud kind of introduces is the ability to fail fast, and the ability to very quickly kind of experiment and spin up services.” AWS allows this by working with tech solutions to understand and provide credits and resources to build something that differentiates from the market.

Ultimately, the most successful organisations are driven by their continued solving of customer problems and their continued rapid release of new products and features.

About OceanBase

OceanBase provides a multi-cloud distributed database for mission-critical workloads at any scale. It supports hybrid transaction/analytical processing (HTAP) with one engine. With features such as strong data consistency, high availability, high performance, online scalability, high compatibility with SQL and mainstream relational databases, transparency to applications, and a high cost/performance ratio, OceanBase has helped over 1000 brands globally across industries upgrade their core systems, including GCash, the number one e-wallet service provider in the Philippines, and Haidilao, a popular catering giant. 

Charlie Yang, CTO of OceanBase, outlined that their value proposition lies in being cost-effective. “Our cutting-edge online compression technology can reduce storage costs by 70% to 90% in the early phase. OceanBase has been developed and used on mission-critical workloads for more than 14 years. It can not only be deployed on-premise, but also on major public cloud providers, including AWS, Alibaba Cloud, GCP, and more.”

As a pioneer of native distributed databases, OceanBase is committed to solving the challenges of massive data management. Moving forward, OceanBase will continue to work on major technical bottlenecks, contribute to the development of the database industry, and continuously innovate database management technology. For more information, visit their website.

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Dear reader,

Grab’s second-quarter performance highlights the challenges of maintaining momentum post-pandemic. The company’s revenue miss, particularly in its food delivery segment, underscores the slowing growth after the surge during COVID-19.

With delivery sales rising only 11%, below expectations, and ride-share revenue growth also underwhelming, it’s clear that the demand spikes seen in previous years are stabilizing.

Foreign exchange headwinds, exacerbated by the weakening of Southeast Asian currencies against the US dollar, further dented revenue and gross merchandise value, contributing to the 5% drop in US-listed shares.

Despite these setbacks, Grab remains optimistic, maintaining its full-year revenue forecast and pointing to strong recovery in travel demand.

The company’s strategic investments and stock buybacks reflect its confidence in future growth, although analysts and investors will likely be closely watching how Grab navigates these headwinds.

As competition with Gojek intensifies, Grab’s ability to innovate and capitalize on new opportunities will be critical in the coming quarters.

Sainul,
Editor.

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NEWS & VIEWS

Grab misses quarterly revenue estimates, shares drop
The firm missed Q3 revenue estimates due to slower growth in its food-delivery business and foreign exchange headwinds; In the quarter, revenue rose 17% to US$664M, missing analysts’ estimates of US$673.3 million.

Syfe raises US$27M for product development, acquisitions
The investors are two UK-based family offices, Unbound, and Valar Ventures; Syfe caters to individuals’ wealth needs with diversified proprietary portfolios, cash management solutions, and brokerage.

Pintar snaps up Gredu, Kerja.io, Hiringmaps
With this, Indonesia-based Pintar has entered the trade-based education and labour placement sectors; Gredu is a K12-focused edutech, Kerja.io is an internship marketplace, and Hiringmaps is a job portal for migrant workers.

Sea Group revises up guidance for Shopee amid strong e-commerce momentum
The group’s total revenue increased by 23% year on year to US$3.8B in Q2; Its total adjusted EBITDA fell to US$448.5M from US$510M a year ago; Its total net income was US$79.9M as compared to US$331M a year ago.

Indonesia’s Komerce acquires real-time shipping cost calculation firm RajaOngkir
RajaOngkir allows users, including individual sellers and enterprises, to determine shipping costs from various logistics providers; Komerce is an e-commerce enabler for SMEs.

Amilo enters Thailand by acquiring Sivadon Logistics
Amilo provides access to warehousing, fulfilment, local transportation, delivery, and international expansion through its cross-border delivery services; Amilo plans to launch its cross-border services in Thailand.

Antler invests in AI-driven DevOps-as-a-service platform Nebu
Nebu automates the detection and remediation of cloud misconfigurations, ensuring continuous and secure cloud operations; The startup will use the capital to develop its platform, enhance its AI model, and fund its go-to-market strategy.

Half of Indonesia’s financial institutions plan to deploy GenAI for everyday tasks
A survey says about 44% of local leaders acknowledge GenAI’s potential to revolutionise risk assessment in microlending via analytical models; The study was conducted by AC Ventures, BCG, and Indonesia’s Chamber of Commerce and Industry.

Former top Vertex exec Jiang Honghui joins 17LIVE Group as CEO
With an MSc in Mechanical Engineering from MIT, Honghui comes with over 12 years of experience in VC investment, including at Vertex Group.

Qoala strengthens leadership with new board appointments, sharing key growth insights
The Southeast Asian insurtech company has appointed Randy Lianggara and Yujun Chean to its board; Also, following its successful Series C funding in March 2024, Qoala has launched its second Employee Stock Option Plan.

Binance restarts services in India after 7-month regulatory halt
India blocked nearly a dozen foreign crypto exchange services, including Binance, last year; Offshore exchanges needed to register locally to comply with the country’s anti-money laundering and counter-financing of terrorism framework.

Indonesia’s PasarPolis eyes expansion into Singapore
The insurtech firm said it is on track to become profitable, leveraging technology, data analytics, and strategic partnerships to drive sustainable growth, profitability, and market leadership in the insurtech sector.

South Korean alarm over EV fires puts spotlight on safety concerns
South Korea is urging automakers operating in the country to disclose the manufacturer of batteries used in EVs as authorities try to calm fears over fires involving EVs, after a recent blaze in an underground parking lot that took eight hours to put out.

TikTok disputes US claims on China ties in court appeal
TikTok told a federal appeals court on Thursday that the US Department of Justice has misstated the social media app’s ties to China, urging the court to overturn a law requiring China-based ByteDance to sell TikTok’s US assets or face a ban.

Jeff Bezos’s brother’s firm launches US$100M VC fund HIPstr
Mark Bezos’s HighPost Capital focuses on consumer companies and HIPstr aims to take advantage of dramatically lower startup valuations of the past couple of years.

FEATURES & INTERVIEWS

20 game-changing startups driving Bangladesh’s innovation wave
Bangladesh’s future looks promising, with continuous improvements in infrastructure, increased government support, and growing investor interest.

Entering new frontier: Igloo shares growth strategy in the SEA insurance space
Igloo has started to develop AI-powered models to automate underwriting and pricing as part of its upcoming plan to win the insurance space.

Echelon X: The intersection of sustainability, economics, and social impact in business
The Echelon X panel explored the evolving landscape of sustainable business practices and the economic considerations that accompany them.

Echelon X: Mia Melinda explores corporate venture capital’s impact on Indonesia’s tech landscape
The Echelon X fireside chat delved into the strategic role of CVC in fostering a vibrant tech ecosystem in Indonesia.

In promoting AI adoption, SoftServe believes in implementing a hackathon-like approach
In this interview, Dipen Mehta of SoftServe explains the common barriers that businesses face in adopting AI and what they can do about it.

Sparkline CEO on exit strategy: Valuation is simply what someone is willing to pay for your startup
In this interview, Sparkline CEO and Founder Aleetza Senn explains the factors that founders need to consider in planning their exit strategy.

Innovation and inclusivity: Niv Della’s blueprint for success in the Filipino beauty market
Niv Della Beauty Innovations, led by Nina Dizon-Cabrera, drives growth through product innovation, inclusivity, and strategic expansion.

Echelon X: Malaysia’s path to impactful innovations in the post-pandemic era
The Echelon X panel highlighted the collaborative efforts and strategic vision that are propelling Malaysia forward in the post-pandemic era.

Echelon X: Marc-Antoine Hager of CleverTap explores customer lifetime value under tight budgets
The Echelon X keynote offered a comprehensive roadmap for businesses seeking to unlock the full potential of their customer relationships.

THOUGHT LEADERSHIP

Blockchain and AI copyright: A revolution in digital rights management
Blockchain can offer innovative solutions to AI copyright challenges, with personal insights supported by statistics and research.

The upside of conglomerate influence in Thailand’s tech industry
This article explores why Thailand’s tech scene stagnates despite efforts and how large conglomerates may be stifling startup growth and innovation.

The Third Plenum: China’s commitment to economic recovery and technological innovation
China aims to “build a high-level socialist market economy,” so its reform and growth may not align with the pace of other markets.

How AI enhances market forecasting for tech startups
Successful companies leverage AI’s ability to process vast data quickly to generate precise forecasts, faster insights, and scalable models.

How a data-driven approach can optimise decarbonisation in the built environment
Granular data is key to decarbonising real estate, enabling targeted improvements and optimising ESG goals for greater sustainability.

Digital transformation & AI revolution: Shaping Singapore’s F&B industry with Korean restaurant tech
It’s time for Singapore’s F&B industry to embrace this transformation and serve up a future that’s as exciting as it is delicious.

How to build a tech startup without a CTO – From a founder without a CTO & no programming skills
Learn how to start a tech startup without coding by exploring options like hiring a CTO, using agencies, or in-house hires, and understanding their trade-offs.

FROM THE ARCHIVES

The story of an ‘accidental entrepreneur’
Starting a business is never easy. As three inexperienced students trying to navigate the field of entrepreneurship, it took time for us to get the hang of things.

Greentech revolution: Catalysing software’s success to drive a sustainable future
The delivery models and enterprise-wide integration associated with the software must also mature and manifest for Greentech.

How AI and automation can shape the future of farms
Developing an AI platform in the farming system reduces the time needed to conduct experiments and get results quicker.

The sustainable recipe to feed the world
The race towards net-zero emissions has accelerated breakthroughs in green tech introducing the world to alternative proteins, bio-based ingredients, and sustainable urban farming innovations.

How biotech is changing the global agriculture game for investors
With biotech manufacturing set to transform agriculture, investors who want to stay ahead should pay attention to this rapidly evolving space.

Are traditional conglomerates in the Philippines finally embracing corporate investing?
What stops the big conglomerates in the Philippines from getting their skin into the startup game? This article will answer that.

The extraordinary tale of a Filipino geek who swam against the odds in life
Clark Urzo is one of the two geeks from Southeast Asia to make it to Pioneer, a programme run by Daniel Gross and funded by Marc Andreessen.

Building resilience against cyber attacks in ASEAN through data
The foundation for cybersecurity begins with complete visibility over enterprise data and the controls around it.

Big Tech vs data protection laws in Asia: Who is compromising?
Big Tech companies such as Apple, Facebook, and Alibaba have been in a battle with Asian governments as data localisation heats up in the region.

The post Ecosystem Roundup: Grab misses Q3 revenue estimates | Syfe raises US$27M | Pintar acquires 3 startups appeared first on e27.

Strategic communications consultancy Vero launched a study that provided a detailed analysis based on a survey of 75 journalists in Indonesia, the Philippines, Thailand, and Vietnam. The study revealed the attitudes of media organisations in these countries about utilising artificial intelligence (AI) in their work.

The survey revealed that in Indonesia and Thailand, 95 per cent of journalists have a significant understanding of the technology. Thailand also shows a 95 per cent adaptation rate, reflecting effective integration into their work.

Vietnam is another Southeast Asian (SEA) country with a positive outlook on AI in journalism. Seventy-eight per cent of journalists are familiar with AI, and 100 per cent express positive attitudes toward adapting to the technology’s impact on their work.

Journalists in the Philippines expressed a contrasting attitude. While 90 per cent of surveyed journalists are familiar with AI, only 52 per cent have integrated it into their work.

The Philippines notably exhibited the lowest positive impact rate and the highest negative impact. Interestingly, according to the white paper, this is due to the widespread use of English in local journalism.

Also Read: Antler invests in AI-driven DevOps-as-a-service platform Nebu

“This linguistic context may contribute to AI technology appearing more threatening to their work compared to other markets,” it explained.

Even in markets where journalists’ attitudes toward AI are more positive, valid concerns remain, including its governance, impact on labour, and cybersecurity issues, particularly in Thailand. In the country, there was an apprehension about overreliance on AI potentially compromising the quality and trust in journalism.

Incorporating AI in media works

According to the white paper, these varied attitude trends reveal the complex dynamics of AI adoption in journalism.

However, when embracing and utilising the technology in a media organisation, factors that play a critical role in determining how effectively they embrace and implement AI include specialised training, available resources, and organisational support.

Most media that have incorporated AI in their operations use it to handle “time-consuming” tasks such as transcription and translation or routine tasks such as data-gathering and analysis. Some also use it to help structure an outline and generate coverage ideas.

Also Read: Syfe raises US$27M for product development, acquisitions

In promoting the use of AI in media organisations, Vero recommends the following steps to foster a positive integration:

Educate
Develop and provide tailored training programmes to facilitate seamless AI integration into journalism.

Acknowledge
Address the concerns of seasoned journalists about the technology’s impact on job security, copyright, and the integrity of journalism.

Be transparent
Communicate the functionalities and limitations of AI tools to build trust and manage expectations.

Be responsible
Maintain a robust support system to address any challenges the tools present, ensuring accountability and ethical usage.

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Image Credit: rawpixel, 123RF Free Images

The post AI in journalism: Thai media show a 95 per cent adaptation rate despite concerns about overreliance appeared first on e27.

NYSE-listed PropertyGuru Group announced today it has agreed to be acquired by BPEA Private Equity Fund VIII Limited (EQT Private Capital Asia) for US$1.1 billion in an all-cash transaction.

The Singapore-based group’s Board of Directors has unanimously approved the deal.

Also Read: How PropertyGuru plans to help the real estate industry become more environmentally sustainable

The transaction is expected to close in Q4 2024 or Q1 2025, subject to customary closing conditions, including approval by the proptech firm’s shareholders and receipt of regulatory approvals.

The group’s major shareholders, TPG and Epsilon Asia (an entity managed by KKR), which hold a combined 56 ordinary shares outstanding, have also supported the deal.

Launched in 2007, PropertyGuru is Southeast Asia’s leading proptech company that empowers property seekers by providing more than 2.1 million real estate listings across Singapore, Malaysia, Thailand, and Vietnam. It claims to connect 28 million property seekers with over 46,000 agents monthly.

In the last 17 years, PropertyGuru has ventured into mortgaging, home services, and a host of proprietary enterprise solutions under DataSense, ValueNet, awards, events, and publications across Asia.

According to Tracxn, the company has to date raised US$690 million in total funding over eight rounds from investors, including KKR, TPG, Square Peg Ventures, Emtek, and REA Group.

In 2022, the firm acquired Sendhelper, a Singapore home services technology company, to enter the home management and maintenance services space.

EQT is a purpose-driven global investment organisation with EUR 246 (US$270) billion in total assets under management within two business segments: private capital and real assets.

Also Read: PropertyGuru ceases the operations of its Indonesian marketplace Rumah.com, SaaS product FastKey

EQT owns portfolio companies and assets in Europe, Asia-Pacific and the Americas and supports them in achieving sustainable growth, operational excellence and market leadership.

Meanwhile, Halper Sadeh, an investor rights law firm, said in an announcement that it is investigating whether the sale of the group to EQT for US$6.70 per share is fair to PropertyGuru shareholders. The investigation concerns whether the group and its board of directors violated the US federal securities laws and/or breached their fiduciary duties to shareholders by failing to obtain the best possible consideration for its shareholders, determine whether EQT is underpaying for PropertyGuru, and disclose all material information necessary for PropertyGuru shareholders to assess and value the merger consideration adequately.

On behalf of PropertyGuru shareholders, Halper Sadeh may seek increased consideration for shareholders, additional disclosures and information concerning the proposed transaction, or other relief and benefits.

Halper Sadeh LLC represents investors all over the world who have fallen victim to securities fraud and corporate misconduct.

The post EQT Private Capital Asia to acquire PropertyGuru for US$1.1B appeared first on e27.

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

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

In this episode, we feature Maggie Po, CEO & Founder of FullSuite, a Humans-in-the-loop partner for AI-powered startups in the private capital market industry.

Thoughts, goals, and journey

Po is a seasoned accountant turned operator. She began her career with multinational conglomerates before leading the financial planning and analysis division of a venture-backed startup in 2006. Her journey with that startup culminated as CFO, where she played a key role in completing an M&A transaction alongside the CEO after eight years. Following this experience, she founded FullSuite to help startups scale efficiently by managing their back-office operations without burning through their runway.

In 2019, FullSuite pivoted to focus on supporting AI-augmented startups, particularly in the finance and legal tech sectors within private capital markets. The company specialises in providing humans-in-the-loop services to help these startups onboard customers’ legacy records into their applications.

Since then, her goal has remained consistent: to offer tech startups a scalable and cost-effective way to onboard and manage customer data.

Po remarked, “I addressed the often unmanaged cost of sales-led growth in AI-focused SaaS companies by efficiently and effectively managing customer onboarding and post-sales maintenance. When SaaS startups start accelerating sales growth, they are often pressed with the manual work of getting their new customers’ legacy data into their system. With the rest of my FullSuite executive team, I set up a scalable process for them, hired the people to handle the same, and oversaw the said team through the startup’s growth.”

She added, “There is increasing integration of AI in both the finance and legal industries, but a lot of the data that needs to be entered into the system remains out of reach for AI to properly process without some human intervention. As training the AI gets expensive and unsustainable in the foreseeable future, and it is costly for US-based startups to build in-house teams to structure the data, it is more important than ever for companies to find a partner to help fill that gap.”

The driving force

Po has been a regular contributor to our community for several years, writing extensively on productivity and culture. Her insights, rich with expertise, resonate well within the thriving startup ecosystem.

“It has been an honour to be part of the program. Writing for e27 allows me to share what I have learned as a CFO/COO and eventually CEO in the last 24 years. Even with the rise of automation and technological advancement in the workplace, the challenges in scaling organisations to support growth remain the same. Most new founders continue to struggle to scale efficiently, and not for the lack of best efforts. Being given an opportunity to share my learnings and that of the hundreds of startups I was exposed to in the last 18 years, I hope that somehow, I can provide first-time founders additional practical views on what they need to watch out for or focus on,” she said.

Advice for budding thought leaders

“Thought leadership is not all about giving answers. It is about providing value to your audience. Value is provided when communicated clearly and simply. It is easier to do this when you draw references from practical applications rather than theoretical situations. Write what you believe to be true for your readers,” Po advised.

She added, “With the rise of the influencer era, there is a tendency to write for virality. This could be a tempting bandwagon for newbies to ride; don’t. Be grounded in your own experience and that of those you have had the opportunity to impact.”

Juggling too many things?

Po stated, “In all practical sense, I embrace the belief that there is no such thing as work-life-passion balance—the scale tips where it needs to tip at that particular time. And you need to be okay when that happens.

Personally, I do not impose society’s standards on how I use my time. I am a mother of three. I am the founder of a company that supports startup companies that require much of my time and that of my team. I am a woman in my forties who loves traveling, scuba diving, and learning to be better at skiing. I am an operator who wants to write to share my stories and the stories of other founders I worked with in the last two decades. I am one of these things more than the other at some point in my life as I see fit.

The mindset that allows me to be okay with the scale being unbalanced is that I do not aim for happiness out of the stuff I do. Instead, I seek purpose. Is there a good purpose for why I am doing a particular thing? If the answer is yes, then I focus all the needed energy to get it done.”

Staying in the loop

Po has built a robust network within the industries that FullSuite serves, which keeps her well-informed about developments in the private capital markets.

She recommends Lex Friedman’s podcast, which contains enough interviews with AI subject matter experts to immerse oneself in them. Emmanuel Maggiori’s Smart Until It’s Dumb and Siliconned are good contrarian reads on everything related to Generative AI. She also appreciates Dr. Jeffrey Funk’s opinions on everything AI.

Take a look at her articles here for more information and perspectives on his expertise.

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

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

The post Maggie Po: Balancing purpose and passion in the evolving startup ecosystem appeared first on e27.

Pintar, an Indonesian workforce development and advancement platform, has acquired three startups — Gredu, Kerja.io, and Hiringmaps — to enter the trade-based education and labour placement sectors.

Gredu is a social edutech startup focused on the K12 segment in Indonesia. It aims to improve the schooling experience by enhancing engagement among students, teachers and administrators.

Also Read: Pintar raises US$3M in pre-Series A funding

Through its acquisition, Pintar gains access to more than 400 schools across Indonesia, providing an opportunity to strengthen its higher education business by reaching students in general and vocational schools in particular within Gredu’s network.

Gredu’s co-founder and COO Moh. Arya Budi Nugraha will join Pintar to lead its K12 division.

Gredu’s backers, Intudo Ventures and Vertex Ventures, will also join the workforce development and advancement platform’s roster of investors.

Kerja.io is a marketplace for internships in the technology and financial services sectors. By integrating Kerja.io into its platform, Pintar will offer its enterprise customers a global pipeline of highly qualified early-career professionals as interns and mentees. In addition, it will leverage Kerja.io’s assets, including interview preparation materials, case competitions, and engaged professional communities.

Kerja.io co-founder and CEO Tim Wijaya will join Pintar in a product design advisory role.

Hiringmaps is an online portal for recruiting and placing mid-skilled Indonesian migrant workers. This startup will help the company secure the necessary licensure for global labour placement and access to critical domain expertise. Hiringmaps CEO Ghahtan Said Attamimi will join Pintar to lead its cross-border placement division.

Also Read: Gredu raises US$4M to allow Indonesia’s schools, teachers to track K-12 students’ performance

Gredu, Kerja.io, and Hiringmaps have collectively raised nearly US$5 million since their formation.

By consolidating companies along the education-to-employment continuum, Pintar aims to extend its reach across a broader career lifespan, potentially expanding into neighbouring markets. This strategy would diversify Pintar’s revenue streams from a market exposure standpoint, complementing the diversification already achieved across its business segments.

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Image Credit: Pintar.

The post Pintar snaps up Gredu, Kerja.io, Hiringmaps to enter trade-based education, labour placement sectors appeared first on e27.