Dear Pro member,

Investments in Southeast Asian startups plummeted by 25% in H1 2023, reverting to pre-pandemic levels, as per a new study. This decline highlights challenges tied to shifting investor sentiment, economic uncertainties, and evolving market trends.

Notably, investment focus shifted towards early-stage startups, particularly in seed and Series A stages, resulting in a 41% increase in completed deals compared to the previous year.

Singapore and Indonesia remained the bright spots. While the city-state experienced a 60% surge in deal numbers and a 19% increase in invested capital, the archipelago saw steady deal counts but a 44% yo-y drop in total capital invested.

A surge in “top-up” rounds with a 315% y-o-y increase was observed, mainly at the series A stage. Valuations for Series A and B firms dropped by 34% and 42%, respectively, while seed-stage valuations stayed stable.

Overall, the joint report by January Capital, Venture Cap Insights, and Tracxn points to a bleak future for the region, at least for the next few months. But a rise in early-stage deals brings cheers to the region.

Take a look at the other major headlines also.

Editor,
Sainul.

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Total VC funding in SEA declines by 25% in H1 2023: Tracxn
One notable trend that emerged during the period was the shift in investment focus toward early-stage startups, particularly in the seed and series A stages; Geographically, Singapore and Indonesia remained focal points for VC funding.

LingoAce lays off hundreds amid expansion hurdles
The edutech startup axed hundreds of employees in China, the US, Singapore, Indonesia, and Thailand in about half a dozen rounds of layoffs in the past year.

Indonesia agri-fintech startup PasarMIKRO nets investment from DEG, Ceniarth
PasarMIKRO focuses on empowering smallholder farmers, fishermen, and traders in Indonesia; It will use the money to expand its trade and trade finance service offerings.

Chat-based bank client onboarding startup Boost Capital raises US$2.5M
The investors include Village Global, Iterative Ventures, and Hustle Fund; Boost Capital enables financial institutions to digitally onboard applicants for loans, savings, credit cards, and insurance quickly.

SG’s healthtech startup Neurowyzr raises US$2.1M
Peak XV is the lead investor; Neurowyzr is a deep neuroscience using the latest discoveries in neuroscience to optimise corporate and population brain health and performance.

Naman Jhawar to head India and Southeast Asia ops of German VC firm Picus Capital
Picus Capital is set to increase its investments in Southeast Asia, with a focus on fintech, enterprise software, and climate tech.

AI startup Anthropic raises US$100M from Korea’s SK Telecom
The telco says Anthropic and SKT plan to co-develop a multilingual large language model customized for global telco firms.

US-based Plug and Play partners Enterprise Singapore
They will launch the Global Innovation Alliance (GIA) San Francisco Acceleration Program, providing an opportunity for Singapore startups to explore and expand their products in the dynamic tech hub of San Francisco and the US.

Blockchain gaming sees US$300M summer funding boost
In June 2023, funds going into Web3 gaming dropped to its lowest for the year at US$68M; This was mainly because of tough challenges in the market.

Tokocrypto shelves IPO plans after Binance buy-in
Tokocrypto CEO Yudhono Rawis said Tokocrypto is currently well-capitalised and has a healthy cost base; Tokocrypto was preparing to go public by 2024 or 2025.

Vingroup founder’s e-bike hailing service debuts in Vietnam
Green and Smart Mobility (GSM) has officially launched its e-motorcycle hailing service Green SM Bike in Hanoi; The launch of Green SM Bike follows the roll-out of GSM’s e-taxi hailing service in April this year.

‘Unlike traditional accelerators, Accel Atoms provides a more personalised learning environment’
The Atoms programme, targeted at startups in India, SEA and the UAE, also offers several other benefits, says Accel Prayank Swaroop.

Meet the new 10 investors joining the e27 Connect platform
These investors come from different geographies and invest in different stages and verticals.

Rise of generative AI in search: Exploring opportunities for APAC brands
Generative AI’s conversational ability and real-time training could fundamentally transform how users engage with search.

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Growth Charger

Growth Charger incubates, accelerates and builds businesses.

Verticals: Agritech, healthtech, education, smart cities, biotech, consumer, finance, AI and, Big Data
Based in: Malaysia
Investment locations: Malaysia, Singapore, Thailand, Vietnam, the Philippines, and Indonesia
Stages: Pre-seed, seed, and pre-Series A/bridge
Investment range: US$10K to US$50K.

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It’s a multi-cloud world with organisations making investments across private and public environments. A steady stream of new capabilities and tools are demonstrating the power of cloud computing as they spin up at the edge to manage the massive influx of data generated in real time.

Now, more clouds are rolling in. There are telecom and sovereign clouds and vertical industry clouds that provide support, applications and requirements specific to healthcare, finance, government, retail and even media.

The public sector, too, is steadily increasing its investments in cloud architectures. Take, for example, the Singapore government, which is leading this with plans to spend more than 30 per cent of its 2023 ICT budget on cloud applications developed on the Government Commercial Cloud (GCC) and drive efforts to move 70 per cent of its systems to the cloud by the end of the year.

Also Read: Can cloud infrastructures be both affordable and reliable?

While this is great news for organisations looking to maximise the value of their cloud investment and meet critical business objectives, it may complicate the multi-cloud landscape. The proliferation of these very specialised clouds can create yet another silo if organisations aren’t able to move data and apps freely between them.

A robust multi-cloud strategy ensures that organisations benefit from the efficiencies of public clouds, like flexibility and scale, and bring these on-premises with the advantages of performance, control, and security.

Less is more…complexity

When building a strategy, some may say the obvious answer is a monolithic cloud approach – pick one platform with one provider and rely on their apps and a small pool of partners.

But this stunts innovation. Closed platforms are the proverbial walled garden in the cloud and developer ecosystem, decreasing integration across the ecosystem and leading to vendor lock-in. While it may seem simple in the beginning, organisations miss out in the long run by limiting themselves to a proprietary set of services that impact their ability to easily access and adopt future industry innovations.

Too often, organisations that invest across multiple clouds and services are left to figure out the disparate pieces independently. On top of this, organisations want a secure multi-cloud infrastructure as they continue to pursue their digital transformation.

According to Dell Technologies’ research, 75 per cent of organisations in Asia Pacific cite the ability to protect multi-workloads across on-premises and public clouds to be among the most important capabilities for enabling hybrid, multi-cloud operations.

Workarounds take time and resources away from innovation and productivity. Organisations want these clouds, apps, platforms and services to work together seamlessly. They want multi-cloud by design, not by default.

But they don’t necessarily want a single service provider – they want a simpler way to securely manage and orchestrate data and apps across multiple cloud environments. While the nirvana state is to get a singular view, a more realistic goal may be to reduce the number of unique siloed tools for cloud management and orchestration to enhance value.

Also Read: Exposing the dark secrets of cloud visibility: Is your business at risk?

More open, less ego                                                     

We see the solution to multi-cloud complexity differently — break down silos and build an open ecosystem that thrives on a wide range of partnerships, collaboration and innovation.

A good example is what the Singapore government is currently adopting.  Launched by the Singapore government, the Government on Commercial Cloud platform provides government agencies with a consistent means to adopt commercial cloud solutions offered by cloud service providers with robust cybersecurity measures and systems to protect the data that resides on commercial cloud platforms.

This is to allow government agencies to tap into commercial cloud software to incorporate advanced functionalities into their digital services instead of trying to reinvent the wheel, delivering high-quality government digital services to citizens and businesses.

Multicloud is not just a random collection of public clouds or even those clouds’ loose connections to private clouds. Multicloud is about accessing an ever-expanding set of innovations across clouds and acknowledging that you need the capabilities of the entire ecosystem to deliver modern IT.

That’s where open ecosystems come in. They allow for interoperability and deeper integration across solutions and services – providing greater access to innovation from a variety of providers. This way, the technology not only works, but it also works in the ways organisations really need it to. It has to if we want to unleash data-driven breakthroughs through AI and automation powered by cloud computing.

No single company or innovator will deliver on the promise of technology. Nor should they. That’s what makes the technology industry so incredibly vibrant – relentless innovation that pushes the boundaries of possibilities to solve the world’s greatest challenges.

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Editor’s note: e27 aims to foster thought leadership by publishing views from the community. Share your opinion by submitting an article, video, podcast, or infographic

Join our e27 Telegram group, FB community, or like the e27 Facebook page

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S&P Global recently reported a significant 49 per cent year-over-year drop in funding for global fintech companies, amounting to US$23 billion during the first half of 2023. Round values for seed and early-stage firms declined by an average of 12 per cent and 14 per cent in 2022, respectively, while growth-stage and mature startups experienced even lower declines of 43 per cent and 66 per cent, respectively.

It’s not just about the year being 2023 — think about 2020, 2021, or even further back to 2008 or 2009. In the last two decades, we’ve experienced numerous game-changing events. Surviving and succeeding in such an unstable environment requires flexibility.

As the CEO and Founder of Credolab, I embarked on a challenging journey. Being flexible has allowed me to quickly adjust strategies, pivot into new business models (which we’ve done twice), and explore alternative approaches that weren’t evident at the beginning. 

Credolab is a developer of digital scorecards and data enrichment solutions for the banking industry, which are based on behavioural metadata. As of now, the company has analysed over 240 million digital footprints and scored 30 million individuals. Credolab’s solutions are currently utilised by more than 200 corporate clients across nine different verticals.

Looking back, I can confidently share some valuable tips for startup founders to thrive in an ever-changing business landscape.

Fundraising: Luck does come into play sometimes

In August 2020, we raised our Series A round. This came just a few weeks after an extreme low in June when our revenue dropped by 90 per cent. When the pandemic hit, lending came to a halt. Everyone decided to preserve cash and cut down operations. Our model, which was “pay as you go”, was affected drastically. Q2 saw the lowest revenue, maybe even lower than in 2017. 

Also Read: A guide to creating the ultimate investor pitch deck

On the other hand, venture capitalists at that time were really looking at the short term. They saw our revenue decreasing and said, “Okay, we’re not interested.” But I learned a lot about how these VCs think. It was a good learning experience.

However, it was tough, as you can imagine. But we were lucky, which does come into play sometimes. The luck was in finding an investor, GBG, who became not only the lead investor for our Series A round and a strategic partner. They knew that the decrease in revenue was not something that would stay with us long-term and that the economy would eventually recover.

GBG was looking at the value we could bring once the economy opened up, and this was a remarkable moment for our business. It goes to show highs and lows in a startup’s journey can occur very close to each other.

After all, communicating with investors may be challenging, but it can also lead to positive outcomes and value for the business. As long as the company has a solid customer base, a profitable business model, and a willingness to learn from investors, it can weather any fundraising challenges and come out stronger on the other side.

Product: Take a risk to change

We developed our first scorecard in 2016, and it was remarkable. Despite possibly being over-optimistic, it was our ticket to success. It demonstrated the immense value we could add to other businesses. A few quarters later, we confirmed the effectiveness of our data.

Since then, we have explored various use cases, not only in risk prediction but also in segmenting personas or developing look-alike models. We constantly strive to cater to different needs, sometimes even tailoring solutions to a customer’s unique request. This has led to some surprising and successful outcomes.

When the pandemic hit in 2020 and revenue dropped drastically, we had to pivot and explore new business models. We discovered that we needed to deliver value from day one and be able to charge for our services upon contract signature, not upon successful integration. Thus, we developed an anti-fraud insights module, an account takeover module, and a data enrichment module.

Now Credolab is on the cusp of securing more subscription clients, leading to increased revenue visibility. By reviewing our revenue model, we launched a new pricing strategy that has received immediate positive feedback from clients. Many clients are able to develop faster sales cycles because of it. 

To paraphrase Alice in Wonderland, you have to run with all your legs just to stay where you are and run at least twice as fast to get somewhere. So this year, we launched a new product, which is a personality-based targeting solution. It blends smartphone metadata collection, machine-learning algorithms, and insights from behavioural psychology.

Also Read: Finding the right co-founder involves having tough conversations–and a great sense of humour

This allows us to gain a deep understanding of the personality traits of top-performing potential customers. The Credolab team has already analysed 1 million data sets and built a robust framework that is currently deployed in production. 

Mindset: Be flexible enough to stay true to your principles

To be honest, I wasn’t very confident at first in 2016 launching Credolab. After years in big corporates, I took time off to complete my MBA from Bocconi University in Milan, Italy. Then I was ready to get back into business.

So, the decision was partly driven by necessity – I didn’t have another job lined up after graduation. I moved to Singapore with my wife and three sons, ready to step significantly out of my comfort zone and embark on this new adventure.

I was an intrapreneur, comfortable in the corporate world, but I wanted to transform myself into an entrepreneur. Now, I find myself navigating through a dynamic, constantly changing landscape, facing unexpected challenges along the way. Adaptability and the ability to embrace change are vital for success, particularly given the volatility of our environment. 

It’s fascinating how a paradigm shift can occur in individuals, especially founders and entrepreneurs. Often, we find ourselves doing the same thing repeatedly until one day, a light bulb moment or a hard-hitting realisation makes us rethink everything.

There was a defining moment in 2016. I remember being on a flight from Vietnam to Singapore with my friend, who was also my mentor at Credolab. He made me realise that I had to transform myself, shed my risk management persona, and take on a different role. His words marked a turning point when I realised everything needed to change.

No compromising on the team

Compromises are possible in everything, except that your startup’s team should be superb.

During my whole career, my approach has always been to hire people better than myself. When hiring, one of my key criteria was looking for people more talented and smarter than myself, who would do better in the position than I could ever do.

I brought in people who had a better understanding of marketing, product management, data science, and IT development. This approach has proven most effective – always looking for people better than myself. For example, if there’s a need for credit risk management or data mining from mobile devices, you find people who excel in these areas more than you do.

This tactic effectively elevates the overall performance of your company. Most entrepreneurs tend to hold off on hiring until they can’t manage everything themselves. But our approach is slightly different. You push yourself to the limit, but when you do hire, you ensure they’re more proficient than you in their role. 

I’m gonna be honest with you; there were moments when I thought things wouldn’t work out. However, during our darkest days, we managed to secure an investment, which turned everything around. This experience taught me the importance of perseverance.

As a Founder, you must stay resilient, both mentally and physically. Taking care of yourself will enable you to make rational decisions and lead your team effectively.

Remember to trust your instincts, leverage your strengths, and build a team of exceptional individuals. The road may be bumpy, but with the right mindset and approach, you can thrive in a constantly changing business world and turn challenges into opportunities for success.

—

Editor’s note: e27 aims to foster thought leadership by publishing views from the community. Share your opinion by submitting an article, video, podcast, or infographic

Join our e27 Telegram group, FB community, or like the e27 Facebook page

Image credit: Canva

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In today’s dynamic business landscape, effective communication and strategic marketing are paramount for any company seeking to stand out. In this regard, as a platform dedicated to empowering Southeast Asia’s tech startup ecosystem, we at e27 continue to redefine how brands connect with the right audiences and also sustain that connection.

One notable success story is the collaboration between e27 and Lalamove where e27’s expert media services seamlessly brought Lalamove’s customised solutions — a new and relatively lesser-known offering — to a regional audience of tech startups.

Lalamove, a global leader in on-demand logistics, was presented with a unique opportunity to showcase their customised solutions to an audience of regional startups looking to improve their logistic processes. Collaborating with e27, Lalamove set out to produce engaging content that could translate, simplify, and convey their unique offering in ways that would both entice their existing clientele to explore their new solutions and also tap uncharted markets. This strategic partnership exemplifies the power of combining Lalamove’s solutions with e27’s in-depth understanding of the regional tech startup ecosystem and media reach.

Sharing Lalamove’s story with a wider audience

At the heart of this collaboration was the creation of an insightful article that captures the Lalamove narrative. e27’s experienced team worked closely with Lalamove to distil the essence of their custom solutions and ground it according to the needs of the e27 audience. Through in-depth interviews, e27 gained a profound understanding of Lalamove’s unique value proposition and the problems it seeks to solve for startups.

The resulting article was a testament to e27’s ability to create compelling narratives, providing a focused and careful understanding not only of Lalamove’s customised solutions but also of the gaps and demands within the emerging e-commerce space — a particular industry that Lalamove hopes to engage better.

Also read: ChatGPT expansion in Saudi Arabia is underway via BuzzAR and Choco Up

Providing a narrative that appeals to both tech-savvy entrepreneurs and newcomers to the industry, the article conveyed Lalamove’s innovative solutions to audiences from across the regional ecosystem in ways that enable complex concepts to become accessible and engaging. Moreover, it allowed the team behind Lalamove to share their story in meaningful ways.

Through the collaboration, e27 featured Alex Lin, Managing Director of Lalamove Singapore, to discuss important insights on last-mile delivery and the broader e-commerce landscape, underscoring the importance of innovations such as Lalamove’s customised solutions in helping revolutionise the industry. Meanwhile, Ms Zarifah, Business Development Manager at Lalamove Singapore, discussed comprehensively how such solutions can be harnessed in order to drive business growth among brands that are in dire need of robust, logistic solutions for merchants that require large volume transport.

The e27 advantage: Reaching the right audience

Creating exceptional content is only part of the equation. e27’s far-reaching media network played a pivotal role in ensuring that Lalamove’s message reached the right eyes and ears. Leveraging its extensive regional presence and targeted distribution channels, e27 amplified the article’s impact by placing it directly in front of a curated audience of regional tech startups.

Yielding considerable impressions at over 23,000 page views, over 10,000 clicks on Facebook, and gaining a reach of over 350,000 overall impressions on social media, e27 helped Lalamove cement its position as a leading logistic platform to a focused audience of businesses, startups, and other relevant stakeholders.

This precise targeting, facilitated by e27’s in-depth market insights, enabled Lalamove to connect with potential clients who were actively seeking solutions to their logistics challenges. The article was more than just informative; it was a catalyst for meaningful connections and tangible business growth.

The road ahead

The success of Lalamove’s project with e27 is a shining example of the media expertise that e27 exhibits and the high-quality service that we consistently deliver. While this collaboration highlighted Lalamove’s customised solutions, it is worth noting that e27’s media capabilities extend far beyond — with a portfolio that encompasses a wide variety of projects, spanning diverse industries and business models, each one meticulously tailored to resonate with specific target audiences.

From informative articles like Lalamove’s to in-depth reports, interactive webinars, and engaging events, e27 has established itself as a versatile and influential media partner. Ultimately, companies that partner with e27 gain access to a treasure trove of media opportunities that drive results — and to audiences that matter.

Also read: PayPal: A reliable payment partner to combat business uncertainty

As technology continues to evolve, so does the art of communication and marketing. The collaboration between e27 and Lalamove underscores the importance of partnering with media experts that can translate complex ideas into digestible narratives that appeal to a wide range of audiences. Through such partnerships, companies like Lalamove can effectively communicate their value propositions and achieve unprecedented growth.

All of this demonstrates e27’s commitment to driving meaningful connections and fostering growth, fostering a platform that helps you simplify complex concepts, share your authentic stories, and yield impactful and lasting results.

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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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Wiziin nets US$500K

Vietnam-based venture investment management platform Wiziin secured US$500,000 in pre-seed funding from an unnamed tech serial entrepreneur.

“The venture capital world has long adhered to traditional methods of funding and investing in startups. This funding will enable us to accelerate our next efforts in emerging blockchain technology to disrupt this industry and revolutionise how venture capital operates based on the tokenisation of assets, and smart contracts,” stated Co-Founder Thong Dang.

Founded in 2020 by experienced venture capitalist Tien Nguyen and serial entrepreneur Dang, Wiziin aims to bridge the gap between investors and founders through its new blockchain-based platform.

It provides tech platforms specialising in data-driven solutions for startups and investors in capital raising, dealmaking, and co-invest monitoring. It has a network of over 200 investors, and over 5,000 companies have raised funding via the platform.

Beep bags seed funding

Singapore-based IoT transaction platform, Beep, announced the launch of what it claims to be Southeast Asia’s largest electric vehicle roaming (eRoaming) network. Hyundai Motor Group Innovation Centre in Singapore (HMGICS), Tribecar, EVFY, Singapore Electric Vehicles, and Quantum Mobility are among the initial entities to use the network.

Beep also announced the completion of its seed funding round, led by GGV Capital and Wing Vasiksiri. NUS Technology Holdings, SUTD Venture Holdings, XA Network, and prominent angel investors also participated in the funding round. The amount of funding is undisclosed.

Beep will utilise the fresh funds to improve technical connectivity and deploy the largest roaming network in Southeast Asia as part of expansion plans into Malaysia, Thailand, and beyond. The company will continue collaborating with additional charge point operators, vehicle OEMs, and fleets to grow the network on a permission basis.

HealthXCapital joins hands with Jungle Ventures

Singapore-based VC firm Jungle Ventures announced the addition of HealthXCapital to lead its healthcare investments in Southeast Asia and India.

Seemant Jauhari, a seasoned leader with 22 years of experience in healthcare investments who has led HealthXCapital since its inception, will join Jungle Ventures as a Partner for healthcare.

HealthXCapital has engaged with over 1,200 founders across various healthcare segments, including home care, ambulatory care, insurtech, data sciences, and brain health. Their portfolio features names such as RED.Health, Homage, Medfin, and THB.

Jungle Ventures specialises in early to growth-stage investments in Southeast Asia and India, focusing on nurturing businesses from their inception to becoming unicorns and eventually to IPO.

Atome renews US$100M debt facility

Atome Financial, a Singapore-based buy-now-pay-later company targetting unbanked and underbanked consumers, renewed its US$100 million debt facility with HSBC Singapore.

The funds will help the fintech firm to expand its services in the Philippine market and develop new consumer financing products.

Atome entered the Philippine market in end-2021 by partnering with over 50 online and offline retailers across fashion, beauty, lifestyle, and home & living. The Philippines presents enormous opportunities for the fintech firm as 34.3 million adults are unbanked (as of 2021).

Launched in December 2019, Atome is a digital platform providing consumers across the region with flexible deferred payments through its mobile app. In addition, it offers digital consumer loans in Indonesia through the Kredit Pintar mobile app.

Antler invests in CHOYS

CHOYS, a SaaS insurtech platform for corporate employees in Southeast Asia, closed a US$1.1 million seed funding round with investors, including Wing Vasiksiri, Foremast, Antler, and Fintech Nation Fund.

The company will use the money for its go-to-market strategy across Southeast Asia and to bolster its product development initiatives.

Founded by Sharon Li and Vanessa Chen, CHOYS aims to make work life more meaningful and humanised. To achieve this, it empowers organisations with well-being tools and a platform to make a “bigger impact” through better understanding of and connecting with their people. The firm uses data analytics to create customised employee benefit experiences.

Boost Capital lands US$2.5M

Singapore-headquartered SaaS platform Boost Capital secured US$2.5 million in a seed funding round from Village Global, Iterative Ventures, Hustle Fund, Epic Angels, Xcel Next, and Insitor.

Prominent angel investors, including Shivaas Gulati, former co-founder of Remitly; Larry Hootnick, former CFO of Intel; and Puon Penn, former EVP of Venture Capital at Wells Fargo, also participated.

The firm will use the funds for market expansion, enlarging its product team, and initiating partnerships with new banks.

Founded in 2018 by Gordon Peters and Lucinda Revell, Boost Capital provides a platform that enables financial institutions to digitally onboard applicants for loans, savings, credit cards, and insurance quickly.

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The image used in this picture is AI-generated.

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Vietnam-based venture investment management platform Wiziin has secured US$500,000 in pre-seed funding from an unnamed tech serial entrepreneur.

“The venture capital world has long adhered to traditional methods of funding and investing in startups. This funding will enable us to accelerate our next efforts in emerging blockchain technology to disrupt this industry and revolutionise how venture capital operates based on the tokenisation of assets, and smart contracts,” stated Co-founder Thong Dang.

Founded in 2020 by experienced venture capitalist Tien Nguyen and serial entrepreneur Dang, Wiziin aims to bridge the gap between investors and founders through its new blockchain-based platform.

It provides tech platforms specialising in data-driven solutions for startups and investors in capital raising, dealmaking, and co-invest monitoring. It has a network of over 200 investors, and over 5,000 companies have raised funding via the platform.

Also Read: Leveraging blockchain: A new era for small business innovation

Wiziin is creating a new investment platform named “Homerun.club”, which enables efficient co-investment in blockchain environments for professional individual investors. By eliminating intermediaries, this platform aims to democratise funding access, empower entrepreneurs globally, and attract a broader range of investors.

“While our platform operates in a decentralised manner, we still require users to verify their identity in order to comply with regulations and safeguard investor interests. This verification process effectively mitigates fraudulent activities and enhances the overall credibility of our platform,” explained Dang. “We are also actively seeking institutional funding later this year to further develop the platform. This will enable the fundraising process to become a collaborative effort between the project and its community, driving mutual growth and success.”

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The image used in this article is AI-generated.

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GoTo on track to profitability, loss narrows 56% in Q2
The group posted net revenue of US$232M in Q2, an 87% increase from the same period last year; Meanwhile, its net losses amounted to US$216M, a 56% drop from Q2 2022.

ID audio startup Noice lays off staff amid restructuring efforts
According to the company’s LinkedIn page, it has 215 employees; It is unclear how many are impacted; Noice offers a hyperlocal approach to podcasting and audio storytelling by platforming series in local dialects.

Xendit sheds ‘small number’ of product jobs
The fintech unicorn said the move has less to do with revenue or cost reduction and more about increasing the speed of its software development life cycle and generating “accountability within engineering processes.”

Bad loans from Indonesia’s fintech lenders hit US$338M: OJK data
The amount marked a 54.9% jump y-o-y; It also outpaced the growth of total outstanding loans disbursed by the country’s fintech lending platforms, which increased 18.9% y-o-y.

BNPL startup Atome renews US$100M debt facility with HSBC Singapore
The funds will help the fintech firm to expand its services in the Philippine market and develop new consumer financing products; Atome claims it has over 40M app downloads and has disbursed more than US$4B in loans.

GoTo to exit entertainment biz, target budget consumers as it eyes profits
The company is expanding its consumer base while being “extremely disciplined” about costs; GoTo has reduced its workforce by 24% over the past three quarters while reducing non-personnel fixed operating expenses by 10%.

HealthXCapital joins Jungle to lead healthcare investments in SEA & India
HealthXCapital has engaged with over 1,200 founders across various healthcare segments, including home care, ambulatory care, insurtech, data sciences, and brain health.

SG politician leaves Grab to take ‘external-facing’ role in fintech firm
Tin Pei Ling served as director of corporate development at Grab, a shift from her initial role as director of public affairs at the firm.

Boost Capital lands US$2.5M for its chat-based bank client onboarding platform
The Singapore-based SaaS platform enables financial institutions to digitally onboard applicants for loans, savings, credit cards, and insurance quickly.

Beep launches SEA’s largest eRoaming network with a seed round
The lead investors are GGV Capital and Wing Vasiksiri; Beep is an IoT transaction platform that is a universal translator, connecting various charging systems used by different operators.

Antler joins SaaS insurtech platform CHOYS’s US$1.1M seed round
Other backers are Wing Vasiksiri, Foremast, and Fintech Nation Fund; CHOYS empowers organisations with well-being tools and a platform to make a “bigger impact” by better understanding and connecting with their people.

Sea Group logs minimal revenue growth in Q2, misses estimates
Sea Group registered US$3.1B in revenue for Q2; The logged amount marks a 5.2% increase year on year; Nonetheless, Shopee continued to be the biggest money maker for the group, generating US$2.32B in revenue for Q2 2023.

SG competition watchdog opens Grab, Trans-cab merger for public comments
Grab and Trans-cab submitted the merger proposal to the CCCS in August for a decision on whether the acquisition would violate a section of the Competition Act 2004.

MAS to regulate stablecoins for ‘value stability’ in new framework
Issuers need to meet a minimum base capital and several prerequisites, including the stability of the tokens’ value; Companies must also return the par value of the holder’s stablecoin within five business days if requested by a customer.

Musk says X will address shadowbanning ‘soon’.
Shadowbanning is not outright banning a user but making changes that ensure their content is no longer circulated and kept out of public view; Shadowbanning has been a topic of concern even in Twitter’s earlier days.

Indonesia, Singapore start trial on cross-border QR code payments
Both have set a target of introducing the system in the second half of this year.

From a single brew to unicorn: Kopi Kenangan’s journey of coffee and creativity
Kopi Kenangan is now in the early stage of exploring the use of AI for picking locations for new store openings.

Gushcloud’s winning formula: Navigating authenticity, innovation, and tech in influencer marketing
CEO Althea Lim says Gushcloud stays away from paid influencer gigs that could have the possibility of being mistaken to be propaganda.

27 ID startups that have taken the ecosystem to next level this year
These Indonesian startups have made the nation proud in this Independence Day; It has proven to be a challenging –yet historical– year.

Inclusion matters: How GitHub enhances accessibility for individuals with disabilities
Exploring the tech industry’s commitment to inclusivity, the strides made in workplace accessibility, and the transformative power of diverse perspectives.

AI is not about job displacement but job augmentation: Nick Eayrs of Databricks
We will still want a human in the loop to oversee and check the output from AI while having AI do the mundane stuff in a more efficient way, says Nick Eayrs of Databricks.

Flexibility is key: How to succeed in an ever-changing startup world 
With the right mindset and approach, you can thrive in a constantly changing startup world and turn challenges into opportunities for success.

Balancing AI and human ingenuity: A guide to keeping your brain sharp
By adopting a balanced approach and implementing these strategies, we can maintain our cognitive edge and harness the full potential of AI.

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Image Credit: Gojek.

The post Ecosystem Roundup: GoTo on track to profitability; Noice, Xendit shed jobs appeared first on e27.

Amidst the AI revolution, e27 presents a new series showcasing how organisations embrace AI in their operations.

Raviteja (Ravi) Dodda is the co-founder and CEO of MoEngage, an insights-led customer engagement platform built for customer-obsessed marketers and product owners.

Dodda has over ten years of experience leading global teams and managing products. Before joining MoEngage, he co-founded DelightCircle, a localised retail mobile app.

He has been included in the BW Disrupt 40 under 40 and Forbes 30 under 30 lists.

In this edition, Dodda shares how MoEngage has embraced Artificial Intelligence.

Edited excerpts:

How do you perceive the AI revolution and its potential impact on your industry and workforce?

From my perspective, I find Artificial Intelligence to be nothing short of a revolutionary force, completely transforming the way businesses approach their marketing strategies. It empowers them to reach unprecedented efficiency, personalisation, and overall success.

Thanks to AI, companies can now swiftly gather information and take decisive action in their marketing endeavours. Marketers, in particular, can harness the power of AI to gain real-time insights, allowing them to prioritise crucial aspects like customer value and revenue.

Furthermore, the wonders of AI and machine learning extend to understanding customer preferences, enabling brands to send messages at the perfect time and through the most effective channels, ultimately leading to improved Return on Investment (ROI).

By embracing AI’s (automation and optimisation) potential, brands can delve deep into customer behaviour, accurately engage the right audience, and establish personalised connections at every stage of the customer lifecycle. This level of personalisation fosters stronger customer relationships, engendering loyalty and trust in the brand.

As I see it, the impact of AI and automation on the workforce in the customer engagement industry could bring about specific changes. While AI can handle many routine tasks, I believe that humans will continue to play an important role, resulting in a fusion of Human-in-the-loop (HITL) decision-making that leverages human and machine intelligence to create optimal results.

To thrive in this evolving landscape, I think the workforce may need to embrace this shift by acquiring new skills related to AI, data analysis, and customer experience management.

In what ways has your company embraced AI technologies to improve operational efficiency or enhance business processes?

We are ahead of the curve, and our customers have been leveraging our Sherpa AI engine and machine learning to power their consumer brands. It helps them optimise their conversion, reach customers at the right time, and move to predictive customer engagement, fueling their business growth.

Sherpa lets you protect your customer base by identifying customers likely to churn, convert, or become inactive. Sherpa can boost your ROI by identifying customers ready to buy and upgrade. You can even set up custom prediction models and test the accuracy of those models with our built-in Prediction Quality Scores and more.

Can you share specific examples of how AI has been integrated into your workforce to streamline operations or drive innovation?

We have a task force to leverage AI for our business and customers. The GenAI task force at MoEngage is a good example of how a diverse representation can drive varied opinions, eliminate bias and ensure a system balance.

Also Read: AI is not about job displacement but job augmentation: Nick Eayrs of Databricks

With this, we strive to guarantee that all employees go through the same recruiting procedure, receive equal compensation, and have equal opportunities for career advancement.

What challenges or concerns did you encounter when implementing AI technologies within your organisation, and how did you address them?

We are in the learning phase to identify the right problems we want to solve with GenAI. For both our internal teams and our customers, we want to be able to add value that helps drive growth.

So, we are not focusing on just adding a layer on top of Open AI to solve things already addressed by the tools like ChatGPT, among several others.

How do you ensure transparency and uphold ethical considerations in using AI technologies within your organisation to mitigate privacy concerns?

Employees’ privacy is at the core of everything we do with AI technology. We’ve worked hard to create clear and honest privacy policies explaining how we handle user data – from collection to storage and sharing. We always ensure to get explicit and informed for any data utilised for AI-powered analysis because respecting user privacy is paramount.

We’re vigilant about collecting only the necessary data for AI-enabled tasks. We go the extra mile to anonymise (PII Tokenised Sending and Masking) it whenever possible, reducing the risk of privacy issues.

We take great pride in following ethical guidelines, ensuring fairness and responsibility in the development and use of AI technologies. We keep our employees up-to-date through ongoing education and training, fostering a culture of awareness and accountability regarding privacy concerns and the ethical impact of AI-powered technologies.

How do you ensure that AI technologies complement your workforce’s existing skills and expertise, rather than replacing or displacing human workers?

Based on historical experiences – such as the industrial revolution – we can infer that technological revolutions initially result in disruption, which leads to job losses, but ultimately results in job growth and prosperity over the long term due to improved efficiency.

Also Read: AI has its advantages but it can never fully replace humans: Asnawi Jufrie of SleekFlow

To ensure harmonious integration of AI with the workforce, we adopt a strategic approach, identifying roles where AI complements and enhances human capabilities. We foster a continuous learning and innovation culture, encouraging employees to see AI as a valuable tool that augments their skills, not a job threat. Prioritising human-centred design principles in our AI development, we create intuitive, user-friendly solutions that promote collaboration between humans and AI, preserving human expertise.

At MoEngage, we actively encourage team members to propose novel ways to integrate AI and recognise and reward ideas that strike a harmonious balance between AI and human capabilities. Through this balanced integration, we drive prosperity and growth in our organisation and beyond.

How do you envision the future collaboration between humans and AI? What role do you see AI playing in augmenting human capabilities?

Envisioning the future collaboration between humans and AI foretells a remarkable transformation in our work and life in general. AI has the potential to become an invaluable tool, augmenting human capabilities and leading to unprecedented advancements across diverse fields.

However, it is vital to emphasise that AI’s role is to enhance human capabilities, not to replace humans. Striking a harmonious balance between AI and human involvement will be paramount to unlock the full potential of this collaboration.

For instance, the AI-powered capabilities showcased by our recommendation engine Sherpa not only help marketers and product owners (from consumer brands) send the right message to the right customer at the right time on the right channel (thus optimising RoI) but also save them time to focus on improving the conversion funnel and working on novel strategies to drive business growth. This is where I feel AI can augment human capabilities.

What advice would you give to founders looking to leverage AI in their workforce?

It is vital to understand that while AI-powered technologies can make life easier, improve productivity and drive operational efficiency, they must be balanced well with the human element.

Ensure that the processes for which you want to implement AI-enabled technology are ultimately helping human operators maximise the potential of their work. AI shouldn’t be considered a replacement but rather a complementary effort to drive better business results.

Leaders and founders also need to ensure the ethical implementation of AI, where the technology only serves to improve and elevate the level of expertise of team members and not aim to sideline them effectively.

The AI-enabled processes should allow for the analysis of large data sets and provide actionable insights faster, thus helping individuals and teams (across consumer brands) focus on providing seamless and relevant customer experiences.

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Malaysia has a high rental deposit problem.

The hefty deposits, often exceeding a tenant’s monthly salary, restricts mobility and housing options, especially for the Middle 40 (M40) and Bottom 40 (B40) group and young professionals.

As per an estimate, the total rental deposits stuck in the market amount to a massive US$6 billion.

Earnest Wong and Edmund Chong saw an opportunity here to bring a change and create an impact.

“We saw the pain points of high rental deposits and decided to create a solution to free up cash flow for tenants while providing security for landlords,” says Wong.

Wong (CEO) founded BlueDuck with Chong in 2018. Wong has a strong background in insurance and management, while Chong (CTO) brings years of experience in systems and security.

Also Read: ApartX allows landlords to share their properties via smart home solutions remotely

In a nutshell, BlueDuck is a fintech company providing financial services in Malaysia. It offers an easy rental solution for people looking for residential or commercial properties. It allows tenants to save cash upfront while enabling landlords and agents to rent out faster to a verified tenant.

The startup runs a zero-deposit programme, which allows tenants to pay a small annual subscription fee instead of traditional cash deposits, freeing up their cash flow. Upon verification, tenants receive a Blueduck Guarantee Certificate to reassure landlords.

The startup charges a tenant profiling fee on top of a small fee of 1 per cent of each rental transaction.

In addition, it charges an upfront one-time BD subscription fee charged yearly. The fee is 15-20 per cent of a 3-month guarantee, depending on the credit score and the BD scorecard and the purpose of renting (commercial/residential) of the tenant.

If any unforeseen incidents happen, Blueduck steps in to cover the cost on behalf of the tenant.

The programme has over 6,000 subscribers.

“In addition to the revenue generated from the zero-deposit programme’s subscription fee, we also derive income from our hassle-free rental collection services for landlords. Furthermore, our tenant profiling service aids landlords in making informed decisions, further adding value to their rental experience. These diversified revenue streams contribute to BlueDuck’s sustainable growth and financial success,” he explained.

Blueduck collaborates with over 1,000 landlords, realtors, and property developers in Malaysia.

While BlueDuck has made good progress, the company is aware of the challenges ahead. Creating widespread awareness about the zero-deposit programme is one.

“As we continue expanding, education becomes vital. To address this, we’re strategically partnering with developers and agents to reach a wider audience. Additionally, ensuring a seamless user experience and building trust are ongoing priorities. By leveraging advanced technology and focusing on excellent customer service, we’re committed to overcoming these challenges and furthering our mission,” says Wong.

BlueDuck has onboarded two VC firms to its cap table, along with experienced angel investors. He says their expertise and guidance have been invaluable in shaping its strategic direction and fueling growth.

In the short term, BlueDuck is focused on expanding its market presence by increasing its subscriber base and forging strategic partnerships with developers and real estate agencies.

“In the long term, our vision is to become a dominant player in the region, expanding beyond Malaysia and venturing into other ASEAN countries. We envision a future where Blueduck’s zero-deposit programme becomes a standard in the rental industry, empowering millions of tenants and landlords,” Wong concludes.

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Image Credit: BlueDuck

The post How BlueDuck tackles the ‘hefty rental deposit’ problem in Malaysia using a zero-deposit scheme appeared first on e27.

Yesterday, e27 and Splunk teamed up to host “Information to Action: How to understand user behaviour, influence design, and shape business strategy” at The Hive Carpenter, illuminating the path for businesses seeking to harness the power of digital experiences to drive customer satisfaction and business success. The event brought together industry leaders and tech aficionados to explore the partnership between data and business success.

A lineup of exceptional speakers, including Pauline Sim, Manivannan Govindan, Simon Lawrie and Anisa Maulani delved into real-time insights for downtime reduction, leveraging exceptional digital experiences to achieve business objectives, and making sound data-driven decisions.

Also Read: Why using security information and event management (SIEM) tools makes sense even if SEA isn’t high on compliance yet

Here are some highlights from their discussion:

• Essence of Digital Experience: The discussion began with an exploration of the digital experience’s core, emphasising its emotional impact alongside functionality. Personalisation, speed, and reliability were identified as vital components.
• Overcoming Challenges: Resistance to change was recognised as a universal challenge in digital transformation. The panel stressed the need for cultural shifts, stakeholder alignment, and effective communication.
• Data-Driven Decision-Making: Data insights were highlighted as guiding lights for informed decisions. Real-world examples, such as banks during peak seasons, showcased the transformative impact of data analytics.
• Automation as a Solution: Automation was spotlighted as a solution to industry challenges such as talent shortages. Its efficiency-boosting potential and benefits in addressing talent gaps were underscored.
• Holistic Transformation Approach: Integrating digital tools seamlessly into existing ecosystems, balancing in-house development with ready-made solutions, and embracing innovation and automation were highlighted as pathways to successful digital transformation.

“Information to Action” was not just a discourse on digital experience but a voyage into the heart of customer engagement and business growth. The insights shared by the panellists resonated with professionals seeking to enhance their digital offerings and create lasting impressions on their users. Moreover, the event provided an opportunity for everyone to connect with fellow tech enthusiasts and industry leaders in the digital space. And guess what? It was a big success!

Also Read: Bill Tai wants to ’empower the next generation’ of Zuckerbergs

A heartfelt thank you goes out to all the attendees who joined us. We had an absolute blast! Don’t forget to take a peek at these photos from the event.

The post Beyond discourse: Unpacking ‘Information to Action’ with e27 and Splunk appeared first on e27.