Indonesian travel tech company Tiket records spike in sales despite pandemic
The story: Indonesian online travel agency (OTA) Tiket announced that it has recorded a skyrocketing spike in flight ticket sales in Q3 2020, despite pandemic hit. It further claims that the increase is three times more in comparison to Q2 2020.
“The positive trajectory of anchoring sectors such as transportation and accommodation becomes the benchmark in monitoring the current recovery condition. With skyrocketing transactions and numbers of users on the app, as well as the declining trend of refunds and reschedules, we are primed to assist all travelling and holiday needs from our fellow Indonesians,” said Gaery Undarsa, co-founder of Tiket.
Future plans: In Q4 2020, Tiket will leverage domestic destinations’ promotion in an attempt to revive Indonesia’s tourism industry and to contribute to the nation’s economy. It will also offer clients discounted packages as it expects demands to grow during the holiday season.
India’s Fedo raises US$1M to help insurers predict health risks of clients
The story: Bangalore-based insurtech platform Fedo has raised US$1M in a pre Series A funding round.
Investors: Mumbai-based early-stage VC Unicorn India Ventures (lead), SEA fund, Ashish Mehrotra (Former CEO, Max Bupa)
About Fedo: Fedo’s AI allows insurers to onboard, track and manage product portfolios of their clients. It helps insurers to enhance sales, reduce costs and enrich the quality of their portfolio using data.
More about the story: Other than helping insurers Fedo has also partnered with health departments of local governments in and outside of India to help support population risk predictions.
Also Read: Traveloka confirms US$250M fundraise, admits historic drop in biz activity due to COVID-19
Due to the current COVID-19 crisis, there is a rise in awareness of insurance products which has resulted in an increase in demand for good insurance policies.
“Our vision is to offer AI-backed solutions to insurance providers, which enables early identification of potential health risks by using non-invasive methods thereby reducing out of pocket expenditures of individuals and making insurance accessible, affordable and personalised,” said Prasanth Madavana, co-founder of Fedo.
CapBay acquires Kenanga to create Malaysia’s Islamic Supply Chain Finance fintech
The story: CapBay has acquired a 49 per cent stake into Kenanga Capital Islamic Sdn Bhd (KCI), a subsidiary of Kenanga Investment Bank Berhad (KIBB), forming a joint venture to create Malaysia’s Islamic Supply Chain Finance fintech.
The reason: The acquisition will allow both the companies to establish a seamless digital platform by leveraging on CapBay’s strong technological expertise. The goal is to allow SMEs to have access to quick and affordable financing.
“We have always been committed to offering our customers the solutions they need to advance the growth of Malaysian businesses of all sizes. I am confident that this partnership with KIBB will allow us to grow as an organization and better serve our customers as we invest in our infrastructure and service offering,” said Ang Xing Xian, co-founder of CapBay and CEO of KCI.
The partnership is expected to support underserved SMEs that are estimated to grow five folds from its current amount.
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