Myanmar’s Phandeeyar Accelerator has announced a new investment initiative, which aims to invest in pre-seed and seed-stage startups in the country.
The Yangon-based organisation has also made a US$25,000 investment in Resdi from the new fund. The restaurant bookings and discounts startup will use the money to expand its team, fuel product development and reach a wider audience.
Founded by Zay Ye Htut (CEO) and Thiha Htet Naing (COO), Resdi is an online restaurant reservation platform with the discount for off-peak hours. It helps fill up the empty tables with a low commission rate for the restaurants, then giving the discounts based on time for the users within off-peak hours.
Resdi was also the winner of Phandeeyar’s Startup Challenge 2018 and awarded a US$3,000 prize money.
According to Resdi, there has been continuous growth in Myanmar’s restaurant industry with new restaurants entering the market. However, it is a challenge for both newcomers and existing restaurants to get a favourable number of customers.
At the same time, the customers also have to pay the same prices between peak hours and off-peak hours while having long queues to get a table at their favourite restaurants.
Resdi aims to solve that problem by enabling the users to book their favourite restaurants and get off-peak hour promotions. As a result, the restaurants will be running at full capacity at all operating hours and customers will receive discounts during off-peak hours.
“At Phandeeyar, we’re always looking for resourceful entrepreneurs who are building tech products that support consumers and businesses. Resdi is a really good example of this. We have been following them since launch, and have been impressed by their initial growth. With this new investment, they will be able to capture the market for restaurant promotions and deals in Yangon, and later on in other cities in Myanmar” said Jes Kaliebe Petersen, CEO of Phandeeyar.
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