Pickupp, a Singapore-based on-demand delivery startup, has raised US$37 million in a Series B financing round led by Innovate Jardines, an innovation fund of diversified Asian-based group Jardine Matheson. 

Other existing investors also joined, including Swire Properties, a major property developer in Hong Kong; PChome, an online shopping platform; Reefknot, a global venture capital fund powering high-growth technology-centric startup; Cathay Venture Inc.,  a subsidiary of Cathay Financial Holding Co., Ltd., and DRIVE Catalyst, the corporate venture arm of Far Eastern Group. 

The new injection comes a year after its Series A round in November 2020 and four months following its Series A+ round in July 2021, bringing its total funding to US$52 million.

The funding will be utilised to expand Pickupp’s footprint in the Southeast Asia markets including Malaysia. Strategies include statewide coverage and a network of self-pickup and drop-off stations across Malaysia, giving consumers more accessibility, flexibility, and convenience.

“We are seeing tremendous strategic growth across industries, as businesses in Malaysia are embracing and exploring an innovative e-commerce model,” said Crystal Pang, co-founder and CEO at Pickupp.

The firm will also employ the capital to strengthen its regional logistics network infrastructure, enabling the firm to continue to develop in Quick commerce and e-commerce. This is in line with Pickupp’s plan to leverage the “logistics network as a service” model to serve the ever-changing delivery demands.

Also read: How the logistics partner can make or break the online shopping experience

Founded in 2016, Pickupp provides “flexible”, tech-driven logistics solutions for businesses of all sizes. Customers can book a delivery anytime without sacrificing speed and cost through highly optimised batching and chaining technology, while real-time GPS tracking provides end-to-end transparency.

The firm launched Shop On Pickupp, a one-stop e-commerce platform offering all-rounded payment and tech-enabled delivery solutions for businesses in 2020.

To fulfil the changing delivery needs, Pickupp also offers a new self-drop off service. It will feature next day deliveries, no minimum order, at affordable rates where small businesses, online marketplace users, and individuals can benefit. Customers can create an order, drop off one’s parcel at any dispatch point, and avail of Pickupp’s next day delivery service with real-time GPS tracking.

“Today’s customers are looking for a more personalised and flexible logistics service, not only last-mile deliveries but next-day deliveries with no minimum order at affordable rates where customers and small businesses can enjoy a wider range of options,” said Calvin Ma, co-COO of Pickupp.

The firm is creating an ecosystem for SME and individuals in Malaysia with a network of conveniently accessible pick-up and drop-off (PUDO) sites by utilising satellite warehouses, multi-city warehouse development, and forging relationships with Kirimman and Parcelhub.

“We have taken a similar approach to warehousing, as we do to our delivery agents – we leverage existing, available resources rather than invest in developing new ones. With this nimble and efficient approach to using resources and idle capacity in the market we aim to make Pickupp the leading logistic network in Malaysia,” Ma added.

The startup claims that it has provided logistics support to more than 24,000 businesses spanning multinational corporations with a delivery team of over 100,000 delivery agents across all cities.

Also Read: How a Muslim female founder is making waves in Indonesia’s male-dominated logistics-tech sector

In Malaysia, Pickupp set its first presence in the country earlier this year with the first regional hub in Penang and the subsequent in Johor. Over 23,000 active merchants and more than 26,000 delivery agents around the country are in Pickupp’s logistics network. The firm also enjoyed a user-base growth of 94 per cent in the market, which is buoyed by partnering with 3PLs and logistics giants.

To date, the startup has operations in Hong Kong, Singapore, Malaysia, and Taiwan and provides logistics support to 20,000-plus businesses spanning MNCs, logistics giants, and retail and e-commerce. It also counts PChome and Lazada among its partners in the region.

Malaysia’s logistics industry has been benefited from the expansion of e-commerce in the country, which recorded a 17 per cent year-on-year rise in Q3 2021 income. According to a report by Modor Intelligence, the Malaysian freight and logistics market was valued at US$37.60 billion in 2020, and it is slated to reach more than US$55 billion by 2026 at a CAGR of more than four per cent during the forecast period.

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It’s natural to feel like a King when you’re fresh out of grad school, especially when you’ve graduated from one of the best in the world– Columbia University. Bursting with ideas and big dreams after working in the US for a couple of years, I was hungry and ambitious about what I could create.

I returned to India in May 1992 and leapt straight into my first venture, a multimedia database. It did not work out. I then changed my direction and attempted something different, reselling American companies’ software products.

Perhaps unsurprisingly, that resulted in nothing too impressive, so I then dipped my toes into setting up Image Workbench, an image processing solution, only to face yet another failure.

No failures feel good, but this succession of failures taught me my first most important lesson: if you want to achieve something big, you must first put aside your ego before you can become even more courageous in your pursuits.

IndiaWorld: My first big success

All feelings at the top of my game were crushed with each failure and unsuccessful business attempt. It was not easy, but I forced myself to take a step back and re-examine the market, my team, and what I could offer to make a difference.

From my time outside of India and the development of the internet, I found an opportunity to bridge the growing information gap between Indians and NRIs (Non-Resident Indians). 

Also Read: 15 strategies for a successful acquisition

I recalibrated my team, retaining the best talents and enlisting the help of my wife, Bhavana, to start India’s first internet portal– IndiaWorld. This portal connected Indians worldwide to their home country, providing information on cricket, food, and even personal finance.

It grew to be the most prominent Indian internet platform with Samachar, Khoj, Khel and Bawarchi. Today, when I mention IndiaWorld, many recall how it was one of Asia’s largest internet deals when Satyam Infoway acquired it for US$115 million.

Yet, behind this success, defined by big numbers and impressive figures, was yet another slew of failures, both big and small. People often forget how long it took to get to the stage of the deal.  

The acquisition took place in 1999, and IndiaWorld was a venture started in 1995. Over these few years, there were numerous failures, including the shortcomings of eight different portals on the platform. Of course, there were also some big wins, like the success of four outlets, which thankfully more than made up for the multiple failures of the others.

From when I set my heart to experiment with this portal until the ground-breaking deal in 1999, these failures became helpful stepping stones. I just had to keep going, and I knew the setbacks would eventually lead my team and me to the place we had to be at.

I had to go to work every day as usual, not because I wanted to increase the chances of success (it does not necessarily work this way), but more importantly, reduce the odds of failure. This crucial step, though simple, is something that I still firmly believe in and has proven to be true in my journey thus far. 

Pivoting into chapter two: Netcore Cloud

The truth is, as an aspiring entrepreneur with your venture and ambitions, it is easy to imagine that the chances of your success will be 70 per cent. Yet, one cannot be more wrong. After so many years, the hard reality is that 99.99 per cent of ventures fail, and one must be prepared to accept this fact.

Today, many would perhaps associate me with Netcore Cloud, a rebranded Netcore Solutions I had started working on IndiaWorld back in 1997.

Also Read: Building blocks of success: How I build GudangAda to become one of Indonesia’s most promising startups

Currently, it is a global martech leader in the technology and SaaS industries, serving over 5000 clients spread across 18 countries, including India, the USA, Germany, Nigeria, Indonesia, Malaysia, Philippines, Thailand, Vietnam, and UAE. It delivers 15+ billion emails and tracks 100+ billion marketing events every month for the world’s top marketers. 

However, as the change of name and rebranding of the company suggests, Netcore Cloud had to go through numerous changes and failures to get to where it is today. In just two decades or so, the Internet has shifted rapidly at an unprecedented speed.

Expectations evolve, and consumers have constantly changing needs and wants. Many increasingly want an omnichannel personalised experience with greater engagement with businesses. On the other hand, companies require this to retain their loyal supporters and grow their customer base.

With Netcore Cloud, it was a continuous process of searching and experimenting with solutions that filled the market gaps, which were dynamic and ever-changing. 

Netcore Cloud started as a Linux-based mail server provider for enterprises and remained the same for its first decade. Eventually, with the growth of SMS and email, we realised that changes and pivots had to be made to offer different services.

These shifts into a marketing automation platform for Netcore Cloud ensured we stayed relevant. While making these shifts, of course, we experienced failures– ideas for visual dashboards shattered, mobile portals did not work out, and even the experiment to create one of the world’s first blog search engines went down the drain.

Yet, all these incidents of failures through which we learnt what and where we could change and adapt, bringing with us lessons learnt for our future experiments (and successes).  

After all this time, I now know that the entire journey of ups and downs is the real reward and not just the final product or the destination (exit). We are unafraid of exploring something new or different with my talented team, even if it fails.

Also Read: These 9 famous startup failures have a lesson for you

What is more important is to observe when things are not working out and make the crucial decision to either try the same ideas again with a different approach or shift into a fresh slate to try again. Pivoting is thus an essential strategy for every business. 

Growing as a leader 

It is not merely essential to grow your dreams and ideas with a team as an entrepreneur. Perhaps more importantly, one must also grow as a person.

I make it a point to read and reflect often and write my thoughts every day in a blog to help me consolidate all my ideas. Doing so gives me space for further contemplation, and in the long run, it has helped me become a better leader.

Constant reflection was the main reason why Netcore could grow so far, as it was through examining myself that I considered the possibility of switching the leadership in the company. I’m a curious experimenter at heart, always bursting with new ideas that I want to work on, but selling has not exactly been my forte.

This caused a risk in Netcore Cloud’s then business strategy since I inadvertently created mismatched products for the market and our customers. Just because I could lead IndiaWorld to success did not mean I could replicate the same level of success with Netcore Cloud. The context was different, and change was desperately needed. 

This was when I had to remind myself of my very first lesson since the start of my entrepreneur journey. I had to set aside my ego to make the best decision for the company. After consulting my friend Rajjat, I made the difficult but necessary choice to step down from the leadership role and brought in external but very talented and experienced leaders to drive the business forward.

We welcomed our first external CEO, Abhijit, which worked out very well. Even today, Netcore Cloud is still led by competent leaders. This switch in leadership has led to a strong foundation for the business structure and is leading the company to become India’s first B2B SaaS IPO by 2022. 

After all these years, my success thus far can be traced back to all the failures and obstacles I have had to face, whether they were external or internal. The crushing defeats with consistent losses taught me to keep trying and reevaluate various business strategies in a volatile and changing environment.

Also Read: How to successfully build and run a business with minimum capital

Failing is an incredibly humbling experience. When things are going downhill, it becomes imperative to set aside your ego to achieve the best for your ideas and business and the people you serve, both employees and customers.

I believe no entrepreneur sets out to fail, just as I was at the start of my entrepreneurial journey, but accepting and learning from failure is the key to paving your path to eventual success.

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When it comes to cryptocurrency, India is undoubtedly one of the ace cards in Asia’s crypto hand. As of October 2021, it clinched the second highest cryptocurrency adoption rate in the region, second only to Vietnam.

The meteoric rise of India’s crypto market has translated into a whopping rise in the number of investments in local crypto startups.

In the first half of 2021, these startups had received a total of US$99.7 million in investments, topping the US$95.4 million received in 2020.

What’s even more impressive is that India achieved this growth notwithstanding the rollercoaster ride of the country’s crypto regulatory status. Come December 2021,  there is set to be another twist in the tale of India’s crypto regulation journey as the government would be introducing “The Cryptocurrency and Regulation of Official Digital Currency Bill 2021” during the winter at the Parliament.

As of the time of writing,  the Indian government had disclosed through a Cabinet note that the bill will be departing from its earlier proposal to ban most private cryptocurrencies.

It would instead be proposing the regulation of these currencies as assets under the purview of the Securities and Exchange Board of India (SEBI). The bill has a somewhat draconian overtone as any violation of the provisions therein would constitute a non-bailable offence which could lead to an arrest without warrant.

Also Read: ICYMI: Singapore just gave a nod of confidence to cryptocurrency

The need for crypto regulation and education

In his keynote address at the Australian Strategic Policy Institute’s The Sydney Dialogue, Indian Prime Minister Narendra Modi emphasised the need for democratic nations to join hands to properly manage the power of cryptocurrency so as to “ensure it does not end up in the wrong hands”.

In particular, Modi highlighted the importance of crypto regulation to prevent attempts by unscrupulous parties from misusing the power of cryptocurrency to mislead youths and crypto traders through over-promising and non-transparent advertising.

He also called for the need for crypto education to educate these groups, not just on the pros of cryptocurrency, but also its potential dangers. 

As the co-founder and CEO of Tokocrypto, Indonesia’s most trusted crypto exchange, I couldn’t agree more with Modi’s assertions. Something as powerful as cryptocurrency requires nothing less than proper regulatory management, which is why we pioneered crypto regulation in Indonesia.

I also concur with Modi’s take on the critical role of crypto education. Lack of education is one of the main stumbling blocks for the development of the domain, resulting in a tendency to resort to sentiment-based investing.

The dangers of this are aptly illustrated by the recent Squid Game crypto token scam which capitalised on the Squid Game hype to attract avid viewers of the show who eventually ended up losing about US$3.38 million to the perpetrators of the scam.

Balancing the two sides of regulation

When it comes to cryptocurrency, there are always two sides to the coin. On the one hand, cryptocurrency stands as a new class of digital assets, allowing more to harness the immense potential of blockchain to facilitate fintech innovation.

On the other hand, there’s no denying the vulnerability of cryptocurrencies to security issues and financial risks, resulting in hackings, frauds and scams.

Also Read: Why only regulation can solve cryptocurrency’s perception problem

Whilst it is perfectly understandable that the Indian government has set out to regulate each and every part of the country’s crypto domain, crypto regulation is very much a double-edged sword.

This was precisely the caution that was sounded by the World Economic Forum (WEF) on the adoption of a restrictive approach to crypto regulation.

It warned that such an approach which “implies imposing more broad restrictive measures that affect the market generally … may be premature and affect innovation which could be of the interest of the nation-states.” 

Legitimising cryptocurrency in India, the Indo way

If Indonesia’s crypto regulatory story is anything to go by, the growth of India’s crypto domain is set to skyrocket once it is armed with the gift of regulatory certainty.

In the case of Indonesia, the watershed moment for the country’s crypto domain arrived in September 2018 when the Ministry of Trade enacted to grant official legitimacy to cryptocurrencies in Indonesia by formally authorising the trading of these currencies as commodities.

This was followed by the enactment in February 2019 which established a legal framework for futures trading of crypto assets. 

Two years later in December 2020, the Indonesian government further boosted the levels of regulatory certainty in the local crypto domain by enacting the BAPPEBTI Regulation No. 7 of 2020, which sets out a list of crypto assets that can be legally traded in the country.

This brought about a seismic impact on Indonesia’s crypto market. Data collated by the Ministry of Trade indicates that the number of crypto investors in the country had grown by 62.5 per cent in the six months following the issuance of the list, from 4 million people at the end of 2020 to 6.5 million people by the end of May 2021. 

In many ways, the approach adopted by the Indian government under the Bill is not unlike the approach adopted by the Indonesian government, which has since June 2021 banned the use of cryptocurrencies as payment instruments while continuing to allow the trading of cryptocurrencies as commodities under the regulatory purview of BAPPEBTI. 

Another commonality in the crypto regulatory approaches of the Indonesian and Indian governments is that both envision the launching of their respective central bank digital currencies (CBDCs) further down the road.

Also Read: Why the Philippines is set to become the crypto capital in Southeast Asia

Without a doubt, CBDCs would have a key role to play in the global financial sector moving forward. The benefits of these currencies as evidenced by the results of industry initiatives such as Project Ubin and Project Dunbar include almost instantaneous settlement of payment and remittance transactions as well as seamless end-user transaction experience.

From a central banking management perspective, the use of CBDCs could facilitate the tracking by central banks of the financial transaction patterns of the residents of their jurisdictions including both intranational and cross-border transfer of funds. This would help these banks with the devising and management of their respective monetary and foreign exchange policies. 

In the context of India’s CBDC, the fact that the Bill provides for the development of a “facilitative framework for distributed ledger technology” denotes that there is a fair chance that the CBDC set to be introduced by RBI will be blockchain-based, though only time will tell.

What is certain, however, is that the introduction of a CBDC by a government would at the very least serve as a tacit recognition of the potential of digital currencies.  

Having been a crypto advocate in Indonesia since 2016, my personal experience points to the fact that crypto regulation is the direction in which the industry should strive towards as it is the only sure-fire way for cryptocurrencies to gain legitimacy, thereby facilitating the integration of these currencies with the conventional financial sector. In turn, this would pave the way for their mainstream use and acceptance. 

With India set to be joining Indonesia, Singapore, Japan and South Korea soon as Asian countries which have introduced crypto regulations for their respective jurisdictions, this would bring us a step closer to having a region-wide recognition of the legitimacy of cryptocurrency, which certainly bodes well for the prospects of the long-term sustainable growth of the crypto domain in this part of the world.

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With e-commerce set to continue showing double-digit gains in the years to come, everyone –especially those working in sales– wants a slice of the pie. With the pandemic driving more customers to shop online, competition in e-commerce has never been fiercer, online marketplaces more fragmented, and customer expectations higher.

The emergence of “double-digit” sales seasons such as 11.11 and 12.12 has made it even more competitive for brands. Brands only have one chance to get it right and some do succeed. For example, Alibaba moved US$84.5 billion in gross merchandise value for its Singles’ Day campaign this year– the highest tally to date.

To stand out from the clutter, marketers will need to muster all their resources to make a big splash with customers and hit their sales targets. This means covering all their bases from campaign strategy, inventory planning, creative assets, and promotions, to fulfilment.

It’s no longer enough to be on a marketplace platform– how your storefront looks during sales season, how you engage with customers on special discounts and promotions, and how long it takes to deliver your products during the peak shopping season can make or break your brand.

To kick off a virtuous cycle of e-commerce growth, few tenets are more important than the 6Ps of marketing. Brands can start by laying out their plans by month, country, and platform across the significant tasks: orders, products, price, promotions, design, marketing, and customer service.

Also Read: How can European companies win in Indonesia’s e-commerce market?

A comprehensive campaign planning process will allow marketers to pivot and respond to sales performance in real-time.

Brands can increase their average order volume and conversion rates through competitive pricing, a complementary product assortment, attractive product pages, tactical promotions, positive reviews, and free delivery.

Here are three factors that marketers should keep in mind as they navigate the year-end sale season:

Content is king

First impressions matter, especially during the crowded holiday shopping period. Your content will play a big role in grabbing customers’ attention and converting casual page visits into checked-out carts.

A strong gimmick is something we highly recommend to brands. Consumers love a good deal, and gimmicks create a sense of extra value to incentivise them to make a purchase.

One way to do that is through Gift with Purchase (GWP). Free gifts may be the oldest trick in the retail book, but they work wonders online too. For every purchase (for example, an oven), consumers receive a freebie – whether that’s a complimentary item (a muffin tin or a whisk) or a product sample (instant cake mix).

GWP gives consumers an extra push to make the purchase and can be a key differentiating factor that provides an alternative to heavy discounting.

Gamification is another trick to create value and engage with consumers. Some brands like to use a leaderboard to encourage shoppers to spend more by awarding top spenders with a lucky draw, cash prizes, or even a new car.

Details matter in sales

Now that you’ve got consumers’ attention, it’s time to think about your product detail page.

When it comes to impactful visuals, don’t stop at still images– a good product video can have an outsized impact on conversion. And for product descriptions, think about how to demonstrate the value of your SKUs in a tangible way.

Also Read: Looking beyond the surface of optimising customer experience

Before-and-after images work wonders for cosmetics, whereas pictures of the product being used by consumers in a real-life setting help paint a vivid picture.

Dig into data

Data is indeed a powerful asset that can uncover valuable insights to support your e-commerce marketing efforts in three ways: decision-making, activation, and performance. Brands can start by looking at past campaigns.

You likely already have an abundance of data on page traffic, top-performing products, and ratings and reviews. Pick out some learnings and apply them to your next campaign.

The right audience segmentation also makes a huge difference. You may already have a target audience in mind, but data on your page visitors can show you who’s really clicking and interacting with your page.

Then you can tweak your messaging to speak to the right people who are more likely to engage and make that purchase.

To do targeting and personalisation more effectively, brands can leverage marketing technology and automation tools such as Data Management Platforms,s which can be used to monitor real-time customer behaviour and product preference and design customised messaging.

Customer-first

To build marketing strategies that deliver real outcomes, marketers will need to ensure they understand their customers’ needs and provide them with a seamless purchase experience.

Whether it’s refining your content approach, introducing a new gimmick, or diving deeper into analytics, stay true to your brand and always put the customer first.

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Binance Asia Services acquires 18 per cent stake in HG Exchange
Binance Singapore CEO Richard Teng explains that the two companies aim to collaborate to enhance the blockchain ecosystem in Singapore.

ASEAN, South Korea to build startup economic community
The ASEAN-ROK Startups Partnership gaining new impetus with policy road maps, research and new programmes.

YC style accelerator Iterative raises US$10M to fund 50 SEA early-stage startups
Singapore-based accelerator Iterative follows the Y Combinator style and invests US$150,000 each in a batch of startups twice a year.

Launching a healthcare startup begins with connecting to healthcare APIs
In a guest article, Troy Bannister, CEO and co-founder of Particle Health, stresses why launching a healthcare startup begins with connecting to healthcare APIs.

Flip raises US$48M in Series B co-led by Sequoia Capital India, Insight Partners, Insignia Ventures Partners
This investment into payments paltform Flip marks New York-based Insight Partners’ debut investment in Indonesia.

More unicorns in Southeast Asia as investment looks to break previous records in 2021
Despite the negative impacts of the COVID-19 pandemic in the Asia Pacific (APAC), investment in the tech startups Southeast Asia is producing has remained surprisingly stable. According to the Southeast Asia Tech Investment 2020 Report by investment capital firm Cento Ventures, tech startups survived the havoc wreaked by the coronavirus on individuals, families, and companies.

Also Read: Ecosystem Roundup: Xen Capital raises US$7.5M; Kinobi gets US$1M; Peoplefund raises US$64M

Pickupp snags US$37M in Series B to lead ‘logistics network as a service’ in Malaysia
Singapore-based Pickupp provides “flexible”, tech-driven logistics solutions for businesses of all sizes in the region.

Upmesh raises US$7.5M in Pre-Series A, launches Instagram Live selling app
Since its launch in 2020, Upmesh said that it has onboarded hundreds of live commerce merchants in Singapore, Malaysia and the Philippines

India launches digital payment solutions for feature phones
The country’s central bank, the Reserve Bank of India (RBI), recently announced that it would launch Unified Payment Interface (UPI)-based digital payment solutions for feature phones, eliminating the need for an Internet connection.

Singapore identifies core skills required for selected sectors
The “priority skills” workers need to have for the next three years are in the key growth areas of the digital, green and care sectors. These were the findings from the inaugural Skills Demand For The Future Economy report by SkillsFuture Singapore (SSG), launched by Singapore’s Education minister Chan Chun Sing at the Skills Demand For The Future Economy Forum.

Why failures are intrinsic to my success story
“All feelings at the top of my game were crushed with each failure, but I forced myself to re-examine what I could offer,” writes Rajesh Jain. The internet pioneer of India shares his experience and insights on dealing with failures.

How does a startup get a premium valuation? Here are the key drivers
While every company is unique and has its own attributes and dynamics that ultimately drive valuation, the points below can help companies focus on factors affecting valuation as they focus on their next round of funding or exit.

Investible closes second fund with US$36.8M in committed capital
Investible has made four investments from this second fund with US$1.5 million deployed across Australia and Singapore to date. Recent investments include Quantum Brilliance (AU$13 million in seed funding) and Functionly (AU$3.6 million).

Also Read: Ecosystem Roundup: Grab shares slump on Nasdaq; Carsome raising US$200M; AC Ventures closes US$205M Fund III

Cakap scores US$10M in Series B funding round to scale across Indonesia
Edutech startup Cakap claims to have experienced significant growth and achieved profitability in the last two years. The injection comes a year after Cakap‘s US$3 million Series A+ round in December 2020.

How play-to-earn is fueling the next wave of blockchain adoption
Play-to-earn games are becoming more popular than ever, attracting mainstream users who have no prior knowledge about blockchain. To date, the technology is rapidly evolving to support various industry verticals, such as payments, cloud computing, smart contracts, and of course, DeFi and NFT.

7 startups graduate from F10 Singapore’s second acceleration batch
GreenArc Capital, New Wealth, Doomoolmori, BlueFire AI, Onchain, Senseforth, and InvestaX will continue to work alongside F10’s corporate partners in their ventures ahead. During the three-month acceleration programme, F10 did a comprehensive 360-degree analysis with the startups.

NUS launches manifesto on building human-centred digital society
The Centre on AI Technology for Humankind (AiTH) at the National University of Singapore (NUS) Business School has rolled out recommendations on how society and organisations should approach Artificial Intelligence (AI) in ways that truly promote human interests and well-being.

Fintech boom leads to talent war in Southeast Asia
Labour shortage exposes need for skill improvements in key markets. The region is seeing a mad rush to fill jobs that did not exist a decade ago, with emergent fintech hub Singapore reporting a vacancy rate of up to 7.7 per cent in the financial services and tech sectors.

Analysis: Alibaba’s e-commerce empire under threat from Douyin, Pinduoduo
Last month, Alibaba also cut its annual revenue forecast while sales for gross merchandise value (GMV) for Singles Day this year climbed only 8.5 per cent. This mark the smallest rise to date.

Also Read: Ecosystem Roundup: CME Solar Investments raises US$12M; Indonesian crypto exchange delists Vidy, VidyX coins

Rapyd to acquire Hong Kong-Based Neat
Terms of the deal were not disclosed, and it is subject to regulatory approval. According to Rapyd, by integrating Neat into its global payments network, SMBs will be able to incorporate new companies in minutes, streamline receivables and payables in a single venue. It will start with Hong Kong and soon in other markets.

How to encourage digital transformation among Vietnamese enterprises
The Ministry of Planning and Investment in the country is cooperating with the US Agency for International Development (USAID) to guide Vietnamese enterprises in digital transformation through a new programme during the 2021-2025 period.

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Vietnamese company Society Pass, which provides a data-driven loyalty platform, today announces its establishment of regional headquarters in Singapore.

The firm emphasises its acquisition ambition to build, scale and expand its service offerings to accelerate high-growth e-commerce businesses in the region.

In November, Society Pass launched a US$26 million initial public offering (IPO) on the Nasdaq stock exchange in the US, marking the firm as the first Vietnamese startup to complete a traditional IPO on a foreign bourse.

Founded in 2018 by Nguyen, Society Pass operates seven e-commerce and lifestyle platforms across its key markets, serving both consumers and merchants in a dual-facing business model.

The company focuses on collecting user data through the regular circulation of its universal loyalty points.

Also Read: 3 easy tips for SMEs to build overseas customer loyalty

Society Pass claims to have over 1.5 million registered users and over 3,500 registered merchants and brands to date.

As an acquisition-led technology company, in September, the firm relaunched Leflair that it acquired in June this year after the luxury e-commerce brand filed for bankruptcy in 2020. Before the acquisition, Leflair generated over US$10 million in sales y-o-y and was ranked amongst the top 5 e-commerce platforms in Vietnam. The addition of Leflair complements Society Pass’s other existing businesses such as SoPa, an online ordering and loyalty platform, and #HOTTAB, a POS service provider specialising in payment infrastructure, loyalty management and joint marketing programmes for merchants.

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Cultivhacktion, a hackathon for agritech solutions in Indonesia, has named the three digital platforms as its winners.

Supported by the country’s Ministry of Agriculture and the West Java Provincial Government, the agritech hackathon was held as a result of a partnership between TaniHub Group, World Bank Group, and Microsoft.

The three organisations and their partners will continue to provide supports to the winning teams, together with partners of the programme, including GIZ, Plug and Play, FAO, Bogor Insitute of Agriculture (IPB), Data Science Indonesia, GrowAsia, Planet, and MDI Ventures.

The following is a list of the three winning teams and the solutions they build:

1. Teman Pasar by Teman Pasar team

Teman Pasar is a platform that enables customers to buy groceries in the nearest traditional wet markets in Indonesia. They aim to solve the problem faced by traditional wet markets in the country, where the number of sellers are experiencing an eight per cent decline every year due to decreasing customers. By checking a list of product catalogue, customers are able to purchase goods the way they do in typical online marketplaces.

Also Read: Agritech ecosystem in Thailand: More than 60 per cent of startups have not raised external funding

2. Dr. Tania by Neurafarm team

Dr. Tania is an Artificial Intelligence (AI)-based plant management and protection platform that aims to minimise the risks of harvest failures, increase profits for smaller farmers, and decrease the amount of chemical waste. In the future, the platform will also be able to increase farmers’ productivity through data-based farming, large scale harvest and pests prediction, and field work management.

3. PemPem by PemPem team

PemPem builds a mobile software to manage the supply chain matters for informal and micro-businesses in the commodity market. The app arranges, optimises, and connects all operational and financial aspects of the businesses. The features in the platform include a feature that enables buyers to bid for the best prices, revenue and productivity management, and digital payments.

Since opening its registration in September, the hackathon said that it has received more than 30 proposals. The shortlisted participants received mentoring from experts in the agricultural, business, and tech sectors in developing the solutions.

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Australia- and Singapore-based early stage venture capital (VC) firm Investible today announced that it has closed US$36.8 million in committed capital for its second fund.

This update followed the first close of the fund that the firm announced in June this year.

Investible said that it has made four new investments from this oversubscribed second fund with AU$2.2 million (US$1.5 million) deployed across Australia and Singapore to date. Recent investments include Quantum Brilliance (AU$13 million in seed funding) and Functionly (AU$3.6 million).

Investible has also approved an additional seven investments for Fund 2, most of which it expects to finalise before the end of the year.

In September, Investible announced that it is launching a new US$72 million fund for climate tech startups. It is also currently developing a new climate tech growth hub for startups and scaleups, set to open in Sydney in early 2023.

Also Read: Investible aims to raise US$38M fund targeting early-stage startups in SEA, Australia

In a statement, Investible CEO Rod Bristow said that the momentum of this second fund’s close reflects investors’ confidence in the firm’s performance to date and growing investor interest in accessing quality early stage tech investing.

“Investing right at the start of a founder’s journey is still inherently risky. Smart investors are looking for venture capital firms who have a demonstrated ability to source and comprehensively screen a large pool of high-quality opportunities. In combination with a support offering that reduces the time between the Seed and Series A raises, this approach is key to attracting the world’s best founders,” said Bristow.

“Investible’s approach to building large, diversified early stage portfolios resonates with investors and the success of many of the companies in our first fund show the depth and impact of our active founder support,” he added.

He cited Crunchbase data that said, among global VC funding, early stage funding grew the most: up 104 per cent YoY with over 1,900 companies raising at this stage globally.

“Traditional asset classes are delivering lower returns but alternative assets, including venture capital, are attracting greater allocations of global capital. In a low-rate environment, we see VC as the best way to bring alpha and diversification to the traditional asset portfolio. Our model of investing early with a portfolio approach of a minimum of 35 companies in each Fund is proven to have the best risk-to-return profile when investing at early stage,” he added.

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Cakap, an edutech platform in Indonesia, has raised US$10 million in an oversubscribed Series B round co-led by Centauri Fund, a joint investment vehicle of Telkom Indonesia’s MDI Ventures and Korea’s KB Investment.

Singapore-based PE and venture capital firm Heritas Capital also co-leads the round, alongside KB Investment and other undisclosed investors.

The injection comes a year after Cakap‘s US$3million Series A+ round in December 2020.

The fresh capital will be used to expand Cakap’s certified course offering, as well as to bolster its market expansion in providing better access to high-quality education in the archipelago.

A portion of the funds will be channelled to improve Cakap’s technology such as machine learning and artificial intelligence to create a more personalised learning journey for each student through adaptive learning.

Also Read: Edutech is surging, but here are the 3 issues it is facing

Established in 2013, Cakap develops online learning applications enabling two-way interaction between students and professional teachers through video calls and text conversations.

The startup also expanded its offering into self-paced learning and certification courses that combine sequential multimedia learning, assessments, and LIVE Class ad discussions, giving their students much flexibility to complete a certification for new job-specific skills.

Buoyed by the pandemic’s negative impact on the education sector, the firm claims to have experienced significant growth and achieved profitability in the last two years.

With over 1,000 teachers across the regions, Cakap is said to give its adult and kid students a wide selection of professional teachers both locally and internationally.

The firm is said to have acquired 1.5 million students, with 500 per cent YoY growth in active students and more than 1 million downloads of its apps.

Despite the return of offline schools, Indonesian edutech sector remains excited as hybrid learning has become a useful tool to complement in-person training.

In addition, the archipelago has one of the largest education systems in the world with over three million teachers across 300,000 schools. This creates a fertile ground for edutech startups to thrive, with funding in this sector tripling in 2019.

Other prominent edutech players in the market included Ruangguru, Zenius, CoLearn and HarukaEdu all secured sizable deals this year.

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