As shared in the 2020 e-Conomy SEA report, although the regional digital economy is set to hit US$300 billion by 2025, tech talent remains a key suppressor to growth in the region.

Amidst the competition for tech professionals among firms in the region, foodpanda CTO Benjamin Mann remarked the delivery giant does not face issues when hiring for tech positions.

Dishing out advice on how to hire and retain the best talent, the former CTO of Traveloka’s financial arm also emphasised the importance of team diversity and why micro-improvements represent the future of tech in the delivery industry.

In this second part of our interview with him, you will learn:

• How to cultivate an agile mindset and build a culture
• Using A/B testing effectively
• Working with customers’ feedback
• Notable trends in food delivery

Below are the edited excerpts from the interview.

How do you cultivate an agile mindset and build the culture of an engineering team that is so diverse?

I had a discussion around this topic previously with one of my bosses, who is the group CTO of Delivery Hero. We agreed that two key things need to occur to build a great tech team.

Firstly, you need to create an environment where engineering and product teams can work autonomously while achieving meaningful impact. Secondly, you should bring in people that thrive in a chaotic environment.

Also Read: foodpanda CTO: Why autonomy is important for developing agile tech teams

When I interview a candidate, I would tell them they need to be in love with chaos because that is how we operate. We work with many factors that are out of our control and no two days are ever the same. Every morning when I wake up, I am thinking about what unexpected things will happen today and how will we need to react!

Hence, what we’re trying to do – and I think we’re doing a pretty good job at – is giving our teams a relatively huge amount of autonomy to experiment.

An example of the emphasis on experimenting is through the A/B tests that we constantly do. What this helps is drive home the culture that we are not married entirely to results.

Were there instances when these A/B tests proved useful in identifying problems?

There was an instance where an engineering team created a feature that we thought was amazing. Everyone was so passionate about it and it was literally the best invention since sliced bread!

However, when we rolled it out in a controlled A/B test, it absolutely tanked. It obliterated all the major KPIs we had set out.

For large organisations, you usually go into damage control mode to salvage the situation. There would be lots of finger-pointing and blaming going on. However, this was not what we did. Instead, we gathered the entire engineering team and told them they had built a great product that we still strongly believe in.

However, our mistake was that we overlooked or discovered something about our user behaviour that we were not aware of before. Hence, we should not treat this as a failure and take the new learning points and go back to the drawing board to create an even better product.

If you can create a culture like this and make sure that it is practised rather than only written in documents, you would have great tech teams creating great products. Of course, there will always be areas where you can be better.

What other qualities do you empower your tech teams to have?

We want our engineers and product managers not only to obsess about the entire journey but also to understand how it works as a business and how their work impacts users.

One of my greatest pleasures that I get out of my role is when I am having a conversation with someone and he opens the foodpanda app and go, “Hey, you’re foodpanda right?” And he browses through the app and says, “I really love this feature. This is so smart and amazing!”

On the contrary, if you are getting negative feedback, it doesn’t feel good but I want my engineers to be part of this experience and understand the impact of their work.

Also Read: Top contributions this week: Views from Foodpanda APAC CEO, productivity tips and more

Through this, we will have a group of engineers that knows they’re working on something more impactful than normal. This cultivates a sense of responsibility for their work too.

Your tech teams will also understand how their customers are using their features. If you can combine these things, great things will happen in engineering.

Do you face any challenges when hiring for tech talent?

To be honest, we do not. I think what I realise when hiring is the importance of describing the culture that we have and the journey we are on.

We need to be transparent of where we are in the journey, what worked well and what didn’t and share this philosophy with the candidates.

My personal view is that every person that you meet in an interview is amazing at something. Our job is not to vet out the candidates and reject them. The base assumption as interviewers should be that an amazing person is about to come through the door and our job is to find the right place for that person in our organisation.

I explain to them that we want you in this organisation because we value certain aspects of your skills and at foodpanda, we have a real need for these talents to be applied for real-world problems.

With this approach, very few people would not be interested.

And the second part that I think we do really well in our hiring is that we believe we need to have diversity within our organisation.

I’m very keen to get people with little to no actual work experience to be part of our core engineering team. What we don’t do is pick a group of fresh grads and assign admin work for them. In engineering terms, this would mean writing documentation.

Also Read: Can Foodpanda really return to Vietnam?

That’s not going to work. We take someone that has the talent we desire in that aspect of engineering and embed them into the actual product engineering team. Although this represents a tough learning curve, the vast majority of our candidates want to put themselves out of the comfort zone and work on hard things.

To summarise, provide a good culture and work environment and have your teams work on hard and novel problems that require them to learn new things.

So far in my career, I have found that is a very good way to attract talent and more importantly, keep them.

What are some technological trends you could see happen in the next three to five years in the food delivery industry?

Three to five years is a very long time with regards to technology innovation. If you look at the food delivery industry, technologies within it were invented less than eight years ago. There’s literally no delivery platform worldwide operating on systems that existed 15 years ago.

In the foreseeable future, I do not expect something to completely revolutionise the industry. However, what I do predict is that certain technologies and advancements happening in various domains will have an impact on the micro-scale in many different stages of the user journey.

Certain technologies like machine learning, data science and even drones will slowly start changing how parts of the delivery system work. These changes will happen when such technologies have pervaded deep enough into the everyday usage that they can have a significant impact on how we deliver our goods.

Also Read: On-demand food delivery startup foodpanda Singapore now includes groceries, household items delivery, broadening lifestyle products category

These changes could result in small drops in delivery time. Hence, it will not be a sole revolutionary technology but rather micro improvements. For example, harnessing technologies like machine learning in certain inflexion points in the user journey could shave 10 seconds off our delivery time.

When accumulated, that is where we will see a more pronounced impact on the reduction of delivery times and an increase in customer satisfaction.

—

Image Credit: foodpanda

The post How foodpanda CTO approaches hiring and retaining the best tech talent appeared first on e27.

Gift-giving can be quite complicated. In addition to the challenge of finding the right presents for our loved ones, there is always that possibility that they may not like what they have received –a situation that is equally confusing for the recipient. What to do with the gifts that they (secretly) do not enjoy?

Then things are getting more serious when we consider the environmental impact of gift-giving. In the US, in Christmas 2019 alone, US$15.2 billion was spent on unwanted gifts. Among surveyed respondents, only 31 per cent eventually decided to keep these unwanted gifts. A great number of them –31 per cent and 20 per cent– would prefer to forward the gifts to someone else or exchange them for something different.

Much closer to home in Singapore, the situation is quite similar: Half of Singapore customers admitted that they are not happy with the gifts they have received.

“To prevent such loss in economic value and environmental damage, cash is theoretically the most efficient solution. However, giving cash as a gift is crude, and could be seen as derogatory. Hence, many people have resorted to getting gift cards, which is a convenient way to gift while reducing economic waste. This explains the rapid growth trends in the gift card market,” Gratify CEO & CFO Dao Xiong Teng explains in an email to e27.

But even gift cards are not ideal.

“If we think about it, most people would remove the price tags and the receipts from their gifts before giving them out, so that the dollar value is not so glaringly in-your-face. Yet, ironically, for gift cards, the dollar value is practically the gift itself,” Teng continues. “What we need is a gift that is as flexible as a gift card, but without having the gift value blatantly apparent and crude.”

This is the opportunity that local startup Gratify aims to seize.

Also Read: Sembrani Nusantara Fund leads Series A round for Indonesia’s D2C shoe brand Brodo

Launched earlier this month, the startup builds a platform to enable customers to purchase and send gifts to their loved ones. But what sets them apart from other e-commerce platform is that they provide options for gift recipients to receive, swap the gifts, or donate it to a charity.

The platform works by enabling the customer to choose from a wide array of products on their platform. Once they have checked out and given the recipient’s details, the recipient will be notified and be given the options.

If they choose to not accept the gift, for whatever reason, they can opt to swap it with a more suitable one as available on the Gratify platform. They can also choose to donate the value of the gift to a charity organisation that the startup is partnering with.

Straight out of the campus

Gratify is another example of tech startups that came out of a class project in university. According to Teng, the platform was developed in a graduate entrepreneurship class taught by Prof. Francis Yeoh at the National University of Singapore (NUS).

“Our class project was rated as the top of the entrepreneurship class with commendable reviews from the professor and from fellow coursemates alike. After the semester break, we continued working on the project and improving upon it. Seeing our dedication and after a very competitive selection process, the NUS School of Computing awarded Gratify with the Innovation and Enterprise Practicum Grant 2021,” he elaborates.

The idea for the platform itself was conceived during the Circuit Breaker period in Singapore when gift-giving continued to become “physical symbol of social bonds” between people.

In promoting the platform, the Gratify team focusses its marketing efforts on social media, targeting last-minute gift purchases by tech-savvy users aged 20 to 45.

“We are initially targeting to have a fan base of at least 100 users who will be strong advocates of our idea, and tap on their feedbacks to perfect the gift experience for users,” Teng says.

“It is vitally important that we are able to deliver the highest quality of gift experience such that the gifters will repeat their purchase and that the recipients will become gifters, thereby increasing our customer lifetime value. We must be remarkable enough such that we will be the first that comes to mind when our customers need to buy gifts,” he continues.

Also Read: Sembrani Nusantara Fund debuts with a US$2M investment into Indonesia’s made-to-order drinks brand Haus!

A gift that keeps on giving

Gratify was founded by a team of four co-founders: In addition to Teng, there is also Harish Venkatesan (CTO), Joy Chia (CPO), and Sudarshan Srivatsan (COO).

The startup has not raised any seed funding yet, but it has recently received an entrepreneurship grant from NUS School of Computing.

For 2021, Gratify wants to focus on improving the user experience of its platform. It plans to add more variety to its gifts offerings by including restaurants, spas, hotels and other experiences.

“We believe gifting experiences can be as fulfilling as gifting physical items. We will also be providing these merchants with digital tools to sell gift cards and track them easily,” Teng closes.

—

Image Credit: Gratify

The post Just in time for Christmas: How Gratify plans to make gift-giving more efficient and sustainable appeared first on e27.

Navisteps, a Singapore-based expense and travel management startup, announced today it has raised US$1 million in pre-seed funding from angel investors that included Yasuhide Fujii, Partner at KPMG Advisory (Myanmar), and Takuya Aiba, CEO and Founder of SpringLiner.

As per a press release, the fresh funds will be utilised to bankroll market expansion in Asia and further develop its platform.

Navisteps was founded in 2019 by Ken Tan and Charmaine Lim after experiencing first-hand the issues of legacy expense reporting and business travel solutions. The duo brings in previous experience from Nomura Securities, Citicorp Investment Bank, Seedly, and Shopback to the startup.

The platform hopes to solve this challenge by helping businesses manage their spending by streamlining aspects of expense and travel management into an “easy-to-use and affordable platform”.

Companies can set up their travel and expense policies as well as criteria based approval on Navisteps, reducing time managers spend on reviewing business expenses and travel.

Also Read: Here are the 5 predictions for Southeast Asia’s travel industry trends post-COVID-19

Other core features include expense report automation, integrated online travel booking tool as well as an analytics dashboard to offer actionable insights.

“While expense and travel management solutions are not new, they traditionally target large enterprises. We hope to bring the benefits of expense and travel management solutions to small and medium-sized enterprises (SMEs) through a subscription-based pricing model,” said Navisteps Co-founder Ken Tan.

In the upcoming year, the startup plans to roll out features that include new partner integrations, enhanced expense analytics for its clients, while expanding its team.

To help businesses tackle the uncertainties brought about by post-pandemic business travel, Navisteps is also looking to launch a flexible travel option that covers last minute trip cancellation.

The local startup is also partnering with Traveloka, allowing Navistep’s enterprise users access to Traveloka’s inventory of flights and accommodation.

—

Image Credit: Navisteps

The post Navisteps snags US$1M in pre-seed funding to expand its corporate expense & travel management platform appeared first on e27.

There is no doubt that our species face an existential crisis in the 21^st century. Climate change effects are accelerating around the world, affecting billions of lives and exacerbating existing inequalities. The migration crisis, pandemics, famines, political instability – the list of symptoms is quite long indeed.

Governments, businesses, and most important of all, billions of people around the world realise the need for a change in the status quo. And millennials and the younger generations, whose future is at stake, are starting to demand more action.

This change in attitude is also reflected in the realm of investing – there are many “buzzwords” in the mainstream media to reflect this zeitgeist of ‘do good’ investing. They include terms such as impact investing, ESG investing, and SRI/ethical investing.

While they may share a common desire for “change,” there are significant differences, some subtle, others quite drastic. In this article, I hope to shed some light on these differences and provide you with a better understanding of impact investing, and its position in the evolving world of investments.

The basic features of impact investing

The Global Impact Investing Network (GIIN) defines impact investing as – “investments made with the intention to generate positive, measurable social and environmental impact alongside a financial return.”

Impact investing has four defining characteristics:

• Intentionality – the investor must have a clear intention to create positive change in society/environment
• The expectation of returns – the investments should be capable of generating a financial return on capital, or at the very least, a return of capital.
• A wide spectrum – investments can be in any asset class – VC, private equity, fixed income, cash equivalents or others, with targeted returns that range from below market to risk-adjusted.
• Impact measurement – the investor should be committed to transparency and accountability, in measuring and reporting the actual positive impact generated by the investment.

As a result, impact investing is more exacting and has a tighter focus – instead of looking at larger corporations, its focus is often on smaller projects and startups with transformative potential in specific locales and communities.

Also Read: Why is impact investing suddenly so hot?

What makes impact investing differs from philanthropy is its expectation of financial returns on top of creating positive social/environment impact, whereas philanthropy focuses on the latter with no expectation of financial returns.

At first glance, impact investing may even seem like taking on the role of public services or NGO, which makes one wonders if it brings any distinguishable benefit? The answer is yes and it lies on self-sustainability and efficiencies.

The operating model of public enterprises and NGO are not created to be financially self-sustainable – they rely on continued financial supports from government findings and ultimately taxpayers monies to support its philanthropic causes.

For the case of efficiencies, it is widely known that the public sectors do not share the same level of efficiencies compared to a business enterprise. In part this is due to incentive structure – businesses have an incentive to be efficient because increased efficiency means greater profitability for the businesses which then leads to greater compensation for the mangers.

Impact investing, on the other hand, is based on a model that fits economic reality as allows the invested enterprises to be financially self-sustainable and profitable, while bringing positive impact to its desired causes with businesslike efficiencies.

Impact investing v/s traditional investing

In traditional investing, there is only one prime motive – generating positive financial returns, no matter the negative externalities. If a stock is profitable, you invest in it regardless of its impact on society or the environment. The sole purpose of the company looking though the lens of traditional investing is to maximise shareholder value.

Impact investments are also expected to generate positive financial returns – they are not philanthropic investments. But unlike the traditional model, impact investing plays a huge emphasis on generating positive change in society/environment alongside a financial return.

Also Read: [Update] Denmark’s 3B Ventures launches new US$60M fund for impact investing

Impact investing v/s socially responsible investing (SRI)

Also called ethical investing, SRI arose primarily in the 1950s and 1960s. It is based on the idea that some businesses can have an overtly harmful impact on people and society and should be avoided. Investors avoid such “sin stocks” – alcohol, tobacco, gambling, weapon manufacturers, and others – on religious, moral, or political grounds.

Both SRI and Impact Investing share a desire to generate positive ROI, but beyond that, the intentions are quite different. In SRI, the investor desire is to avoid supporting companies or industries that pose harm to people, society, or the environment. There is no intention or attempt to proactively induce a positive change, which is a core tenet in impact investing.

Understanding the basics of ESG investing

ESG, which stands for Environmental, Social, and Governance, gained credence in the early 2000s as a buzz-word in the investing world, particularly after the publication of “Who Cares Wins” in 2004 by the UN Global Compact. Global Sustainable Investment Alliance (GSIA) and The Forum for Sustainable and Responsible Investment (US SIF) are the main proponents of ESG. Funds that follow and integrate broad ESG principles to some extent are valued at over US$45 trillion by JP Morgan in 2020.

ESG shares the basic rationale behind SRI – avoiding certain stocks due to their negative repercussions for society/environment. What ESG does differently is in redefining the perception of “risk” to include other factors besides financial risk. For example, an oil spill or chemical leak would be an environmental risk. Racial discrimination, gender inequality, and pay gaps would fall under governance risk.

All these factors have the potential to create negative PR and drive down the value of the company in the stock market. Integration of ESG ratings allows investors to make an educated choice when selecting stocks – avoiding high-risk ESG stocks, opting for stocks that either has a low risk or even rewarding companies that actively try to improve their ESG issues.

Impact investing v/s ESG investing

ESG does have the potential to create a positive impact on the environment and society. As more investors incorporate ESG risk factors into their portfolios, companies are incentivised to address these issues.

But it is also plagued by a lack of clarity and precision – there is no single unified ESG rating system. There are multiple agencies like Vigeo Eiris, Oekom, and MSCI – they all have their leanings towards Environment, Governance, or Social end of the spectrum.

Also Read: Ecosystem Roundup: UOB’s VC firm makes 1st close of its impact fund at US$60M; Indonesian startups raise US$1.9B by Q3 2020

And to make things worse, there is no established reporting paradigm for companies to follow. For instance, it is completely voluntary for companies in the US to make ESG disclosures. When the ratings are based on inadequate data, it also significantly reduces the chance for the positive impact that an ESG investment can have.

Impact investing fares somewhat better in this aspect. Since ESG factors are imprecise/vague, Impact Investing is closely aligned with the UN Sustainable Development Goals (SDGs). Investments are channelled towards initiatives that have clear potential in contributing towards SDGs.

Reporting is still a challenge, as the business world is still in the early days of creating universally accepted tools for measuring the non-financial impact of investments. But as reported by Harvard Business Review, new metrics like Social ROI and Impact Multiple of Money (IMM) have shown a lot of promise.

But the main thing that sets impact investing apart from ESG is the intentionality – there is a desire for proactive action to generate change through impact investments. This is lacking in ESG, which is still based on the avoidance principle.

Currently, the size and scale of ESG market dwarfs impact investing by a huge margin at US$45 trillion and US$715 billion, respectively. This is understandable, given the tighter focus of impact investing – far fewer stocks would be in a position to fulfill its requirement criteria.

Both have their limitations, but are also vital in the quest for a sustainable future. There is abundant space for the growth of both these forms of investing, particularly in Asia, home to nearly 60% of the human population.

It is already a global hotspot for impact investing with a CAGR of 23% between 2015 and 2019 (second only to Europe at 25%), according to GIIN. ESG investments are also on the uptick among fund managers in the region, a knock-on effect of strong performances in Europe and North America.

With the ongoing crises and increasing public awareness, I would expect both impact investment and ESG investment will have a massive role to play in the coming years, but in their own unique ways.

–

Editor’s note: e27 aims to foster thought leadership by publishing contributions from the community. Become a thought leader in the community and share your opinions or ideas and earn a byline by submitting a post.

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

Image credit: Brian Wangenheim on Unsplash

The post A wave of change: What sets impact investing apart from traditional investing appeared first on e27.

The United States Agency for International Development (USAID) and RTI International, through its partner Villgro Philippines, has named the winners of a virtual hackathon to find new solutions to long-standing family planning (FP) and teen pregnancy challenges.

The winning team Aster Alliance was awarded PHP1.5 million (US$31,200) in award subsidy while runner-up teams Yaka.ph and Edukasyon.ph received PHP750,000 (US$15,600) each.

Twenty-one participating teams went through the various stages of design thinking to ideate and create prototype solutions. Over the course of 48 hours, the teams took turns meeting 20 innovation mentors, refining their ideas, and developing their pitch to win.

“Teenage pregnancy rate in the Philippines remains high and the pandemic has made it more difficult for Filipino women and girls to access FP information, commodities, and services. This is a great time to create new, innovative solutions to address these issues,” said USAID/Philippines Office of Health Director Michelle Lang-Alli in her event opening message.

Also Read: Meet the 10 startups selected for Habitat for Humanity’s ShelterTech accelerator

Aster Alliance, formed by four engineering students from the University of the Philippines, is a direct-to-consumer adolescent and youth reproductive health platform that enabled smarter family planning.

Yaka.ph is a unified platform for reproductive health tracking, online counselling and prescription deliveries, while Edukasyon.ph utilises a personalised Artificial Intelligence chatbot and study materials to address the lack of sexual and reproductive health education among youths.

In addition to closing a Series A funding round, Edukasyon.ph has recently named Grace David as its new CEO.

The winners will receive three months of incubation support from Villgro Philippines to help develop the innovations and connect with partners who can lend further support.

“We were thrilled by the innovations we witnessed unfold during the Innovation Challenge hackathon. We look forward to working with the winners to further refine and develop their solutions over the next three months,” said Priya Thachadi, Co-founder & CEO of Villgro Philippines.

—

Image Credit: Joey Pilgrim on Unsplash

The post These 3 winners of USAID’s Innovation Challenge aims to tackle family planning needs, teenage pregnancy appeared first on e27.

If there’s one major impact that the pandemic has brought in 2020, it is how people communicate. With reduced opportunities to physically interact with each other, people have started utilising tech in work like never before. From Zoom meetings to virtual coffee to online conferences, the list goes on.

Since communication is such an important part of my role as a writer in e27, a large portion of my year went towards experimenting with strategies to network effectively with people.

In the process, I discovered that I was suffering from an illness widely known as the Zoom fatigue.

This is characterised by periods of exhaustion as a result of meetings lined up on one’s Google Calendar. I think we can all safely say that we have been a victim to that at least once during 2020.

While some may argue that vaccines have started to roll out, and with that, mankind has found a way out of virtual meetings, chances are high that the new working normal will likely continue throughout 2021.

I say this because tech giants such as Twitter, Google and Facebook have already announced the continuation of their work from home policies to the next year, and many other companies are likely to follow their lead. Also, many nations are yet to figure out a way to roll out the vaccine extensively.

Also Read: Work from home risks every employer needs to be aware of

While initially, I was experiencing moments of mental explosion by hopping on two-to-three calls a day as I had to finish cooking my meal on the side and take my dog out for a walk, I have truly started embracing the process now.

Here are four tips to improve your virtual networking experience:

1. Creating your own “power spot”

This is something that I learnt from Japanese author and lifestyle guru Marie Kondo in her book Joy at Work which I personally found to be very effective.

Kondo encourages working professionals to have their own “power spot” which consists of items that they love –-a personal space that is aimed to bring a joyous vibe.

For example, if someone loves plants, they can create a spot in their home filled with greenery. The very fact that the spot is filled with everything that one deeply loves can automatically be therapeutic in nature.

In my case, I attempt to fill my power spot with music. Keyboard and speakers in the room helps me unwind and relax my mind after every short meeting.

2. Making a good virtual impression

Remember how you used to dress up smart for any networking events so that you make a good impression? That rule still applies during virtual video calls with people.

Also Read: This is the only work from home advice that you need to read

As we near the end of 2020, the bar has been raised and people are now investing in professional setups for their video engagements to make a good impression.

To avoid making a bad impression during a virtual networking session that includes a shoddy background, dark lighting and cluttered background, one can always invest in low-cost products to build a great first impression with your virtual network.

Some of the things you can use: a selfie ring (for brightness), a plain white background and Krisp.ai for effectively cancelling the noise around you.

3. Keep it short

Making small talk is out while brief and focussed conversations are in.

Since people have more fixated time slots to communicate, respecting people’s time and keeping the meeting focussed on discussion points will go a long way.

To do this, I make a note of the topic of discussions during the interview so that I know exactly when a conversation is going off-track and can effectively reroute it.

Also Read: 7 tips for even the most timid entrepreneurs to succeed at networking events

But keeping it short also doesn’t mean we are completely robot-like and fail to ask people meaningful questions like how their day was.

4. Secret weapon

One of my best findings this year has been a chrome extension called Crystalknows, an extremely effective tool in networking effectively with people outside of your work/country.

Crystalknows uses a technology called personality AI that makes use of machine learning and AI to predict someone’s personality using their online footprint. Since building a good rapport is such an important quality of networking, this software can help you do just that with people you have never met before. The software even tells you how you can handle conflict or please your interviewer. Creepy, but useful.

Hope these tips helped, even if you pick just one out of the four I can guarantee you that you will enjoy the process of virtual networking.

–

Image Credit: Abbie Bernet

The post Escaping the Zoom fatigue: A writer’s tips to network better virtually in 2021 appeared first on e27.

DRVR, a fleet analytics software provider for logistics and passenger vehicles, announced today that it has raised an undisclosed amount of funding from Smart Axiata’s Digital Innovation Fund.

With the funding, the company wants to expand its services into Cambodia and hire across the board, DRVR co-founder and CEO David Henderson told e27 in an interview.

The Bangkok-based startup was founded in 2014 by Henderson (CEO), Yevgen Peresada (Chief Architect), and Damien Williams (CFO).

The way it works is that vehicles that use the DRVR technology are attached with sensors that transmit data into the DRVR app. The application then processes and analyses the collected data, and turns the information gathered into actionable insights that shows fleet performance metrics.

“Suppose you have a fleet of trucks delivering goods. As soon as a truck leaves your warehouse, you lose the visibility of it. You don’t know where exactly the truck is, how it’s being driven, or if someone is pinching your cargo or valuable fuel, etc. What if you could make a digital clone of the truck and put that on the internet? You could suddenly see in real-time information about the way it is being driven,” Henderson said.

Also Read: News Roundup: Co-living operator Hmlet expands in Japan, appoints new CFO, CTO

“This is what we do. We can also help you predict if it’s going to break down and help you service it. We take this raw data and we transform it into actionable knowledge,” he continued.

In addition to sharing its latest funding announcement, Henderson also shared the struggles that the startup has faced recently in growing its company.

Two years ago, DRVR faced a major setback when it lost its largest customer. While there were other reasons behind it, one of the main ones was because its client wanted DRVR to build a product that was not aligned with its focus.

“In 2018, we lost our then-largest-customer because they wanted us to build a new product for them, and this simply did not align with our plans. A choice had to be made; we decided not to go in that direction but focus our efforts in another area (AI Fuel). These kinds of painful decisions sometimes have to be made,” he said.

“We had hoped that we might be able to keep them as a customer and move in our own direction, but you can’t have your cake and eat it too. You can’t be all things to all people or you end up being nothing,” Henderson stressed.

The pandemic has not been easy for the startup as it faced challenges. It had to pivot from implementing a direct sales model to a partner sales model; this helped to improve its growth in the last nine months.

Also Read: From 30 to 400: TNG Fintech Group founder and CEO Alex Kong shares how to grow your human capital

Nevertheless, the startup has been undeterred by its setback to hit its target of having six times more growth in revenue by April next year.

In 2018, DRVR secured US$450,000 from an undisclosed group of investors and had earlier secured a small round of funding from an angel investor group in Hong Kong.

–

Image Credit: DRVR

The post Undeterred by losing its largest customer, DRVR secures funding to grow its fleet analytics platform appeared first on e27.

Skuad, a digital payroll platform for remote teams, has secured US$4 million in a seed funding round, led by Singapore-based VC firm BEENEXT and venture investment platform Anthemis Group.

Other investors in the company included Alto Partners Multi-Family Office and Rohan Monga, CEO of Zenius Education.

With the new funding, Skuad intends to develop its remote employment infrastructure and scale its growth team across multiple geographies.

The idea for Skuad sprouted into the minds of the three co-founders –Sundeep Sahi (former CPO at Brand Networks), Naman Singhal (former CEO of AppStreet) and Dave Fall (former CEO Brand Networks)– after they experienced the pains of running a remote team with their previous companies. This included setting up legal entities and ensuring remote compliances for each country.

Since every country has its own unique requirement, the trio decided to come up with one “global employment platform” where companies can hire remote employees without setting up subsidiaries or local infrastructure in other countries.

Skuad employers are able to pay their remote workforce seamlessly on one platform. Beyond automating global payroll, local compliance and taxation, the platform also manages benefits for remote employees across the globe. In order to use these services, employers have to pay a flat fee per employee they hire via its website.

Also Read: The beginning of the decentralised office — are you ready for a remote working future?

In addition to these services, Skuad also helps working professionals find the right kind of remote working opportunities.

“We started building Skuad pre-COVID-19 with a vision of a flat world where great talent can have an amazing and fulfilling career in their own city or country while working remotely for thriving companies that would love to hire them. The pandemic reinforced further this idea across the globe and we are already seeing a significant uptick on this demand in various corridors,” Sahi told e27 in an email interview.

“We are a platform that simplifies the global team hiring by standardising employment contracts for various countries, digitising global payroll and compliances as well as automating payments to remote employees to pay them in their local currencies. We charge a flat fee per remote employee per country to hire, pay as well as manage their local compliance and taxation,” he further explained.

Skuad’s platform for hiring has been used by many large companies such as Indonesian tech giant gojek and Indian telecom giant Airtel.

As of now, it has over 90 people in its team, distributed across four continents.

–

Image Credit: Skuad

 

 

The post Skuad secures US$4M to ease remote team hiring through a single employment platform appeared first on e27.

Despite a raging pandemic, the internet economy in Southeast Asia (SEA) continued to grow at an exciting pace. In the latest edition of their joint report, Google, Temasek and Bain & Company expected it to hit the US$100 billion mark and triple to US$300 billion by 2025.

It is no wonder that everybody wants a piece of the cake. But in order to be able to seize this opportunity, companies need to come out with new, creative offerings for potential customers.

This is what Clonet is trying to give to the region through their expansion plan from their home country South Korea.

As a mobile commerce platform, it aims to provide an easy and quick way for brands to produce high-quality short videos –that will eventually enable fun and different shopping experience for customers.

The startup claims that brands can produce “eye-catching” short videos at 20 per cent of the cost and 15 per cent of the time compared to the industry average. Customers can buy the products showcased in the videos “with just a single swipe” –without the need for different stages as currently offered by leading social media platforms such as Instagram or YouTube.

In fact, the startup said that it will take only 10 seconds to purchase a product from its platform, instead of the usual three minutes on other platforms.

Also Read: 15 South Korean startups set to pursue the Southeast Asian market

In an interview with e27, Clonet CEO Eric Cha explains that the app is targeting Gen-Z customers who are used to shop products through visual representation. Outside of its domestic market, it is aiming for customers of the same segment who are fans of K-beauty and fashion products.

In his time as a fashion content manager at TikTok, Cha has developed a pool of 800 influencers –including a group of so-called “super influencers” with more than one million followers– and up to 50 per cent of the followers are based in SEA.

“What I understand from my days at TikTok … users in SEA are rapidly growing and I often received queries about K-beauty and other K-products. It encouraged me to explore this further,” he says.

Clonet said it currently hosts more than 300 sales host and influencers. Within just six months since its launch, it recorded 14 per cent sales conversion rate which is said to be 3.5 times higher than that of traditional mobile commerce.

The startup also said that over the past three months, more than 250 brands in their platform have generated over 15,000 videos.

Riding the K-wave

It is no secret that Korean Wave –the flood of products and services from South Korea as triggered by the popularity of the country’s entertainment industry– has hit the SEA region hard.

According to Jang Won-ho, Dean at the University of Seoul’s College of Urban Sciences and Director at the Centre of Global Culture and Social Empathy, as reported by The Jakarta Post, the number of Korean content exports to ASEAN countries had increased from US$800 million in 2015 to US$1.3 billion in 2017.

Also Read: 15 early-stage startups from South Korea to showcase tech at Gitex Technology Week in Dubai

There is no sign of this momentum slowing down just yet, and this is the opportunity that Clonet is seizing.

As part of its expansion plan to SEA, the company started off by setting up an entity in Singapore. But their main plan is to begin by entering the Philippines.

As part of its entry to the Philippines, Clonet introduces a new service called VDVIA which combines Clonet service for fashion products and The Klippers service for beauty products.

It also set up a joint venture with Korean medical beauty company ZISHEL Group and retail giant E-Land Group to support its expansion plan.

Targetting two million downloads in the first year, Clonet also receives support from government agencies such as the Korea Institute of Design Promotion (KIDP) in its expansion plan.

“The support came in the form of extensive research, redesigning, and redevelopment of UI/UX,” Cha explains.

What is next?

In its home market, Clonet aims to widen its offering beyond fashion by including beauty, golf and luxury services. Starting in 2021, it will also include pet and food sectors as well.

Cha also stated that the company is currently fundraising.

“We want to work with VCs with an interest in K-beauty and fashion content and short-form media who can help us hire [talents], increase sales conversion rates,” he closes.

—

Image Credit: Clonet

The post How South Korea’s Clonet plans to tackle the Southeast Asian market by riding the K-wave trends appeared first on e27.

Indonesian e-commerce giant Tokopedia announced it has engaged Morgan Stanley and Citigroup as advisors as part of plans to accelerate its public listing.

In an official statement responding to a recent report by Bloomberg Quint on their exit plan, a Tokopedia spokesperson wrote:

“Market adoption is accelerating business growth since the pandemic. We are considering to accelerate our plan to go public and we have appointed Morgan Stanley and Citi to be our advisors. We have not decided yet which market and method, and still considering options.”

“SPAC is a potential option that we could consider but that we have not committed to anything at the moment.”

Bridgetown Holdings is a blank-check company backed by billionaires Peter Thiel and Richard Li. Published on December 15, the report stated that it is mulling a potential merger with the Jakarta-based e-commerce company.

Dealstreet Asia wrote that though a sale to a SPAC represents a faster route to a US listing, Tokopedia Co-Founder and CEO William Tanuwijaya had previously expressed his desire for a dual listing to ensure local employees and Indonesians can own shares of the firm.

Also Read: What does Peter Thiel-backed Bridgetown’s IPO mean for SEA’s startup ecosystem?

Tokopedia has raised US$2.80 billion in funding till date from investors including SoftBank, Alibaba and Temasek Holdings, making it the second-highest valued startup in Indonesia after gojek.

According to reports, Tokopedia could be valued up to US$10 billion.

Bridgetown itself has raised US$550 million in a US IPO in October. In an interview with e27, experts commented that the SPAC model that the company is implementing can be “an alternative” way to fundraise for startups in SEA.

“Having seen the more than 100 SPACs emerge in North America earlier this year, we are not surprised to see this new SPAC coming out to focus on Southeast Asia. We welcome this initiative, which will provide an alternative path to liquidity and access to public markets for one or more rising tech, financial services or media company in the region,” said Sanjay Zimmermann, Senior Associate at White Star Capital.

This is especially relevant since Bridgetown has announced that it “plans on targeting a company in Southeast Asia with operations or prospective operations in the technology, financial services, or media sectors”.

—

Image Credit: Tokopedia

The post Tokopedia engages Morgan Stanley and Citi as plans to go public accelerate appeared first on e27.