PriyoShop, a B2B retail marketplace for MSMEs in Bangladesh, has completed its US$5 million pre-Series A round of financing led by Century Oak Ventures.

Evolution Ventures, Iterative, SOSV (Orbit Startups), GFR Fund, BonBillo, Accelerating Asia, South Asia Tech Partners, and Voltity also participated.

Also Read: How PriyoShop is revolutionising the B2B procurement process

With this financing, PriyoShop plans to enhance its technology infrastructure while expanding its geographical reach and market penetration. “The capital will be strategically deployed to enhance our technology infrastructure, expand our reach, and introduce innovative solutions, including our financing services, helping us better serve MSMEs and retail partners,” said Founder and CEO Asikul Alam Khan. “At present, we have roughly 55,000 merchants on our platform, and we expect to impact over one million merchants in the coming year positively.”

Launched in July 2021 by Khan and Dipty Mandal (CMO), PriyoShop works with small retail shops and major brands to transform and modernise the retail supply chain industry. Through its asset-light marketplace model, PriyoShop helps small businesses efficiently source goods, access consistent and competitive prices, and rapidly receive goods through next-day delivery. This helps MSMEs increase their business margins.

Through the company’s partnership with the digital financing platform LankaBangla Financing, PriyoShop can help MSMEs scale up their businesses further through tailored credit facilities and access to supply chain financing options.

PriyoShop offers partnerships with brands and suppliers, helping them digitalise logistics support, streamline operations, expand nationwide access throughout Bangladesh, and adopt full-stack digital infrastructure to manage their supply chains. Partner brands and suppliers can utilise PriyoShop Distribution Services to handle various products, including consumer goods, electronics, fashion items and more.

Also Read: Accelerating Asia on building a company culture that fosters innovation and inclusion

To date, PriyoShop has partnered with over 200 brands, including Pusti, Rupchanda, Teer, New Zealand Dairy, Pepsico, and Coca-Cola. The company is also expanding into the food & beverage industry, streamlining supply chains for hotels, restaurants and cafes.

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The post Accelerating Asia, Iterative back B2B retail marketplace PriyoShop’s US$5M round appeared first on e27.

[This is the first article from e27‘s Key Opinion Leader (KOL) Series]

In my ten years of growing theAsianparent (TAP) — from running bootstrapped operations to fundraising to creating platforms from scratch to entering markets across continents — I thought I had cleared my hurdles in this Olympic test of leadership, only to face the next leg of the race: pole vault in the form of a pandemic.

Putting a screeching halt to my momentum, I stop to take a slow, deep and steadying breath. I didn’t train for this. The bar is too high. But if I don’t clear it, everything comes tumbling down.

This is the situation every leader came face to face with this year.

Also Read: 5 actions to consider for your startup as the economy reopens

Yes, it didn’t come with a pole. And no, it’s not the fear of the unknown that’s paralysing. We are neither strangers to fear, nor the unknown.

It’s volatility that’s the enemy — charting a path knowing the wind or ground could shift anytime. Yet what’s demanded of leaders is the opposite: stability, dependability, certainty. Tough to be in these times.

With TAP spanning 13 countries — lockdowns and re-openings happening at different dates with different measures — planning has suddenly become such a tall order; and the team must grapple with frustration in a way they never had to.

While this particular stress is new to us, being a cross-cultural company is not. The success of TAP has long relied on localised strategies, so we applied this internally.

We reviewed the needs and targets of each office, and of course, no ‘one-size-fits-all’ roadmap emerged. But those roadmaps became our lifeline.

Another thing that wasn’t new to us is remote work. Many in our team are mums and dads who thrive in flexible setups. When homeschooling was thrown into the mix, we translated our office daycare services into online tutoring. That was the obvious move.

Also Read: The future of remote work is happening now, here’s how to make it work for you

Then we realised that with both parents working from home, Monday to Friday office hours would be chaotic. So we offered 4-day work weeks (any four days of the week) at staggered work hours (any eight of the day). I think I heard a collective sigh of relief when it was announced.

Because we all need to breathe.

After we established protocols against COVID-19 to safeguard everyone’s physical health, mental health was our next priority. Part of this was holding company-wide meditation, yoga, fitness, Bollywood dancing, and art workshops.

These early pivots set the tone for how we, as a company, would be overcoming the challenges presented by the new normal — first, by acknowledging that the situation we’re all in is hard, but work need not make it any harder. And second, by making lemonade (because if 2020 were a fruit, it would be a lemon).

The team has squeezed out a lot of creative solutions, and one I found particularly sweet was our leadership team ‘offsite’.

We usually fly people in to one country, which means spending a lot of time and money on logistics. An online offsite requires much much less, so this year we were able to double our participants from 15 to 30. Some of the hotel savings even went to a fantastic lucky draw for the attendees: the latest Samsung Flip phone.

We were also able to have amazing guest speakers dial in from across the region for the seminar: From Beijing (Jeff Tiong, CEO of PatSnap), from Malaysia (Cheryl Goh, Founding CMO of Grab), and from Singapore (Happy Marketer’s Managing Partner Prantik Mazumdar, and Rotimatic CEO Rishi Israni).

What I’ve learned from all this?

While product pivots are the way for companies to find success, if not survival, in the roughest waters we’ve seen for a while, getting the team on board with new plans amidst a very palpable crisis requires shifts in culture.

Also Read: The new communications playbook for the new normal

Leaders have to dig deeper, communicate more clearly, and care more concretely than ever before.

In this pandemic, I’ve stopped taking our numbers at face value. There is a story to every drop or surge in sales, to the varying productivity rates across markets, to an uptick in traffic in certain categories over others.

And as CEO, my first job is to listen. And before that, to be willing to listen, so we can uncover these stories and learn from the truths they hold. And then act.

That’s our 14-foot pole.

That’s why no leader is unequipped to clear that bar, to weather this storm. A seasoned one will have years of hard-earned wisdom like the rings you’ll find in the trunk of an old tree. A young one will have the flexibility of bamboo, bending in the wind but not breaking.

Whichever one you are, listen to your team. Before that, ask. And then act.

Remember that pole vaulting isn’t a top-down leap. Bottom-up is the way to go, if you want to make it clear to the other side.

—

Image Credit: Frans Vledderon Unsplash

This article was first published on September 15, 2020

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In October 2023, the Singapore Police Force reported a series of renovation scams in which victims suffered collective losses exceeding SGD198,000 (US$147,000). The individual behind the crime vanished after receiving payments.

It was not a one-off incident; in fact, there have been 3,385 reported complaints in the city-state since 2021. In H1 2023 alone, the Consumers Association of Singapore received 631 complaints about delays and substandard workmanship within the renovation contractor industry. These incidents occur when interior designers face their own challenges, including clients withholding payments.

Also Read: Pivoting beyond product: You need to look at your company/work culture, too

“There was an immediate need for a secure and accountable payment system for the renovation industry,” David Ng, an entrepreneur with 30 years of experience in f&b, logistics, tech, gaming, e-commerce, AI, and blockchain, told e27. “The absence of such a system makes it challenging for homeowners to hold interior design firms accountable for their work and has led to instances of homeowners withholding payments. We realised that an escrow payment system could fix this problem.”

That was how HomePay was born.

Headquartered in Singapore, HomePay aims to address pertinent issues in the home renovation industry, specifically the lack of an escrow payment system and defined milestones. The escrow payment system provides a safeguard that releases funds only upon the homeowner approves completed milestones.

“By implementing an escrow model, the HomePay app ensures that funds are held securely in escrow in a DBS custodian account and renovation milestones are established, creating a transparent framework for both homeowners and IDs,” explained Ng.

How it works

Homeowners can pay their chosen interior design firm according to their pre-agreed progressive payment tranches using the Monetary Authority of Singapore (MAS)-approved HomePay wallet. Half of each tranche’s funds are held in escrow in a DBS custodian account and are only released upon the homeowner’s approval of works completed for that milestone and tranche. This is aimed at providing an additional layer of security and transparency.

Furthermore, homeowners can provide feedback and approve or deny completed work before payment release, enhancing their control over the renovation process.

The app comes with a HomeProtect feature, which ensures homeowners that their renovations will be completed according to plan, even in the worst-case scenario of a sudden closure of the interior design firm. “HomePay will find an alternative firm or vendor to complete the job at no additional cost to the homeowner,” shared Ng, who is also a venture partner at Mocha Ventures and TNB Aura.

HomePay also benefits interior design firms as they can assure their customers that by signing their renovation contract, they have extra protection from an external party throughout their whole renovation and are certain to carry out their job scopes properly.

In addition, the HomePay app empowers interior designers with efficient workflow management and streamlined project management capabilities. Interior designers and homeowners can conveniently set terms of the project timeline and progressive payment schedules and sign contracts remotely through the app.

The fintech startup is considering enabling cross-function capabilities with interior design firms’ existing accounting software.

According to Ng, HomePay is open to working with any interior design firm — big or small — but especially those that want or prefer giving their clients additional confidence throughout the renovation. “We look into the history and background of the interior design firms’ directors. We ensure that all firms pass a strict Know Your Business process and are MAS-compliant,” he added.

The monetisation model

The company charges a per-project admin fee of SGD200 for the platform to secure large renovation amounts and be assured under HomeProtect. For interior design firms, the transaction fee is 1.5 per cent to 1.9 per cent of the total fees.

Also Read: How to craft your startup’s financial projections

The startup currently operates in Singapore. Ng said that as payment gateway solutions, such as VISA and Mastercard, are universally needed, HomePay’s model can be applied and scaled to other markets in the renovation context.

However, the initial plans are to expand regionally in Southeast Asia (particularly Malaysia and Thailand) before going global.

HomePay emerges as a potential solution to the rampant issues plaguing the Singaporean renovation industry. HomePay aims to modernise and secure the renovation process by empowering both homeowners and interior designers, offering peace of mind and a smoother experience for all.

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X marks Echelon. Join us at Singapore EXPO on May 15-16 for the 10th edition of Asia’s leading tech and startup conference. Enjoy 2 days of building connections with potential investors, partners, and customers, exploring innovation, and sharing insights with 8,000+ key decision-makers of Asia’s tech ecosystem. Get your tickets here.

Want more from your Echelon experience? Be an Echelon X sponsor or exhibitor. Send enquiry here.

The post HomePay aims to fix home renovation woes in Singapore with escrow system, completion guarantee appeared first on e27.

In 2018, the Ministry of Finance Malaysia set up Futurise to lead the National Regulatory Sandbox (NRS) initiative to provide solutions to regulatory challenges that can potentially hinder tech and innovation from operating efficiently in the market.

The NRS initiative addresses industry and investor concerns that innovation can face challenges when deployed in a market with outdated (or lacking) regulatory frameworks.

“If I could put it in simpler terms, we pave the ground for new and innovative ideas to operate in the market by safely testing regulations and policies in a secured environment called a sandbox. The NRS brings together different groups like corporate organisations, government bodies, academia and entrepreneurs to solve regulatory challenges faced by innovation,” said Futurise CEO Rosihan Zain Baharudin in a press statement.

“The top-down approach used in yesteryears when prescribing regulatory frameworks may not be conducive to innovation. Futurise acts like a bridge, connecting different parts of the ecosystem – from regulators, industry players, organisations and relevant bodies. It is all about collaboration and ensuring that everyone can contribute to building a more innovative and advanced Malaysia.”

As the global economy continues to face uncertainties this year, Futurise aims to continue fostering conversations and collaborations in tech innovation with various parties. The organisation stated that more stakeholders have approached to present regulatory challenges that they faced.

Also Read: Malaysia’s pension fund KWAP invests in Antler, Lapasar, Vynn Capital, Bateriku

“We have seen innovation remain persistent in both favourable and tough conditions. It’s been seen that challenging market situations can give rise to new technology-driven solutions, products or ways business is conducted,” Baharudin said.

In this interview, e27 aims to understand more about the work of Futurise and how they aim to make a difference in Malaysia’s innovation. Here is an edited excerpt of the conversation:

How does Futurise differ from Malaysia’s previous effort to promote digital innovation? In what way is it better to respond to the industry’s needs?

The Government of Malaysia has mandated Futurise to drive the National Regulatory Sandbox, an initiative to facilitate the collaboration between industries and government to develop progressive regulatory frameworks for the Future Economy. Through the National Regulatory Sandbox, Futurise enables innovation and adaptive policy-making to accelerate lab-to-market adaptation for local technology solutions.

In promoting and supporting digital innovation in the country, Futurise has been working on various initiatives. Amongst them are: For Online Healthcare Services, we have established testing guidelines enabling health workers and practitioners to assess their online healthcare offerings under the oversight of the Malaysian Health Ministry.

We have also established regulation guidelines for Mobile Childcare Services, regulating safety and compliance under Jabatan Kebajikan Masyarakat (JKM). Concurrently, our ‘Insights for Impact’ Industry Study focuses on freelance educators in the gig economy and aims to develop policies that enhance resilience amid economic uncertainties, particularly in the wake of the COVID-19 pandemic.

Also Read: ChargeSini aims to revolutionise Malaysia’s EV landscape with smart charging solutions

What are the most valuable lessons that Futurise learned from its recent milestones?

Futurise’s involvement in regulatory sandboxes is a dynamic platform, fostering an environment ripe for learning, innovation, and advancement amidst the intricate maze of regulations. This strategic engagement empowers stakeholders to navigate the complexities of regulatory frameworks while upholding stringent legal standards.

Drawing upon the wealth of insights from these experiences, Futurise emerges as a catalyst for industry players, steering them towards sustainable growth and igniting a culture of innovation. Through collaborative efforts with diverse stakeholders—including regulators, industry peers, consumers, and relevant entities—Futurise not only cultivates effective stakeholder engagement but also forges robust partnerships.

This collaborative ethos nurtures a climate of trust and transparency, propelling positive outcomes for consumers and
society at large.

What are Futurise’s thoughts on AI? Does it plan to respond to the growing interest in AI implementation in Southeast Asia?

Futurise is actively engaging with the rising interest in AI by teaming up with the Department of Personal Data Protection (JPDP) to launch the Data Protection & Privacy Regulatory Sandbox.

Recognising that data is the lifeblood of AI, driving its learning and performance, this collaboration is pivotal. Access to diverse, high-quality data is paramount for AI systems to thrive across various sectors.

In the sandbox, Futurise will craft seven guidelines under the Personal Data Protection Act 2010 (Act 709). These guidelines encompass critical aspects such as Notification of Data Breach, Data Protection Officers, Data Portability, Cross Border Data Transfer, Data Protection Impact Assessment, Privacy by Design, and Profiling and Automated Decision Making.

Also Read: Artem Ventures: Malaysia is a fantastic starter market, but startups need help to scale internationally

Additionally, Futurise will play a key role in enhancing the existing Personal Data Protection Standard established in 2015, ensuring comprehensive standards and guidelines are in place to navigate the evolving AI landscape.

In 2023, Futurise collaborated with the Civil Aviation Authority of Malaysia (CAAM) to introduce the Unmanned Aircraft System (UAS) certification (C-UAS) and Manned Electric Vertical Take-Off and Landing (eVTOL) aircraft national regulatory sandbox. In the same year, it also introduced the MyAutonomous Vehicle 5.0 Guideline and the National Drone Sports Strategic Roadmap (NADSAR) 2023-2027. Is there any reason why air mobility is such a significant focus?

Advanced Air Mobility (AAM) plays a vital role in shaping the modern world by facilitating rapid transportation, connecting distant locations, supporting economic growth, and addressing various societal challenges.

Many countries worldwide are accelerating the adoption of AAM as various regulators are warming up to the potential of this aerospace technology. In fact, the commercialisation of AAM is likely to take place in 2026. Thus, ambitious countries are racing to ensure the necessary infrastructure and, most importantly, the AAM regulatory framework is ready ahead of the take-off.

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Image Credit: Futurise

The post How Futurise supports tech innovation in Malaysia through policy-making appeared first on e27.

In the ever-evolving landscape of financial markets, understanding and managing trading psychology has long been a formidable challenge for retail traders and investors. Despite the availability of resources on fundamental and technical analysis, over 85 per cent of retail traders continue to incur losses, indicating the existence of other contributing factors.

However, a groundbreaking solution has emerged, promising to revolutionise the way we perceive and navigate the complexities of trading psychology.

Hoc-trade, an innovative AI-driven platform, represents a significant advancement in trading psychology on multiple fronts. It transforms previously qualitative applications of trading psychology into quantitative insights, providing traders and investors with a deeper understanding of the impact of their emotions on performance.

At its core, Hoc-trade provides comprehensive analysis that outlines identified trading behaviors, severity levels, performance impacts, and underlying contexts. Leveraging AI, Hoc-trade bridges the gap between behavioural finance concepts and trading decisions, empowering traders with actionable insights and education.

Also Read: How should non-tech companies approach AI?

Hoc-trade has conducted a study with the ultimate dataset encompassing 2.75 million trades of in total 6.5 thousand traders trading real funds. The data collection criteria stipulated that traders must have a minimum total of 50 trades, including at least 10 trades identified as having an issue.

The determination of whether a trade was categorised as having an issue or not hinged on surpassing a specified threshold of detrimental behavioural issues within a singular trade. These behavioral issues were discerned exclusively from the trade history of the user up to the point of deciding the subsequent trade issues.

The result is eye-opening! Through over two million trades of data, Hoc-trade AI categorises trades into two distinct possibilities:

• Those exhibiting behavioural issues
• Those that do not

Statistically, more than 90 per cent of traders lose in FX trading. This is confirmed in the study when a trade is classified as having an issue. The average performance of such trade is -1.15 per cent of the traders’ balance.

However, when AI technology is introduced, the average performance shows an improvement at -0.43 per cent. While a trade without issues has not yet reached a profitable outcome, there is already a significant uplift in performance of up to 63 per cent!

The impact of Hoc-trade AI has been demonstrated across millions of trades, highlighting its potential to address the persistent underperformance experienced by retail traders and investors. Recognising the significance of trading behaviors and psychology in shaping market outcomes, the team at Hoc-trade embarked on a mission to develop an AI-powered trading analytics tool designed to monitor and mitigate detrimental trading behaviors.

The results of Hoc-trade’s analysis underscore its efficacy in identifying destructive behaviors and predicting underperformance in trades. Trades free from issues demonstrate significantly better performance, reaffirming the pivotal role of trading psychology in shaping trading outcomes. While AI has yet to optimise for all potential behavioural issues, its impact on enhancing traders’ performance has already demonstrated significance.

Also Read: The AI revolt: How our love affair with technology could turn into a hate story

Looking ahead, Hoc-trade envisions a future where AI-driven insights revolutionise retail trading and investments. By providing personalized insights, establishing causality, and quantifying issues, Hoc-trade paves the way for unprecedented opportunities for learning and improvement.

With the capacity to identify negative trading behaviors, filter out undesirable trades, and alert traders to emotional decisions, Hoc-trade AI heralds a new era of user protection and empowerment.

In conclusion, Hoc-trade AI offers a distinctive opportunity for brokers, exchanges, and other entities within the trading industry to integrate groundbreaking technology that delivers tangible benefits to their traders. As the retail trading landscape continues to evolve, Hoc-trade remains at the forefront, driving innovation and transforming the way we approach trading psychology.

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

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

Image credit: Canva

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Sustainability has become one of the top business priorities in the past years, and 2024 is no exception. As companies adopt sustainable tech with increasing urgency, we’ll see the rise of more sustainable tech startups entering into the game. With more businesses adopting new technologies to reach sustainability goals, investors will also continue to accelerate the development of these new and exciting solutions.  

However, according to Accenture, 40 per cent of CIOs cite a lack of solutions and standards as a critical obstacle in their sustainable tech strategy — a gap that startups are poised to fill. Businesses will increasingly tap into an ecosystem of startups to harness technology in completely new ways, solve crucial problems and deliver sustainable outcomes.

At The Mills Fabrica, we believe that sustainable tech startups play a critical role in protecting our planet. From creating dyes for clothes from DNA sequencing and nature’s own colours, using automated micro-factories to create carbon-conscious apparel, to deriving sugars from fibres of agricultural side streams, startups deliver groundbreaking solutions which, with the right investment, partnerships, and implementation, can be adopted en masse to drive change and social good across communities.

While there is much potential, there is a looming recession on the horizon, and securing investor backing becomes more crucial, yet more difficult. Sustainable tech startups will need to demonstrate they are ready for success, with a well-defined possibility for growth, financial resilience, and an innovative product and go-to-market strategy that is different from competitors. 

When evaluating startup investment opportunities as an investor, here are some key factors to consider:

Identifying problem areas and making your impact tangible

Investors will inevitably prioritise how startups offer solutions to vital problems. Sustainability and planet-positive actions must be “baked” into a startup’s business strategy from the get-go, with ways to show that solutions are delivering tangible results. 

Startups must not only be able to articulate their positive impact on the general environment, but also how they can help their customers and partners accelerate their sustainability goals. It is also important to utilise comprehensive and rigorous tools to define goals and report impact metrics. 

The more we speak a ‘common language’ using such tools, the more effective and impactful our work can become. This also puts your goals in clear terms for investors worldwide. For example, startups can get started with the Stockholm Resilience Centre’s Planetary Boundaries Framework, which is a scientific approach that defines the safe operating space for humanity within Earth’s natural systems.

Also Read: How Alternō’s vision is changing the energy landscape with sand batteries

It lists nine planetary boundaries that must not be crossed to avoid irreversible environmental changes, including climate change, human pollution, and freshwater availability, among others. A startup can make use of this framework and showcase how their solutions can create a holistic impact on the planet’s wellbeing. 

Stand out from the competition

To stand out from the sheer volume of competition, resilience and creativity is key. Fundraising may be more competitive than ever, but startups can source for research and grant opportunities beyond VCs, like those provided by governments and corporations looking to drive technological disruption. Startups can also look out for project funding at various stages of their development, including during the infrastructure-building phase.

The Singapore government, for example, sets up multiple grants to start-ups, such as the Early Stage Venture Fund (EVSF), which provides financing to early-stage startups in Singapore to support their growth and help them scale up their business. Under the ESVF, The NRF invests US$10 million on a matching basis to seed corporate VC funds that invest under this initiative in Singapore-based early-stage high-tech companies.

Aside from capital, incubation programs by organisations dedicated to helping bring sustainable tech to the forefront, like The Mills Fabrica, could also provide extensive support from industry connection market exposure to potential clientele. 

Taking advantage of various schemes and support from the private and public sectors, in addition to a solid fundraising strategy balancing all capital opportunities, will signal to investors that founders are savvy, well-connected, and have clear, attainable milestones along each step of the growth journey. 

Local problem-solving with global scalability 

Investors want to know how startups can grow so they can get returns on investment. A startup’s capabilities to address environmental challenges at a local level while having a clear plan to scale up regionally or globally will become a key consideration, especially for enterprises and investors. This indicates the potential for widespread impact and growth on the consumer level, enacting genuine difference for our planet.

Also Read: Balancing act: Carbon Balance’s quest to tackle climate crises with tech-driven sustainability

For example, Colorifix, a startup that pioneered the first entirely biological process of dyeing textiles, offers a unique solution to incumbent technologies that completely cuts out the use of harsh chemistry and leads to huge reductions in energy and water consumption. It brought bio-based dyes to mass consumers with popular brands like Pangaia and H&M.

Another startup, unspun, aims to reduce global carbon emissions by at least one per cent by using automated, localised, and on-demand manufacturing for jeans. With the textile and apparel industry contributing 8-10 per cent of global greenhouse gas emissions, every step counts.

Building the right bridges and educating the wider ecosystem

It should be a responsibility for all startups to prioritise educating different players in the ecosystem about sustainable innovations. Sustainability is a collective effort, and only by working cohesively with ecosystem players can we bring forth impactful changes in lifestyle habits for the betterment of our environment. 

Startups need to look beyond their own four walls to solve problems in the wider world. Apart from honing their solutions, they need to understand what corporations and the wider industry, including regulators and funding firms, are looking for.

Active participation in industry conversations, awards, and events shape a well-rounded worldview that can help startups build not only credibility, but also strong value propositions and become agile, solution-oriented partners.

While developing a new solution from the ground up may be a daunting task, resilient entrepreneurs will be able to continue the pipeline of innovation and weather any economic condition. It’s by making genuinely measurable impacts, being self-sufficient and resourceful, and fostering ecosystem-wide connections and partnerships, a startup can innovate to bring a truly planet-positive product to the market.  

—

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

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

Image credit: Canva

The post New year, new funding strategies: Powering up sustainability tech startups appeared first on e27.

The Indian Army heavily relies on the age-old practices of using porters and mules to move essentials in challenging Himalayas terrains. While there are nearly 15,000 porters employed for the purpose, they can carry out only up to three trips per day. Winter is often more challenging for the movement of essentials, forcing troops to eat frozen food.

“Imagine the soldiers who protect us and our nation day and night not getting fresh food. Isn’t it a misery?” asks Satyabrata Satapathy.

It occurred to Satapath, an avionics engineer, that aerial mobility could help address this burning problem. He discussed this opportunity with his friends in aerospace and joined hands to develop heavy-lift electric aerial vehicles or logistics drones.

Also Read: Equatorial Space is on a mission to make space launches cost-effective and eco-friendly

And that was how BonV Aero was born.

BonV Aero, based in Orissa (a state in northeast India), was founded by Satapathy (CEO), Gaurav Achha (Co-CEO), Abinash Sahoo (CTO), Rahul Kumar (Chief of Design), Sultan Khan (Chief of Manufacturing) and Umang Rathi (Chief of Operations), who collectively bring diverse expertise from renowned companies like Asteria Aerospace, Bosch Automotive, and ISRO.

The startup aims to revolutionise aerial mobility through cutting-edge electric vehicles for goods and passenger transportation. It has developed heavy-lift aerial vehicles for quick logistics movement in hilly, challenging Himalayan terrains.

The aerial vehicle is capable of carrying 50 kilos over ten kilometres at 10,000 feet in hilly regions. Thanks to its self-flying technology, this innovative vehicle operates autonomously without constant pilot intervention. Its in-house propulsion system ensures efficient flights in extreme weather and high altitudes.

“Our self-flying technology is an advanced system integrated into its aerial vehicles, enabling autonomous and intelligent flight operations. This technology leverages innovative flight software, terrain-following capabilities, adaptive payload management, and auto-path generation to achieve a high degree of autonomy in the operation of the drones,” he explained.

BonV has already garnered interest from the defence sector, disaster relief organisations, emergency medical services, logistics, and quick commerce deliveries, claims Satapathy. These vehicles cater to specific needs by efficiently transporting goods and supplies in challenging terrains, enhancing disaster response, facilitating emergency medical transport, streamlining logistics operations, and providing a unique solution for rapid deliveries in the quick commerce sector.

So far, the startup has secured orders worth INR 15 crore (US$1.8 million) from India Defence, Satapathy revealed. “The heavy-lift electric aerial vehicles developed by BonV are tailored for challenging terrains, especially in the Eastern Himalayan region. Military collaboration is pivotal in shaping the company’s future as it allows for real-world product trials and validation, further supporting logistical arrangements for such trials at remote places and ensuring that the technology meets the stringent requirements of defense logistics. This collaboration will help in the quick development and validation of the technology and also open avenues for defence contracts, strengthening BonV Aero’s position in the defence and aerospace sectors.”

The firm, which is conducting product trials with the Indian Arm, sees its technology contributing significantly to defence logistics by providing efficient and rapid aerial mobility solutions.

Also Read: Being prudent in spending should be at the heart of every management conversation: Aerodyne CEO

BonV Aero was one of the top 3 finalists on “Meet the Drapers” TV show. According to Satapathy, this feat has significantly impacted its growth and visibility.

Last month, the startup secured US$700,000 in a funding round led by Inflection Point Ventures. The capital will be primarily directed towards client demonstrations, team expansion and internal R&D focused on enhancing products for customers, researching propulsion systems and advancing power plants.

BonV Aero aims to achieve several key milestones in the near future, including the successful completion of product trials with the Indian Army, delivery of the ordered logistic aerial vehicles, and expanding its presence in the defence sector. “To scale operations beyond the initial trials, we plan to focus on securing additional contracts, scaling up production capacity, and exploring opportunities in other sectors such as disaster relief, emergency response, and commercial logistics. Strategic partnerships, continuous innovation, and efficient execution will play crucial roles in achieving these milestones,” he added.

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X marks Echelon. Join us at Singapore EXPO on May 15-16 for the 10th edition of Asia’s leading tech and startup conference. Enjoy 2 days of building connections with potential investors, partners, and customers, exploring innovation, and sharing insights with 8,000+ key decision-makers of Asia’s tech ecosystem. Get your tickets here.

Want more from your Echelon experience? Be an Echelon X sponsor or exhibitor. Send enquiry here.

The post BonV Aero: Transforming military logistics in the Himalayas with heavy-lift aerial vehicles appeared first on e27.

If you are alive in 2024 (and given you are reading this blog, chances are that you are), you have to know a founder or two. And if you live in Bengaluru, it’s likely your local Barista, your ex-girlfriend, and your high-schooler neighbour are working on a startup idea — together. 

So, given this surfeit of founders in your vicinity, you probably know by now what to say to get them grinning from ear to ear. (Ask them about their first-born, first-born startup that is, compliment them on their CAC, the usual). 

But did you know that there are some things you absolutely must NOT say?

Yes, today I am here to talk about those questions that you must never ask a founder, no matter how strongly you feel the urge to. 

Treat this guideline as precious insight into a befuddling group of individuals or as insurance for when the founder in your life hits the big time. 

So how is it going?

The “it” in question is the startup. 

Now we understand the intent, we really do. People want to show interest, bless them. And they probably expect a platitude in response, such as “Oh, you know, same old” or “Things are ok, can’t complain”. Corporate folks have fine-tuned these responses to an art form, let’s give credit where it’s due. 

But ask a founder how it is going, and you will witness a breakdown. 

While you chomp on your starter, waiting for a banal response that allows the table to move on, the entire life of a founder will flash in front of their eyes. Metrics will come to their fevered mind, an update on funding perhaps, or the latest organizational challenge? Caught between their many avatars, the hapless founder will wonder which one to trot out for this audience — the optimistic, the brazen or the honest. And if they are given to reflection, they may even start pondering the very question — how, indeed, is it going? 

In short, their brain will short-circuit, and before you know it, you will have one frazzled founder on your hands, who either won’t talk or won’t stop talking. 

Also Read: Why finding your co-founder is a lot like meeting your soulmate

So my suggestion is to attempt at your own risk. 

When are you retiring?

Now, I know there are people who plan their lives around their financial goals. They share analyses about money to save up by varying ages of retirement. They buy homes and dream of buying more homes. 

None of them are founders. For, founders don’t have financial goals. They have financial hopes and financial dreams, which are often nested in the ambition they have for their companies and a byproduct of their efforts towards realizing them. 

That ambition could be big or small, slow or fast, but either way, it does not involve a steadily accumulating nest egg to keep you warm and cosy through the uncertain nights. 

How was your vacation?

Now, I have to admit I am more privileged than most, and with my partner being one of the steady paycheck types, we do go on vacation.

But no one can accuse me of enjoying said vacation. 

Founders don’t let go, they don’t relax, they don’t enjoy breaks. Oh, it’s possible they may not always be hustling towards a deadline or making pitch decks, but vacate. They simply do not. 

The red of the setting sun reminds them of the red in their PnLs. White sands are reminiscent of the white spaces yet to conquer. And every fellow vacationer is a prospective client, yet untapped.  

So the next time you ask a founder about their vacation, don’t pay heed to the words but look into their eyes, look under their eyes, and ask yourself if that harried countenance is indeed that of one who has enjoyed relaxation recently. The answer will be obvious. 

And finally…

What about your funding?

Let it come to you, dear people. When the founder is ready, they will happily break it to you. 

Otherwise, you run the risk of spending your night listening to their woes. And no one who didn’t expressly sign up for it should have to subject themselves to the trials that befall a founder on their funding journey. It would unstoic a stoic. 

Also Read: How to split founder equity without splitting up

Well, I am only kidding. 

You can ask a founder anything. Used to being asked why we are not growing at 10x speed and why we aren’t profitable, in the same breath, we can field anything and everything with ease. 

And no matter what I say here for fun, to evoke laughs, we do enjoy this wild, tempestuous roller-coaster. That is, once the head stops reeling. 

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Marketing strategies have undergone a significant transformation in the evolving digital landscape. Businesses can create highly tailored experiences that resonate with individual preferences by leveraging customer data.

However, this shift toward personalisation has brought privacy concerns to the forefront as consumers grow increasingly cautious about how companies collect and use their information. As a result, marketers must find a balance between delivering personalised experiences and upholding stringent privacy standards.

The value of personalised marketing

Personalisation tailors interactions to meet individual preferences and needs, making each customer feel uniquely valued. For instance, a survey in the Asia-Pacific region found that 30 per cent of respondents felt an increase in trust toward brands that effectively used technology to personalise their experiences.

This marketing approach can take various forms, such as product recommendations and customised email marketing campaigns. These methods improve the shopping experience and strengthen the customer-brand relationship.

Respect opt-in and consent

Obtaining explicit consent from customers before collecting and using their data is crucial in today’s privacy-conscious environment. This practice aligns with legal requirements, and fosters trust between consumers and brands.

Interestingly, research shows that 71 per cent of consumers expect personalisation and will disclose their data to receive targeted messaging that aligns with their interests and preferences. Prioritising explicit consent helps companies comply with privacy laws and build stronger customer relationships.

Understand that transparency is vital

Being open with customers about collected data and its usage offers numerous business benefits. This transparency builds trust, which is critical to client relationships, as it reassures people that companies handle their information with care and respect.

Also Read: How data can be used to empower mental healthcare in Asia

Moreover, customers who understand how their data contributes to personalised experiences are likelier to feel valued and see the relevance of sharing their information. Such openness aligns with ethical practices and compliance with privacy regulations and enhances consumer loyalty and confidence in the brand.

Use data wisely

Businesses should focus on collecting only the essential information to enhance the customer experience and use data effectively for personalisation without violating privacy boundaries. Implementing robust data governance policies, including who is responsible and what tasks they perform, helps boost consistency and efficiency in data management while reducing confusion.

Anonymising and aggregating data can protect individual identities while providing valuable insights for personalisation strategies. Moreover, giving customers control over their information — like options to opt out of data collection or customise their personalisation settings — can further guarantee personalisation efforts are respectful and transparent.

Invest in privacy-friendly technologies

Adopting technologies that enhance personalisation and safeguard user data is essential for modern businesses aiming to deliver exceptional customer experiences without compromising privacy. AI and machine learning can analyse behaviour and preferences in real-time, offering personalised recommendations while securing individual information.

Blockchain technology offers another layer of security, enabling transparent and tamper-proof storage of customer data. Encouraging such technologies guarantees businesses can build trust and loyalty by demonstrating a commitment to protecting their information.

Regularly update privacy practices

Regularly reviewing and updating privacy practices is crucial for businesses to stay aligned with evolving regulatory changes and shifting customer expectations. This proactive approach ensures compliance with the latest data protection laws, which can vary across different regions and over time.

Keeping privacy policies updated demonstrates a commitment to data security and respects customer privacy, enhancing trust and credibility. By staying informed and adaptable, businesses can effectively navigate the complex landscape of privacy regulations.

Focus on value exchange

People are more inclined to share their data when they perceive clear value is crucial. This exchange of information for personalised services or benefits can enhance the customer experience.

Also Read: Innovation in HR: Hacking Talents’s journey in personalised professional development

However, a notable concern is that 45 per cent of consumers distrust companies handling their website behaviour or cookie data, highlighting the need for transparency and value in data exchange practices. Businesses that effectively communicate the benefits of information sharing can mitigate distrust and encourage a more open and mutually beneficial relationship.

Leverage anonymous personalisation

Behavioral data — like purchase history or website interactions — can tailor recommendations and content that resonate with individual preferences. Contextual data — like device type or location — refine personalisation by adapting experiences to the customer’s current situation.

Companies can guarantee personalisation efforts are not intrusive and maintain customer anonymity by focusing on anonymised or aggregated data. This approach maximises the relevance of personalised content and offers without directly accessing or exposing sensitive personal information.

Personalise with security first

Businesses must prioritise the security of their data infrastructure to safeguard against breaches and unauthorised access as the sophistication of cyber threats evolves. For instance, in 2022, Vietnam experienced a high frequency of phishing attacks, impacting over 17 per cent of its internet users.

This statistic underscores the prevalent risk of data security threats worldwide. Investing in advanced security technologies — like encryption, multifactor authentication and continuous monitoring systems — lets businesses create a secure environment that protects customer data from such attacks.

Balancing personalisation and privacy in marketing

Marketers must adopt these strategies to enhance their marketing efforts and protect customer privacy. Balancing personalisation with privacy considerations helps businesses build deeper trust and loyalty among their audience, improving consumer relationships and brand reputation.

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

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

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The post Balancing personalisation and privacy in business marketing appeared first on e27.

Dear reader,

The reported victory of Prabowo Subianto in Indonesia’s presidential election signals potential shifts in economic policies, particularly in the realm of startups and the digital economy.

Subianto’s proposed loan scheme for tech businesses, drawing from government funds, reflects a commitment to fostering innovation and entrepreneurship. However, the success of this initiative will hinge on careful scrutiny to ensure equitable distribution and effective utilisation of resources.

Moreover, the emphasis on attracting foreign investment through regulatory simplification and incentives underscores Indonesia’s desire to enhance its position in the global market. By addressing concerns such as the need for parent entities in neighbouring countries, the government aims to create a more conducive environment for domestic startups to thrive.

The continuity of certain policies, such as the ban on direct social media transactions and the prioritisation of electric vehicles, indicates a strategic alignment with ongoing trends and challenges, emphasising sustainability and technological advancement.

Overall, Subianto’s presidency holds promise for driving economic growth and innovation in Indonesia. However, the successful execution of these plans will depend not only on policy implementation but also on adaptability to evolving economic landscapes and the effective management of resources and partnerships.

Sainul,
Editor.

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NEWS

What Prabowo Subianto has in store for Indonesia’s startups and tech industry
One planned programme is a loan scheme for tech and innovation-based businesses; This would follow the Merah Putih Fund launched by the Jokowi administration in September 2023; Foreign investment will also be a key focus for the new government.

Qoo10 to acquire US e-commerce platform Wish’s assets, liabilities for US$173M
This marks a considerable discount to the previous valuation of Wish, whose parent ContextLogic raised US$1.1B in its IPO in 2020 at a US$14.1B valuation
Wish faced massive competition from Temu and Shein, forcing it to sell its assets.

GoTo denies rumours on potential Grab merger deal
Grab and Gojek previously held initial discussions on such a deal roughly four years ago, but a concrete plan did not materialise. Instead, Gojek merged with e-commerce platform Tokopedia to form GoTo.

Indian agency seeks overseas transaction details from Paytm Payments Bank
The central bank RBI has ordered Paytm Payments Bank, an associate of Paytm, to open a new tab to stop accepting fresh deposits in its accounts or popular wallet from March, citing persistent and serious supervisory concerns.

Singtel Innov8 sells entire stake in Vizzio to embattled founder
The VC arm of Singtel has sold all of its 80 preference shares in Vizzio to Jon Lee; The transaction also removes the S$1 million (US$740,000) in paid-up share capital that Singtel Innov8 injected into Vizzio – an amount now shouldered by Lee.

Filipino EV logistics startup Mober raises US$2M seed financing
RT Heptagon Holdings is the investor; Mober has developed a Transport Management System to optimise delivery efficiency and track the CO2 savings achieved through EVs; It has a fleet of 60 EVs.

Ex-MD of Temasek accelerator TAL Sang Han joins East Ventures Korea
Han will manage the operations of East Ventures South Korea, a US$100M fund formed in partnership with SV Investment in October 2023; Han played a pivotal role in nurturing the growth of startups, notably during his tenure as the MD of TAL.

Green COP secures investment to launch a pilot biofuels plant
Ken Energy is the investor; Green COP produces sustainable biofuels derived from biowaste, strategically focusing on fostering a circular economy in the maritime and transportation sectors.

Carousell co-founder Lucas Ngoo to step down
The decision to step away from Carousell is a personal one, with Ngoo looking to take a break to learn new things, such as AI in biotech, healthcare, and climate tech, among others.

SEC clears Trump’s social media deal worth as much as US$10B
The valuation is about half that of Elon Musk’s much more popular social media company X and follows two years of setbacks in the Trump company’s quest to complete a stock market listing.

OpenAI introduces AI model that turns text into video
The software, called Sora, is currently available for red teaming, which helps identify flaws in the AI system, as well as for use by visual artists, designers and filmmakers to gain feedback on the model.

Crypto exchange Coinbase posts first profit in two years on robust trading
Investor enthusiasm for crypto was rekindled in recent months by the US SEC highly anticipated approval of the first spot bitcoin exchange-traded funds (ETFs); Coinbase’s transaction revenue jumped 64% to US$529.3M in Q4.

FEATURES

Transforming military logistics in the Himalayas with heavy-lift aerial vehicles
BonV Aero’s aerial vehicle is capable of carrying 50 kilos over ten kilometres at 10,000 feet in hilly regions; Thanks to its self-flying technology, this innovative vehicle operates autonomously without constant pilot intervention.

With STEPVR, making AI-generated videos is as easy as creating PowerPoint presentation
STEPVR was part of AI Trailblazers, Singapore’s first Generative AI Innovation Sandboxes established to accelerate AI solutions development.

‘SEA founders should connect with global startup hubs’: Unifier Ventures
From day one, the mindset for founders in the EU and SEA must be to ‘win locally but think globally’, which might not be necessary for founders building in mega markets like the US, China, and India.

ARCHIVES

Unlikely mentors: What kids can teach you about entrepreneurship
I distilled some key habits and characteristics that business owners can develop to thrive in a chaotic and competitive business world.

A great back-end tech helped GrabFood dominate SEA’s food delivery market
Its merchant dashboard not only provides a 360-degree view of all incoming orders regardless of the order type but also enables merchants to keep their restaurant information updated, for example, communicating when an item is out of stock and more.

What is keeping founders up at night?
Fundraising is a time-consuming task that can be mentally draining. Some liken it to dating where you need to cast your net far and wide and spend a lot of time getting to know the potential partner on whether it will be a good match.

Ex-Gojek CMO reveals the 3 things that marketers should stop doing today
In this article, Piotr Jakubowski also shares examples of his favourite marketing initiatives by top global companies.

Is Singapore the “Delaware” of Southeast Asia?
Unlike other nations around the world that require founders to be physically present to incorporate their business in the country, setting up your company in Singapore is incredibly swift and seamless.

Know thy customer: The only rule for startups looking to build trust on social media
We explore the social media best practices that startups of all types can use as a guide to drive customer engagement and brand recognition.

CONTRIBUTORY ARTICLES

Why your first angel cheque should be via a syndicate
Writing your first angel cheque is a significant step, and choosing a syndicate can be a strategic move for first-time investors; Syndicates often gain access to premium deal flow that might not be available to individual investors.

New year, new funding strategies: Powering up sustainability tech startups
It should be the responsibility of all startups to prioritise educating different players in the ecosystem about sustainable innovations.

How to select the right PR agency: Key factors to consider
If you’re ready for PR, finding the right agency demands a bit of strategic scrutiny; here are my insights into the nuanced world of selecting a PR agency.

How data can be used to empower mental healthcare in Asia
Temasek-backed mental health startup ThoughtFull revolutionises mental health with real-world, local data for accessible solutions.

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X marks Echelon. Join us at Singapore EXPO on May 15-16 for the 10th edition of Asia’s leading tech and startup conference. Enjoy 2 days of building connections with potential investors, partners, and customers, exploring innovation, and sharing insights with 8,000+ key decision-makers of Asia’s tech ecosystem. Get your tickets here.

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The post Ecosystem Roundup: How will Subianto’s victory impact ID’s startup industry | Qoo10 to acquire Wish for US$173M appeared first on e27.