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Carput shifts roadside assistance into top gear with its on-demand service

Carput does on on-the-spot repairs such as car battery change, jumpstarts, spare tyre change, and emergency petrol delivery

Upon returning to his home country after higher studies in Australia, Eugene Tan decided to get around Kuala Lumpur using his mother’s old car. Unfortunately, the car played spoilsport and the engine failed to turn over, owing to a faulty battery.

“Getting the car battery replaced seemed to be a daunting task; there was no transparency in the industry,” he revealed to e27. “After waiting for more than two hours, a mechanic came in and did the needful, but he overcharged me for the labour. I thought we could do better and that Malaysia needed a culture of transparency and reliability.”

This was the turning point for Tan to start a company, which would provide on-demand roadside assistance in his country. “And thus Carput was born.”

Launched in 2016, Carput can come in handy during sticky car situations in Malaysia. “We realise that the automotive assist industry is massive, and that the use of mobile tools is non-existent, especially in a market where the primary mode of transportation is a personal car and where mobile penetration is at an all-time high. That’s why we designed Carput,” he said.

Also Read: No time to have your car serviced? MisterTyre comes to your aid at the tap of a button

According to Tan, Carput is a must-have mobile app for every car driver as it specialises in getting car drivers back on the road as soon as possible. “We focus on on-the-spot repairs such as car battery change, jumpstarts, spare tyre change, emergency petrol delivery, and if the car can’t be repaired on site, we are able to tow your car back to your preferred workshop.”

Carput was was co-founded by Tan (CEO) with his school mate Mark Chew Yihaur (COO). After their secondary education, they met again while pursuing higher studies in Australia. Post graduation, Tan worked as a Tax Accountant, and Yihaur as an Acoustic Engineer in Melbourne.

They met again in Kuala Lumpur in 2013, and decided to start something themselves, which led to the founding of Carput.

“Requesting a car breakdown services is easy, as it should be, during a stressful situation. That’s why we invested into developing an easy-to-use mobile app;  to be more efficient and quicker,” he explained. “We envisage a future where automotive assist will finally be quick, reliable and transparent. Carput is an extension of an already growing business, The Battery Shop, and we are determined to expand our presence in this limitless marketplace.”

He observes that the automotive services industry in Malaysia is huge and has one of the highest car ownership rates in the world. However, things in this industry are still mainly done the traditional brick-and-mortar way. “Our goal is to shake up the industry by introducing technology, starting from automotive roadside assistance and then towards the many other services relating to owning a car.”

In the initial phase of building the company, Tan and team faced some big challenges, finding an appropriate business model being the biggest. “In those days, we had to meddle with different business models to ensure sustainability. The entirety of the business model was a challenge — how to market at scale, how to fulfil 100 per cent of demand efficiently, what are our financing options? For the most part, we relied on testing, failing and learning from our mistakes to be where we are today,” Tan shared.

The current challenges are manifold and are of a different kind. “In roadside assistance we are always trying to be quicker. In 2019, we are challenging ourselves to try and get our average response time to below 30 minutes. This might be far-fetched in a place like Kuala Lumpur, but we have leveraged on technology to get our response time down from 66 minutes to 42 minutes in the past two years. Thirty minutes is in sight now, and it will definitely be a challenge to achieve it,” he went on.

Indeed, Carput is not the only company providing roadside assistance in Malaysia. MisterTyre is another company (which we featured last year) that allows customers to buy tyres, battery and engine oil, and to schedule a fitting/service at any suitable location of choice, at the click of a button. According to its Czech Founder Dennis Melka, MisterTyre seeks to transform automotive aftermarket services in ASEAN through low prices and doorstep delivery of services.

Carput’s Tan, however, sees competition from a different perspective. “Competitors are always seen in bad light, but we embrace them. In fact, we have made partnerships with several automotive startups, including MisterTyre. We truly believe that the way to drive the automotive technology industry forward is to work together. We all have the same goal — digitisation to recreate an industry to be safer, quicker and more efficient for both service providers and customers. This will never happen if we are always locking horns with each other.”

Like MisterTyre, Carput also earns revenue through the products and services it provides. “We employ our own mechanics to execute these services while also partnering with other forward-looking workshops and tow truck providers. Having a balance of both internal and external service providers gives us more coverage and speed to scale,” he reveals.

When asked, Tan refused to disclose the traction, but he reveals Carput gets hundreds of calls per day.

Carput raised its initial capital from a friends and family round. “We do have plans to raise funding in the future, but upon reaching certain milestones,” Tan noted.

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KinerjaPay signs agreement to receive US$200M investment from Wahana Group

PT Investa Wahana Development or Wahana Group from Indonesia reportedly has committed US$200 million in the digital payment and e-commerce platform

Indonesia-based digital payment and e-commerce platform KinerjaPay announces a signed agreement between the company and PT. Investa Wahana Group, with the latter committed to investing US$200 million.

The breakdown of the fund would be a subscription for US$100 million in shares of the Company’s Series F and an addition $100 million in shares of the Company’s Series G Convertible Preferred Stock.

Also Read: Southeast Asia-based early stage venture fund East Ventures appoints its first female partner

KinerjaPay shared its plan to fund the company’s peer-to-peer lending operations, potential acquisitions, and strategic investments in Indonesia as part of their expansion plan for 2019. The fund will further be used to allocate a certain portion of the subscription proceeds to repurchase KinerjaPay’s stock in the open market, subject to the rules and regulations of the SEC.

“This investment commitment should transform the company into a significant market presence in our e-commerce and peer-to-peer lending operations, principally in Indonesia,” said Chairman and CEO of KinerjaPay, Edwin Witarsa Ng.

For 2019, the company that also trades in United States will expand into prepaid mobile business, P2P lending, mobile payment solutions, online gaming, and e-commerce services initially in Indonesia’s growing economy and expanding in Southeast Asia. The company also intends to make investments in certain related industries in other foreign countries.

The Series F Preferred Stock of KinerjaPay bears a dividend of 6% per annum, is convertible into shares of the Company’s Common Stock at an average of $1.80 per share.

Also Read: Indonesia’s online media company IDN Media secures Series C funding round from EV Growth

The Series G Preferred Stock also pays a dividend of 6% per annum and further provides for the Company’s right to force the conversion at $1.80 per share, provided that the KinerjaPay shares are trading at $3.50 per share or higher for a period of 20 days commencing six months after the date of issuance of the Series G Preferred Stock.

The signed agreement is expected to close within the next ten days.

Photo by lucas Favre on Unsplash

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Indonesia’s online media company IDN Media secures Series C funding round from EV Growth

IDN Media’s target readers include Millennials and Generation Z age group

IDN Media, a multi-platform online media company based in Indonesia, today announces that it has raised a Series C funding round led by EV Growth. EV Growth is a joint venture of East Ventures, Sinar Mas, and Yahoo! Japan.

Participating in the round is Charoen Pokphand’s company True Digital & Media Platform and the corporate venture arm of LINE Corporation, LINE Ventures Global Fund.

Also Read: Southeast Asia-based early stage venture fund East Ventures appoints its first female partner

IDN Media has stated that the Series-C investment will be focussed towards readers growth acceleration. It will begin by going local as the company believes will help it advancing its product offerings and technology.

IDN Media was founded in Surabaya, Indonesia in 2014 by brothers Winston and William Utomo. The company’s mission is to democratise access to accurate and positive information that seeks to represent the voice of Millennials and Gen-Z in Indonesia.

As of today, IDN Media operates its main online media IDN Times, the women-focussed Popbela.com and mother and parenthood content on Popmama.com. It also boasts a cooking how-to video channel called Yummy TV, a creative solution named IDN Creative, an event management service IDN Event, and influencers management platform IDN Creator Network.

IDN media says is has amassed 50 million monthly unique users on its platforms.

“While this Series-C investment an important milestone in our journey, the mission to become the voice of Millennials and Gen Z remains a work in progress. We will keep working hard to become a company that brings positive impacts on the society,” said Winston Utomo, Founder and CEO at IDN Media.

Willson Cuaca, EV Growth’s Managing Partner also backed the statement. “IDN Media has a loyal user base, and more importantly, it has created a healthy and sustainable business,” said Cuaca.

Also Read: 200M people and zero Unicorns? Here’s to building the next great startup in Pakistan

“Moving forward, the focus is to keep improving our product and technology offerings to help connect more brands to our audience, and ultimately to help them grow their business. 2019 will be a very exciting year for us,” said William Utomo, Founder and COO at IDN Media that claims to have worked with over 200 brands in 2018 through its creative channels.

Image Credit: IDN Media

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Southeast Asia-based early stage venture fund East Ventures appoints its first female partner

Melisa Irene joined the company in 2015and was previously promoted to Principal. 

Focussing mostly on early stage startups based in Southeast Asia and Japan, East Ventures has made quite a number of investments, especially in Indonesia. The natural move for the company is to establish new Partner, for the first time, this person will be a female, Melisa Irene.

Irene, from Indonesia, is said to have joined the company in 2015 and her first role in the firm was an Associate. East Ventures shared that Irene has successfully closed multiple deals for the company.

Within three years time, Irene was made the firm’s Principal before finally promoted as the first female Partner.

Also Read: 200M people and zero Unicorns? Here’s to building the next great startup in Pakistan

Irene herself shared an unlikely ascendency to the role of Partner: East Ventures was her first full-time job.

“I joined VC because I always wanted to witness and take part in Indonesia’s digital transformation era. With EV, every day is a new learning ground as we always bet on young and mostly ‘first time’ founders to build Indonesia’s tech ecosystem,” said Irene.

“I look forward to supporting our team to execute on EV’s mission in advancing Indonesia’s digital ecosystem. I am hopeful that this could be a benchmark that meritocracy is the ultimate parameter- not gender,” she added.

Willson Cuaca, the Managing Partner of East Ventures said, ”Irene joined EV right after school without investment experience nor digital industry knowledge. Over years, she developed personal traits that applicable thought out every VC tasks given to her and she aligned with our firm core values; integrity, empathy, and velocity. We welcome Melisa Irene as our youngest partner (probably youngest in the region) and looking forward to her impact in our ecosystems.”

Also Read: Indonesia’s P2P lending platform KoinWorks secures Series A funding from Quona Capital

Melisa Irene graduated from Binus International University in 2015 with a Bachelor of Accounting degree and was a multiple national-level debate championship winner.

She is proof that you can start with no experience in the industry and make it to the top.

Image Credit: East Ventures

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Vietnamese financial marketplace Tima launches Series C effort

The company also hired former LendingClub COO John Donovan to its Board of Directors

Tima, a Vietnamese fintech company with a large P2P lending network, announced today it is beginning the process of raising a Series C investment round.

Upon completion, this late-stage round would be a big deal for the Vietnamese ecosystem. It would mark another successful late-stage investment after Topica raised a US$50 million Series D in November.

Tima raised a US$3 million Series B round in October that valued the startup at around US$20 million.

In 2016 it raised a Series A round from Dunearn Singapore Fund and G Capital.

Also Read: Vietnam-based restaurant tech startup KAMEREO raises US$500K

The company also announced it has appointed John Donovan, the former COO of LendingClub, to its Board of Advisors. LendingClub is an American P2P lending company that has facilitated US$46 billion worth of transactions since its inception in 2006.

“As consumers go online around the world, they look to access financial services in a more efficient and fair way. I look forward to working on the Board of Tima to help this happen in Vietnam” said Donovan in an official statement.

Also Read: Southeast Asia-based VC ATM Capital makes first close of new US$200M fund

Tima claims to have over 30,000 lenders on its platform and nearly 2.8 million borrowers.

For lenders, Tima uses bank accounts at Nam A Bank to hold and manage the money they are willing to lend. Borrowers use this avenue to pay off their debts.

A partnership with VietinBank helps Tima manage financial risk on its platform. VietinBank uses its insurance service help borrowers pay off loans if they run into unforeseen financial trouble.

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Singapore IoT startup Overdrive raises US$2.9M Series A from Tin Men Capital

The company helps businesses to build an interconnected data sensing environment

Overdrive

Singapore-based IoT startup Overdrive has completed its US$2.9 million Series A round, which was solely funded by Southeast Asia B2B-focussed VC Tin Men Capital.

Founded in 2015 by CEO Aston Chia and COO Zen Chin,  who were university schoolmates in Australia, the company has developed an IoT platform that enables businesses to build an interconnected data sensing environment, extracting data from different sources such as goods or vehicles and machinery.

The platform is then configured to optimally deliver business objectives such as real-time tracking and monitoring, exception alerting and command centre visualization.

Overdrive has implemented its platform in large companies and institutions such as Nanyang Technological University, Fedex, Ascendas, and Ministry of Manpower in Singapore, as well as  Volkswagen and Mazda in Malaysia via its local partner.

The company said its tech is unique because it features both an open architecture to ingest both in-house and partnered intelligence modules as well as an ability to tweak device-level firmware and connectivity — making the platform highly robust and scalable.

“Overdrive has built a powerful and dynamic platform in allowing any devices and sensors to communicate with each other and with data and video capabilities,” said Chia, in an official press statement.

Also Read: Vietnamese financial marketplace Tima launches Series C effort

“In order to keep our current and potential customers invested in our vision, we continue to upgrade our platform aggressively to stay ahead,” he added.

Chia said the newly-raised financing will help Overdrive to scale up its industrial asset tracking tech for the supply chain, construction and facilities management sectors, with a focus on delivering solutions in the Singapore and Malaysia markets.

“We are scaling up our R&D bandwidth as we speak and have already embarked on a few industrial level implementations with customers in Singapore and Malaysia, with more markets and sectors, being targeted over the next 18 months,” added Chin.

Image Credit: Overdrive

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Indonesia gadget discovery platform Pricebook raises its fourth round of funding

The investment is led by Mirai Creation Fund II a fund from Toyota Motor Corporation and SPARX

Pricebook, the gadget discovery platform from Indonesia, shared today that it has secured its fourth round of funding led by Mirai Creation Fund II (two), a fund invested by Toyota Motor Corporation, Sumitomo Mitsui Banking Corporation, and SPARX.

Joining the round is existing investor KLab Venture Partners Co., Ltd.

The amount raised was not disclosed.

Pricebook plans to use the fund to further accelerate the O2O integration with its offline sellers through the website and social media platforms like YouTube and Instagram. It also plans on staying on top of its gadgets and electronics coverage.

Also Read: ClassPass buys top Asia competitor GuavaPass

Pricebook collects product information like reviews, specifications, and online articles, and availability in both online and offline stores through their channels, allowing shoppers to make decisions only after getting all the necessary information.

To date, the company claims to have millions of users each month accessing the information shared on Pricebook’s website and social media.

Besides becoming the platform for gadget information, Pricebook also offers marketing solutions for manufacturing brands and financial companies.

The company’s official statement reads as such:

“Pricebook’s strength lies in the adaptation of Indonesian behavior online and offline. Over the years of operation, Pricebook has realized that, though Indonesia’s internet population and the e-commerce market is rapidly growing, the gap between heavy online shoppers and those not remains to be wide.”

“Heavy online shoppers made purchases based on pricing data, while many others preferred to see the product and the seller before purchase, a big market full of inefficiency, hence the O2O shopping discovery platform,” it continued.

 

Also Read: Vietnam-based restaurant tech startup KAMEREO raises US$500K

Image Credit: Pricebook

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Today’s top tech news, January 7: Tesla breaks ground in China and GuavaPass is sold

Also, True Digital Park inks four partnership deals and Tokyo Century increases Grab stake

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Tesla breaks ground on first China factory — [Financial Times]

Elon Musk today announced plans to build Tesla’s first China factory by the end of the summer with the goal producing its first Model 3 vehicles by the end of 2019.

According to the Financial Times, the plant will be called Gigafactory 3 and is expected to have the capacity to produce 500,000 cars a year.

The goal of the plant is to produce only Model 3 vehicles meant for the China market. Model 3s built for the global consumer will be built in the US and more high-scale vehicles (which will also be sold in China) will also be built in America.

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The Tesla stock price has risen 5.77 per cent today.

Bangkok’s True Digital Park inks partnership with four tech giants — [Press Release]

True Digital Park, the large-scale startup-focussed infrastructure project in Bangkok, announced today it has partnered with tech giants Cisco, Microsoft, Epson and Ricoh to help build a “state-of-the-art work environment”.

Examples of some of the technology being implemented are heat maps, facial recognition technology, smart office appliances, AI products and an ‘innovation experience center’.

The breakdown (copied directly from the press release) is as follows:

  • Cisco: Cisco will incorporate Heat Map that collects data on space utilization within True Digital
    Park for further analysis, management and effective communication with the users; and Smart
    Lighting that operates power control at the office and meeting rooms to ensure Smart Office
    and Smart Building.
  • Microsoft: To enhance the security standards at True Digital Park, Microsoft would introduce
    an AI-driven face detection and facial recognition system to automatically monitor incoming
    and outgoing foot traffic instead of relying traditional card-based alternatives. This new system
    is powered by Cognitive Services on the Microsoft Azure cloud platform.
  • Epson: Epson’s innovative “Laser Projector” delivers better resolution and longer service life
    than those of conventional projectors. Epson will also provide interactive projectors at board
    rooms and high-contrast projectors at large conference rooms. All projectors support wireless
    connection to ensure efficient and engaging meetings.
  • Ricoh: Ricoh’s multifunctional printers will be installed to support activities handled by start-
    ups and users at the convention centers inside True Digital Park. Ricoh Experience Center
    will also be established as a platform to ignite creativity under the concept of open innovation.

ClassPass buys top Asia competitor GuavaPass — [e27]

ClassPass, a product that allows people to book gym classes at various locations, has bought its top Asian competitor GuavaPass.

Both companies did not disclose the financial terms of the deal. It is expected to be finalised by the end of January.

ClassPass will bring onboard about half of the GuavaPass staff and use the acquisition to facilitate rapid expansion across Asia and the Middle East.

The specific locations are Abu Dhabi, Bangkok, Beijing, Dubai, Hong Kong, Jakarta, Kuala Lumpur, Manila, Mumbai, Shanghai and Singapore. GuavaPass will cease operations in these cities. The brand will be used in other markets but will still be under the ClassPass umbrella.

Tokyo Century boosts investment in Grab — [Press Release]

Tokyo Century, a Japanese financial services company, has boosted its investment in Southeast Asian ride-hailing company Grab, raising its total investment to US$175 million.

According to a press release, part of the investment is going towards Grab Rentals, which rents private-hire vehicles for people to use in Singapore.

The goal of this is to help facilitate more flexible driver arrangements as well as finance the upcoming launch of a fleet of electric vehicles.

Overdrive raises US$2.9 million — [e27]

Singapore-based IoT startup Overdrive has completed its US$2.9 million Series A round, which was solely funded by Southeast Asia B2B-focussed VC Tin Men Capital.

Founded in 2015 by CEO Aston Chia and COO Zen Chin, who were university schoolmates in Australia, the company has developed an IoT platform that enables businesses to build an interconnected data sensing environment, extracting data from different sources such as goods or vehicles and machinery.

The platform is then configured to optimally deliver business objectives such as real-time tracking and monitoring, exception alerting and command centre visualisation.

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Indonesia’s P2P lending platform KoinWorks secures Series A funding from Quona Capital

Quona Capital is the international venture capital firm that focuses on fintech with a financial-inclusivity mission

Indonesian Peer-to-peer (P2P) lending platform, KoinWorks, just announced its latest Series A funding raised from the international fintech-focussed venture capital firm Quona Capital.

KoinWorks made for Quona Capital’s first fintech investment in Indonesia, inking the deal just after the startup reached a total of 100,000 investors.

“We are thrilled to collaborate with Quona as its mission is to back fintechs that truly works to make differences in society and to achieve inclusivity in finance,” said Benedicto Haryono, CEO dan Co-Founder KoinWorks.

Also Read: Southeast Asia-based VC ATM Capital makes first close of new US$200M fund

Quona Capital and KoinWorks are forming a joint collaboration, sharing the same mission of championing technology as a means to improve the quality, access, and reach of financial services for those overlooked by traditional banks.

So far, Quona Capital has backed financial inclusivity focussed startups in Latin America, Africa, the UK, and Asia.

According to the 2017 Global Findex database, Indonesia accounts for 33 per cent of the underserved population in terms of financial services. As shared in the Wave 3 Report FII Tracker Survey — conducted by InterMedia and the Bill & Melinda Gates Foundation — only 26 per cent of Indonesians meet the global financial services standard.

KoinWorks’ recent innovation includes a RoboLending feature that allows investors to fund companies without having to shadow and to choose which business they want to support. RoboLending does the work of deciding based on portfolio and investment returns.

Also Read: Singapore IoT startup Overdrive raises US$2.9M Series A from Tin Men Capital

Before this fresh funding, KoinWorks has been backed by Mandiri Capital Indonesia, Gunung Sewu, and Convergence Capital, all in 2018.

Image Credit: KoinWorks

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Mobile-focussed recruitment platform GrabJobs raises US$930K

The company plans to use the funding for the development of the machine learning in its chat bot

Singapore-based GrabJobs, entry to mid-level focussed job platform, has announced a total of US$930k seed funding just in 2018, bringing total funding to over SGD$2.5 million (US$1.8 million).

The company said that it will focus on product development and platform improvements, including the integration of Natural Language Processing (NLP) and Machine Learning technologies into their signature interview chat bot. The latter is a project run in partnership with Mr. Erik Cambria, Associate Professor in Artificial Intelligence at NTU.

Also Read: Home vacation rentals startup Luxstay secures US$3M bridge round funding

Some new features that the company has introduced:

• An omni-channel web-based interview chat bot, in addition to an in-app chat bot

• Automated multi-channel job posting

• Automated Interview Scheduling and Interview Reminders to improve applicant show-up rates

• In-store interview kiosks

• A web-based version of the job portal

In addition to these features, GrabJobs plans to launch a product feature that will support job seekers for high-volume recruitment jobs, such as retail and F&B services with no-CV application feature. GrabJobs believe that it allows users to apply for jobs quickly, without the need to create and craft a CV, supported by chat bot that will expedite the interview and screening process.

About the plan, CEO and Co-Founder Mr. Emmanuel Crouy said, “In 2019, we will be expanding outside of our current markets in Southeast Asia by partnering with regional job sites to provide our services to recruiters in the region.”

Also Read: Grab ordered to pay US$208K to Vietnamese taxi firm Vinasun in lawsuit

GrabJobs claimed to be the cost-effective recruitment solution that automates the traditional toll of sourcing, screening and interviewing candidates.

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