A marketplace for good
- 500-backed e-commerce platform Bukalapak published an article on its performance in 2020 amid the Covid-19 pandemic.
- That year, the startup claims to have recorded an 80% increase in EBITDA — earnings before interest, taxes, depreciation, and amortization — and a 4 million growth in the number of sellers on its platform.
- According to the article, Bukalapak also saw a rise of over 130% in transactions compared to the same period last year. According to the startup, this was supported by developing features and services within its marketplace and O2O (online to offline platforms).
- Mitra Bukalapak, an app that allows offline kiosks to connect with Bukalapak’s distributors to resell to customers who don’t have access to the Internet, grew by 50% in the number of sellers on the app.
- VP of Marketplace Bukalapak, Kurnia Rosyada, added there was a 17% increase in Bukamall transactions each month throughout 2020.
- Howard Gani, CEO of Buka Mitra Indonesia, explained, “Technological optimization in the business process is also something that is increasingly sought after, especially by the warung owners, who serve offline customers on a daily basis through cash transactions, so that they can be part of financial inclusion we’re trying to establish.”
- The startup also reported that one of the most used features and services on Bukalapak in 2020 amid the pandemic is its virtual and financial products, such as electricity, water, and tax payment, money transfer, financial loans, and house mortgage application.
- “We’d also like to express our gratefulness to the existing 100 million Bukalapak users, as well as the investors who have trusted Bukalapak as a business partner in the middle of a challenging year. In 2020, we have conducted a series of fundraising and made Microsoft, Ashmore, and other world-class companies a part of our family. We are optimistic that there will be more innovations that we could do in 2021, so there will be more people who feel the benefits of using Bukalapak,” concluded Rachmat Kaimuddin, CEO of Bukalapak.
- Read the full article here.
On being a super startup
- Co-founder Kristel de Groot of 500-backed startup Your Super penned an opinion piece on Forbes titled ‘How To Learn From (And Let Go Of) A Challenging Year’.
- Your Super is an e-commerce platform specializing in superfoods.
- “2020 was a year like no other,” she wrote. “We’ve seen entire industries freeze, workers furloughed, customer buying habits completely change in an instant… and then… in another instant. We’ve had to pivot strategy, and pivot once again.”
- She shared tips on change, evolution, transition, and how to let go of the challenging year.
- Tip #1: stay curious. She explained that she and her marketing team often test new ads with new photos, products, and messaging to see how certain customer groups react to them.
- She added, “We always ask ourselves, “What problem does the customer need to solve right now?” and “How can we help them do that?” My №1 recommendation to other e-commerce/direct-to-consumer brands is “stay curious” — never stop testing, learning and evolving.”
- Tip #2: listen to the customer. The startup’s customers are invited to opt in to its private Facebook groups, where the team does market research. Through this process, Your Super learns the customers’ likes and dislikes and what they need and want more of.
- Tip #3: let go and move on. Kristel shared that sometimes founders make mistakes in new products, messaging, or even hey hires. With her partner and co-founder, they have committed to not taking these mistakes too personally, learning from them, and growing.
- Read the full piece here.
A safe start for 2021
- 500-backed digital health startup Prenetics partnered with Tatler Hong Kong, conglomerate New World Development, and medical wellness center LifeHub, to create health packs.
- An initiative under the United Hong Kong movement focused on giving back to communities in need, the health packs are specially curated to provide safety and ease anxiety during difficult times.
- Each Health Pack contains a Prenetics Covid-19 At Home Test Kit, face masks, hand sanitizer spray, vouchers, and more.
- The combined retail value of the Health Packs is over US$500, but the packs are sold at ~US$152 per pack, with a special discount for bundle purchases.
- The health packs can be purchased here.
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500 Startups is a venture capital firm on a mission to discover and back the world’s most talented entrepreneurs, help them create successful companies at scale, and build thriving global ecosystems. In Southeast Asia, 500 Startups invests through the pioneering 500 Southeast Asia family of funds. The 500 Southeast Asia funds have backed over 240 companies across multiple sectors from internet to consumer to deep technology. It continues to connect founders with capital, expertise and powerful regional and global networks to help them succeed.
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