Driving forward
- CEO of 500-backed Grab, Anthony Tan, penned an op-ed on Fortune detailing how the Covid-19 pandemic has adversely affected the way SMEs operate across Southeast Asia.
- These entrepreneurs, ranging from mom-and-pop store owners to hawkers peddling groceries at wet markets, have seen their profits decreasing over the past few months.
- Covid-19 has left a lasting legacy, according to Anthony. And that is the rapid digitalization of these small and traditionally offline businesses.
- He cited a 2018 Bain survey revealing only 15% of SMEs in Southeast Asia use digital tools. As such, the gap promoted Anthony and the Grab team to launch multiple initiatives.
- In March, Grab partnered with Kuala Lumpur’s TTDI Market to launch Pasar, an extension of its GrabMart service which onboarded stall owners to sell products like poultry, vegetables, dried goods, and more.
- In Singapore, a three-month pilot program was introduced to bring street-food vendors online.
- Meanwhile in Indonesia, Grab helped fishermen advertise their catch on the GrabMart platform.
- These efforts are all an extension of Grab’s wider plans to equip SMEs with the right tools and platforms to face the new normal.
- “The fact is that life may never be the same as what we knew pre-COVID, but in Southeast Asia, businesses and the people behind them are hardy. We will adapt to changes in our external environment just as our ancestors did before us and thrive in this new age,” said Anthony.
- You can read the op-ed in full here.
An electrifying visit
- 500-backed electric vehicle technology startup XING Mobility had esteemed guests visiting its HQ and R&D lab in Taipei last Friday.
- They are Su Tseng-chang (Prime Minister), Kung Ming-hsin (Minister of National Development Council), Wang Mei-hua (Minister of Economic Affairs), Tsung-Tsong Wu (Minister of Science and Technology), Li Meng-yen (Secretary-General of the Executive Yuan)
- During the visit, the team at XING introduced its patented immersion-cooled battery technology called IMMERSIO. This modular and flexible battery system is capable of up to 5,000 configurations, enabling the possibility of a wide range of applications.
- To prove its attributes, XING converted a 3.5-ton truck into a testbed to verify IMMERSIO’s durability and product quality. The objective is to complete 300 life cycles and observe its performance on road.
- The Miss R also made a stylish appearance. A pure electric dual-personality supercar designed and developed by XING Mobility, from the exterior to the battery system, the vehicle was developed as the proof-of-concept of IMMERSIO battery system, and continues to serve as a testbed for the R&D team.
- “XING Mobility is a startup, meaning we don’t have tons of R&D and marketing resources, however, the important thing is that we have the cutting-edge battery technology and the best products.
- “In the past, we have gained faith and trust from investors and partners in Europe, North America, and in Asia, and now we are honored to have the support from NDC and the Taiwanese government. I believe that XING Mobility will grow stronger and better with their support, and ready to make every and any vehicle maker to go electric,” said Royce YC Hong, Co-founder and CEO of XING Mobility.
Growing amidst uncertainty
- Despite ongoing challenges during this uncertain time, some of Thailand’s startups are flourishing. According to the Bangkok Post, this includes 500-backed Eko.
- Under the newly constructed parent company Amity, Eko recorded 50% revenue growth since February and 200% year-on-year growth through the sale of its remote working solutions to companies.
- Last month, the company announced the inception of a parent company, Amity.
- At the same time, they have acquired local AI chatbot firm ConvoLab. With the acquisition, ConvoLab is now part of Amity’s suite of digital solutions, which already counts Eko and app development kit Upstra.
- To date, the company has over 5 million active users from almost 100 enterprise clients across Asia, Europe, and North America. And it had most recently attained breakeven as well.
- To further capture market shares beyond Thailand and in countries like the UK and US, Eko has partnered with major Thai firms such as King Power, Minor International and True Group to process online payments, as well as Japanese giants like Toyota, helping the firm build a fintech operation.
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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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