Going electric for the environment

• 500-backed super app Grab is on a mission: to help Indonesia go green.
• In November, the archipelago’s power producer PT Perusahaan Listrik Negara (PLN) signed a four-way Memorandum of Understanding (MoU) — with Hyundai, Wuling Motors, Grab, and PT WIKA Industri Manufaktur (WIMA) — to support the development of electric vehicles (EVs) in Indonesia.

• This agreement’s aim is to encourage signatories Hyundai and Wuling Motors to use lithium batteries in their manufacturing process, while president director of WIMA, M. Saryanto, shared it is producing 2,800 electric scooters with 1,300 units shipped out.
• Grab currently has over 5,000 EVs in its fleet. Earlier this year, the startup launched GrabCar Elektrik with Hyundai, targeting to get 500 EVs on the road by end 2020 featuring the Ioniq Electric as the primary vehicle.
• President of Grab Indonesia, Ridzki Kramadibrata added Grab is also committed to testing up to 20 units of electric motorcycles as part of its fleet in partnership with PT Astra Honda Motor and WIMA.
• Electric motorcycles are not new to the startup, as it already launched 30 units and 7 public electric vehicle battery swap stations in Bali.
• These initiatives are part of Grab’s goal to become the main driver of the Indonesian government’s goal of putting 2 million EVs on the road by 2025.
• Grab’s driver-partners are also benefiting: an internal survey showed 70% reporting increased income because of reduced fuel costs.
• Recently, the startup also kicked off a carbon offsetting program in collaboration with crowdfunding platform Benih Baik and independent research institute World Resources Institute (WRI).
• A carbon calculator feature is available on the Grab app, through which users can calculate the carbon footprint of their transport usage. This gets converted into voluntary donations on Benih Baik which gets channeled to tree-planting organisations.
• The startup aims to collect US$35,300 in donations between now and next year.

’Tis the season to Carousell

• In preparation for the yuletide season, 500-backed e-commerce platform Carousell launched “Christmas OverDRIVE” in the Philippines, “a holiday campaign gathering the best vehicles, automobiles, parts, and accessories deals online”.

• This timely campaign may be the answer to worries after the government’s move to ease physical distancing rules on public transportation despite the rise of daily Covid-19 cases. Fears led to a “surge in online searches and inquiries on automobiles as many feel the need to find alternative ways of commuting”.
• Running from November 16, 2020 to December 31, 2020, extensive automobile listings on Carousell will be available and shoppers can choose from various car models including luxury options such as BMWs.
• Prospective buyers can add to their Christmas cheer with the buy 1, take 1 promo or get up to ~US$7,300 in discounts.
• Carousellers can also enjoy up to 5% discounts on car parts and accessories. Even businesses can partake in this Christmas campaign, with tractors and 10-wheeler trucks on up to 10% discount.
• Every successful transaction gives buyers a chance to win cash vouchers for fuel worth ~US$41.
• Karl Magsuci, Head of Autos, Carousell Philippines shared, “With the difficult mobility situation brought about by the pandemic, Carousell has witnessed the challenges Filipinos must go through as they strive to find a safe, convenient and affordable way to commute. We want to provide potential buyers and sellers a safe platform where they can avail quality vehicles and automobiles and promote the wide offering of the car-market in an effective and cost-efficient manner respectively.”

Meat-ing consumer demands

• 500-backed food review app abillionveg has looked to its database once again to reveal the “revolution” in the global plant-based meat movement.
• 350,000 user reviews on its platform showed global consumer interest in packaged plant-based meat jumped 12x from Q3 2019 to Q4 2019, projecting the market will reach US$61 billion by 2030.
• Based on the startup’s report, this growth is driven by meat-eaters and flexitarians (consumers who are mostly plant-based with the occasional meat), with 7.3x new omnivores and 3.1x new flexitarians joining the app in Q3 2020.
• Founder and CEO of abillionveg Vikas Garg said, “A large chunk of our members today aren’t vegan or vegetarian but are meat-eaters looking to reduce their meat consumption and that’s how they find us. The abillionveg app is about creating a meritocracy of vegan food so that plant-based items are available not just for vegans or vegetarians, but for every consumer in the world.”
• In Asia, Impossible Foods is leading the charge, followed by Beyond Meat and OmniMeat.

• The app’s data also showed there is a strong interest in plant-based pork in this region, reflecting the “wider availability of OmniPork and the cultural preference for pork”.
• The startup sees “sizable growth opportunities” in both the B2B and B2C segments as leading brands typically focused only in one segment. The exception is Beyond Meat, which has dominated the global market with its dual offering.
• The startup’s advice? Invest early in the Asia market and “adopt an inclusive branding strategy to attract both the plant-based and omnivorous communities”.
• Check out the full infographic 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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