One click away
- The e-Conomy SEA 2021 report revealed that 80% of the 440 million people online in Southeast Asia have made an online purchase at least once. Fast forward to 2022, this habit is “locked and loaded”, according to The Ken.
- Data compiled by the publication shows that there were at least 10 funding rounds closed by the social commerce sector, compared to only four in the year before.
- “The first thing that quick commerce relies on is a greater impatience with people in waiting for things,” said Vishal Harnal, managing partner at 500 Global. “People want to buy wherever they are.”
- Last year, 500 Global invested in RaRa Delivery, an instant delivery startup, which raised US$3.25 million in seed funding, and Dagangan, a social commerce startup, which raised US$11.5 million in its Series A round.
- Read the full article on The Ken. Registration is required.
Uplifting entrepreneurs
- More than 90% of Vietnam’s population lives outside the country’s two major cities, Hanoi and Ho Chi Minh City. Many smaller towns don’t have a supermarket. In comes 500-backed Shoppa, which is on a mission to bring daily necessities to these areas.
- The startup works with local women to build online micro-enterprises that deliver groceries to a market of 86 million.
- Its value proposition? “Instead of spending US$25,000 to set up a mom-and-pop shop, [micro-entrepreneurs] get to sell a wider selection of products online for only US$25 in working capital,” said co-founder Geoffrey See.
- Launched in Vietnam in May, he claimed that revenue grew 10x within two months.
- Read the full interview on Gen.T here.
A digital boost
- Two 500-backed tech companies, Bukalapak and Grab, will become shareholders of Indonesia’s Bank Allo, a digital bank.
- Bukalapak president Teddy Oetomo said it is adopting an open ecosystem approach and wants to collaborate with multiple banks, which he believes will benefit the warung (small family-owned business) and mom-and-pop stores in its network.
- According to interim CEO Willix Halim, this partnership can enhance Bukalapak Mitra’s services and credit offerings to rural entrepreneurs, which will drive a deeper and wider penetration across Indonesia.
- Bank Allo is expected to launch its digital services in February.
- Read the full article on DealStreetAsia. A subscription may be required.
