A BTS look

• 500-backed used-car platform Carsome recorded an impressive V-shaped recovery amidst an unstable economy and worldwide pandemic. How did they do it?
• In an exclusive interview with 500 Durians, co-founder Eric Cheng told us how Carsome not only survived but flourished in unprecedented circumstances, the initiatives, and efforts made in adapting to new challenges.

• Leveraging unified teamwork, focusing on fine-tuning proprietary tech products, and relying on data to make sound decisions are just some of the many moves Carsome has taken to turn the ship around.
• “The pandemic has accelerated the digitalization of the entire automotive industry, so we will leverage on the situation to extend our reach further, not only by helping more consumers sell their car in a hassle-free manner, but also buy cars in a new and trusted way,” he added.
• Eric also spoke about Carsome’s ambitious plans to achieve a 5% penetration of Southeast Asia’s used-car market. Specifically, he elaborated on “transparent pricing”.
• “The more cars we transact, the more data we will have and the more accurate, or reflective of market price, our pricing will be. When pricing is transparent, more consumers will sell their cars to us, creating more supplies on our platform. Our market supply will also ensure the increase in demand from dealers,” he said.
• There’s more to the story. You can read the full interview here.

From CEO of iFlix & AirAsia X to startup founder

• Azran Osman-Rani of 500-backed Naluri is gleaning from his experience as CEO of iFlix and AirAsia X to grow the digital health startup.
• In his Digerati50 feature, which celebrates 50 individuals making an impact in Malaysia’s digital economy, Azran revealed the difficulties of fundraising amidst the coronavirus pandemic. But his team pulled through and secured US$1.1 million in pre-Series A funding.

• When asked how he would compare his tenure as CEO of iflix to Naluri, Azran said, “iflix was much bigger stakes, you’re talking about raising US$100 million every round,” he explains. “On the other hand, (Naluri) is the one where I’m betting my kids’ education, my life savings, my EPF, my ASB — so I’ve got to make it work!”
• But what Azran is applying from his time at iFlix to Naluri is localization.
• Naluri is working with insurance companies and corporate employers, specifically to localize digital health in the SEA region and package it in a targeted approach.
• “We’ve got to show that we can in the next 12 months go much deeper in Indonesia, much deeper in Singapore, and hopefully even be able to start the Philippines and Thailand,” he said.
• Combining healthcare, data, and science, Naluri is a digital therapeutics solution designed to help people live healthier lives not only physically, but mentally as well.

Adapting and giving amidst the pandemic.

• When 500-backed Carousell realized that social distancing measures had prevented its users from meeting face-to-face to do deals, they had to adopt an agile approach by partnering with regional and local delivery partners.
• “Over the last few months we’ve really expedited our efforts and partnered with several local delivery partners like Gogovan, Lalamove, GrabExpress, and such to offer more easy shipping solutions, and also discounted shipping rates that our users can then benefit from and take advantage of these times,” says Lewis Ng, chief commercial officer at Carousell.

• Businesses reliant on physical showrooming have been hard-hit by the pandemic, specifically automotive and real estate industries. To help them tide through this season of change, Carousell introduced car and property classifieds on its platform.
• These initiatives aside, Carousell has been proactive to support SMEs in Southeast Asia through booster programs. An example of this is the #SupportLocal campaign, which aims to support small businesses and F&B operators affected by Covid-19.
• Acts of kindness were evident in the Carousell community as well. Fabric masks were given to people who found single-use surgical masks unaffordable while clothes were sold to raise money for daily wage earners.
• These initiatives eventually prompted Carousell to launch the “Choose To Give” campaign.

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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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