{"id":169,"date":"2020-11-25T00:00:00","date_gmt":"2020-11-25T00:00:00","guid":{"rendered":"https:\/\/markupbackup.wordpress.com\/2021\/07\/21\/durians-daily-138-where-is-malaysias-unicorn\/"},"modified":"2021-07-28T05:22:32","modified_gmt":"2021-07-28T05:22:32","slug":"durians-daily-138-where-is-malaysias-unicorn","status":"publish","type":"post","link":"https:\/\/dailymarkup.com\/?p=169","title":{"rendered":"Daily Markup #138: Where is Malaysia\u2019s unicorn?"},"content":{"rendered":"<p><strong>Putting the myth into perspective<\/strong><\/p>\n<ul>\n<li>Unicorn, a term used for \u201cprivately held start-ups with valuations of at least US$1 billion\u201d, was discussed in <a href=\"https:\/\/www.theedgemarkets.com\/article\/cover-story-search-unicorns\" target=\"_blank\" rel=\"noopener\">a recent piece by Digital Edge<\/a>.<\/li>\n<li>The mythical animal represents the rarity of such successful ventures, but the Southeast Asian region has seen its fair share of unicorns in startups like Grab, Bukalapak and more.<\/li>\n<li>According to the article, most unicorns are tech companies, which \u201cMalaysia has no lack of\u201d. So where is Malaysia\u2019s unicorn?<\/li>\n<\/ul>\n<figure class=\"wp-caption\"><img decoding=\"async\" data-width=\"1600\" data-height=\"1066\" src=\"https:\/\/dailymarkup.com\/wp-content\/uploads\/2021\/07\/img_60f7d9b391642.png\"><figcaption class=\"wp-caption-text\">Credit: All is\u00a0Amazing<\/figcaption><\/figure>\n<ul>\n<li>Managing partner at 500 Startups Khailee Ng echoed several other industry players interviewed in that achieving the unicorn status \u201cshould not be the end goal\u201d. Unicorns should ultimately give back to the industry by acting as a role model for the local startup scene and attracting attention from investors and governments to create a healthier ecosystem.<\/li>\n<li>\u201cThis will create more ambition within the pool of investors, who may start investing in the country\u2019s top tech founders with more conviction. We also want to see a ripple effect from founders or employees of the companies giving back to the ecosystem,\u201d Khailee said.<\/li>\n<li>He added, \u201cFor instance, the group of former PayPal employees and founders started or invested in renowned companies like LinkedIn and Yelp. The founders of our portfolio company Bukalapak have also created their own fund and serve in the top positions of the national telecommunications company, with the aim of giving back to and bringing up the tech ecosystem in Indonesia. If Malaysia can\u2019t produce even one home-grown unicorn, it will never be taken seriously as a tech market.\u201d<\/li>\n<li>To enable homegrown startups to continue growing locally and regionally, the Malaysian government has offered incentives through agencies such as Cradle, Malaysian Debt Ventures and Mavcap (Malaysia Venture Capital Management Bhd).<\/li>\n<li>Read the full story <a href=\"https:\/\/www.theedgemarkets.com\/article\/cover-story-search-unicorns\" target=\"_blank\" rel=\"noopener\">here<\/a>.<\/li>\n<\/ul>\n<p><strong>A decade in the making<\/strong><\/p>\n<ul>\n<li>500-backed <a href=\"https:\/\/www.bukalapak.com\/\" target=\"_blank\" rel=\"noopener\">Bukalapak<\/a> celebrated its 10-year anniversary by <a href=\"https:\/\/www.linkedin.com\/posts\/pt-bukalapak-com_bukalapak-innovation-technology-activity-6732574120074203136-ug8y\/\" target=\"_blank\" rel=\"noopener\">releasing a highlight<\/a> of its journey over the past decade.<\/li>\n<li>How has the e-commerce platform fared in \u201ccreating a fair economy for all\u201d?<\/li>\n<\/ul>\n<figure class=\"wp-caption\"><img decoding=\"async\" data-width=\"709\" data-height=\"447\" src=\"https:\/\/dailymarkup.com\/wp-content\/uploads\/2021\/07\/img_60f7d9b455ee9.png\"><figcaption class=\"wp-caption-text\">Credit: The\u00a0Stringer<\/figcaption><\/figure>\n<ul>\n<li>Focusing on the lower and middle income classes, the startup saw \u201csignificant growth of MSME (Micro, Small, and Medium Enterprise) players\u201d and has served more than 6 million online sellers as well as 100 million users.<\/li>\n<li>Mitra Bukalapak, <a href=\"https:\/\/kr-asia.com\/the-9-year-journey-of-bukalapak-growing-beyond-e-commerce\" target=\"_blank\" rel=\"noopener\">an app<\/a> that allows offline kiosks to connect with Bukalapak\u2019s distributors to resell to customers who don\u2019t have access to the Internet, has served 6 million users to date.<\/li>\n<li>Accelerated by the pandemic, the average growth of virtual products such as phone credits, data packages, and bill payments jumped by more than 60%.<\/li>\n<li>On its B2B segment\u200a\u2014\u200aserved by <a href=\"https:\/\/www.linkedin.com\/company\/bukapengadaan\/?src=aff-lilpar&amp;veh=aff_src.aff-lilpar_c.partners_pkw.123201_plc.adgoal%20GmbH_pcrid.449670_learning&amp;trk=aff_src.aff-lilpar_c.partners_pkw.123201_plc.adgoal%20GmbH_pcrid.449670_learning&amp;clickid=RCK1rMRvGxyOULLwUx0Mo3QwUkEwSXyoXQzlWA0&amp;irgwc=1\" target=\"_blank\" rel=\"noopener\">BukaPengadaan<\/a> that acts as a procurement platform for MSME users\u200a\u2014\u200abuyer and seller growth increased by 48% and 32% respectively from January to August 2020.<\/li>\n<li>Rachmat Kaimuddin, CEO of Bukalapak said, \u201cWe are optimizing our platform to break through the gap in economy, infrastructure, and supporting financial inclusion in Indonesia. We want to create an impact on society by continuing to develop a digital ecosystem that is fair for all.\u201d<\/li>\n<li>Congratulations Bukalapak on closing a fruitful decade!<\/li>\n<\/ul>\n<p><strong>Boosting Indonesian borrowers<\/strong><\/p>\n<ul>\n<li>500-backed fintech platform <a href=\"https:\/\/www.kredivo.com\/\" target=\"_blank\" rel=\"noopener\">Kredivo<\/a> <a href=\"https:\/\/www.finsmes.com\/2020\/11\/kredivo-secures-100m-debt-facility-from-victory-park-capital.html\" target=\"_blank\" rel=\"noopener\">announced<\/a> it has secured a debt facility of up to US$100 million.<\/li>\n<li>This <a href=\"https:\/\/www.linkedin.com\/posts\/finaccel-pte-ltd_indonesian-lending-app-kredivo-closes-100m-activity-6736948051354750977-tG8_\/\" target=\"_blank\" rel=\"noopener\">marks<\/a> the largest debt facility in the startup\u2019s history, and \u201cprobably the largest such facility in [the Indonesian] region\u201d.<\/li>\n<li>Kredivo\u2019s next move? The company will use the funds to grow and further diversify in the loans disbursed to borrowers.<\/li>\n<\/ul>\n<figure class=\"wp-caption\"><img decoding=\"async\" data-width=\"1280\" data-height=\"720\" src=\"https:\/\/dailymarkup.com\/wp-content\/uploads\/2021\/07\/img_60f7d9b4bf590.png\"><figcaption class=\"wp-caption-text\">Credit: Liputan6<\/figcaption><\/figure>\n<ul>\n<li>Run by FinAccel, Kredivo is the company\u2019s flagship \u201cbuy now pay later\u201d solution, a process simplified by a 2-click checkout system. Co-founder and CEO Akshay Garg recently <a href=\"https:\/\/dailymarkup.com\/\/durians-daily-133-kredivo-shares-plans-on-new-products-and-entering-new-markets-agritech-38a957eeb96f\" target=\"_blank\" rel=\"noopener\">shared<\/a> his future plans for Kredivo in a podcast.<\/li>\n<li>\u201cWe have a mission to serve 10 million under-banked Indonesian customers with low-cost credit over the next few years,\u201d <a href=\"https:\/\/www.linkedin.com\/posts\/finaccel-pte-ltd_indonesian-lending-app-kredivo-closes-100m-activity-6736948051354750977-tG8_\/\" target=\"_blank\" rel=\"noopener\">the company said<\/a>.<\/li>\n<li>Congratulations to the Kredivo team!<\/li>\n<\/ul>\n<hr>\n<p><strong>Missed out the last Daily Markup? Go <\/strong><a href=\"https:\/\/dailymarkup.com\/\" target=\"_blank\" rel=\"noopener\"><strong>here<\/strong><\/a><strong> to check it out.<\/strong><\/p>\n<p><strong>You can also find us on <\/strong><a href=\"https:\/\/www.linkedin.com\/company\/500-durians\/\" target=\"_blank\" rel=\"noopener\"><strong>LinkedIn<\/strong><\/a><strong>, <\/strong><a href=\"https:\/\/www.facebook.com\/500durians\/\" target=\"_blank\" rel=\"noopener\"><strong>Facebook<\/strong><\/a><strong>, <\/strong><a href=\"https:\/\/twitter.com\/500Startups_SEA\" target=\"_blank\" rel=\"noopener\"><strong>Twitter<\/strong><\/a><strong>, and <\/strong><a href=\"https:\/\/www.instagram.com\/500durians\/?hl=en\" target=\"_blank\" rel=\"noopener\"><strong>Instagram<\/strong><\/a><strong>.<\/strong><\/p>\n<figure><img decoding=\"async\" data-width=\"400\" data-height=\"400\" src=\"https:\/\/dailymarkup.com\/wp-content\/uploads\/2021\/07\/img_60f7d9b55c39c.jpg\"><\/figure>\n<p>500 Startups is a venture capital firm on a mission to discover and back the world\u2019s 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.<\/p>\n<p><em>This post is intended solely for general informational or educational purposes only. 500 Startups Management Company, L.L.C. and its affiliates (collectively \u201c500 Startups\u201d) makes no representation as to the accuracy or information in this post and while reasonable steps have been taken to ensure that the information herein is accurate and up-to-date, no liability can be accepted for any error or omissions. All third party links in this post have not been independently verified by 500 Startups and the inclusion of such links should not be interpreted as an endorsement or confirmation of the content within. Information about portfolio companies\u2019 markets, competitors, performance, and fundraising has been provided by those companies\u2019 founders and has not been independently verified. Under no circumstances should any content in this post be construed as investment, legal, tax or accounting advice by 500 Startups, or an offer to provide any investment advisory service with regard to securities by 500 Startups. No content or information in this post should be construed as an offer to sell or solicitation of interest to purchase any securities advised by 500 Startups. Prospective investors considering an investment into any 500 Startups fund should not consider or construe this content as fund marketing material. The views expressed herein are as at the date of this post and are subject to change without notice. One or more 500 Startups fund may have a financial interest in one or more of the companies discussed.<\/em><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Putting the myth into perspective Unicorn, a term used for \u201cprivately held start-ups with valuations of at least US$1 billion\u201d, was discussed in a recent piece by Digital Edge. The mythical animal represents the rarity of such successful ventures, but the Southeast Asian region has seen its fair share of unicorns in startups like Grab, [&hellip;]<\/p>\n","protected":false},"author":7,"featured_media":2121,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_mo_disable_npp":"","footnotes":""},"categories":[322],"tags":[354,364],"class_list":["post-169","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-daily","tag-bukalapak","tag-finaccel"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v19.1 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Daily Markup #138: Where is Malaysia\u2019s unicorn? - Markup<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/dailymarkup.com\/?p=169\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Daily Markup #138: Where is Malaysia\u2019s unicorn? - Markup\" \/>\n<meta property=\"og:description\" content=\"Putting the myth into perspective Unicorn, a term used for \u201cprivately held start-ups with valuations of at least US$1 billion\u201d, was discussed in a recent piece by Digital Edge. The mythical animal represents the rarity of such successful ventures, but the Southeast Asian region has seen its fair share of unicorns in startups like Grab, [&hellip;]\" \/>\n<meta property=\"og:url\" content=\"https:\/\/dailymarkup.com\/?p=169\" \/>\n<meta property=\"og:site_name\" content=\"Markup\" \/>\n<meta property=\"article:publisher\" content=\"http:\/\/facebook.com\/500southeastasia\" \/>\n<meta property=\"article:published_time\" content=\"2020-11-25T00:00:00+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2021-07-28T05:22:32+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/dailymarkup.com\/wp-content\/uploads\/2021\/07\/0i8yS0BQVrHKZ9kxI.png\" \/>\n\t<meta property=\"og:image:width\" content=\"700\" \/>\n\t<meta property=\"og:image:height\" content=\"466\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/png\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Felicia Chia\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"5 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebSite\",\"@id\":\"https:\/\/dailymarkup.com\/#website\",\"url\":\"https:\/\/dailymarkup.com\/\",\"name\":\"Markup\",\"description\":\"Serving bite-sized news on 500 Southeast Asia&#039;s portfolio companies and insights to fuel your momentum in life and business.\",\"potentialAction\":[{\"@type\":\"SearchAction\",\"target\":{\"@type\":\"EntryPoint\",\"urlTemplate\":\"https:\/\/dailymarkup.com\/?s={search_term_string}\"},\"query-input\":\"required name=search_term_string\"}],\"inLanguage\":\"en-US\"},{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/dailymarkup.com\/?p=169#primaryimage\",\"url\":\"https:\/\/dailymarkup.com\/wp-content\/uploads\/2021\/07\/0i8yS0BQVrHKZ9kxI.png\",\"contentUrl\":\"https:\/\/dailymarkup.com\/wp-content\/uploads\/2021\/07\/0i8yS0BQVrHKZ9kxI.png\",\"width\":700,\"height\":466},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/dailymarkup.com\/?p=169#webpage\",\"url\":\"https:\/\/dailymarkup.com\/?p=169\",\"name\":\"Daily Markup #138: Where is Malaysia\u2019s unicorn? - Markup\",\"isPartOf\":{\"@id\":\"https:\/\/dailymarkup.com\/#website\"},\"primaryImageOfPage\":{\"@id\":\"https:\/\/dailymarkup.com\/?p=169#primaryimage\"},\"datePublished\":\"2020-11-25T00:00:00+00:00\",\"dateModified\":\"2021-07-28T05:22:32+00:00\",\"author\":{\"@id\":\"https:\/\/dailymarkup.com\/#\/schema\/person\/9500d05faff850f12de850d9051b7b67\"},\"breadcrumb\":{\"@id\":\"https:\/\/dailymarkup.com\/?p=169#breadcrumb\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\/\/dailymarkup.com\/?p=169\"]}]},{\"@type\":\"BreadcrumbList\",\"@id\":\"https:\/\/dailymarkup.com\/?p=169#breadcrumb\",\"itemListElement\":[{\"@type\":\"ListItem\",\"position\":1,\"name\":\"Home\",\"item\":\"https:\/\/dailymarkup.com\/\"},{\"@type\":\"ListItem\",\"position\":2,\"name\":\"Daily Markup #138: Where is Malaysia\u2019s unicorn?\"}]},{\"@type\":\"Person\",\"@id\":\"https:\/\/dailymarkup.com\/#\/schema\/person\/9500d05faff850f12de850d9051b7b67\",\"name\":\"Felicia Chia\",\"image\":{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/dailymarkup.com\/#\/schema\/person\/image\/\",\"url\":\"https:\/\/secure.gravatar.com\/avatar\/b574d076fbdac43064ec75a7d589d309319c819283cc558025e0ef88192ee849?s=96&d=mm&r=g\",\"contentUrl\":\"https:\/\/secure.gravatar.com\/avatar\/b574d076fbdac43064ec75a7d589d309319c819283cc558025e0ef88192ee849?s=96&d=mm&r=g\",\"caption\":\"Felicia Chia\"},\"url\":\"https:\/\/dailymarkup.com\/?author=7\"}]}<\/script>\n<!-- \/ Yoast SEO plugin. -->","yoast_head_json":{"title":"Daily Markup #138: Where is Malaysia\u2019s unicorn? - Markup","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https:\/\/dailymarkup.com\/?p=169","og_locale":"en_US","og_type":"article","og_title":"Daily Markup #138: Where is Malaysia\u2019s unicorn? - Markup","og_description":"Putting the myth into perspective Unicorn, a term used for \u201cprivately held start-ups with valuations of at least US$1 billion\u201d, was discussed in a recent piece by Digital Edge. 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