{"id":657,"date":"2020-08-03T00:00:00","date_gmt":"2020-08-03T00:00:00","guid":{"rendered":"https:\/\/markupbackup.wordpress.com\/2021\/07\/21\/durians-daily-69-exclusive-eric-cheng-of-carsome-tells-us-how-the-v-shaped-recovery-happened\/"},"modified":"2021-07-23T07:39:23","modified_gmt":"2021-07-23T07:39:23","slug":"durians-daily-69-exclusive-eric-cheng-of-carsome-tells-us-how-the-v-shaped-recovery-happened","status":"publish","type":"post","link":"https:\/\/dailymarkup.com\/?p=657","title":{"rendered":"Daily Markup #69: [EXCLUSIVE] Eric Cheng of Carsome tells us how the V-shaped recovery happened\u2026"},"content":{"rendered":"<figure><img decoding=\"async\" data-width=\"424\" data-height=\"533\" src=\"https:\/\/dailymarkup.com\/wp-content\/uploads\/2021\/07\/1erfDPp-3kF4okQYsnOHkcQ.png\"><\/figure>\n<p><strong>A BTS look<\/strong><\/p>\n<ul>\n<li>500-backed used-car platform Carsome recorded an <a href=\"https:\/\/dailymarkup.com\/\/durians-daily-62-carsomes-v-shaped-recovery-amidst-the-pandemic-fave-supports-msmes-with-the-cb20306a6087\" target=\"_blank\" rel=\"noopener\">impressive V-shaped recovery<\/a> amidst an unstable economy and worldwide pandemic. How did they do it?<\/li>\n<li>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.<\/li>\n<\/ul>\n<figure class=\"wp-caption\"><img decoding=\"async\" data-width=\"1600\" data-height=\"1067\" src=\"https:\/\/dailymarkup.com\/wp-content\/uploads\/2021\/07\/img_60f7da057aeea.jpg\"><figcaption class=\"wp-caption-text\">Credit: Carsome<\/figcaption><\/figure>\n<ul>\n<li>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.<\/li>\n<li>\u201cThe 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,\u201d he added.<\/li>\n<li>Eric also spoke about Carsome\u2019s ambitious plans to achieve a 5% penetration of Southeast Asia\u2019s used-car market. Specifically, he elaborated on \u201ctransparent pricing\u201d.<\/li>\n<li>\u201cThe 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,\u201d he said.<\/li>\n<li>There\u2019s more to the story. You can read the full interview <a href=\"https:\/\/500.co\/blog\/used-car-platform-recorded-a-v-shaped-recovery-during-the-covid-19-pandemic-how-did-they-do-it\/\" target=\"_blank\" rel=\"noopener\">here<\/a>.<\/li>\n<\/ul>\n<p><strong>From CEO of iFlix &amp; AirAsia X to startup founder<\/strong><\/p>\n<ul>\n<li>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.<\/li>\n<li>In his <a href=\"https:\/\/www.digitalnewsasia.com\/digerati50\/digerati50-local-boy-azran-osman-rani-takes-world-again\" target=\"_blank\" rel=\"noopener\">Digerati50<\/a> feature, which celebrates 50 individuals making an impact in Malaysia\u2019s digital economy, Azran revealed the difficulties of fundraising amidst the coronavirus pandemic. But his team pulled through and secured <a href=\"https:\/\/dailymarkup.com\/\/durians-daily-23-the-bubble-tea-economy-8c951947a1ce\" target=\"_blank\" rel=\"noopener\">US$1.1 million in pre-Series A funding<\/a>.<\/li>\n<\/ul>\n<figure class=\"wp-caption\"><img decoding=\"async\" data-width=\"700\" data-height=\"648\" src=\"https:\/\/dailymarkup.com\/wp-content\/uploads\/2021\/07\/img_60f7da05e3cbc.png\"><figcaption class=\"wp-caption-text\">Credit: Digital News\u00a0Asia<\/figcaption><\/figure>\n<ul>\n<li>When asked how he would compare his tenure as CEO of iflix to Naluri, Azran said, \u201ciflix was much bigger stakes, you\u2019re talking about raising US$100 million every round,\u201d he explains. \u201cOn the other hand, (Naluri) is the one where I\u2019m betting my kids\u2019 education, my life savings, my EPF, my ASB\u200a\u2014\u200aso I\u2019ve got to make it work!\u201d<\/li>\n<li>But what Azran is applying from his time at iFlix to Naluri is localization.<\/li>\n<li>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.<\/li>\n<li>\u201cWe\u2019ve 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,\u201d he said.<\/li>\n<li>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.<\/li>\n<\/ul>\n<p><strong>Adapting and giving amidst the pandemic.<\/strong><\/p>\n<ul>\n<li>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.<\/li>\n<li>\u201cOver the last few months we\u2019ve 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,\u201d says Lewis Ng, chief commercial officer at Carousell.<\/li>\n<\/ul>\n<figure class=\"wp-caption\"><img decoding=\"async\" data-width=\"960\" data-height=\"640\" src=\"https:\/\/dailymarkup.com\/wp-content\/uploads\/2021\/07\/img_60f7da0692b8e.jpg\"><figcaption class=\"wp-caption-text\">Credit: Forbes<\/figcaption><\/figure>\n<ul>\n<li>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.<\/li>\n<li>These initiatives aside, Carousell has been proactive to support SMEs in Southeast Asia through booster programs. An example of this is the <a href=\"https:\/\/www.onlinecitizenasia.com\/2020\/04\/13\/supportlocal-initiative-launched-by-carousell-and-unilever-to-aid-small-businesses-battered-by-pandemic\/\" target=\"_blank\" rel=\"noopener\">#SupportLocal<\/a> campaign, which aims to support small businesses and F&amp;B operators affected by Covid-19.<\/li>\n<li>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.<\/li>\n<li>These initiatives eventually prompted Carousell to launch the \u201c<a href=\"https:\/\/www.asiaone.com\/singapore\/over-900-carousell-users-join-movement-give-away-free-masks-and-supplies\" target=\"_blank\" rel=\"noopener\">Choose To Give\u201d<\/a> campaign.<\/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_60f7da06db8f0.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<hr>\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>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 [&hellip;]<\/p>\n","protected":false},"author":7,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_mo_disable_npp":"","footnotes":""},"categories":[322],"tags":[45,341,348],"class_list":["post-657","post","type-post","status-publish","format-standard","hentry","category-daily","tag-carousell","tag-carsome","tag-naluri"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v19.1 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Daily Markup #69: [EXCLUSIVE] Eric Cheng of Carsome tells us how the V-shaped recovery happened\u2026 - 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=657\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Daily Markup #69: [EXCLUSIVE] Eric Cheng of Carsome tells us how the V-shaped recovery happened\u2026 - Markup\" \/>\n<meta property=\"og:description\" content=\"A BTS look 500-backed used-car platform Carsome recorded an impressive V-shaped recovery amidst an unstable economy and worldwide pandemic. 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