by Ferry Bayu | Sep 13, 2023 | Business
Malaysia’s Unicorn CARSOME Open To New Funding, Open To Dual-Listing
Southeast Asia’s largest car e-commerce platform Carsome is open to new funding from potential strategic investors, its co-founder and group CEO Eric Cheng told Reuters.
Cheng said the company is looking for strategic investors whose “businesses are able to add value to what we are doing, be it on car trading, financing or insurance.”
He told Reuters on the sidelines of the Forbes Global CEO Conference in Singapore. Last year, Carsome has won one of Malaysia’s first batch of digital bank licenses, as part of the consortium led by KAF Investment Bank. Cheng earlier told TNGlobal that the consortium plans to launch its digital bank as early as year-end or early next year.
Carsome is ready for an initial public offering (IPO) but is in no rush to list, Cheng told Reuters.
“We haven’t really set a right timeline or window,” he said, adding the company was also open to a dual-listing.
“We need exchanges that appreciate the business that we’re building,” he was quoted as saying. “We need that exchange to be able to also provide enough liquidity.”
Carsome was valued at $1.7 billion in its fund-raising round early last year, when it completed its $290 million Series E round. The financing round then was jointly led by Qatar Investment Authority (QIA), 65 Equity Partners (65EP) and Seatown Private Capital Master Fund (Seatown). The round also saw participation from investors such as Mediatek, Sunway, Gokongwei Group, YTL Group, and Taiwan Mobile.
The Malaysia-headquartered unicorn has hit operational profitability in the first quarter of this year and is expected to achieve its first group-wide profit or break-even before year-end, Cheng reportedly said.
Carsome has become Malaysia’s first tech unicorn as part of a share-swap deal that take a stake in iCar Asia in July 2021.
Founded in 2015, Carsome has expanded into Indonesia, Thailand, Singapore and recently in the Philippines. It works with 20,000 dealers and has an average of 15 million monthly visitors across its platforms, according to its website.
In Southeast Asia, Carsome competes with Singapore-based Carro, Indonesia’s OLX Auto and Carousell Auto Group.
Carsome is said to be delaying its dual listing plans in Singapore and the US on concerns that deteriorating macroeconomic conditions could dent its valuation, Bloomberg reported in June last year. The tech unicorn was expected to raise about $300-400 million at a valuation of about $2 billion for the IPO on NASDAQ, according to earlier reports then.
CARSOME is Southeast Asia’s largest integrated car e-commerce platform, with presence in Malaysia, Indonesia, Thailand and Singapore.
+603-2771-7048
pa*********@*****me.my
by Ferry Bayu | Sep 12, 2023 | Business
VRITIMES Announces Guaranteed Media Coverage with 10 Media Partners
Malaysia, 12th Sep 2023 – VRITIMES has accelerated its collaboration with media partners, now offering guaranteed coverage across 10 media outlets. The company is committed to enhancing the quality of its services to ensure press releases reach a wider audience.
VRITIMES, which began its operations in Indonesia in 2022, has expanded its business to Singapore, Malaysia, the Philippines, Thailand, and Vietnam. With this announcement, the company reports the realization of guaranteed media coverage in Indonesia, Singapore, Malaysia, and the Philippines.
CEO Mr. Ferry commented, “Our media partners see the value in our clients’ press releases, enabling us to form publication collaborations. We are deeply grateful to our clients for always providing outstanding press releases.”
Clients from Indonesia, Singapore, Malaysia, and the Philippines will receive the result of the distribution and feedback to improve the Press Release in the form of a PDF, four days after the press release distribution.
We look forward to your continued support of our services.
VRITIMES (https://www.vritimes.com/sg/service) is a media technology startup company, established in Tokyo in August 2022. We specialize in press releases, functioning both as a media platform and a distributor to our media partners. Users can create and distribute press releases through VRITIMES, then use our analytics feature to review their results – all within one solution. By making it easy and affordable to distribute press releases, we aim to facilitate a more valuable flow of information in the world, serving as the infrastructure that ensures this information reaches the media and consumers.
Media Relations
Email: ma*******@******es.com
by Ferry Bayu | Sep 12, 2023 | Business
Plug and Play announces Strategic Partnership with EDOTCO Group to Drive Innovation in the Telecommunications Industry
Plug and Play, the world’s largest global innovation platform that connects startups, corporations, and investors, has announced a strategic partnership with EDOTCO Group Sdn Bhd (EDOTCO), a leading provider of integrated telecommunications infrastructure services headquartered in Kuala Lumpur, Malaysia. The partnership aims to accelerate innovation and drive transformation within the telecommunications industry to address the industry’s most pressing challenges and uncover new opportunities. EDOTCO will be joining Plug and Play’s newly launched accelerator program in Malaysia which aims to spur the Malaysian startup ecosystem alongside other partners such as Khazanah Nasional, Celcomdigi, and Sime Darby Plantation.
“As the telecommunications industry continues to evolve, companies must stay ahead of the curve by embracing innovation and technology,” said Jupe Tan, Managing Partner, Plug and Play APAC. “We are excited to join forces with EDOTCO to create a collaborative platform that brings together startups, corporations, and industry experts to bolster Malaysia’s growing tech scene and drive innovations in connectivity and infrastructure in the country.”
Through this partnership, startups working on groundbreaking technologies such as 5G infrastructure, IoT connectivity, network optimization, and sustainable solutions will have the opportunity to engage directly with EDOTCO’s vast experience and resources. This collaboration will also enable EDOTCO to tap into Plug and Play’s global ecosystem, gaining access to a diverse range of innovative solutions that can help drive operational excellence and enhance customer experiences.
“In today’s rapidly evolving telecommunications landscape, staying at the forefront demands an unwavering commitment to innovation and technology. This partnership between Plug and Play and EDOTCO is a testament to our shared dedication to shaping the future of connectivity in Malaysia and across our eight other markets in Asia. Together, we’ll forge an innovation bridge that unites Malaysia’s thriving tech community, redefining how we connect and advancing equitable connectivity across the nation,” said Adlan Tajudin, Group CEO, EDOTCO Group.
The partnership will involve various initiatives, including innovation workshops, dealflow meetings with startups, and networking events that facilitate meaningful interactions between startups, corporate partners, and EDOTCO’s experts. These efforts will contribute to fostering a culture of innovation and entrepreneurship in the telecommunications ecosystem.
Find out more about Plug and Play’s initiatives in Malaysia:https://www.plugandplayapac.com/malaysia-program
Established in 2012, EDOTCO Group is the first regional and integrated telecommunications infrastructure services company in Asia, providing end-to-end solutions in the tower services sector from tower leasing, colocations, build-to-suit, energy, transmission and operations and maintenance (O&M).
EDOTCO Group operates and manages a regional portfolio of over 54,000 towers across Malaysia, Indonesia, Bangladesh, Cambodia, Sri Lanka, Pakistan, Philippines, Myanmar, and Laos. EDOTCO strives to deliver outstanding performance in telecommunications infrastructure services and solutions. Its state-of-the-art real-time monitoring service, echo, has driven significant improvements in field operations while maximising operational efficiencies in terms of battery, energy and fuel consumption for telecommunications infrastructure.
+6 03 2779 2699
ed*******************@*********up.com
by Ferry Bayu | Sep 12, 2023 | Business
SM Investments still the most organized in investor relations, strongest in adherence to corporate governance in Southeast Asia
SM Investments Corporation (SM Investments), one of the Philippines’ leading conglomerates, bagged the top spot in two categories in the recently concluded 13th Institutional Investor Corporate Awards by Alpha Southeast Asia magazine. The winners were based on a poll of investors and analysts in the region.
This is SM Investments’ twelfth win for the Most Organized Investor Relations and its eighth win as the company with the strongest adherence to corporate governance in this annual investors’ poll.
“We are grateful to Alpha Southeast Asia and industry investors for recognizing the company’s work in upholding the highest standards in investor relations and corporate governance,” Frederic C. DyBuncio, SM Investments President and Chief Executive Officer, said.
SM Investments was also named as one of the top companies with Best Senior Management IR Support and Best Strategic CSR.
“We are cognizant of how our developments impact many communities. We are committed to serving these communities and enhancing value for all our stakeholders,” Mr. DyBuncio added.
The poll was conducted from January to June this year based on tallied votes among 586 investors and analysts with exposure to the Southeast Asia region, according to the Hong Kong-based investment magazine, Alpha Southeast Asia magazine.
by Ferry Bayu | Sep 12, 2023 | Business
Transforming Business Growth Through Digital Marketing Consulting
Singapore, 9/14/2023 – From a high-flying career in Digital Marketing to starting his own successful e-commerce business then falling into depression, Howie Tan knows exactly what small business founders need to scale from 6-figures to 8-figures in revenue a year. 31 Miles Pte Ltd emerges as the first full-stacked digital business consultancy in Singapore, catering to the unique needs of small and medium enterprises.
Howie Tan’s journey from a well-established career in Digital Marketing to entrepreneurship is nothing short of inspiring. His transition from a flight attendant role with Singapore Airlines in 2015 to diving deep into the digital commerce industry showcases his dedication and passion for the field. Starting as an apprentice at a local direct-to-consumer company, Howie’s initial earnings were a mere $1000 a month. However, his relentless drive and strategic approach led the company from a monthly revenue of $100,000 to a whopping $2.4 million in just three years.
Venturing out on his own, Howie established his e-commerce company, which witnessed a revenue of $300,000 in a mere span of 3 months. His consulting expertise has benefited both local and international companies, marking his footprint in the industry.
Emerging Stronger from Life’s Trials
However, life wasn’t always smooth sailing for Howie. A personal battle with depression in 2021 made him introspect and redefine his life goals. He realized the essence of cherishing every moment and the importance of having control over one’s time. Drawing from his personal experiences and professional expertise, Howie introduced the “Systematic Scaling” method. This unique approach enables founders to upscale their businesses without feeling overwhelmed by operations. The method ranges from adding new marketing channels to optimizing business operations and introducing fresh leadership principles.
Djamel Bettahar, Co-Founder of Organifi, praises Howie’s innovative approach, stating, “I absolutely loved working with Howie! He thinks outside the box and brings in opportunities that drive revenue and profitability that might have been overlooked. He sees all sides of a challenge and goes above and beyond the initial problem to find a solution.
Howie’s mission resonates with every entrepreneur’s dream. He says, “My mission is to help founders find fulfillment in scaling their business, and enjoy the freedom that comes with running one. That’s the whole point of being an entrepreneur in the first place.”
31 Miles Pte Ltd stands as the first full-stacked digital business consultancy in Singapore, with a primary focus on small and medium enterprises. The company aims to bridge the gap between traditional business strategies and the ever-evolving digital world. For more insights, visit https://31miles.com/.
Howie Tan
Phone: +65 90620120
Email: ho***@*****es.com
by Ferry Bayu | Sep 11, 2023 | Business
EdgeConneX Invested in 200MW Data Centre Campus in Cyberjaya
Cyberview Sdn Bhd, the tech hub developer, has finalised its deal with EdgeConneX, the pioneer in Hyperlocal to Global Hyperscale Data Centre Solutions, to build its data centre campus in Cyberjaya today.
US-based EdgeConneX signed the Sales and Purchase Agreement (SPA) with Cyberview earlier this month, acquiring an enterprise lot spanning approximately 30 acres to develop a data centre campus with a capacity of over 200MW within the purchased parcel in Cyberjaya, offering scalable capacity and power to meet a wide range of customer needs in the future.
The document was exchanged between Kamarul Ariffin Abdul Samad, Chief Executive Officer of Cyberview Sdn Bhd and Randy Brouckman, CEO and Co-founder, EdgeConneX. The ceremony was witnessed by YB Chang Lih Kang, Minister of Science, Technology and Innovation (MOSTI) at RekaScape, Cyberjaya, during the closing ceremony of InnoEx, a four-day event organised by Cyberview in conjunction with the Cyberjaya Innovation Week.
Kamarul Ariffin Abdul Samad, Chief Executive Officer, Cyberview Sdn Bhd, said, “EdgeConneX’s investment in Cyberjaya represents a significant achievement and positions the city as a prime destination for hyperscale data centre providers. Our commitment to fostering innovation, combined with Malaysia’s growing digital economy will further increase the demand for data centres to be based in our city. We also estimate technology investments of RM35 billion for the next five to 10 years which aligns with Cyberjaya’s position as the preferred technology investment location.”
Randy Brouckman, CEO and Co-founder, EdgeConneX, said, “As a trusted provider of data centre solutions to service providers and hyperscalers, EdgeConneX is committed to the society and economy within which we operate. The new campus in Cyberjaya will bring the necessary capacity and innovation to grow businesses in the tech hub, and meet increasing hyperscaler and enterprise customers needs. The campus is also expected to create various job opportunities across construction, management, functional and operational roles in the city.”
Cyberjaya recently saw an increase in data centre investments, cementing its role as the global technology hub. The city is currently home to 14 data centre facilities in Cyberjaya, contributing up to 75 per cent of the nation’s total data capacity.
The closing ceremony marks the conclusion of InnoEx, which brings together industry pioneers, thought leaders, entrepreneurs, and technology enthusiasts to celebrate innovation and technology in Cyberjaya, in conjunction with its 26th anniversary.
Evolving from its fundamental role as landowner in 1996, Cyberview has now emerged as a Tech Hub Developer, mandated by the Government of Malaysia to spearhead the development of Cyberjaya. This translates into the creation of the country’s Global Tech Hub that uniquely offers a holistic ecosystem for its tech community to thrive and prosper upon.
+603-8315 6111
ci**@***********om.my
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