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The Bangalore-based company has also announced its entry into the health insurance segment

Practo, a leading healthcare tech company with operations in India, Southeast Asia and Brazil, has just announced US$55 million in Series D round of funding, led by Chinese internet giant Tencent Holdings.

Russian VC fund ru-Net, Japan’s Recruit Holdings,US-based Thrive Capital, along with existing investors Sequoia India, Matrix Partners, Capital G (erstwhile Google Capital), Altimeter Capital, and Belgium’s Sofina have also participated.

The Bangalore-based company has also announced its entry into health insurance.

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Postr builds telco-branded white label apps that allow people to “hire out” their Android lock screens for advertising in return for mobile data or airtime

Postr Founder and CEO Milan Reinartz speaking at the New Zealand Angel Summit in Napier

New Zealand-based ad-tech startup Postr today announced that it has attracted NZ$3 million (US$2.1 million) led by an undisclosed “group of private investors” in Singapore and previous investors.

Indonesia’s Gunung Sewu Group, K1W1, New Zealand Venture Investment Fund (NZVIF), individuals from Singapore and New Zealand, and a “senior leadership” from PayPal in the US have also participated in the round.

Postr stated that the investment is meant to fuel their international expansion to Australia and Southeast Asia. While the startup considered New Zealand as a “fantastic testing ground”, large developing markets in Southeast Asia provides opportunities with their Android dominantion and fast-growing mobile penetration.

“We are certainly very focussed on Indonesia and have been spending a lot of time in Jakarta – while I can’t confirm exact details in respect to our partners, I can confirm that Indonesia and Philippines have been key focus markets for us in Southeast Asia,” explained Postr Founder and CEO Milan Reinartz in an e-mail to e27.

Also Read: Global from Day One co-invests in New Zealand firm’s US$5M Series A round

Founded in 2014, Postr build telco-branded white label apps that allow people to “hire out” their Android lock screens for advertising in return for mobile data or airtime from major mobile carriers.

The startup wants to help mobile operators increase monthly average revenue per user (ARPU) through new revenue channels and provide sponsored connectivity to mobile subscribers.

“In the meantime, telco ARPUs are shrinking as people are no longer willing to pay for minutes or SMS, instead using OTT providers like Whatsapp and Facebook Messenger to make calls and send texts,” Reinartz explained.

In Australia, the startup has recently launched Optus Xtra with telco giant Optus and is planning to launch similar telco-branded apps in Southeast Asia.

Postr initially created a B2C app of the same name and then teamed up with New Zealand’s Skinny Mobile to launch its first while-label app Skinny Collect. The startup claimed that collectively these apps have generated 60,000 downloads since their inceptions, converting “around 1.5 per cent of the entire New Zealand population.”

Also Read: New Zealand startup StretchSense & Japan’s StartToday announce partnership to create the IoT of clothes

Reinartz wrote that the startup’s development and sales team has grown from five staffs at the beginning of 2016 to 17 fulltime employees today, and the CEO himself had personally relocated to Singapore to support their expansion plans.

In Indonesia, Postr is going to compete with the likes of Cashtree, Popslide, and Excite Points.

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Image Credit: Postr

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Mandiri Capital Indonesia is eyeing startups dedicated to fintech innovations

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Disclosure: This video was produced by the e27 content marketing team, sponsored by MCI

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An open letter to ‘The One’

Unicorns are identified, and potential ones will splurge out in the near future or so. Does that mean the chances of catching their attention is lower? As more will be taken in the near future, will that give me a lower chance to be noticed by the imminent ones? Wait, what or who am I talking about again?

Dear ‘The One’,

I hope you get to know me better, and things will work out well for the both of us:

1. I’m only looking for a long-term relationship. If your intentions are not there, please save us the time, energy and emotional exhaustion. I hate excuses, empty promises, misguided information, pointless teasers and short-term bonds without much value for my future.
2. I know that you are aware of the fact that girls have it once a month, but if you’re not the closest to my heart, please wait for your feedback after every quarter. I don’t like too much attention and I need some space.
3. I like to know my options while I’m still not taken, and I socialise quite a bit to have an idea of my potentials. Please don’t restrict me or tell me whom I should or should not meet.
4. When we do have initial connection or chemistry, communication is key to moving forward or else I wouldn’t know how you feel.
5. When you initiate a conversation and I respond, please don’t take too long to reply as too many theories appear and I will over analyse or change my mind about how I feel.
6. I know that I’m not the only one that matters to you, because your life is contingent upon a holistic performance of everything that is dear or associated with you, but if you truly believe in my potential, please don’t drag me down or ask me to save a part of you that isn’t working out too well. Forcing synergies wouldn’t work out well.
7. I don’t like rushing into decisions, so sometimes I do need some space to think things through, especially when it involves my value and worth in my lifetime and how I would deal with myself during times when I’m down.
8. I value honesty, perseverance, loyalty and integrity. If you are taking the initiative to pursue me, please be mindful of what I strongly value. It will be difficult to regain my trust when you don’t respect what I value, for future events that might interest you.
9. Don’t assume that I will automatically get along with your “homies, hombres, cousins, wolf pack.” Sometimes we have egos and sometimes we are competitive like cats and dogs.
10. In a relationship, it’s about the process not just the end point. If you want to rush things, I will give you the exit immediately!
11. When you already have someone similar to me, don’t try to find ways to take advantage of me and conceal the fact that you are just fishing.
12. If during our time together, we find it more difficult to get along or help each other reach our full potential, please forgive me if I go on to find a new prospect to lead me.

Also Read: Funding Ask & Valuation 101 for founders

You thought we are talking about dating someone? Nope. Ain’t nobody got time for that. It is all about a startup’s relationship with potential and existing investors. Now, read again and refer to the list below:

1. Investment decision
2. Co-investors need to be less demanding.
3. Defensive investors asking to stay down low and not talk to anyone if they feel they beat you to a deal.
4. I will do the chasing and follow up, but please be sincere with your intentions.
5. Please don’t play games with me as I have a company to run.
6. Don’t drag me down if your other portfolio isn’t working out.
7. Don’t rush agreements and question too much about down round and how it would protect you but crush me.
8. If you sabotage me, I’ll be hurt and won’t keep you updated for future fundraising rounds.
9. Don’t assume that all your portfolio companies like each other or can work together and synergise
10. Don’t pressure me with exit plans; focus on growing the company together.
11. Be more ethical if you have already invested in competing deals. Don’t waste my time fishing for information without any intention of investing in me.
12. Raising a new round with a new lead investor

PS: This is a response piece to a random rant in 2014.

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The REAL author of this masterpiece is Christina from Travelio (once you read this, you will be magically bound to book a room with them). The accomplice: Victor Chua from Gobi Partners.

The views expressed here are of the author’s, and e27 may not necessarily subscribe to them. e27 invites members from Asia’s tech industry and startup community to share their honest opinions and expert knowledge with our readers. If you are interested in sharing your point of view, submit your post here.

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Jakarta-based Ekrut said that their clients include Tokopedia, Go-Jek, and Orami

Jakarta-based human resource technology platform Ekrut today announced that it has raised an undisclosed seed funding from East Ventures, which recently announced its fifth fund for Southeast Asian startups.

Launched in September 2016, Ekrut is a curated marketplace for employers and qualified talents. The platform automates headhunting processes that begin from making search requests, searching potential candidates, delivering talent profiles, and setting interviews, eliminating back and forth email with delayed responses.

In a press statement, CEO and Co-Founder Steven Suliawan stated that the platform is able to make headhunting process shorter.

“Traditionally, in headhunting the whole process until an offer is sent takes about eight weeks, depending on the headhunter. Using the right technology and marketplace model, offer letter delivery can be reduced to about four weeks,” he explains.

Also Read: Financial e-commerce platform Cermati raises US$1.9M Series A round led by East Ventures

The startup was founded by Suliawan, Ardo Gozal and Anthony Kusuma.

Suliawan was an Entrepreneur-in-Residence at East Ventures who used to run a loyalty-programme startup; he first saw the need for a platform like Ekrut during his past experiences. Gozal combined his past experiences as an owner of a toy marketplace startup and headhunter at Monroe Consulting, while Kusuma had experiences in digital marketing and product development from various companies and startups. Kusuma had also conducted some headhunting process with previous employers.

Ekrut claimed to have secured over 30 tech-based companies as clients, including Tokopedia, Go-Jek, and Orami. It also claimed to have curated more than 1,000 talents in its database and direct network, and have managed “strong revenue growth” at 100 per cent month-on-month.

East Ventures itself had previously invested in other human resource technology platforms such as Talenta.

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Image Credit: sifotography / 123RF Stock Photo

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Cocociti and Mickey Mouse have quite a bit in common. Photo credit: skyseeker.

Around five months ago, when co-founders and former secondary school classmates Jithin Raj and Dheeraj T realized their P2P lending startup wasn’t working out, they decided to pivot into the business of granting wishes.

They decided to pivot into the business of granting wishes.

Their then-rental-company Cocociti sprung out of the co-founders’ mutual love of collaboration – collaboration between people, and collaboration between people and their computers. Their problem was developing trust among their users.

“People were not willing to share products to a stranger,” Jithin, a former Tata Consultancy Services engineer, tells Tech in Asia. Unlike Airbnb, which offers Host Protection Insurance for up to US$1 million in 26 countries, Cocociti just didn’t have those kinds of resources.

They didn’t own any of the items being rented, either. “[That’s] not really P2P,” Jithin explains, pointing to companies like car rental business Zoomcar that own part or all of their inventory.

Three months later, he and Dheeraj ventured into the wish economy.

Here’s to the dreamers

Jithin Raj, co-founder and CEO of Cocociti. Photo credit: Cocociti.

Cocociti – a name created from the phrase “Collaborative Consumption of City and Citizens” – is a social network through which people can post their wishes and grant them through their connections. A glance at the site’s homepage shows wishes as concrete as an iPhone 7 and as abstract as “being a morning person.”

People are supposed to leverage their networks to help them reach their goals. For example, a person who wants an iPhone 7 can ask her networks if they know anyone selling a phone for a good price. Their networks can also help her start and keep on a saving plan so that she can get her hands on enough money to buy one from a store. A person struggling with an early morning alarm clock can join groups of early risers and get tips on easing into an up-with-the-sun lifestyle.

Cocociti will also offer suggestions to “add value” to a wish.

Cocociti will also offer suggestions to “add value” to a wish. If a person wants a bike, for example, the startup will offer rental suggestions as well as different payment or saving plans to help a user finance the two-wheeler.

Advertisement-based help offers may later may be introduced to help the startup monetize. Right now, though, they’re testing the waters – the new site hasn’t officially launched but is open for use.

The site features a login process much like Facebook. A built-in wallet is connected when you connect your mobile number to your profile. That helps with “Coin Wishes,” or wishes that earn you money per like you get on your profile – about US$0.01 per like, with a maximum payout for 50 likes.

For those 50 likes, Jithin explains, you’d need at least 50 followers, something that he hopes will bring in more sign-ups. The money acts “like real cash in the bank account, no bullshitting.”

Active wishing

Dheeraj T, co-founder and CTO of Cocociti. Photo credit: Cocociti.

I decided to test my own wishes against the site. In two minutes, I’d created my account and faced a list of popular wishes Cocociti suggested for me, including paragliding, hiking Kilamanjaro, and trying sushi. I added taking a solo trip and getting a little more sleep to my list. Then, I added an original wish – to exercise four times a week – and added that to my wishlist, along with a required picture. In return, I received US$0.01 as part of a first-time wisher gift (I received US$0.03 for signing up). Then, I added a couple of suggestions from the list of “like-minded people” Cocociti offered to me and set to work liking some of their wishes – to earn them some cash.

The process, overall, was pretty lonely. No one I knew was on the platform, yet, so I messaged a few using the network’s “invite” option. However, I got a rush of productivity and accomplishment from listing my wishes and New Year’s resolutions, then seeing them artfully arranged on my page, like a checklist.

The process, overall, was pretty lonely. However, I got a rush of productivity.

There are plenty of social networks out there currently, something that Jithin acknowledges. But while our Facebook and Instagram posts deal with things that are happening to us at that moment or some point in the past, there isn’t really a network that focuses on the future. Users can list their goals on Fitspiration accounts or post about their dream house on Pinterest, but Jithin wants to help people make those futures a reality.

The sheer success and breadth of social networks like Facebook and Instagram have made it hard for smaller social networks to break in. However, startups that deal with users’ To Do lists – and give them the resources to check off those tasks – have been popping up. Haptik uses an AI chatbot that acts like a personal assistant and organizes a person’s daily tasks and resources, like scheduling and placing orders. A motivational progress bar motivates people to complete their tasks. Hyperlocal dunzo uses a hyperlocal team that knows the ins and outs of Bangalore to get people what they need quickly.

Can a similar service work for crowdsourcing longer-term goals? Jithin and Dheeraj, the two-person team holding the startup together, think so. Jithin’s official title within the company is “Hustler,” in charge of business operations and the company’s vision. Dheeraj, the “Hacker,” handles all of the tech. The co-founders, who found themselves in debate competitions in school, found common ground and a mutual love of the same social causes. The move to wish-granting has brought their company back to its mission and roots in collaboration – and their faith in people to make that happen for others around them.

Converted from Indian rupees. US$1 = INR 68.10

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Did you know that Grab started life in a tiny storeroom? The ride-hailing app’s pioneering employees share tales of grit, guts and pure perseverance

If you want the lowdown on a company, who better to ask than people who’ve been there since Day One?

That’s what Grab did when we got our pioneering employees to share the secrets of how we got to where we are today.

The result? Tales of grit, guts and pure perseverance. Read on for career #inspo!

Short history lesson: Grab started life as MyTeksi in 2012. From its initial base in Malaysia, the ride-hailing app expanded to Singapore, Philippines, Indonesia, Thailand, and Vietnam.

1. Being small pushes you to give your all

“Grab’s first office in Malaysia was… in a guard house. We later ‘upgraded’ to a storeroom in the Renault car showroom in Petaling Jaya. I had a plastic foldable table and a stack of boxes as a chair! To save on business trips, we took cheap midnight flights and even shared beds with colleagues. Some of us had our share of enduring snores and being mistakenly hugged at night. But being small, we had grit… and hunger.

“We used to take take 1 a.m. flights to Manila and fan out to approach taxi drivers the moment we touched down. I remember how [CEO] Anthony Tan asked me to develop a plan to launch GrabTaxi in Indonesia one night at 10:30 p.m. I submitted a proposal eight hours later, and flew to Jakarta the next day to start hiring and finding an office space. We launched the service within six weeks.” – Hong Eu Gene, deputy country manager, Grab Indonesia 

2. Grab opportunities

“I joined Grab after working for nine years at a management consulting firm. I was comfortable, doing well, and had a good shot of being made a partner of the firm. I had my first interview with Grab on a Saturday, got a job offer on Wednesday … and resigned the following Monday! I was really scared. For the first few months I asked myself what I had gotten myself into. But the opportunity to build a company from scratch doesn’t come often.

“My advice: Recognise when opportunities come your way. When the stars are aligned, don’t be afraid to take the plunge. After all, the more you fail, the faster you succeed.” – Lim Kell Jay, country head, Grab Singapore  

3. If you don’t understand it, you can’t build it

“Before building our app, we made regular visits to a taxi booking centre in Kuala Lumpur to understand their processes. In fact, one of my teammates worked there for 6 months. We learnt how commuters would phone in and wait to be matched to a driver … sometimes, for as long as 30 minutes. That experience really helped us live and breathe the product.” – Aaron Gill, head of business solutions, Grab

4. Play with those who challenge you

“At the start, established businesses told us: ‘I give you five months. You will go bankrupt. There is no way you can fight us.’ Over the years, we faced stiff competition from rival ride-hailing apps, some of whom were bigger. It was like a David and Goliath situation. But remember you will always gain from facing a Goliath – you’ll gain maturity, learn something new about yourself and push yourself to get ahead.

“The key is to compete on the basis of your strengths. For instance, some of our rivals had more funds than we did. So we looked beyond money and instead focused on building a relationship with our Grab drivers. Happy drivers will result in happy passengers.” – Adelene Foo, regional head of 2-wheels, Grab   

 5. Don’t just problem-solve with your head – but with your heart

“One challenge in the Philippines was that not all drivers owned smartphones. We got around this by calling up drivers and manually matching them to passengers. At the same time, we delivered smartphones to them so they could start using our app. We also gave our drivers bags of rice and canned food as incentives – small gestures that they really appreciated. Seeing them happy touched my heart.” – Rose Perea, customer support supervisor, Grab Philippines 

6. Face time matters – and not the kind on your phone

“We faced rival ride-hailing apps during our early days in Singapore. At the time, [CEO] Anthony Tan used to tell me, ‘Bro, there’s no second place in the war!’ To build a bond with taxi drivers, my team visited Changi airport and Lavender foodcourt at 3 a.m. to introduce them to Grab. I spent weekends attending their weddings, kids’ birthday parties, visiting them in the hospital … and grabbed coffee with them every Wednesday. That’s how we gained their trust and support. Once we dominated the supply of taxis, our rivals didn’t stand a chance.” – Desmond Ng, head of partner quality, Grab Singapore  

 7. Sometimes, you have to go all-in

“It was a gamble to launch a private hire car service in Thailand. The project could have failed. When I asked my team of three people if they understood what they were getting into, their response was that the only risk they could not take was delaying the launch and being beaten by the competition. That same night we went to Ikea and used our own money to buy furniture for our empty office.” – Vichakorn Varavarn Na Ayudhaya, head of new verticals, Grab Thailand 

8. Great colleagues never say “That’s not my job”

“One Christmas eve, the Vietnamese marketing team had to wrap hundreds of gifts for an event. By 5 p.m., everyone was exhausted. That was when our operations team came by to offer assistance. We knew most of them wanted to go home for Christmas, but they gave ‘excuses’ like how traffic was bad, so they might as well stay to help! We completed everything by 8 p.m. and had time for a mini celebration in the office. It taught me that sometimes you can’t do everything yourself. So, share your load with a team you love.” – Dao Tung Duan, manager, digital marketing, Grab Vietnam

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By Cheryl Goh

This article is also available on Grab’s blog.

The views expressed here are of the author’s, and e27 may not necessarily subscribe to them. e27 invites members from Asia’s tech industry and startup community to share their honest opinions and expert knowledge with our readers. If you are interested in sharing your point of view, submit your post here.

Featured Image Copyright: blasbike / 123RF Stock Photo

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Understanding its role as a data intermediary under the Personal Data Protection Act (PDPA), IPTECH describes itself only as strong as its weakest link

IPTECH treats all data collected as personal data and takes efforts to fulfill its role as data intermediary

Local information technology (IT) service provider IP Technology Solutions (IPTECH) describes itself as “the last mile” in the communications chain between its clients – the majority of which are from the MICE (meetings, incentives, conferences and exhibitions) industry – and their target audiences. An SME with 10 employees, IPTECH provides technology solutions for event registration and such, helps clients to process over half a million records a year.

Due to the sheer volume of data collected, it is often difficult for IPTECH to differentiate between business contact information and personal data.

“We need to treat all data collected as personal data. As our role is that of a data intermediary, under the PDPA, we are bound by the Protection and Retention Limitation obligations,” explains Mr Rocky Chia, IPTECH’s director and data protection officer.

Also read: Dear app developers in Singapore, don’t forget the PDPA

IPTECH makes it a point to advise clients on security features to bolster collection of personal data on their websites, such as using Secure Socket Layer (SSL) certificates which allow secure connections between a web server and a browser and including Captcha codes in online forms.

Before the PDPA came into full effect in 2014, IPTECH focused on server and application security, and only had basic password policies in place. However, Mr Chia says the company’s data protection policies have since improved.

For example, clients used to be able to access their event data and documents using a single identity input and password. Now, systems have been enhanced to a two-factor authentication (2FA) process with audit logging by IPTECH. This means that in order to access the data, clients have to provide two different types of credentials or identification.

Where previously there was no retention limitation policy, now IPTECH has also made it mandatory to retain personal data only for specific periods.

Challenges

IPTECH processes more than half a million records a year on behalf of its clients, which means that it plays a crucial role in ensuring that both the company and its clients are compliant with the PDPA. Maintaining continued compliance is its biggest challenge since technology is always evolving.

 

Strengthening the weak links

IPTECH manages its online infrastructure and development work from its main office and is only as strong as its weakest link, according to Mr Chia. To ensure that its servers are not compromised as a result of work done at its office, IPTECH implemented changes across multiple aspects, including tighter physical security with closed-circuit cameras, replacing access cards for employees every quarter, and documenting security policies relating to refreshing personal identification numbers (PINs) as well as restricting employees to handle personal data for clients only within IPTECH’s premises.

Another enhancement that IPTECH made to its processes was to tighten server settings and strengthen its online infrastructure. This includes server hardening and locking down redundant ports, periodic Penetration Testing (PT) and Vulnerability Assessments (VA), and security patch management. Mr Chia explains that the latter is not always as straightforward as it appears to be.

Also read: Travel agency goes the extra mile to protect personal data

Patch management involves more than scheduled updating of the latest security release. He elaborates that it is also necessary to conduct tests to ensure that the server continues to function after a new security patch is installed. This is one important service that IPTECH provides as part of its maintenance of clients’ IT systems.

Another adjustment that IPTECH made to its processes was in relation to file retention. Prior to the implementation of the PDPA, IPTECH retained information generated by its clients, whether for an event or as part of a campaign, in some instances indefinitely or for as long as clients requested. It has since limited the retention period. In the case of an event, for example, IPTECH’s systems will automatically purge all related files two weeks after the end of each event, and back-up files are manually purged by its employee.

 

STEPS TAKEN

– Regular testing of servers and systems

– Data disposal policies that encompass destroying paper documents properly, automatic purging of digital data and manual purging of back-up files

– Tighter server settings including the locking of redundant ports

– Timely update of security patches

This saved one of IPTECH’s clients from considerable embarrassment when an employee from the client’s side mistakenly triggered an email to be sent to some 20,000 attendees long after the event had ended. The email blast was prevented because there were no email addresses to send it to.

Also read: Why startups must prioritise web security before it’s too late

“We also have a ‘use it and delete it’ policy in place,” Mr Chia adds. “Clients often send us hardcopy Excel spreadsheets of customer information. That is a paper trail right there, so we input the relevant information to our system and destroy the paper documents.”

“Our clients depend on us to help them comply with the PDPA… any breach on our side would be detrimental to both ourselves and our clients,” says Mr Chia.

 

BENEFITS

– Increased client confidence in IPTECH’s services

– Reduced risks of accidental exposure of personal data

– Employees understand their obligations over the data collected and how to protect it

Investing in compliance

To date, IPTECH has invested about $30,000 in business and man-hour costs to ensure its servers and applications are PDPA-compliant. Costs attributed to external vendors include tests such as PT and VA, and in-house outlay includes internal audits, research and development.

Mr Chia regards such expenditure as investment because the data protection processes ultimately help IPTECH to preserve the integrity of its core business. Benefits include clients having more confidence in IPTECH’s services, and employees having a better understanding of the data they collect and protect, leading to heightened vigilance.

In addition, Mr Chia sees PDPA compliance as an ongoing effort and insists on reminding and updating employees regularly on the company’s data protection policies. Such discussions usually take place during their fortnightly project meetings.

He explains, “We have to be in the know in order to handle new threats so as to ensure continued compliance. We do this by keeping up to date with new technologies and new technological threats. At the end of the day, the PDPA is a good wake-up call to always be vigilant.”

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Disclosure: This article is sponsored by PDPC and first appeared in PDPC website Press Room

Feature image credit: PDPC

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In the first episode syndicated on e27, the one and only Gary Vaynerchuk breaks down the state of entrepreneurship

Get ready to hear some gold.

It might have been episode four, but Jay Kim, the host of Asia’s newest entrepreneurship podcast (called The Jay Kim Show), may have stumbled into his new catch phrase.

The Hong Kong-based self-described investor, author and fitness entrepreneur is bringin’ it with an awesome guest list in the coming months and e27 will be syndicating the episodes over the coming months.

Kim dropped the first five episodes Netflix-style, and most of them are interviews with Asian entrepreneurs talking about Asia’s issues.

Also Read: 7 Asian startups putting the spotlight on agriculture

However, when a new podcast gets an opportunity to interview the one-and-only Gary Vaynerchuk, the hosts and producer jump on the opportunity.

So sit back, relax (or go for a jog) and listen to a wide-ranging interview with Vaynerchuk covering various topics.

Show notes are below.

• (2:20) Why Gary is so excited about Asia
• (4:10) How Gary’s parents built their American dream
• (4:22) Entrepreneurial beginnings with lemonade stands and baseball cards
• (8:25) How a single episode in the early days of Wine Library TV put Gary on the map
• (11:00) How to find the right balance between balance family life and business
• (14:00) Gary’s secret fitness accelerator that he runs in house
• (14:50) What is the current state of entrepreneurship right now and will they be a day of reckoning for people selling get rich quick schemes online
• (18:30) Where Gary thinks the attention be in 2017
• (18:45) Gary’s views on WeChat
• (21:25) The building block that Gary will use for his global expansion
• (23:00) The single most important trait to becoming a successful entrepreneur

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What sectors are hot, and which are not?

“How much do I need to dilute while raising an angel round?”

“Will investors agree to this?”

“Is it too low, or am I diluting more than required?”

We get a lot of questions along these lines and thought it’s time to share insights around fundraising and valuations.

To make it easy to digest, in this post, we split the data into two categories.

• First, we look at the funding ask and valuation numbers of the three hot sectors (based on the number of deals done).
• Then we follow up with a macro view of what is happening in the angel fundraising ecosystem.

Angel fundraising ecosystem = ask in the range of INR 1 Cr to 9 Cr (US$146,700 to US$ 1.32 million).

The  Data in consideration here includes a sample size of 650+:

1. Startups who applied for fundraising on LetsVenture in Q2, FY 16-17
2. Funded ventures in Q2, FY 16-17 on LetsVenture and publicly available information

If you are not a Fintech, Healthcare or Enterprise Software, you may want to jump to the second part of the post from here.

A. Valuation and Ask range for 3 hot sectors

The last quarter saw funding across 20 sectors out of which Healthcare, Fintech and Enterprise Software emerged as the hottest ones. #YouKnewThatAlready

So, we went a step further and looked at the range of valuation and funding ask of the companies who demanded investment (demand) and who were funded (supply).

1. Fintech

Fintech was on fire with respect to ‘the startups looking to raise funds’ and ‘startups who successfully raised funds’. The company types were spread across Mobile payments, Trading, SME/Enterprise Payments, Personal Finance and Lending.

Founders looked to raise between INR 0.3 Cr to 13.4 Cr (US$44,000 to US$1.96 million) and valued themselves from INR 2.7 Cr to INR 40.2 Cr (US$396,000 to US$5.89 million). We saw around 4-5 fintech ventures raising funds in the second quarter of the current financial year. The funded companies have raised funds in the range of INR 2.1-2.8 Cr (US$308,000 to US$410,000) and were valued between INR 11.9 Cr to as high as INR 67.9 Cr (US$1.75 million to US$9.96 million).

Fintech founders that looked to  raise funds dilute their startups about 10 to 25 per cent while the successfully funded ones diluted 4 to 15 per cent of their respective companies. If you’re a fintech founder reading this, you might want to review your fundraise numbers once. 🙂

2. Healthcare

We saw a large growth in the number of fundraising startups and successfully funded startups in the market. Healthcare saw 3 to 4 ventures getting funded in July to September of this year. The ventures willing to raise funds were majorly spread across Healthtech, Healthcare Services, Health & Wellness, Manufacturing, Home care and Healthcare IoT.

Founders looked to raise between INR 0.3 to 6 Cr (US$44,000 to US$880,000) and valued themselves at INR 1.7 to 57 Cr (US$249,000 to US$8.36 million). The market funded companies in the range of INR 0.7 to 2.8 Cr (US$102,700 to US$411,000) while the investors in healthcare were comfy with valuations ranging from INR 9.8 to 24.5 Cr (US$1.44 million to US$3.59 million). Quite similar to fintech, #trend anyone?

Healthcare founders were willing to dilute 9.5 to 15 per cent of their company, while the market is offered 6.67 to 10.25 per cent. Healthcare founders, looking to redo your valuations?

3. Enterprise Software

Looking at the inbound number of fundraising startups, investor interest and ventures getting funded, it can be concluded that Enterprise Software is definitely an #Emerging sector. The success of companies such as Freshdesk, ZOHO etc., has really given a boost to the entire sector. For those who are not aware about this sector, Enterprise Software companies make products (in form of SaaS, PaaS, IaaS, DaaS etc.) for companies, both SMEs and Enterprises. For most part, we see companies in Cloud, Security, Customer Support/Engagement, Retail Tech, Health/Education Tech, Big Data, BPOs and Accounting.

Enterprise Software founders looked to raise between INR 0.25 to 5.36 Cr (US$36,700 to US$786,000) and valued themselves at INR 1 to 25.5 Cr (US$146,700 to US$2.27 million). On the flipside, startups raised between INR 3.08 to 6.02 Cr (US$452,000 to US$883,000) and were valued between INR 14.7 to 21.7 Cr (US$2.16 million to US$3.18 million). This meant founders were willing dilute between 17.3 to 20 per cent and successful fundraises happened between 18.1 to 21.7 per cent. Fairly balanced!

Moving on, let’s look at the fundraising ask and valuation numbers for ALL the funded sectors:

B. Valuation and ask of fundraising and funded startups

1. Demand vs supply of fundraising ask

We looked at funded sectors in the angel funding ecosystem and plotted the funding ask of fundraising startups and the actual amount raised by the #funded startups.

• Funding Legend: red – supply (i.e., funding available), blue – demand (i.e., funding asked)

Key takeaways:

• The market supplied more money than demanded to Travel & Tourism, Internet of Things, Retail, Enterprise Software, Events, Media & Entertainment, E-commerce, and Rental.
• The market doesn’t agree with funding demand for Food & Beverages (#duh), Augmented Reality/Virtual Reality, Healthcare, Fintech, and Artificial Intelligence;
• Computer Vision, Fashion and Dating are well balanced on the demand and supply.

2. Demand vs. supply of valuation: sector wise

Next, we looked at the valuation numbers for all the funded sectors and plotted that in the graph below.

Valuation Legend: red – supply (i.e., valuation finalized), blue – demand (i.e., valuation asked)

Key takeaways:

• The market is valued higher than the ask for Travel & Tourism #surprising, Computer Vision, Internet of Things, Enterprise Software, Healthcare, Fintech, Media & Entertainment.
• The market doesn’t agree with demand for Fashion, Augmented Reality/Virtual Reality, Events, E-commerce and Rental;

Food & Beverages, Retail, Artificial Intelligence and Dating match well on the demand and supply.

Wrapping things up, a few observations for the sectors we’ve discussed:

• Travel and Tourism, Internet of Things and Enterprise Software are market #hotties.
• The future of Computer Vision is looking up.
• The market sentiment has turned negative for Food & Beverages but we can still see funding in Food RnD and Packaged FnB.
• Retail and Healthcare are still hot in the market, but that means expect tougher competition.
• Augmented Reality/Virtual Reality is an emerging sector.
• Fintech is probably the hottest sector in the market at present.
• E-commerce and Rental are still seeing a lot of funding but after compromises on the valuation.

If you’re interested we’ve attached an appendix for part 1 below:

a. Fundraising Ask (In INR Cr)

b. Valuation of the round (In INR Cr)

Hope you find this useful. If you missed our Introduction post on the 5 Big Questions we’ll be sharing data insights on, you can click here to check it out.

Stay tuned and let us know if you have any questions, reach us at startups@letsventure.com.

Happy Fundraising — you got this!

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This article originally appeared on the Let’s Venture blog and was republished with permission.

The views expressed here are of the author’s, and e27 may not necessarily subscribe to them. e27 invites members from Asia’s tech industry and startup community to share their honest opinions and expert knowledge with our readers. If you are interested in sharing your point of view, submit your post here.

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