💊 This is Not MLM, This is DTC

Happy Monday, folks.

This is micro digest, we are the Coldplay of SEA tech newsletter. We fix you a bowl of all the most important tech news in Southeast Asia.

Here’s what we got for you:

• 🌊 The SEA - ORA - The healthcare DTC group that is changing how people approach healthcare in SEA

• ⛵ SEAppets - Gojek partnered with Dat Bike to pilot the use of electric motorbikes for transportation, logistics and food delivery

• 💰 SEA Deals

• 🖼️ AI Image of the day

• 🐣 Tweet of the day

Markets 📈

The SEA 🌊

DTC refers to selling products directly to customers, bypassing all the retailers and middlemen. DTC brands normally sell niche products online and these brands are now disrupting multibillion-dollar industries.

Just like how Dollar Shave Club did with razors. Casper did with mattresses. And Warby Parker did with glasses.

Today I’m talking about a Singaporean startup that is disrupting another multibillion-dollar industry - ORA

🤷‍♂️ Who is ORA?

• Founded in 2020 by former CMO Elias Pour, ORA is a vertically-integrated telehealth platform in Southeast Asia

• It has an end-to-end model, which means it covers consultations, pharmacy, medication delivery and post-purchase care

💊 How it works?

• ORA currently operates three brands:

• Modules - Online dermatology consultations and prescription skincare 

• andSons - Men healthcare products

• OVA - Female reproductive healthcare products

• ORA monetizes with subscriptions, with subscriptions accounting for more than 70% of its revenue

📦 Subscription

• There are 3 types of subscriptions:

• Subscription for replenishment: Commodity items like coffee beans, toothpaste, and razors. You help save time and money for consumers

• Subscription for curation: A curated selection of personalized items like apparel and snacks. Consumers get separated from the paradox of choices and also the wow factor from product variety

• Subscription for access: Access to members' only perks like special discounts. Consumers gain exclusive access

• ORA is definitely in the subscription for replenishment camp

💰 Funding

• The startup has recently raised USD 10 million in Series A funding from TNB Aura, Antler, Gobi Partners, Kairous Capital and GMA Ventures, bringing total funding to date above USD 17 million

• The startup is looking to expand into new territories with its brands and will arrive in 1300 tier-one stores later this year

• ORA also has plans to expand into the Gulf Cooperation Council (GCC)

SEAppets ⛵

1. Gojek, an Indonesian mobile multi-service platform, has partnered with Dat Bike, a Vietnam-based electric vehicle start-up, to pilot the use of electric motorbikes for transportation, logistics and food delivery. This makes Gojek the first platform to offer electric mobility services to users in Vietnam. Dat Bike will provide Gojek driver-partners with access to their Weaver++ motorbikes, and their drivers can benefit from fuel cost savings, reduced carbon emissions and fast charging capabilities. This partnership is part of Dat Bike's ambition to convert all gasoline motorbikes to electric in Vietnam and Southeast Asia.

2. Singapore-based super app Grab is on track to break even by the fourth quarter after its losses narrowed in the first quarter. Revenue grew 130% year-on-year while the group's adjusted losses before interest, taxes, depreciation, and amortization (EBITDA) were improved by 77%. The firm is confident to achieve group-adjusted EBITDA breakeven in the fourth quarter of this year.

3. VNGGames, a game publisher from Vietnam, has opened a new office in Taipei with thirty-five employees as part of its international expansion. The firm plans to publish 41 games in various markets and invest in studio games, while leveraging regional resources to establish itself as a game publisher. The firm is committed to the market and the team, and the talent in Taipei is a contributing factor. They have already launched Gunny Origin in 2022, and aim to be a top-tier game publisher in the Taipei market.

4. VinFast, a member of Vingroup, has announced its intention to expand into the Southeast Asia electric mobility market with its full range of EVs. They are showcasing their three electric vehicle models and offer test drives to visitors. Additionally, they are introducing right-hand drive EVs to the market and actively seeking new partners to promote sustainable mobility solutions in the region. The company is targeting customers with the aim of providing ASEAN countries with smart and safe mobility solutions.

SEA Deals 💰

1. PrimeMovers Equity and Lingotto Investment Management have partnered together to acquire a majority stake in Malaysian company EngTek Group, valuing the company at around USD 112 million. The existing senior management team will retain a meaningful minority stake and the company's CEO and chairman, Teh Yong Khoon, will continue his roles. PrimeMovers Equity and Lingotto plan to support EngTek's growth by providing capital and resources and aim to leverage Southeast Asia's importance in the global supply chain.

2. XTEND, an Israel-based autonomous operating system developer, has acquired Performance Rotors, a Singapore-based drone inspection specialist. This will allow XTEND to offer human-guided, remote interactive operations in a range of inspection scenarios, and grow its global business. Chartered Group, which led the acquisition, is an innovative global private equity firm. In addition, XTEND has been awarded multiple contracts with the US Department of Defense and MAFAT, the Israeli Ministry of Defense's Research & Development Directorate, to modernize their use of drone technology.

3. Bolttech, a Singapore-based insurtech firm, has raised USD 196 million in its Series B with an up-round valuation of USD 1.6 billion. This round was led by Japanese insurance firm Tokio Marine, with other key investors such as MetLife, Khazanah Nasional, and existing and new shareholders. The funds will be used to invest in its technology, digital capabilities, and talent, as well as explore inorganic opportunities to accelerate international growth.

4. EQuest Education Group, a Vietnamese edtech firm, successfully raised USD 120 million to invest in the Canadian International School System in Ho Chi Minh City and expand their College & University system, particularly Broward College Vietnam campuses in Hanoi, Hue, and Ho Chi Minh City. They will use these funds to enhance facilities, hire world-class sports coaches, and attract the best teachers. Additionally, Đàm Bích Thuỷ, former CEO of ANZ Bank in Vietnam, was appointed as an independent board member. These changes will provide more students with a world-class, affordable education.

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AI Images of The Day 🖼️

Visual representation of different drugs.

Tweet of The Day 🐣

I used to think that life was all about taking big risks, going all out and taking big swings but then I met some retired people and realized that having a stable 9-5 job isn’t as miserable as people perceive it to be.

Let’s say you love what you’re doing, what you’re doing is meaningful and making an impact on society; you have a beautiful family where you get to spend time with them; you’re making enough, not a lot but enough, then I don’t see why working 40 hours a week is a bad thing.

That’s a wrap for today. See you all tomorrow! 👋

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