Durians Daily #182: This week’s top stories feat. Carsome and Fave on how the pandemic changed consumer behavior
- This week, favorite stories centered on interesting trends and insights from 500-backed startups Carsome and Fave. Here’s a recap:
- A survey conducted by used car trading platform Carsome among thousands of consumers revealed Southeast Asians are rethinking their finances, with intentions of buying and selling cars rising amid the pandemic.
- The most common reasons attributed to the car-selling intentions are to dispose of old cars and to get more cash on hand.
- However, most of those who want to buy cars plan to do so only in the next 7–12 months. According to the survey results, the main reasons for waiting are to save up or gain more stability in income to increase their confidence in their purchasing power.
- More insights from the full story here.
The takeaway of eating in
- A little bit of support does indeed go a long way. When many offline restaurants suffered during the first lockdown in Malaysia in March 2020, Fave stepped up to help them go digital.
- The startup also launched ‘Save Our Fave’, a campaign that allows consumers to save their favorite restaurants by buying eCards containing varying amounts of extra credit on top of the original amount paid.
- Serendipitously, the startup’s quest to help others led to a happy ending for itself.
- Read the full story here.
Other stories you may have missed:
Missed out the last Durians Daily? Go here to check it out.
500 Startups is a venture capital firm on a mission to discover and back the world’s 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 Durians family of funds. The 500 Durians funds have backed over 200 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.
This post is intended solely for general informational or educational purposes only. 500 Startups Management Company, L.L.C. and its affiliates (collectively “500 Startups”) 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’ markets, competitors, performance, and fundraising has been provided by those companies’ 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.