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500 Southeast Asia

Durians Daily #309: Laka now provides rider cover for commercial companies; Grab Singapore commits to full hybrid & electric fleets by 2030; Carsome mulls M&A deals, double ahead of its closest competitor

Credit: Photo by Brett Jordan on Unsplash

Going the extra mile

  • 500-backed bicycle insurance startup Laka announced it is now providing custom commercial rider cover for last-mile delivery companies.
  • Its commercial clients include recruitment firm Randstad, transportation company EAV, and delivery service Urb-It.
  • Laka’s statement said, “Laka is now uniquely positioned in being able to provide a comprehensive, versatile commercial insurance model (covering e-cargo bikes, delivery riders, electric-assisted vehicles, and cycles), for all manner of commercial companies, both in the UK and across Europe.”
  • According to the article, sales of bicycles are expected to jump by up to 60% in the UK over the next year, boosted by various initiatives at local and national levels to reduce carbon emissions and congestion.
  • Read the full story on BikeBiz here.
Credit: Grab

Goals for good

  • 500-backed super app Grab Singapore announced its 2030 Transport Sustainability Goal, where it has committed to operating its fleets on cleaner energy by 2030.
  • One of its first steps is the JustGrab Green pilot, a new transport type comprising of electric or hybrid vehicles. Carbon emissions can be reduced by an estimated 55% compared to a vehicle running on petrol.
  • The startup also rolled out the Green Programme, where passengers can opt to turn on the feature and pay a nominal ~US$0.07 when they book any ride. To encourage consumers to participate in this initiative, Grab will match the contribution for up to three million rides. The full contribution will go into carbon offset and solarization projects in Singapore and the region.
  • In addition, Grab will also be expanding its electric and hybrid vehicle fleet through its rental arm, GrabRentals.
  • Read the full announcement on Grab here.
Credit: The Malaysian Reserve

Ramping up growth

  • According to the Malaysian Reserve, 500-backed used car trading startup Carsome is working on several major mergers and acquisitions (M&A) to strengthen its position in the regional car e-commerce marketplace.
  • Last month, the startup made a strategic investment in a Jakarta-based offline car and motorcycle auction company.
  • CEO Eric Cheng revealed that Carsome is closing several major M&A transactions, which he will announce in due course.
  • “As of June 2021, we are transacting an annualized 100,000 cars per month with a transaction volume of over US$800 million, more than double ahead of our closest competitor,” he added.
  • Read the full article here.

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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 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.

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.

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500 Southeast Asia

500 Southeast Asia

500 Southeast Asia is an early-stage VC firm; The company has backed over 250 companies across multiple sectors from internet to consumer to deep technology.