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To serve coffee drinkers, countless small coffee shops sell products similar to Kopi Kenangan’s in Indonesia. China, meanwhile, has a tea-drinking culture. Its per capita coffee consumption is low by Asian standards, and it’s not a major coffee producer either; although, it’s starting to produce more. Luckin took a chance on an emerging trend in … Read more
Through 2016 and 2017, Gojek systematically built out its fintech stack with strategic acquisitions. Its first move was to take over MVCommerce, a relatively small player which held an e-payments license. This proved a valuable investment because e-payments licences became increasingly difficult to get in Indonesia as the country’s central bank throttled the issuing of … Read more
The deal takes its current investment round to more than US$3 billion, according to a company statement. (Gojek previously disclosed a US$1 billion investment in February 2019, and a US$1.2 billion addition to that round in March 2020.) Gojek gets an easy edge over its biggest competitor in the region—Grab. Grab’s largest financier, SoftBank—which has … Read more
In some cases, OJK has appeared toothless in spotting and preventing fraud at the companies it’s supposed to oversee. Late last year, a scandal at Indonesia’s largest state insurer, Jiwasraya, unfolded right under the watchdog’s nose. Still, some investors continue to back Akulaku. Earlier this year, it signed credit line deals with Singapore-headquartered OCBC Bank … Read more
According to them double-digit default rates are the norm at the moment. Ovo, a mobile wallet co-owned by Grab and Tokopedia that also offers a variety of loans to its users, states an 18.35% default rate on consumer loans in a document seen by us. In fact, Akulaku used to have an unsophisticated risk assessment … Read more
In Indonesia, there are additional signs that Akulaku is in a cash crunch. Its staff is only getting 20% of the Eid bonus, said a former employee, with the remaining promised by Christmas. Several employees have been tasked with chasing deposits for Bank Yudha Bhakti, in which Akulaku owns a significant stake, the person added. … Read more
However, to its credit, UFC, which has been around since 1993, painstakingly promoted the concept of MMA as a veritable sport and not just a bloody spectacle. In contrast, ONE launched at a time when the MMA promotion model had largely been figured out. To that end, it had the opportunity to take the best … Read more
Riot Games was founded in 2006, released its flagship product, the multiplayer online battle arena game League of Legends, in 2009, and hit an estimated 100M monthly players in 2016 Game development, though, is only a part of ONE’s tech ambitions. The company also had an OTT dream, which seems dead in the water. When … Read more
As per former staff who spoke to us, ONE has struggled over the years to land MMA sponsorships and fill event venues with paying patrons. The company allegedly resorted to various tactics to try and mask the low turnout of its events—including giving away tickets for free in order to bill events as “sold out”. … Read more
Like social media, online dating is a network effects business, where bigger platforms tend to perform significantly better,” he told us. Perhaps, in some ways, Paktor was baggage. It meant “mindshare” between streaming and dating for Phua, and, therefore, was a “distraction”, said Infinity Ventures’ Huang. “It’s a great business. It’s just that for investors … Read more