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Kredivo Closes up to US$100m Warehouse Financing Facility with Victory…

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We look forward to our partnership with Kredivo. The company presents a unique combination of growth, scale, risk management and financial inclusion in one of the most exciting emerging markets in the world.

Kredivo, the leading digital credit platform for retail borrowers across Indonesia, and Victory Park Capital Advisors, LLC (“VPC”), a leading private credit specialist headquartered in Chicago, announced today the closing of a committed debt facility of up to US$100 million to fund consumer loans for Kredivo’s borrowers in Indonesia. The deal marks major milestones for both firms: for Kredivo, it is the largest deal in its history with a credit provider and also represents one of the largest ever credit lines secured by any digital credit platform in the region; for VPC, this represents their first transaction in Southeast Asia and Indonesia overall.

The transaction, which closed in the previous quarter, will further propel the tremendous momentum that Kredivo has enjoyed to date, with strong growth and risk metrics, even in this year’s challenging macro environment. Kredivo will use the funds to grow and further diversify the funding of its loan book, all of which is 3rd party generated.

Commenting on the closure, Umang Rustagi, co-founder of Kredivo, said, “The large capital pool made available via this facility will enable the business to scale even further and get us closer to our goal of serving up to 10m customers in Indonesia over the next few years. We believe that the size and complexity of this facility represents major breakthroughs for Indonesia’s tech and fintech ecosystem. The entire Kredivo team is extremely pleased to have sealed a partnership with VPC, a renowned and sophisticated credit provider active in our space globally.”

Gordon Watson, partner at VPC, said, “We look forward to our partnership with Kredivo. The company presents a unique combination of growth, scale, risk management and financial inclusion in one of the most exciting emerging markets in the world. We are very pleased to anchor our first investment in this region with a business of this caliber and one that is deeply passionate about enabling low-cost access to credit to the mass market.”

The transaction represents a major milestone for the digital credit ecosystem in Indonesia (and Southeast Asia). With less than 3% of its population in possession of a credit card, and banks historically cautious about providing unsecured credit to the mass market, digital credit providers such as Kredivo have been making efforts to fill the gap. While the unsecured credit industry is primarily fueled by peer-to-peer lending models, the transaction between Kredivo, which operates as a multi-finance company, and VPC represents a significant departure from the norm, and a sign of the growing institutional credibility of emerging fintech players.

About Kredivo

Kredivo is the leading digital credit platform in Indonesia that gives customers instant credit financing for ecommerce and offline purchases, and personal loans, based on real-time decisioning. Kredivo users can buy now and pay later with one of the lowest interest rates amongst digital credit providers in the country. Kredivo’s merchant partners benefit from instant point-of-sale financing, powered by its unique 2-click checkout. Kredivo is operated by FinAccel, a Singapore headquartered financial technology company backed by leading investors such as Mirae Asset, Naver, Square Peg Capital, MDI Ventures and Jungle Ventures, among others. Kredivo is supervised by OJK’s multi-finance division in Indonesia. To know more about FinAccel and Kredivo, visit http://www.finaccel.co and http://www.kredivo.com.

About Victory Park Capital

Victory Park Capital invests in emerging and established businesses across various industries in the U.S. and abroad, who are often unable to access traditional sources of capital. The firm’s differentiated offerings leverage an extensive network of industry relationships, disciplined deal origination, creative financing capabilities, broad credit structuring and special situations expertise. The firm was founded in 2007 and is headquartered in Chicago with additional resources in New York, Los Angeles and San Francisco. VPC is privately held and a Registered Investment Advisor with the SEC. For more information, please visit http://www.victoryparkcapital.com.

Press Contact

Artemis (Kredivo Communication Consultant)

Eliza Viyantina

eliza.viyantina@artemishub.id

(+62) 81-2889-5961

Victory Park Capital

Jordan Niezelski, Edelman

Jordan.Niezelski@edelman.com

860.833.2947

Kredivo

Tubagus Aditya

press@kredivo.com

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Source: https://www.prweb.com/releases/kredivo_closes_up_to_us100m_warehouse_financing_facility_with_victory_park_capital_to_boost_indonesian_expansion/prweb17565965.htm

Automotive

End-to-end operators are the next generation of consumer business

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At Battery, a central part of our consumer investing practice involves tracking the evolution of where and how consumers find and purchase goods and services. From our annual Battery Marketplace Index, we’ve seen seismic shifts in how consumer purchasing behavior has changed over the years, starting with the move to the web and, more recently, to mobile and on-demand via smartphones.

The evolution looks like this in a nutshell: In the early days, listing sites like Craigslist, Angie’s List* and Yelp effectively put the Yellow Pages online — you could find a new restaurant or plumber on the web, but the process of contacting them was largely still offline. As consumers grew more comfortable with the web, marketplaces like eBay, Etsy, Expedia and Wayfair* emerged, enabling historically offline transactions to occur online.

More recently, and spurred in large part by mobile, on-demand use cases, managed marketplaces like Uber, DoorDash, Instacart and StockX* have taken online consumer purchasing a step further. They play a greater role in the operations of the marketplace, from automatically matching demand with supply, to verifying the supply side for quality, to dynamic pricing.

The key purpose of being end-to-end is to deliver an even better value proposition to consumers relative to incumbent alternatives.

Each stage of this evolution unlocked billions of dollars in value, and many of the names listed above remain the largest consumer internet companies today.

At their core, these companies are facilitators, matching consumer demand with existing supply of a product or service. While there is no doubt these companies play a hugely valuable role in our lives, we increasingly believe that simply facilitating a transaction or service isn’t enough. Particularly in industries where supply is scarce, or in old-guard industries where innovation in the underlying product or service is slow, a digitized marketplace — even when managed — can produce underwhelming experiences for consumers.

In these instances, starting from the ground up is what is really required to deliver an optimal consumer experience. Back in 2014, Chris Dixon wrote a bit about this phenomenon in his post on “Full stack startups.” Fast forward several years, and more startups than ever are “full stack” or as we call it, “end-to-end operators.”

These businesses are fundamentally reimagining their product experience by owning the entire value chain, from end to end, thereby creating a step-functionally better experience for consumers. Owning more in the stack of operations gives these companies better control over quality, customer service, delivery, pricing and more — which gives consumers a better, faster and cheaper experience.

It’s worth noting that these end-to-end models typically require more capital to reach scale, as greater upfront investment is necessary to get them off the ground than other, more narrowly focused marketplacesBut in our experience, the additional capital required is often outweighed by the value captured from owning the entire experience.

End-to-end operators span many verticals

Many of these businesses have reached meaningful scale across industries:

All of these companies have recognized they can deliver more value to consumers by “owning” every aspect of the underlying product or service — from the bike to the workout content in Peloton’s case, or the bank account to the credit card in Chime’s case. They have reinvented and reimagined the entire consumer experience, from end to end.

What does success for end-to-end operator businesses look like?

As investors, we’ve had the privilege of meeting with many of these next-generation end-to-end operators over the years and found that those with the greatest success tend to exhibit the five key elements below:

1. Going after very large markets

The end-to-end approach makes the most sense when disrupting very large markets. In the graphic above, notice that most of these companies play in the largest, but notoriously archaic industries like banking, insurance, real estate, healthcare, etc. Incumbents in these industries are very large and entrenched, but they are legacy players, making them slow to adopt new technology. For the most part, they have failed to meet the needs of our digital-native, mobile-savvy generation and their experiences lag behind consumer expectations of today (evidenced by low, or sometimes even negative, NPS scores). Rebuilding the experience from the ground up is sometimes the only way to satisfy today’s consumers in these massive markets.

2. Step-functionally better consumer experience versus the status quo

Source: https://techcrunch.com/2021/01/22/end-to-end-operators-are-the-next-generation-of-consumer-business/

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D2C Brand Wakefit.Co Offers Rs 15 Crore ESOPs Buyback Options To Its Employees

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  • The announcement comes after Wakefit.co recently raised Rs 185 crore in funding from Verlinvest and Sequoia Capital India.
  • Wakefit is an online D2C store that provides quality sleep and home-solutions products at affordable prices.
  • To date, The company has raised over Rs 250 crore in funding.

Bengaluru-based online D2C brand Wakefit.co, on January 22, announced that it is offering an ESOP (employee stock ownership plan) buyback option to its employees’ worth Rs 15 crore.

The announcement comes after Wakefit.co recently raised Rs 185 crore in its Series B funding round led by investment management firm Verlinvest and Sequoia India Capital. With that investment, Wakefit valuation reached Rs 1,900 crore (or about $260 million).

In December 2018, Wakefit had raised Rs 65 crore in its Series A funding round led by Sequoia Capital. To date, the company has raised over Rs 250 crore in funding.

According to the company, The new ESOP buyback plan would benefit 15-20 employees, providing meaningful wealth creation opportunities for them. Further, the scheme will allocate 6-7% of the company’s shares to the employees’ part of the school.

Founded in 2016 by Ankit Garg and Chaitanya Ramalingegowda, Wakefit (Wakefit Innovations Pvt. Ltd.) is an online D2C store that provides quality sleep and home-solutions products to customers at affordable prices. The company currently manufactures its products in-house across three locations and has 22 warehouses across the country. It had recently opened its experience centers in four cities, including Gurugram, Coimbatore, Hyderabad, and Lucknow.

Commenting on the latest development, Chaitanya Ramalingegowda, Co-founder & Director, Wakefit.co, said, “Our workforce has stood together to set us on course to reach Rs 450 crore by FY2021, and we felt it was only fair that we make senior members of our team part of this growth journey. We hope that the ESOPS buyback option will continue to add value to our employees’ lives and keep them motivated as we venture into a new year poised with exciting challenges.”

Also Read: Food Aggregator Swiggy Introduces ESOP Liquidity Program To Reward Its Employees

“We hope that the ESOPs buyback option will continue to add value to our employees’ lives and keep them motivated, as we venture into a new year poised with exciting challenges,” said Chaitanya Ramalingegowda.

The company said that it will also add another 50-60 employees’ into the existing pool, benefiting early employees for their commitment and hard work.

It further said that it aims to increase its workforce from March 2020 by 400% to 3,000 employees by March 2021. It has already started training programmes for machine operators, carpenters, and other customer experience executives.

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Source: https://indianstartupnews.com/news/d2c-brand-wakefit-co-offers-rs-15-crore-esops-buyback-options-to-its-employees/

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AI

Google launches suite of AI-powered solutions for retailers

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Google today announced the launch of Product Discovery Solutions for Retail, a suite of services deigned to enhance retailers’ ecommerce capabilities and help them deliver personalized customer experiences. Product Discovery Solutions for Retail brings together AI algorithms and a search service, Cloud Search for Retail, that leverages Google Search technology to power retailers’ product-finding tools.

The pandemic and corresponding rise in online shopping threaten to push supply chains to the breaking point. Early in the COVID-19 crisis, Amazon was forced to restrict the amount of inventory suppliers could send to its warehouses. Ecommerce order volume has increased by 50% compared with 2019, and shipment times for products like furniture more than doubled in March. Moreover, overall U.S. digital sales have jumped by 30%, expediting the online shopping transition by as much as two years.

Product Discovery Solutions for Retail, which is generally available to all companies as of today, aims to address the challenges with AI and machine learning. To that end, it includes access to Google’s Recommendations AI, which uses machine learning to dynamically adapt to customer behavior and changes in variables like assortment, pricing, and special offers.

Recommendations AI, which launched in beta in July and is now generally available, ostensibly excels at handling recommendations in scenarios with long-tail products and cold-start users and items. Thanks to “context-hungry” deep learning models developed in partnership with Google Brain and Google Research, it’s able to draw insights across tens of millions of items and constantly iterate on those insights in real time.

From a graphical interface, businesses using Recommendations AI can integrate, configure, monitor, and launch recommendations while connecting data by using existing integrations with Merchant Center, Google Tag Manager, Google Analytics 360, Cloud Storage, and BigQuery. Recommendations AI can incorporate unstructured metadata like product name, description, category, images, product longevity, and more while customizing recommendations to deliver desired outcomes, such as engagement, revenue, or conversions. And it lets Google Cloud customers apply rules to fine-tune what shoppers see and diversify which products are shown, filtering by product availability and custom tags.

Product Discovery Solutions for Retail also includes access to Google’s Vision API Product Search, which allows shoppers to search for products with an image and receive a ranked list of visually and semantically similar items. Google says Vision Product Search taps machine learning-powered object recognition and lookup to provide real-time results of similar, or complementary, items from retailers’ product catalog.

Beyond Recommendations AI and Vision API Product Search, Product Discovery Solutions for Retail ships with Cloud Search for Retail. Cloud Search for Retail, which is currently in private preview, pulls from Google’s understanding of user intent and context to provide retail product search functionality that can be embedded into websites and mobile apps.

“As the shift to online continues, smarter and more personalized shopping experiences will be even more critical for retailers to rise above their competition,” Google Cloud retail and consumer VP Carrie Tharp said in a statement. “Retailers are in dire need of agile operating models powered by cloud infrastructure and technologies like artificial intelligence and machine learning (AI/ML) to meet today’s industry demands. We’re proud to partner with retailers around the world and bring forward our Product Discovery offerings to help them succeed.”

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Source: https://venturebeat.com/2021/01/19/google-launches-suite-of-ai-powered-solutions-for-retailers/

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Ecommerce

Infinite Fleet Launches Security Token Offering (STO) on STOKR, Led by…

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Exordium, the publisher of upcoming sci-fi massively multiplayer online (MMO) strategy game Infinite Fleet, today announced the launch of its public security token offering (STO) for select countries that will grant every participant equity in the company and a share in future profits.

The public offering is set to take place immediately on STOKR, an innovative STO platform that provides turn-key solutions for small and medium-sized ventures to obtain access to capital markets, according to EU capital market laws.

The offering round is priced at $0.50 per “EXOeu” token – the security token issued by Exordium (Luxembourg) S.C.S. representing a share in the Exordium parent company. The round is being led by Tether International Limited (“Tether International”), a member of the Tether group of companies, the largest stablecoin issuer in the world. Tether International has invested US$1 million in EXOeu tokens.

“As a former MMORPG game developer myself, I see great potential in the application of crypto assets to multiplayer online games,” said Paolo Ardoino, CTO at Tether International Limited. “It is a perfect match of two rapidly growing digital sectors with tremendous upside. Samson Mow and his team are veterans with proven track records in both fields, with a clear vision of what they want to achieve.”

Infinite Fleet is an online strategy game in which players command fleets of customizable spaceships and play cooperatively to fend off an alien threat, leaving their legacy in the game’s lore via its unique directed narrative feature. The game draws inspiration from space real-time strategy (RTS) and MMO classics like Homeworld and EVE Online, while integrating a crypto asset to power its in-game peer-to-peer economy.

The EXOeu token for the offering is issued via Blockstream AMP, a platform for the tokenization of securities built on the Liquid sidechain of Bitcoin, which has been directly integrated with STOKR.

This funding model allows for the democratization of venture capital access to the general public. Investors will be able to invest directly through the STOKR platform using various currencies such as the euro (EUR), bitcoin (BTC), and Tether (USDt), starting from as little as US$100-equivalent.

“Security tokens like EXOeu are changing the way companies fundraise,” said Arnab Naskar, Co-Founder & Business Lead at STOKR. “Unlike Kickstarter, investors in security tokens receive real financial rights in the company in which they are investing. STOKR is designed to support companies to reach out to their user base and access fundraising from a wider network. With the Ethereum gas fee skyrocketing at the moment, platforms like Blockstream AMP are ideal for issuing tokenized securities.”

Infinite Fleet has previously raised US$3.1 million in a private funding round, backed by several pioneers in the blockchain space such as Litecoin creator Charlie Lee and Keiser Report host Max Keiser.

Infinite Fleet’s development team is led by veteran AAA game developers that have worked on franchises such as Age of Empires, Homeworld, Company of Heroes, Dawn of War, and other top rated games that have collectively grossed over US$1.2 billion globally. The game’s closed alpha is expected to be released in the upcoming weeks.

You can participate in Infinite Fleet’s public security token offering at https://stokr.io/infinite-fleet.

About Exordium Limited

Exordium Limited is a video game publisher founded by a battle-tested team of AAA game developers, producers, and technology early movers. Exordium seeks to be at the forefront of the convergence between online gaming and crypto assets, with a focus on operating and distributing games that are innovative and socially immersive. The team behind Exordium has a wide array of experience and has previously operated games such as Vainglory and Warhammer 40,000: Carnage.

About STOKR

STOKR S.A., headquartered in Luxembourg, provides turn-key solutions to small and medium sized ventures to access capital markets, according to EU capital market laws. From technology support to payment gateways, and investment structuring to wallet registration – STOKR enables opportunities for both issuers and investors to have the most secure, advanced, and user-friendly investment experience. STOKR is led by a diverse team, operating from Luxembourg and Germany. STOKR focuses on supporting projects which are committed to making a positive impact, as well as creating a community of educated investors who are empowered to make better investment decisions.

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Source: https://www.prweb.com/releases/infinite_fleet_launches_security_token_offering_sto_on_stokr_led_by_us1m_investment_from_tether_international_limited/prweb17661500.htm

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