Behind 99.co’s impressive revenue growth

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Hello readers,

I’ve always been an overplanner – making lists is my superpower, and it keeps me sane – so when things don’t turn out as predicted, I tend to go into something of a meltdown for a time before bouncing back. Proptech firm 99.co didn’t have the same luxury of time that I normally do, though. When the pandemic descended last year, the company was quick in making calculated decisions to not just survive but thrive.

Today we look at,

• How proptech firm 99.co achieved a 62% jump in revenue in 2020
• The telemedicine startup that’s challenging the stigma around men’s health
• Other newsy highlights such as TikTok’s ecommerce push in the US, and the start of 500 Startups’ batch 3 applications

PREMIUM SUMMARY

How 99.co’s well-timed moves led to its growth

Singapore-based proptech firm 99.co recorded US$5.5 million in revenue last year – up from US$3.4 million in 2019 – citing subscriptions, partnerships with media and developers, and packages such as must-see listings as reasons for the jump. On the back of its strong growth, however, were cost-cutting measures and steps to improve its fundamentals, which resulted in savings of around US$100,000 for the firm.

• Pay cuts and swaps: As part of its cost-cutting measures, 99.co employees took voluntary pay cuts and opted for a pay swap version of 99.co’s employee stock ownership plan, where a dollar of their pay was exchanged for US$2 worth of stock. Meanwhile, CEO and co-founder Darius Chueng forwent his remuneration for roughly nine months.
• Tech innovations: To optimize server costs and reduce server space, the firm revisited its software and introduced video listings and a video calling functionality on its proptech platform. In November 2020, monthly visits to the website crossed 27 million, although 78% of this traffic came from Indonesia, where 99.co also operates.
• Forging on: Admittedly, its main rival PropertyGuru remains the leading proptech player in the region – it purportedly held a 75% market share in Singapore as of May 2020. But it seems 99.co is undeterred. The company’s acquisition of property platform and data provider Singapore Real Estate Exchange last November was just one step in its path forward.
  The firm is next looking to raise funds and capture the wider market in Southeast Asia.

Read more: 99.co sees 62% surge in 2020 revenue amid Covid-19 setbacks

STARTUP SPOTLIGHT

At last, a telemedicine platform for men’s health issues

The prevalence of hair loss in men is often talked about, but a less discussed issue is impotence, which one in 10 men will face at some point in his life. Enter Noah, a Singapore-based startup that’s looking to change the stigma around these sensitive issues as well as other men’s health concerns through its telemedicine platform.

The steps to build a billion-dollar brand