An acquisition paves the way for BetterPlace’s SEA expansion

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Hello reader,

I don’t really get it, but I can see how some people might enjoy retail therapy. I’ve always been super thrifty, so the idea of spending lots of money to feel better isn’t something I’m used to. Perhaps the enjoyment in retail therapy comes from getting a great deal and feeling good about the purchase.

I mean, I do get it to some extent – when I make a big purchase or get something nice for myself, there’s definitely some level of satisfaction there. But oftentimes, there’s an equal amount of guilt involved too.

For instance, I recently got a new pair of headphones around three months ago during Black Friday – I’d agonized over the decision for months before actually purchasing them. And once I got them, well … I even started feeling kind of bad for spending that much money.

If any of you guys feel the same way, hit me up cos I feel like a complete oddball sometimes.

For firms, however, there can’t be any guilt involved. If a startup wants to get better and beat out the competition, acquisitions are often a great way to do it, and they always have to be ready and willing to pull the trigger.

Today’s story takes a closer look at one such purchase in the workforce management space, with India’s BetterPlace acquiring Indonesia’s MyRobin.

Today we look at:

• MyRobin’s acquisition putting BetterPlace in a better place to tackle Southeast Asia
• A Vietnamese fintech firm sharing its plans for profitability.
• Other newsy highlights such as Byju’s plans for a new fundraise and India’s central bank approving 32 online payment aggregators.

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BetterPlace pops some tags

Image credit: Timmy Loen

To be fair, it’s probably got more than US$20 in its pocket. Although the terms of the deal were not disclosed, the move comes shortly after BetterPlace secured US$40 million in series C money last December. Guess it’s been putting those new funds to good use.

• Inspecting the product: MyRobin screens and provides frontline workers for its clients, which include the likes of Shopee, Kopi Kenangan, and eFishery. The Indonesian firm launched in 2020 and grew its revenue by 14x the following year. In June 2022, it became profitable..
• Seeing double: There’s a strong synergy between BetterPlace and MyRobin. Both of them serve Southeast Asia’s blue-collar workers and both run their own upskilling platforms – Rocket and MyRobin Academy.
• Going up: BetterPlace plans to make 60 hires in India, Indonesia, and Singapore on an “immediate” basis. It’s part of the firm’s strategy to onboard employees from across the region for different roles.

Getting its head above water

Quick bytes