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Hi readers,
No one could stop talking about Tesla when the electric vehicle maker finally set up shop in Singapore earlier this year. There’s even a Twitter account called Tesla Owners Singapore, with the handle @teslaownerssg, which Tesla owners in the city-state use to meet up and take group photos of their cars.
Not gonna lie, Tesla cars are gorgeous. But the only car an average citizen like me (who’s currently more obsessed with house renovations) might be willing to splurge on is a Toyota AE86 – just to be a weeb (Initial D, anyone?).
But for now, buying a car is not really in my plans, especially when I can easily just rent vehicles for a short time from multiple car-sharing platforms in Singapore. Indian car rental startup Zoomcar might have sensed this opportunity, as it intends to pour US$100 million into its expansion plans in Southeast Asia.
Today we look at,
- A new competitor enters Southeast Asia’s heated car-sharing space
- The company that’s handing out Apple stock
- Other newsy highlights such as Sea Group CEO becoming Singapore’s richest man and China slashing gaming time for kids
PREMIUM SUMMARY
A $2b car rental giant is spending $100m to make a splash in Southeast Asia
Everybody buckle up because Zoomcar is speeding into Southeast Asia as we speak. The car rental startup is valued at an eye-popping US$2 billion and claims to be the market leader in India, with a market share of around 85% in the car-leasing segment. Now, it’s aiming to replicate that success in its neighboring region.
- Looking ahead: The company expects that Southeast Asia will bring in up to 40% of its revenue in the next financial year. This would imply a revenue contribution from the region of about US$80 million.
- Currently: Zoomcar is expected to hit US$100 million in revenue by the first quarter of financial year ended March 2022 – that represents a 2.5x growth compared with the previous year.
- The race is on: Car-sharing is a competitive space in Southeast Asia. There are already a couple of existing players vying for a slice of the pie, including Malaysia-based Moovby, Indonesian firms like Trevo by Socar and Share Car by ASSA, and Singapore-based players like Drive Lah, Tribecar, and GetGo, to name a few.
Read more: Indian car rental startup Zoomcar plans $100m bet in Southeast Asia
STARTUP SPOTLIGHT
The company that’s giving out Apple stock
If you live in Singapore, you must have seen Moomoo’s advertisements, which offered an Apple share for free to everyone who signed up on its app. Well, its marketing ploy must have worked because Futu Holdings, its Hong-Kong based parent company, posted a 129% growth in its quarterly revenue, which hit US$203.1 million, thanks to a spike in the number of registered users on its platform.
Why 2021 is marketers’ worst year
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