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With every market testing out where it stands with electric vehicles and with governments giving the industry a push en masse, electric mobility is having an electric moment. That’s an understatement but in the context of today’s big story, I think an understatement serves us just fine.
Here’s why: The Singapore-based EV startup under the spotlight today has set its sights high – as high as US$150 million, which is how much the company says its valuation is.
Those familiar with Scorpio Electric are likely to say that the firm may not have to sell as many bikes as its competitors since it only deals with premium motorcycles. But the company doesn’t have any motorcycles yet – it says it’s on track to produce and distribute them in the second half of 2023.
The delay is particularly striking when one looks at other players in the region that are also working with electric two-wheelers. Singapore’s Ion Mobility has recently raised US$18.7 million in series A money and has brought on board TVS Motors, a mobility giant in India, as an investor.
Similarly, Vietnam’s Dat Bike has been striking significant partnerships, like a deal with Gojek so the latter can use its bikes in the country.
Both these firms were founded in 2019, two years after Scorpio Electric.
Our first big story looks at the company’s valuation and its plans to expand across Europe and Asia Pacific.
The second startup we’re taking a look at today also has some impressive figures behind it, and it’s sharing its strategy as to how it got them. My colleague Collin dives into how Raena, a Singapore-based beauty social commerce platform, reduced its costs by 3x since last year and expects to generate operating profits by Q3 2024.
As founder Sreejita Deb puts it, “Revenue is vanity. Profits are sanity. Cash flow is reality.”
This week, we also dive into the newest kid on the generative AI block, one that’s already made a statement by saying its open source, meaning others can build on and with it. Yes, we are talking about Meta’s MusicGen – more on this below.
— Nikita
THE BIG STORY
The brow-raising $150m valuation of SGX-listed firm’s EV brand
MAKING WAVES
AI ODYSSEY
FYI
NEWS YOU SHOULD KNOW
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