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Hello reader,
I’m not much of a gardener, but I did buy some houseplants for the first time earlier this year. Having a bit of greenery around the place has been nice, but unfortunately, I have managed to kill most of them.
However, some plants can thrive under the harshest conditions, so I still have a lucky bamboo that’s alive and well, as well as some other sprawling green thing that I can’t name. It’s impressive how despite what’s happened around them (too much sun and not enough water), these plants are still going.
It goes to show how resilient nature can be, and one Singaporean company that takes its name from nature has shown a similar resilient streak. Rainforest has posted solid financial results, despite the challenging environment the ecommerce roll-up sector has faced.
Today we look at:
- A growing Rainforest
- VNG’s police investigation
- Other newsy highlights such as fintech firm Nium delaying its plans for an IPO in the US and EV startup Charge+ completing its series A fundraise with US$8 million banked.
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Rainforest’s rising revenue
Image credit: Timmy Loen
Rainforest, an ecommerce roll-up firm, has enjoyed solid revenue growth for the second year in a row.
The Singapore-based company saw its revenue swell to US$54.7 million in 2023, up nearly 46% year on year.
- Bucking the trend: The ecommerce roll-up sector has been struggling of late, dealing with a funding slowdown and rising interest rates. JJ Chai, co-founder of Rainforest, told Tech in Asia that his firm’s revenue was still increasing as the brands it has acquired have continued to grow by expanding their product offerings and entering new markets.
- Business model: Ecommerce roll-up firms acquire online brands that have similar product offerings and bring them under one roof, allowing them to grow rapidly but also bringing some risk. The purchases are typically funded by borrowing money, and rising interest rates have put many such aggregators at risk of going out of business recently.
- Game plan: So far, Rainforest has spent some US$55 million on investments to acquire brands. The firm plans to make selective acquisitions this year. having recently snapped up a Singapore-incorporated home baby-proofing brand for US$2.5 million in July.
Read more: Rainforest reaches for the canopy with 46% revenue growth
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