Sign up for the Daily Newsletter, sent exclusively to our premium subscribers. We break down the big and messy topics of Asia’s tech and startup community. Get the newsletter in your inbox everyday with a premium subscription.
Hello reader,
The retail experience is evolving. The other day, I went for a stroll through Decathlon, a sporting goods retailer from France that operates several outlets here in Singapore. I’ve never gone to Decathlon without buying something and this particular jaunt was no exception.
Armed with a new ankle guard to support my slowly-recovering sprained ankle, I encountered massive checkout queues. Instead of lining up, I opened up my Decathlon app, scanned the product barcode, paid for what I was buying using Google Pay, and walked out after confirming the purchase using a QR code at the exit. I felt far superior to everyone who was still waiting in line.
All these new developments in retail tech are changing the way we shop and engage with our favorite brands. So it’s cool that in today’s premium story, we’re taking a look at an Indian startup that’s helping retailers around the world offer convenience (and more!) to customers.
Today we look at:
- A B2B retail tech startup that’s in the black
- An agritech company focused on corn
- Other newsy highlights such as Delivery Hero’s share price and fintech firm Akulaku’s partnership with Netbank.
Premium summary
The power of belief
Image credit: Timmy Loen
B2B retail tech platform RDEP, which serves businesses like Kmart in Australia and Levi’s in India, became net profitable in its 2021 financial year. It registered US$600,000 in revenue for FY 2022, a 40% jump from the year before.
Let’s learn a little more about the company
- So, what do you do: RDEP helps retailers plan and personalize the customer experience journeys in their physical locations. Its offerings include a mobile point-of-sale device and a smart e-receipt solution.
- Mistakes and learnings: According to co-founder and CEO Pavan Panchamukhi, one of his biggest mistakes in growing RDEP was when he onboarded senior hires from outside the company. In his view, startups “need people who believe in the product and solution,” and these tend to be early employees.
- What’s next: RDEP plans to partner with or acquire brands that complement its solutions in the next five years. It’s also looking to raise more funds, having previously done so from a few angel investors.
Read more: For this profitable retail tech startup, early employees trump senior hires
Startup spotlight
It’s corn!
Tech in Asia Conference 2023
Quick bytes
Stay updated on the go with our mobile app.
Get latest insights with smoother, more personalized experience through TIA mobile app.
