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When we make a mistake, our natural inclination is to hide it. From children spilling drinks to politicians with shady dealings, many of us would rather be in denial or even blatantly lie than face the music.
But coming clean is far better in the long run, as the cover-up is typically more egregious than the actual crime. For the best example, just look at the mother of all scandals: the Watergate scandal.
Pretty much everyone values transparency and believes that facing up to the error of your ways is something to be applauded.
Today’s featured story is about a founder who committed major blunders in the past and whose transparency in disclosing them seems to have paid off, even helping her win the trust of investors. Read on for more details.
Today we look at:
- Why TransTrack’s backers invested despite knowing its CEO’s previous conviction
- Why Xiaomi seeks the withdrawal of an Indian watchdog’s antitrust report
- Other newsy highlights such as Qoo10 facing the suspension of its payment services in Singapore and India-based healthtech firm Qure.ai securing US$65 million in funding.
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Transparency keeps TransTrack on track
Image credit: Timmy Loen
TransTrack, an Indonesia-based logistics solutions startup, has recently raised US$12 million in series A funding.
But in 2020, an Indonesian court found the firm’s CEO and co-founder, Anggia Meisesari, guilty of fraud for her actions between 2016 and 2017. TransTrack’s lead investors were fully aware of the case before the round.
- Crime and punishment: Meisesari was arrested for and convicted of fraud after a court determined she had deceived a former business partner by making false promises of profit and investment returns in a software business. She was sentenced to two years in prison, which was later reduced to one year of house arrest.
- Faith: France-based investor Eurazeo and Singapore-based Cocoon Capital, which co-led TransTrack’s series A round, tell Tech in Asia that Meisesari had been transparent about her past before they invested. Michael Blakey, Cocoon Capital’s managing partner, describes Meisesari as “one of the most inspiring founders I’ve met in the 25 years I’ve been investing.”
- Ambitions: TransTrack offers an AI and IoT-powered fleet management system, as well as transportation solutions for logistics companies. Apart from Indonesia, the startup also has offices in Singapore and Malaysia. It plans to expand regionally to Vietnam and Thailand and is also eyeing global markets like Australia and Taiwan.
Read more: Investors aware of TransTrack CEO’s guilty verdict before funding
Xiaomi seeks retraction of antitrust report
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