Camel Crunch

Food Delivery Surges, Small Restaurants Struggle Amid Economic Woes Thailand’s online food delivery market is booming, yet the economic challenges could force between 50,000 to 100,000 small restaurants to close this year. The country's food industry, valued at 800 billion baht, sees 15% of its business through online delivery platforms. Yod Chinsupakul, CEO of LINE MAN Wongnai, reported a 10% growth in online food delivery over the past five months and anticipates further expansion. Despite this growth, the industry experiences a high turnover rate: about half of new food sellers close within their first year, and an additional 20-30% shut down later. This year, closures are expected to increase, particularly among small eateries. Chinsupakul also highlighted that only half of the restaurants on their platform have fully adopted digital technology. To combat these challenges, LINE MAN Wongnai is expanding its business-to-business (B2B) services, focusing on payments, merchant management, and point-of-sale (POS) systems. They recently signed a Memorandum of Understanding (MoU) with the Business Development Department to help food businesses go digital. Successful merchants using their platform have grown significantly by leveraging the company’s POS systems and digital menus. Deputy Commerce Minister Napintorn Srisunpang aims to digitally train up to 500 Thai SELECT-certified food operators under the MoU, enhancing their online presence and ensuring authentic Thai food quality. Currently, 50,000 operators use LINE MAN Wongnai’s POS system, and the company plans to extend these services to half of all Thai restaurants. They are also exploring financial services, including loans for merchants through partnerships like Line BK. Industry Implications The surge in online food delivery is reshaping the food industry, with quick commerce platforms like LINE MAN Wongnai playing a pivotal role. These platforms offer a lifeline to small and medium-sized restaurants by providing digital tools and financial support, helping them navigate economic challenges and stay competitive. Conclusion While Thailand's food delivery market continues to grow, the sector faces significant challenges, particularly for small restaurants. Digital adoption and supportive measures from platforms like LINE MAN Wongnai are crucial in ensuring these businesses can survive and thrive in an increasingly digital economy. Stay updated with the latest trends and insights in the food delivery industry with Camel Crunch.

Egyptian Fintech Connect Money Raises $8 Million in Seed Round Egyptian fintech startup Connect Money has successfully raised $8 million in a seed funding round led by Disruptech Ventures, Algebra Ventures, and Lorax Capital Partners, with additional participation from One Stop and MDP. Founders and Background Founded in 2023 by Ayman Essawy, Marwan Kenawy, and Momtaz Moussa, Connect Money benefits from the extensive experience of its founders in the fintech industry. The trio previously founded the Egyptian loyalty solutions provider Dsquares in 2012 and the cashback app Lucky One in 2019. Ayman Essawy leads Connect Money as CEO, Marwan Kenawy serves as Dsquares’ CEO, and Momtaz Moussa is the CEO of Lucky One. Innovative Platform Connect Money has developed a cutting-edge white-label card issuing platform. This platform enables businesses to provide debit and credit cards to their customers without the need to build their own fintech infrastructure or obtain regulatory licensing. This service significantly reduces the barriers to entry for businesses looking to offer financial products, enhancing their value proposition to customers. Achievements Despite being a young startup, Connect Money has already made significant strides in the fintech sector. The company has issued over 300,000 cards to date, showcasing its rapid growth and the strong demand for its innovative solutions. Looking Forward With the new funding, Connect Money aims to expand its services and continue its mission to revolutionize the fintech landscape in Egypt and beyond. The investment will likely be used to enhance the platform's capabilities, expand the team, and explore new markets. Stay updated with the latest trends and insights in the fintech industry with Camel Crunch.

Zepto Raises $665 Million, More Than Doubles Valuation to $3.6 Billion Zepto (Y Combinator ) a #quickcommerce #startup, has successfully raised $665 million in a new funding round, catapulting its valuation to $3.6 billion from $1.4 billion in less than a year. This rapid growth underscores Zepto’s impressive trajectory as it continues to revolutionize the delivery market in India. Achieving Milestones Zepto is on track to exceed $1 billion in Gross Merchandise Value (GMV) by delivering a wide range of products, from groceries to electronics, to urban Indian consumers within just 10 minutes. The company collaborates with over 50,000 delivery partners, with an addition of 5,000 partners every month, enhancing its delivery efficiency and coverage. Efficient Operations and Expansion Using a network of discreet warehouses, known as "dark stores," Zepto can fulfill orders within minutes. As of last month, about 75% of these dark stores were EBITDA positive, reflecting Zepto's improved efficiency and scale. The company has significantly reduced the time it takes for a dark store to become profitable from 23 months to just six months. Zepto plans to expand its dark store network to 700 locations by March 2025. Founders and Future Prospects Aadit Palicha and Kaivalya V. co-founded Zepto at the age of 19. The duo, who previously worked on various projects including a ride-hailing app for school children, dropped out of Stanford to focus on Zepto. The company emerged from stealth mode in late November 2021 and has since seen its revenue grow by 140% compared to the previous year. Zepto is preparing for an eventual public offering, driven by its sustained growth and market impact. Stay updated with the latest news from the quick commerce industry with the Camel Crunch newsletter. #Zepto #QuickCommerce #StartupFunding #ECommerce #CamelCrunch

🚀 BREAKING NEWS: Sequoia Capital Backs AI Startup Factory to Automate Engineering Tasks Sequoia Capital has announced its investment in Factory an #AI startup that aims to revolutionize the engineering sector by automating routine and complex tasks. This move underscores Sequoia’s continued commitment to supporting innovative technologies with the potential to transform traditional industries. Key Highlights: Investment Details: Lead Investor: Sequoia Capital Startup: Factory Focus: #Automating engineering tasks using #AI Objective: To enhance productivity and efficiency in engineering by leveraging artificial intelligence to handle repetitive and intricate tasks. About Factory: Mission: Factory aims to streamline engineering processes by automating tasks that typically consume significant time and resources. By doing so, engineers can focus on more strategic and creative aspects of their work. Technology: The startup utilizes advanced AI algorithms to perform tasks such as design optimization, simulation, testing, and maintenance scheduling, among others. Implications for the Engineering Industry: Efficiency: Automation of routine tasks can lead to substantial time savings and reduced operational costs. Quality: AI-driven solutions can enhance the accuracy and consistency of engineering outputs. Innovation: Engineers can dedicate more time to innovation and problem-solving, driving progress in the field. Sequoia’s Vision: Sequoia Capital's investment in Factory aligns with its strategy to support cutting-edge technologies that have the potential to disrupt and advance traditional industries. By backing Factory, Sequoia is betting on the transformative power of AI in engineering. CEO’s Statement: "We're thrilled to have Sequoia's support as we embark on our mission to revolutionize engineering with AI. Our technology is designed to take over the repetitive, time-consuming tasks, allowing engineers to unleash their full creative potential," said Matan Grinberg Industry Impact: This investment highlights the growing trend of integrating AI into various sectors to enhance productivity and innovation. As Factory continues to develop its technology, the engineering industry can expect significant advancements in how tasks are managed and executed. #SequoiaCapital #FactoryAI #EngineeringAutomation #TechInnovation #StartupFunding #CamelCrunch

🚨 **NEWS UPDATE:** After 20 months of fundraising efforts, insurance startup Loop has made the difficult decision to cut its staff. The prolonged period of attempting to secure new funding has forced the company to downsize as it navigates through these challenging financial times. Loop's CEO expressed gratitude for the team's dedication and resilience during this period and assured that the company is still committed to its mission of transforming the insurance industry, despite the setbacks. The startup plans to refocus its strategy and streamline operations to ensure long-term sustainability and growth. #StartupNews #InsuranceTech #Loop #FundingChallenges #BusinessUpdate

⚡ BREAKING: Saudi Arabia has announced a monumental shift in its oil trade policy, deciding to cease using the US dollar for its oil sales and not to renew the 50-year petro-dollar agreement with the U.S. This landmark decision signifies that transactions from the world's leading oil producer will no longer be executed in #USD. This move could have profound implications for global trade and financial markets, potentially altering the dynamics of international oil transactions and the role of the US dollar in global trade. Stay tuned for more updates on this significant development. #SaudiArabia #OilTrade #Petrodollar #GlobalEconomy #USD #EnergyMarkets #BreakingNews

Celebrating Eid ul-Adha: The Spirit of Sacrifice and Community Eid ul-Adha, also known as the Festival of Sacrifice, is one of the most significant holidays in the Islamic calendar. This joyous occasion commemorates the willingness of Prophet Ibrahim (Abraham) to sacrifice his son, Ismail, as an act of obedience to God. At the last moment, God intervened and provided a ram to sacrifice instead, symbolizing mercy and faith. Muslims around the world celebrate Eid ul-Adha to honor this act of devotion and to remember the importance of sacrifice in their own lives. The festival takes place annually on the 10th day of Dhu al-Hijjah, the last month of the Islamic lunar calendar, following the completion of Hajj, the annual pilgrimage to Mecca. Key Traditions and Practices Sacrificial Offering (Qurbani): Central to the celebration is the act of Qurbani, where Muslims who can afford it sacrifice an animal, typically a goat, sheep, cow, or camel. The meat is then divided into three parts: one-third for the family, one-third for relatives and friends, and one-third for those in need. This practice underscores the values of charity, generosity, and community support. Prayer and Reflection: The day begins with a special Eid prayer, performed in congregation at mosques or open grounds. This prayer is followed by a sermon reminding the community of the significance of the festival and encouraging reflection on their own lives and relationships. Sharing and Festivities: Eid ul-Adha is a time for family and friends to come together, share meals, and celebrate. It’s common for Muslims to wear new clothes, exchange gifts, and visit each other's homes, fostering a sense of unity and joy. Acts of Charity: Beyond the sacrificial meat, Muslims are encouraged to engage in acts of charity during Eid ul-Adha. This can include donating money, food, or other essentials to those in need, reinforcing the festival's spirit of compassion and support for the less fortunate. The Broader Significance Eid ul-Adha is not only a religious observance but also a reminder of the values that underpin the Muslim faith: obedience to God, the importance of family and community, and the duty to help those less fortunate. It's a time to reflect on one's actions, seek forgiveness, and renew commitments to faith and good deeds. Wishing You a Joyous Eid ul-Adha At Camel Crunch, we extend our heartfelt wishes to all those celebrating Eid ul-Adha. May this festive occasion bring you peace, joy, and prosperity. Eid Mubarak! Stay tuned for more insights and updates from the #MENA region. #EidulAdha #FestivalofSacrifice #CamelCrunch #Community #Charity #Faith

Baron Capital Increases Swiggy’s Valuation to $15.1 Billion Baron Capital a leading US-based asset manager, has marked up its valuation of Swiggyi India's premier food delivery platform, to $15.1 billion. This 25% increase from their previous valuation of $12.1 billion in December 2023 was disclosed in recent regulatory filings with the US Securities and Exchange Commission (SEC). The revised valuation comes as Swiggy moves closer to its highly anticipated initial public offering (IPO), as reported by Entrackr. Increasing Investor Confidence Following Baron Capital's valuation update, Swiggy's early investor, Invesco, also raised its valuation estimate of the company to $12.7 billion in April. This consensus among major investors signals a growing confidence in Swiggy's market position and future growth prospects. The increased valuation highlights Swiggy's resilience and potential, particularly as it gears up for its $1.25 billion IPO, for which it secured shareholder approval earlier this year. The company reportedly filed confidential IPO papers with the Securities and Exchange Board of India (SEBI) in May. Strategic Financial Maneuvers In preparation for the IPO, Swiggy has been actively seeking pre-IPO investments from high net-worth individuals (HNIs), offering shares at a 20% discount to strengthen its capital base. This aligns with Swiggy’s broader financial strategy to continue growing revenue while managing losses. For the first three quarters of fiscal year FY24, Swiggy reported revenues of ₹5,476 crore and a net loss of ₹1,600 crore. This is an improvement compared to the previous fiscal year, where the company earned ₹8,265 crore in revenue but faced a significant loss of ₹4,179 crore. Broader Market Context Swiggy's upward valuation adjustment is part of a broader trend among Indian tech companies experiencing valuation changes. Competitors like Pine Labs, Meesho, FirstCry, and Ola Electric have also seen their valuations rise in the past six months. However, not all companies have enjoyed similar success. Byju’s, an edtech giant, saw its valuation slashed to $24 million by Baron Capital as of March 2024, down from a peak of $22 billion in early 2022, illustrating the volatility in tech valuations. Competitive Landscape Swiggy’s main competitor, Zomato, currently holds a market valuation of $18.7 billion, with its market cap recently peaking at $21 billion. This positions Swiggy strongly within the food delivery market as it continues to expand its service offerings and strengthen its market presence ahead of its IPO. Stay updated with the latest in tech and startup news from Camel Crunch. #Tech #Startups #Investment #Swiggy #India #IPO #CamelCrunch #Innovation

Tenderd, a heavy equipment management platform based in Dubai, has secured $30 million in a Series A funding round. The round was led by A.P. Moller Holding, the parent company of the A.P. Moller Group, which owns Maersk, the world's largest container shipping company. Strategic Investment and Expansion The funding round saw participation from new investors, including London-based B2B SaaS VC Quadri Ventures and Saurya Prakash, a product leader at Stripe. Existing investors such as Wa'ed Ventures, Nakhla Ventures, Soma Capital, and Liquid 2 Ventures also contributed to the round. Tenderd had previously raised $5.8 million in 2019, the largest seed round in the region at the time, from investors like Y Combinator, BECO Capital, Paul Graham, Peter Thiel, and others. Evolution from Marketplace to #SaaS Founded in 2018 by Arjun Mohan, Tenderd initially launched as a marketplace for renting heavy equipment, including dozers, excavators, cranes, rollers, and trucks. The company has since pivoted to a SaaS platform that provides comprehensive management solutions for heavy equipment and machines. Enhancing Efficiency and Sustainability Tenderd’s software enables companies to collect and unify data on their machinery, automating operations, reducing carbon emissions, and cutting costs. The platform's ability to streamline equipment management processes is a significant value-add for companies looking to optimize their operations and enhance sustainability. Looking Ahead With the new capital, Tenderd plans to further develop its platform and expand its market reach. The participation of prominent investors underscores the company’s potential to revolutionize heavy equipment management and support sustainable industrial practices. Stay updated with the latest in tech and startup news from Camel Crunch. Subscribe to our newsletter for weekly insights into the innovations shaping the #MENAregion. #Tech #Startups #Investment #HeavyEquipment #Tenderd #Dubai #MENA #Funding #CamelCrunch #Innovation

Sahl, an innovative Egyptian startup, has successfully raised $6 million in an initial funding round and Series A round led by Ayady for Investment and Development. This significant financing round aims to solidify Sahel’s position as a leading provider of utility bill payment and other payment services, in collaboration with government entities and institutions. Strategic Investment and Expansion Ayady for Investment and Development joins Sahl roster of investors, which already includes Misr Payments, Delta Electronic Systems, and iFinance for Financial and Digital Investments. The funding will be instrumental in expanding Sahel's service offerings and enhancing its technological infrastructure to better serve its growing customer base. Comprehensive Payment Solutions Founded with the vision of streamlining utility bill payments, Sahl provides a comprehensive platform that simplifies the payment process for various utility services. By partnering with government entities and institutions, Sahel ensures secure and efficient transactions, making it easier for users to manage their bills. Future Prospects With this new capital, Sahel plans to scale its operations, develop new features, and expand its market reach. The investment from Ayady and other key stakeholders highlights the startup’s potential to transform the payment landscape in Egypt and beyond. Stay updated with the latest fintech and startup news from Camel Crunch. #Fintech #Startups #Investment #UtilityPayments #Sahel #Egypt #MENA #Funding #CamelCrunch #Innovation