Oddle’s secret sauce to profitability

This week, On the Rise analyzes how Oddle’s approach to growing revenue and gets the scoop on Monk’s Hill Ventures’s plans amid a downturn. [Read from your browser]( On the Rise 🚀 Welcome to On the Rise! Delivered every Tuesday via email and through the Tech in Asia website, this free newsletter breaks down the biggest stories and trends in emerging tech. If you’re not a subscriber, get access by [registering here](. Written by Nikita Puri Journalist Hello {NAME} It’s almost Diwali. In India, that means every ecommerce firm is doling out deals - some too good to pass up. Good deals, thankfully, are not location specific, of course, which is why my sibling called me from the other side of the globe at a godforsaken hour just because the timer was running out on a Black Friday preview sale, and she found a deal she liked for the both of us. But offering a deal that’s too good to pass up when no one on the block is doing that - well, that's a big bet. Restaurant tech platform Oddle started offering such a deal and the risk has paid off - the firm’s revenue has grown 9x in the last two years. In this week’s Big Story, my colleague, Melissa, notes how when other food delivery firms were charging up to 35% in commission fees from restaurants, Oddle was taking just 10%. Almost 70% of its leads in Singapore still come through word-of-mouth publicity, founder Jonathan Lim tells Tech in Asia. “We definitely got lucky but it wasn’t an accident,” he says. While Oddle is now in the early stages of scaling up its lending business, its food delivery business is profitable. One reason for its success is that Oddle still takes the same commission fee. Consistency has its charms. Consistency is also a theme in the way Monk’s Hill Ventures operates. For instance, despite startups seeing a downtrend in valuations, the firm tells my colleague, Tian Wen, that it won’t do more deals purely because they’re cheaper. More on the firm’s focus on sound first-principle fundamentals and investment plans in Making Waves. -- Nikita  --------------------------------------------------------------- THE BIG STORY [Oddle built a profitable food delivery business. Here’s how]( Oddle’s profitable food delivery business has freed up resources to invest in reservations and payments - as well as lending.  ---------------------------------------------------------------  MAKING WAVES [Recession Run: Valuation cuts don’t affect Monk’s Hill Ventures’ plans]( Recession Run is a series of interviews that give a peek into what investors are betting their money on amid fears of a global slowdown. In this edition, Monk’s Hill Ventures managing partner Lim Kuo-Yi shares his firm’s plan to navigate choppier waters and double down on startups that don't chase fads.  --------------------------------------------------------------- FYI 1️⃣ [Do listed SEA tech firms have a board diversity problem?]( Startups like Paxel, Superkul, and Fresh Factory are betting on the sector. As the price war in ecommerce logistics intensifies, cold chain may be the space to watch. 2️⃣ [Indonesian trucking firm in talks with buyers after laying over 50% of staff]( Ritase had secured loan financing from its shareholders earlier in the year, sources told Tech in Asia.  ---------------------------------------------------------------  NEWS YOU SHOULD KNOW Check out Tech in Asia’s coverage of the emerging tech scene [here](. 1️⃣ Byju’s, the global edtech behemoth headquartered in India, [is laying off 5% of its total workforce]( or 2,500 employees as it restructures to aim for overall profitability by March 2023. 2️⃣ Waste4Change, an Indonesia-based waste management firm, has [raised US$5 million]( in a series A funding round co-led by AC Ventures and Barito Mitra Investama, with participation from SMDV. Besides its collection and recycling offerings, Waste4Change also provides waste consultation and education services. 3️⃣ Singapore-based proptech major PropertyGuru[ has acquired]( local home services platform Sendhelper for an undisclosed sum. Sendhelper, which connects homeowners with verified service providers, who offer repair, air conditioner maintenance, cleaning, and other services, will help PropertyGuru offer a full suite of solutions to its customers. 4️⃣ Indian car-sharing platform Zoomcar [is set to go public]( after merging with Innovative International Acquisition Corp., a US-based blank-check firm. The merger with the special purpose acquisition firm is slated to be completed in the first half of 2023. 5️⃣ Thailand-based PropertyScout, a real estate platform, [has raised US$5 million]( in a series A fundraise led by Altara Ventures. The end-to-end real estate platform says it also digitalizes and automates around 90% of the real estate transaction process, enabling parties to close deals faster.  --------------------------------------------------------------- That’s it for this edition - we hope you liked it! Do also check out previous issues of the newsletter [here](. Not your cup of tea? You can unsubscribe from this newsletter by going to your “edit profile” page and choosing that option in our preference center. See you next week! [ADVERTISE]( | [SUBSCRIBE]( | [HIRE]( | [FIND JOBS]( P.S. Don't miss out on the biggest tech news and analysis. Add newsletter@techinasia.com to your address book, contacts, or safe sender list. Or simply move us into your inbox. Too many emails? Switch to a different frequency or get new content through our [preference center]( or [unsubscribe](. 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