Asia Digest: Myanmar’s Ezay raises funding; Eatsy Indonesia shuts down ops

Myanmar-based e-commerce startup Ezay has raised $200,000 in a funding round led by Seiji Kurokoshi. In a separate development, Eatsy Indonesia, a local unit of Singapore-based food ordering and payment mobile app, has suspended operations due to the COVID-19 pandemic.

Myanmar’s Ezay raises $200k from Seiji Kurokoshi

Yangon-based rural e-commerce startup Ezay has raised $200,000 in a funding round led by Seiji Kurokoshi, according to an announcement.

Kurokoshi is a Japanese impact investor who pioneered social impact bonds for single mothers.

Founded in August 2019 by a former Oway employee Kyaw Min Swe, Ezay is a mobile platform connecting rural mom-and-pop stores with wholesalers.

Ezay, which has over 1,600 retailers to date, is currently working in partnership with leading Myanmar MFIs to offer finance to these shopkeepers, 75 per cent of which have had no access to finance earlier.

The startup plans to expand its coverage across the country and also widen its service offerings. The company aims to serve 8,000 retailers by the end of 2020.

Myanmar-based early-stage investment firm Emerging Markets Entrepreneurs (EME), which led a six-digit seed round in Ezay last November, also joined in the current round of investment.

Eatsy Indonesia shuts down ops temporarily

Eatsy Indonesia, a local unit of Singapore-based food ordering and payment mobile app, has announced on its website that it is suspending its operations due to the COVID-19 pandemic.

Eatsy allowed customers to order beforehand and pay at local eateries and coffee shops.

On its website, the firm says ‘the team has taken the difficult decision to take a pause on our operations from April 1 2020 until further notice.’ However, it did not mention for how long the firm will take such a measure.

DealStreetAsia has reached out to Eatsy for comments but had not received a response yet.

Eatsy had launched its operations in the archipelago in November last year, catering to the Greater Jakarta area.

The app had announced early last year that it had raised $550,000 in a seed funding round led by early-stage venture capital firm East Ventures.

The firm so far has reportedly raised more than $1 million in funding from investors, including East Ventures, Quest Ventures, Wee Teng Wen (Lo&Behold) and the three co-founders of RedMart.

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.