Myanmar Digest: Yoma loan for Kargo; AsiaCarGroup sets up local platform

Photo: Juliet Shwe Gaung. Downtown Yangon.

By Juliet Shwe Gaung

March 21, 2019

Myanmar-based Kargo, an online platform that connects truck owners with businesses and individuals, has secured a $130,000 loan from Yoma Bank while Australia’s AsiaCarGroup has activated a Myanmar platform for trading of cars.

Kargo raises $130K loan from Yoma Bank

Logistics startup Kargo from Myanmar has received $130,000 as loan support through Yoma Bank’s unsecured SME financing scheme, according to an announcement.

The proceeds of the financing will be used for making same-day payments to the truck driver partners of Kargo, grow the company’s customer base and manage all invoices.

Established in 2016, the company claims over 1,300 drivers are present on its platform. Previously, Kargo raised a six-digit dollar grant support from the GSMA Ecosystem Accelerator Innovation Fund. Prior to that, it raised a six-digit investment from Singapore-based Vulpes Investment Management in 2017.

Singapore’s Cocoon Capital is also an investor in Kargo.

Australia’s AsiaCarGroup sets up Myanmar platform

Australia’s AsiaCarGroup, an online classified trading platform for cars and related services, has expanded its operations in Myanmar.

Mymyancar.com allows customers to buy and sell cars or spare parts locally. The full suite of services are yet to be launched on the Myanmar platform. AsiaCarGroup will mainly compete with Cars DB, backed by Malaysia’s Frontier Digital Ventures and Myanmar focused EME Myanmar.

AsiaCarGroup is currently operating in 19 countries across Asia, Central Asia and the Middle East.

Also Read:

Myanmar: GSMA Innovation Fund awards six-digit grants to New Day, Kargo

EME Myanmar takes significant minority stakes in CarsDB, Joosk

Logistics startup Kargo wins Seedstars Yangon, to compete for up to $1m funding

Singapore Reporter/s

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

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  • 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. 
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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.
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