WhyQ, a hawker meals supply startup energetic in Malaysia and Singapore, has secured a further RM4.6 million (S$1.4 million) in an extension to their Collection A2 funding spherical. The spherical was led by the Kairos FoodTech Fund of Kairos Capital Group, in response to a January 26 press launch.
The startup’s preliminary Collection A2 spherical of RM11.8 million (S$3.6 million) closed in 2021, led by Supply Hero, Chope, Angel Central, and RB Investments.
Established in 2017 as a hawker meals supply service, WhyQ might be utilizing the funds to broaden its digitalisation platform that helps construct digital infrastructures for MSMEs.
“SMEs are the financial spine of Southeast Asia, accounting for greater than 90% of all corporations and are the first drivers of social mobility,” stated Eric Cheong, the co-founder and managing accomplice of Kairos Capital Group.
Picture Credit score: WhyQ
Nevertheless, these SMEs usually wrestle to search out merchandise that cater to their particular wants.
Thus, WhyQ’s position is to assist these SMEs, which frequently face obstacles to adopting newer know-how. The startup at present helps over 20,000 small companies in Singapore and Malaysia with its options.
“Leveraging on our expertise partnering with small-scale F&B owner-operators like hawkers, we want to prolong our experience to now assist small enterprise house owners in Malaysia to digitalise correctly, with easy and free merchandise,” stated Varun Saraf, the CEO and co-founder of WhyQ.
The 2 free merchandise embody an eBiz app (WhyQ EBiz) and a digital bookkeeping app (WhyQ Kira Kira).
Based mostly in Singapore, WhyQ has its begin as a hawker-first digital ecosystem that gives a stable platform for hawkers to ship cooked meals, order wholesale raw-material provides, and combine with POS programs.
Nevertheless, its supply companies haven’t but made their strategy to Malaysia.
Its WhyQ eBiz app is a product that has been developed from their experience with such companies. A one-stop answer app, it permits MSMEs to create their very own personalised e-store hyperlinks, sharing them throughout their social media platforms and finally managing orders inside the app.
By way of the app, companies may join with in style marketplaces like foodpanda, settle for on-line funds, and join with logistics companies like Lalamove.
The digital bookkeeping app, Kira Kira, then again, permits small companies to trace their day by day transactions, handle their accounts, and apply for low-interest loans from companions comparable to Funding Societies.
Cue the expansion
In 2023, WhyQ plans so as to add extra options to its eBiz app, comparable to customisable templates for on-line storefronts and integrations with in style ecommerce platforms like Shopee and Lazada.
Based on the press launch, the startup additionally plans to accomplice with extra logistics suppliers and fee gateways, giving small companies extra choices for fulfilling orders and accepting funds.
Moreover, WhyQ additionally plans to boost its digital bookkeeping app with options comparable to automated gross sales and expense categorisations, stock administration, and invoice funds. In the meantime, it additionally goals to broaden its community of lending companions.
Study extra about WhyQ right here.Learn different funding-related articles right here.
Featured Picture Credit score: The crew at WhyQ