7 Asian Startups to Watch in 2023 and Beyond
| 5 minutes read
We all know about the US Silicon Valley, the hub of startups globally. But do you know Asian startups have done exceptionally well over the past few years and pulled the attention of world entrepreneurs and leaders? When it comes to startups, ‘innovation’ is the word that comes first, and that’s why many billionaire companies like Google, Apple, Samsung, and many others have invested in some startups.
In the first half of 2022, Asian startups received $61.9 billion in funding. This was around 16% compared to 2020. A year ago, the Asia region was the global destination for foreign direct investment (FDI). Still, that time had passed away, and now the Asian market and startups are giving tough competition to Silicon Valley. Even after battling with COVID-19, Asia leads the digital transformation race, beating the much-hyped Silicon Valley.
Asia is well-known for its growing layer of the tech-savvy middle class and long-term growth potential; these potential reasons have made this Asian region attractive to all types of investors.
With the help of technology, Asian developed countries took only 2–3 weeks to develop an AI-based Covid test system, and the already well-prepared digitization scene accommodated the rise in demand for work-from-home apps and home delivery services.
Without any further adieu, let’s check out the top seven Asian startups to watch out for in 2023.
1. Credit Culture
Singapore-based Credit Culture is a ﬁnancial service provider. They are officially the ﬁrst ﬁntech company that oﬀers digital solutions for personal loans in Singapore. They allow consumers to benefit from a cheaper and faster loan application process and deal with market fluctuations with their innovation and technology. The management has 30+ years of experience in the finance sector and has ample experience and knowledge about the consumer credit area.
Credit Culture inspires to make credit costs for consumers and drives the ﬁnancial addition of many income bands, also the lower-income segment. Credit Culture raised around $32M in 2019 from one investor, RCE Capital Berhad. With this Credit Culture becomes the opener to our list.
Founded in early 2020, Ula is a marketplace app that focuses on helping small retailers manage their working capital with the help of technology. The startup services mainly concentrate on mom-and-pop shops and neighborhood kiosks. In addition, the newbie startup runs a wholesale e-commerce marketplace to help small store owners keep inventory and provide needed working capital.
The founder sketched inspiration from neighborhood retail in India, where he came from. These types of stores are also common in Indonesia. The Ula app aims to modernize/advance the supply chain for these smaller shops owners.
These stores and kiosks are a large part of day-to-day commerce in Indonesia. But, the sad part is most of them haven’t adopted the latest and modern technology in their day-to-day operations.
The retailers rely most on physical travel for payments and filling their inventory. In Q2 2022, they already have over 30,000+ small businesses signed onto the app. This is not an end; last year, Amazon founder Jeff Bezos made an undisclosed investment into this startup.
VoloFin is a ﬁntech platform based in Singapore. Through the Next-Gen IT platform powered by Blockchain, the startup oﬀers invoice ﬁnancing for SMEs in countries like Singapore, India, and the US.
The startup is one of the ﬁrst to leverage blockchain for MSME and SME lending. Their team had made a platform that solves the large gap in SME lending while delivering notable value to all the stakeholders.
With their advanced technology, SME’s get price indications and in-principle approval. Moreover, the user interface is attractively user-friendly and straightforward and allows a fully digital quick, and easy onboarding journey.
VoloFin assures companies to eﬀiciently grow their business without worrying about the buyer’s credit risk. The whole trade cycle is based on the blockchain, making it transparent for all stakeholders.
4. Dayta AI
Headquarter: Hong Kong
Dayta AI is a Hong Kong-based software company founded in 2018. They specialize in retail analytics based on video captured through surveillance cameras (CCTV). And it is one of the most innovative startups in Hong Kong that take CCTV footage from the retailer’s shop and observe consumer behavior with the help of software developed by them. They collect information like the peak store traffic hours and demographics.
The information their AI collects can help businesses get specific strengths and weaknesses. This allows shop retailers to change their strategies to improve sales and enhance customer experience.
Dayta AI has currently raised $3 million. This amount includes funds from the Hong Kong University of Science and Technology and ParticleX.
Even an active pandemic cannot halt human innovation.
5. Love Earth
As the name says, Love Earth has become a reputed name in the skincare and wellness industry. They sell organic, pure, and eco-friendly products. Paridhi Goel founded a startup based in India, which assures that they don’t use any harmful chemicals. They offer 24k gold glass face oil, face wash, body cream, and many other skincare products. They also donate a part of profits to GurukulParmarth Ashram. After Mama Earth, there is a massive possibility that Love Earth will show its presence on a wide scale across the nation.
When it comes to startups, people mainly talk about India, China, Singapore, and the US market. But do you know countries like Vietnam and Taiwan also play an important role in startups and technology? For example, TSMC, a semiconductor startup in Taiwan, makes chips (A series) for Apple used in iPhone.
When it comes to Vietnam, Logivan had raised the country’s logistics bar. The startup was founded in 2017; within these years, the company had connected businesses to reliable trucks to modernize their logistics processes. Through modernizing and digitizing the process, companies and truckers can save costs (logistics). The startup maximizes the truck’s trip and minimizes the waste of resources.
They have the potential to connect a network of over 60,000 truck drivers to various companies. Some of their company clients include Coca-Cola, Wilmar, and Olam. Currently, the company is worth $7.9 million.
Ubie is a health-tech startup and provides an AI-based assistant for diagnosis and decision-making support. They offer two products. The Hospital SaaS product “Ubie for Hospital” is an AI-driven medical platform supporting medical facilities. It is specially designed to help doctors and medical staff with better diagnoses. The system is introduced and used at more than 250+ medical facilities, and research shows that doctors’ working hours have been reduced by 1000 hours per year.
The startup had raised $22M in funding over 4 rounds and is funded by 4 investors. Their latest funding, in June 2020, raised $18.7 million from SUZUKEN CO., LTD.
As we just stepped in 2022, there will be a lot of global development in the startup world. Many other startups have the potential to create a mark. We will publish the second edition of the blog if we see many other changes in the startup industry.
But there is no doubt that the Asian startup has shown outstanding growth and is giving tough competition to Silicon Valley. And there, we had highlighted the seven best startup Asia above.