In this article, you will get all information regarding WhyQ Secures RM4.6 Million in Extended Series A2 Funding Round – BusinessToday

WhyQ, a digital innovation startup focused on helping micro-SMEs (MSMEs) digitise their business, has successfully secured an additional RM4.6 million (S$1.4 million) in an extension to their Series A2 funding round. The extended round was led by the Kairos FoodTech Fund of Kairos Capital Group, which has previously invested in Good Meat, Roslin Technologies and Mission Barns. The initial Series A2 round of RM11.8 million (S$3.6 million) closed in 2021 and included Delivery Hero, Chope, Angel Central, and RB Investments. 

With this additional funding from the extended Series A2 Round, they plan to continue expanding their digitalisation platform and supporting the growth of small businesses in Singapore and Malaysia. WhyQ will focus on improving their existing products and developing new ones to help small businesses better compete in the digital economy.

“Collaborating closely with hawkers in Singapore for the past 5 years has allowed us to understand the challenges that small business owners face when it comes to digitalisation. Leveraging on our experience partnering with small-scale F&B owner-operators like hawkers, we would like to extend our expertise to now help small business owners in Malaysia to digitalise properly, with simple and free products. With key backers and partners such as Kairos, Delivery Hero, Ant Group, Chope, we are in a strong position to lead in the region,” said Varun Saraf, CEO and Co-founder of WhyQ.

WhyQ currently powers over 20,000 small businesses in Singapore and Malaysia by providing them with the tools they need to succeed in the digital world. WhyQ offers two free products: an eBiz app (WhyQ EBiz) and a digital bookkeeping app (WhyQ Kira Kira).

The eBiz app enables micro, small and medium-sized enterprises (MSMEs) to create their own online storefronts, connect with popular marketplaces like Foodpanda, accept online payments, and connect with logistics services like Lalamove – all within 60 seconds. This makes it easy for MSMEs to set up a digital presence quickly and easily and start selling online.

The digital bookkeeping app, Kira Kira, on the other hand, allows small businesses to track their daily transactions, manage their accounts, and apply for low-interest loans from partners such as Funding Societies. This makes it easy for businesses to stay on top of their finances and access the funding they need to grow.

“SMEs are the economic backbone of Southeast Asia, accounting for more than 90% of all companies and are the primary drivers of social mobility. The pandemic has increased demand for more adoption and integration of digital technology among SMEs. However, many SMEs face numerous barriers to adopting technology at a critical time of need. WhyQ is well positioned to help SMEs with their digitalisation challenges, by providing the digital infrastructure and tools to close the digital divide for merchants in SEA,” said Eric Cheong, Co-Founder and Managing Partner of Kairos Capital Group. “Kairos Capital is excited to work closely with the WhyQ team in driving the digital transformation agenda for SMEs in SEA forward, creating an economic wave to uplift the livelihoods and resilience of small business owners and merchants in an increasingly competitive online commerce environment.”

Rishabh Singhvi, COO and Co-Founder of WhyQ adds: “In Malaysia, small businesses play a crucial role in both the economy and culture. However, they often struggle to find products that cater to their specific needs. This problem has intensified since the pandemic, making it more important than ever for small businesses to adapt to the online world of commerce. WhyQ is dedicated to helping merchants do just that, and we are already one of the market leaders in Malaysia. We are closing the digital gap for tens of thousands of merchants and paving the way for a more comprehensive and accessible digital infrastructure.”

As part of its planned project trajectory in 2023, WhyQ plans to add more features to the eBiz app, such as customisable templates for online storefronts and integrations with popular e-commerce platforms like Shopee and Lazada. They also plan to partner with more logistics providers and payment gateways to give small businesses even more options for fulfilling orders and accepting payments.

Additionally, they plan to enhance their digital bookkeeping app with new features such as automatic sales & expense categorisations, inventory management, and bill payments. They will also continue to expand their network of lending partners to provide more options for small businesses seeking low-interest and quick loans. 

The company will also strengthen the digital payment infrastructure for MSMEs by offering a wide range of payment solutions that solve the needs of merchants as they go digital. Overall, WhyQ’s goal is to provide small businesses with the tools and support they need to thrive in the digital world.

WhyQ Secures RM4.6 Million in Extended Series A2 Funding Round – BusinessToday

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