Open For Business

mindnrobotics, a Malaysian IOT and robotics company, has spent over a decade building automation solutions, but recently has focused its efforts on the agriculture and plantations industry. In this episode of Open For Business, we speak with Founder & CEO Ts. Zhafri Baharudin and Co-Founder & COO Shahid Bakar about their company’s 15-year journey, including its pivot from general robotics to AI-powered agri-tech, and what they’re trying to do.

We explore how solutions like CanopyNet (a mobile mesh network designed for palm oil plantations) aim to tackle labor shortages and enable smart farming. While still bootstrapped, mindnrobotics has grown steadily, now generating 7-figure annual revenue with 30% growth. With commercial pilots underway and funding conversations in motion, the team is looking to scale its innovations across Southeast Asia. They also share their long-term vision for building a globally competitive, locally grounded robotics firm focused on food security, sustainability, and tech enablement.

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How does one padel club with big dreams justify a RM91 million valuation?

Founded in Stockholm and now trying to make waves in Southeast Asia, ASCARO claims it’s not your average padel club. Launched in Malaysia in 2023, the company became profitable in its first year at 1 Utama and now has bold expansion plans. In this episode of Open For Business, we speak with Managing Director Daniel Liljekvist and COO Nicholas Caoile to unpack ASCARO’s journey from padel apparel brand to premium club concept.

With projections of RM90.8 million in revenue and RM41.4 million in net profit by 2027, ASCARO is raising up to RM20 million via equity crowdfunding to fund four new locations across Kuala Lumpur and Jakarta. But with a pre-money valuation of RM91 million and ambitions for a future IPO or acquisition, the big question is: is this too big a swing?

The duo shares their multi-revenue model, expansion playbook, and how ASCARO aims to build a new kind of inclusive country club for Southeast Asia, while navigating execution risk, scalability, and investor scrutiny.

AI generated Key Highlights:

• Origins & Evolution: Started as a premium padel apparel brand in Stockholm (2021) before evolving into a padel and social club concept.

• Malaysia Expansion: Launched in 1 Utama in 2023 and turned a profit within the first year.

• Business Model: Combines B2C (court rentals, coaching, merchandise) with a strong B2B focus (events, corporate partnerships, sponsorships).

• Financials: 2024: RM5.4M revenue, RM1.1M pre-tax profit – 2025 (projected): RM36.9M revenue, RM15.7M net profit – 2027 (projected): RM90.8M revenue, RM41.4M net profit

• Funding Strategy: Raising up to RM20M via equity crowdfunding at a RM91M pre-money valuation to fund four new clubs (3 in KL, 1 in Jakarta).

• Scalability: Targeting 15 clubs by 2027, leveraging modular concepts, shared cost structures, and strong location selection near corporate hubs.

• Strategic Partnerships: Incentivising key partners and talent with equity; exploring landlord co-investment models and international collaborations.

• Risks & Challenges: Execution risk across multiple markets – High construction and fit-out costs – Market still in early-stage adoption in Southeast Asia

• Exit Plans: Aiming for IPO or acquisition within four years; positioning for regional scale and investor appeal through expansion and digital offerings.

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In this episode of Open For Business, we speak with Koh Cha-Ly, Founder and Chief Executive Officer at UrbanMetry, a data analytics company in Malaysia that provides AI-powered solutions to help cities and governments analyse large amounts of city data through their proprietary algorithms. Also with us is Chloe Yiin, Product Growth Manager of Urbanwave or Urban NX, a home co-ownership program run by UrbanMetry to help people upcycle homes in well-loved neighbourhoods by providing cash for renovations. We discuss their journey into the AI space with Urbanwave and how it works as well as how they aim to create a sustainable path to home ownership.

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Founded in 2015, Pott Glasses has grown from bazaars to 8 retail outlets, all without external funding. The company broke past 8-figures in revenue 2-3 years back, and is now eyeing RM100 million as its next major target in the next few years.

Pott Glasses is a homegrown boutique eyewear brand attempting to redefine the consumer experience through its signature 4D Optical Styling, which considers eye power, occupation, face shape, and usage to deliver personalised recommendations.

In this episode of Open For Business, we explore why and how the founders built their brand in a market dominated by local chains and international names. We also dive into their growth strategy, which includes opening 8 more outlets in the next 2 years, expanding their sunglasses line, rolling out ESG initiatives, and launching a new niche brand, all while exploring strategic partnerships to expand brand awareness and distribution.

Tune in to find out how Pott Glasses is reshaping Malaysia’s eyewear landscape, one face at a time.

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CashOut, a digital contest management platform that uses gamification to drive sales and customer engagement is aiming to change how businesses and marketers create marketing campaigns. In this episode, we speak with the co-founders, Jess and Brahma, why they started this platform as well as how they aim to grow and scale this business after the official launch next month. We’ll also talk about how the platform works and its competitive advantages along with the unique challenges to run and manage this platform.

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Exiting a startup in Southeast Asia isn’t easy. IPOs are rare, valuations are tricky, and local buyers often fall short. So how do VCs and founders maximise their exits?

We dive into this with Kairous Capital, a venture capital and private equity firm managing $200 million AUM, with a cross-border focus between Southeast Asia and China. Managing Partner Joseph Lee and Partner Adrian Hia share how they’ve backed 21+ companies, secured 4.5 exits, and developed a scaling and exit strategy for startups.

We explore:

• Why 80% of their exits come from trade sales, not IPOs

• The “time machine” arbitrage between China & Southeast Asia

• How AI, digitalization, and SME transformation funds fit into their investment thesis

• The challenges of fundraising in today’s VC climate, including how LPs are picking firms to back

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A school reunion eventually led to an AI-powered edtech that raised RM16 million, and is now an 8-figure business with over 1 million users and on track for profitability in 2025.

Pandai wants to reshape education in Malaysia and beyond with its AI-powered learning platform. Founded in 2020, the edtech startup has scaled to over 1 million users, providing personalised learning, gamified assessments, and real-time teacher support. CEO and Founder Khairul Anwar shares how Pandai differentiates itself in a competitive landscape, including its curriculum integration, AI-driven tutoring, and B2B partnerships with corporate sponsors and government agencies.

A Y Combinator-backed company, Pandai has raised over RM16 million from investors like 500 Global, RHL Ventures, and Harvard Endowment, while maintaining rapid revenue growth of 2-3X annually. With eight-figure revenues and profitability expected in 2025, Pandai is pushing its expansion across Southeast Asia, navigating challenges such as localisation and market competition.

In this conversation, we dive into the company’s scaling strategy, its AI-driven student analytics, and the future of edtech in Malaysia. Is an IPO or strategic acquisition on the horizon?

Tune in to find out how Pandai is transforming learning and what’s next for the startup.

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Securing financing can be a major hurdle for SMEs, especially those without traditional collateral. Enter Bee Informatica, a digital microfinance platform blending AI-driven credit assessments with microloan principles to provide quick, unsecured loans to underserved businesses in Malaysia. Fumiko Inada, Co-Founder and CEO of Bee Informatica, joins us to share how the company is reshaping SME financing with AI-powered risk assessment, its approach to responsible lending, and how it maintains a low non-performing loan (NPL) ratio of just 1.4%.

We also discuss the expected impact of Malaysia’s upcoming Consumer Credit Act, how Bee Informatica differentiates itself from banks and P2P lenders, and what the future holds, including expansion plans and a potential IPO in Tokyo by 2030.

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Radius Khor, Co-Founder & Director of Kee Nguyễn, a Malaysian startup that’s bringing Vietnamese-style coffee to the local market. Founded in 2019 alongside his co-founder Henry, Kee Nguyễn has quickly become a go-to brand for working professionals in business districts, offering a taste of Vietnam in every cup.

In this insightful conversation, Radius shares the story behind the creation of Kee Nguyễn, the hurdles they’ve faced, and how they’ve managed to grow their brand in the competitive F&B industry. From overcoming challenges to scaling their operations, Radius opens up about the strategies that have helped Kee Nguyễn thrive and what the future holds for the business as it continues to expand.

Tune in to hear about the entrepreneurial journey behind Kee Nguyễn and gain valuable insights into building a successful coffee brand from the ground up!

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With a $10 million Series A in the bag and backing from Gobi Partners, 500 Global, Headline, and Endeavor Catalyst, what’s next for iMotorbike?

Since launching in 2016, iMotorbike has evolved from a classifieds site into a full-fledged e-commerce platform for buying and selling pre-owned motorcycles. In this episode of Open For Business, co-founders Gil Carmo (CEO) and Sharmeen Looi (CMO) share how their 2021 pivot introduced a 6-day return policy, warranties, and financing options, transforming iMotorbike into a trusted one-stop center for motorcycles.

Now, with fresh capital, they’re scaling in Malaysia (Johor & Penang), doubling down on Vietnam, and expanding into Taiwan, while also growing their showroom network and inspection centers. We explore their 3X annual growth, their TikTok-driven marketing strategy, and how they’re setting the stage for profitable expansion and a potential IPO or M&A exit.

Here are 6 AI-Generated highlights from the conversation:

• From Classifieds to E-Commerce – Pivoted in 2021 to a full-service platform, streamlining buying, selling, and financing.

• $10M Series A Funding – Backed by top VCs, fueling regional expansion into Vietnam, Taiwan & Malaysia.

• 3X Yearly Growth & Scaling Strategy – Tripling revenue annually, targeting 5X growth in 2025.

• Physical Showrooms & Inspection Centers – Expanding beyond digital with 46,806 sq. ft. showrooms & 15 inspection centers.

• Marketing & Community Growth via TikTok – 1.6M+ TikTok views, engaging riders through events & Telegram groups.

• The Road Ahead: Profitability & Expansion Plans – Aiming for profitable showrooms, future Series B funding & IPO/M&A exit.

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