Open For Business

Donuts are more than just a sweet treat. They are a universal comfort food that brings joy to people of all ages. But in a world where consumers are increasingly seeking unique flavours, premium quality, and memorable experiences, the humble donut is evolving into a canvas for creativity.

Donut Plan, an artisanal doughnut shop, seems to have captured the hearts,and taste buds, of its audience. Today, we speak with Lau Jia Sen, the Founder of Donut Plan, to uncover the story behind the business, the challenges of running a business in a competitive food industry, and his sweet plans for the future.

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From producing just 10 jars a day to 650 SKUs daily, what began as a home kitchen experiment to create natural, toxin-free bone broth for their picky-eating son has evolved into a thriving seven-figure business. In this episode of Open for Business, we delve into The Daily Broth’s journey from side hustle to full-fledged enterprise.

We speak with Rahayu Parmatasari and Tengku Arif Asad, co-founders of The Daily Broth, about how they transitioned out of corporate careers, scaled operations while preserving quality, and navigated the challenges of funding and logistics.

Here are some key highlights from the conversation:

- Origins: Inspired by a personal need for nutritious food for their son, the founders started with a single pot and a dream.

- Scaling Up: Expanded from a home kitchen to a production facility with 20 staff, in-house delivery riders, and a food scientist ensuring quality control.

- Certifications and Growth: Securing Halal and HACCP certifications to unlock B2B opportunities and export markets like Australia and the Middle East.

- Funding the Growth: Bootstrapped the business without external funding, reinvesting profits to scale operations and enhance capabilities.

- Brand Promise: How they maintain their commitment to nutrition, safety, and toxin-free preparation in every jar of broth.

- Future Vision: Aiming to become a household staple and a trusted health food option in hospitals worldwide.

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From simplifying rental processes to introducing zero-deposit models and insurance protections, Wong Whei Meng, Founder and CEO of Speedhome, has focused on solving the pain points of landlords and tenants alike. With innovations like tenant screenings and integrated insurance protections, Speedhome is positioning itself as a comprehensive property management platform.

Breaking its loss-making streak, Speedhome is on track to achieve profitability this year. The company reported a 75% on-year increase in gross profit to just under RM5 million as of September 2024, with a net profit of RM1 million and EBITDA of RM2 million. Now, as it gears up for regional expansion and an IPO by 2027/2028, Speedhome is launching its fourth equity crowdfunding (ECF) round, targeting RM10 million at a valuation of RM114 million.

In this episode of Open for Business, we explore Speedhome’s journey, its innovative business model, and its bold plans for scaling regionally—all while staying laser-focused on profitability and customer retention.

Here are some key highlights from the conversation:

- Origins: Speedhome was born out of Wong’s personal frustrations as a landlord, inspiring him to build a platform that empowers landlords with control and simplifies processes for tenants.

- Insurance Innovation: SPEEDHOME introduced rental guarantees, eviction support, and other insurance protections, significantly enhancing landlord confidence.

- Business Model: Speedhome generates revenue through insurance commissions, tenancy fees, and a subscription model incentivising good tenant behavior.

- Key Milestones: Set to achieve full year profitability in 2024, Speedhome generated RM10 million in revenue as of September, with projections to close the year at RM14 million.

- Social Impact: By mandating tenant credit checks and offering zero-deposit options, Speedhome has tackled biases in the rental market and improved landlord-tenant relationships.

- Market Opportunity: With just 1% market penetration in the RM7.9 billion Klang Valley rental market, Speedhome plans to expand into Johor, Penang, and Melaka.

- New Market Opportunity: Speedhome aims to integrate software solutions for non-transacted properties, making property management seamless across the ecosystem.

- IPO Preparation: The company’s fourth equity crowdfunding round targets RM10 million to fund regional expansion, enhance its platform, and tap into untapped markets, all aimed at IPO readiness by 2027–2028.

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In this episode, we sit down with Dr. Jay Jayabalathilagam, the Founder and CEO of Volt Motorsports, a pioneering company at the forefront of changing the hybrid vehicle market. Dr. Jay shares his journey from the inception of Volt Motorsports to the development of their groundbreaking Extended Hybrid Battery eWarranty system, "HiiVolt." As Malaysia's first provider of a fully digital hybrid battery warranty, Volt Motorsports is transforming the way hybrid vehicle owners and dealerships approach battery protection, offering unmatched reliability, sustainability, and peace of mind.

Along the course of the conversation, we dive deep into the challenges faced by hybrid vehicle owners, how Volt's innovative technology is tackling these hurdles, and the company's commitment to reducing automotive waste and carbon footprints. We’ll also look at how Volt Motorsports is not only providing cost-effective, eco-friendly solutions but is also leading the charge towards a greener, more sustainable future in Malaysia’s automotive industry.

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Vanzo Asia started in 2018 with a focus on car air fresheners and has since grown into a homegrown brand that made RM5.1 million in profit on RM40.86 million revenue in FY2023. Co-Founder and MD Allan Wong discusses Vanzo origins, its product range expansion, and how their upcoming ACE Market IPO will help strengthen its retail presence and branding efforts, marking a new chapter in its growth story.

Allan has been nominated for the EY Entrepreneur of the Year 2024 Malaysia awards in the Emerging Entrepreneur category—a distinction previously awarded to brands like ZUS Coffee, Empire Sushi, and financing platform Capbay.

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Fast fashion might be trendy, but who says tradition can’t be trendy? In this episode, we speak with Jeffery Goh, the founder and designer of Inisaya, the brand that is reimagining the traditional Malaysian batik into modern-wear. With their commitment to local craftsmanship and sustainability, Inisaya celebrates individuality and cultural pride through their fusion of heritage and contemporary aesthetics. Today, Jeffery shares with us his journey, the inspiration behind Inisaya, and his vision for modernising tradition.

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From trading rubber gloves to manufacturing eco-friendly cleaning products, Yeo Eng Foo, Founder of ReadyCare Signature, shares how his Malaysian brand has grown to offer USDA-certified, halal, and vegan bio-based cleaning solutions across multiple ASEAN markets. In this episode of Open for Business, we explore ReadyCare’s origins, its innovative R&D process, and plans for expansion—all while staying committed to sustainability.

Here are some key highlights from the conversation:

- Yeo Eng Foo started his career trading rubber gloves and personal care products, supplying to major clients like Walmart. This experience highlighted global demand for sustainable products and inspired him to transition into bio-based cleaning solutions.

- The idea for ReadyCare emerged in 2016 when Walmart requested recyclable packaging for gloves. Unable to find local suppliers, Yeo identified a gap in the market for eco-friendly products and started researching bio-based cleaning solutions.

- With no chemistry or manufacturing background, Yeo took a leap of faith, investing over RM1 million in machinery before even finalising product formulas. He built an in-house R&D team to develop stable, plant-based cleaning solutions tailored to market needs.

- ReadyCare offers USDA bio-based, halal-certified, vegan-friendly, and MyHijau-certified products. Its lineup includes star items like bio-based dishwashing liquid, laundry detergent, and the region’s first USDA-certified toilet bowl cleaner.

- ReadyCare designs products specifically for regional needs, such as dishwashing liquids effective against greasy Asian cuisine. Their R&D ensures products are eco-friendly without compromising cleaning performance or safety.

- Initially faced with scepticism about product effectiveness, ReadyCare built trust by offering free samples and demonstrating tangible benefits like gentler effects on skin and effective grease removal.

- In just three years, ReadyCare Signature achieved seven-figure annual revenues. The brand also exports to Japan, Thailand, and the Philippines, with Singapore and Indonesia launches in progress.

- Yeo’s plans include scaling up through refillable vending machines to reduce plastic waste and expanding into untapped markets. He envisions ReadyCare becoming a global leader in bio-based cleaning solutions with eventual plans for an IPO to fuel growth.

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From a one-off project supplying workstations to a RM75 million acquisition, Wilstech’s journey is one of growth, adaptation, and strategic decisions. In this episode of Open For Business, Wilson Low, Founder and CEO of Wilstech, shares how the Malaysian B2B IT solutions provider scaled from a RM100,000 family loan to achieving RM23 million in revenue in 2023. We dive into its acquisition by Systech Bhd, lessons from the journey, and the road ahead.

Here are some key highlights from the conversation:

- Wilstech’s Origins: Wilson Low launched Wilstech in 2018 with a RM100,000 family loan, starting with a single project supplying workstations to the government.

- A Shift to Digital Solutions: Initially focused on hardware, the company pivoted to digital solutions like mobile apps, software development, and business automation systems to address the digitalization needs of Malaysian SMEs.

- Star Products Driving Growth: Wilstech’s offerings include the WilsONE Business Automation System and eMOBIQ, a no-code app platform that empowers SMEs to streamline operations efficiently and affordably.

- Revenue Milestones: Wilstech achieved RM23 million in revenue in 2023 and RM14 million in just the first six months of 2024, driven by both SME solutions and government tenders.

- Strategic Acquisition: Earlier this year, Systech Bhd acquired Wilstech for RM75 million in a cash-and-stock deal, marking a major milestone and offering synergies like enhanced resources, funding, and government connections.

- Meeting Growth Challenges: Wilson highlighted the challenges of early sales, scaling the business, and navigating M&A decisions, including choosing an acquisition over pursuing an IPO.

- Future Ambitions: With an obligation to meet a RM5 million profit guarantee for FY2024, Wilstech is eyeing expansion into AI, big data, and smart city solutions, all while staying focused on its SME customer base.

- Long-Term Vision: Wilson envisions Wilstech potentially spinning off as an independent entity within the Systech group, with ambitions to establish itself as a leader in SME-focused innovations.

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Today, we feature Ascendance, a Malaysian youth-driven organisation that’s reshaping the way young people approach education and entrepreneurship. Founded by students for students, Ascendance empowers individuals to discover their passions, develop real-world skills, and achieve personal and professional growth through innovative programmes, mentorship, and hands-on experiences. In this conversation with Harsha Ravindran, CEO, and Sanadtkumar Ganesan, COO, and Co-Founders of Ascendance, we look into their journey, the challenges they’ve overcome, and how they continue to inspire and transform the lives of youth across the nation and beyond.

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From Malaysia to world - how Amplio Ingredients wants to leverage local herbs and bring them into the global supplement supply chain. In this episode of Open For Business, we dive into the origins and ambitions of this Malaysian health supplement ingredient supplier with Executive Director and COO Cheong Wai Loon.

Amplio Ingredients specialises in sourcing health supplement ingredients from global manufacturers while providing formulation support for clients, as well as regulatory advice for end products. They cater to industries ranging from functional foods and nutraceuticals to personal care.

In this episode, we explore Amplio’s journey—from its origins and evolution to its growth strategies. Cheong Wai Loon shares insights into the company’s future, including whether an IPO or M&A could be on the cards, as well as key lessons learned from Sunzen Biotech’s acquisition and subsequent divestment of a 70% stake in Amplio. We also discuss how Amplio collaborates with local universities and research centres to advance its products and ingredient offerings, leveraging local herbs.

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