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June 16, 2019
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A young entrepreneur is building the Amazon of Bangladesh

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At just 26, Waiz Rahim is supposed to be involved in the family business, having returned home in 2016 with an engineering degree from the University of Southern California. Instead, the young entrepreneur is plotting to build the Amazon of Bangladesh.

Deligram, Rahim’s vision of what e-commerce looks like in Bangladesh, a country of nearly 180 million, is making progress, having taken inspiration from a range of established tech giants worldwide, including Amazon, Alibaba and Go-Jek in Indonesia.

It’s a far cry from the family business. That’s Rahimafrooz, a 55-year-old conglomerate that is one of the largest companies in Bangladesh. It started out focused on garment retail, but over the years its businesses have branched out to span power and energy and automotive products while it operates a retail superstore called Agora.

During his time at school in the U.S., Rahim worked for the company as a tech consultant whilst figuring out what he wanted to do after graduation. Little could he have imagined that, fast-forward to 2019, he’d be in charge of his own startup that has scaled to two cities and raised $3 million from investors, one of which is Rahimafrooz.

Deligram CEO Waiz Rahim [Image via Deligram]

“My options after college were to stay in U.S. and do product management or analyst roles,” Rahim told TechCrunch in a recent interview. “But I visited rural areas while back in Bangladesh and realized that when you live in a city, it’s easy to exist in a bubble.”

So rather than stay in America or go to the family business, Rahim decided to pursue his vision to build “a technology company on the wave of rising economic growth, digitization and a vibrant young population.”

The youngster’s ambition was shaped by a stint working for Amazon at its Carlsbad warehouse in California as part of the final year of his degree. That proved to be eye-opening, but it was actually a Kickstarter project with a friend that truly opened his mind to the potential of building a new venture.

Rahim assisted fellow USC classmate Sam Mazumdar with Y Athletics, which raised more than $600,000 from the crowdsourcing site to develop “odor-resistant” sports attire that used silver within the fabric to repel the smell of sweat. The business has since expanded to cover underwear and socks, and it put Rahim’s mind to work on what he could do by himself.

“It blew my mind that you can build a brand from scratch,” he said. “If you are good at product design and branding, you could connect to a manufacturer, raise money from backers and get it to market.”

On his return to Bangladesh, he got Deligram off the ground in January 2017, although it didn’t open its doors to retailers and consumers until March 2018.

E-commerce through local stores

Deligram is an effort to emulate the achievements of Amazon in the U.S. and Alibaba in China. Both companies pioneered online commerce and turned the internet into a major channel for sales, but the young Bangladeshi startup’s early approach is very different from the way those now hundred-billion-dollar companies got started.

Offline retail is the norm in Bangladesh and, with that, it’s the long chain of mom and pop stores that account for the majority of spending.

That’s particularly true outside of urban areas, where such local stores almost become community gathering points, where neighbors, friends and families run into each other and socialize.

Instead of disruption, working with what is part of the social fabric is more logical. Thus, Deligram has taken a hybrid approach that marries its regular e-commerce website and app with offline retail through mom and pop stores, which are known as “mudir dokan” in Bangladesh’s Bengali language.

A customer can order their product through the Deligram app on their phone and have it delivered to their home or office, but a more popular — and oftentimes logical — option is to have it sent to the local mudir dokan store, where it can be collected at any time. But beyond simply taking deliveries, mudir dokans can also operate as Deligram retailers by selling through an agent model.

That’s to say that they enable their customers to order products through Deligram even if they don’t have the app, or even a smartphone — although the latter is increasingly unlikely with smartphone ownership booming. Deligram is proactively recruiting mudir dokan partners to act as agents. It provides them with a tablet and a physical catalog that their customers can use to order via the e-commerce service. Delivery is then taken at the store, making it easy to pick up, and maintaining the local network.

“We’ll tell them: ‘Right now, you offer a few hundred products, now you have access to 15,000,’ ” the Deligram CEO said.

Indeed, Rahim sees this new digital storefront as a key driver of revenue for mudir dokan owners. For Deligram, it is potentially also a major customer acquisition channel, particularly among those who are new to the internet and the world of smartphone apps.

This offline-online model — known by the often-buzzy industry term “omnichannel” — isn’t new, but in a world where apps and messaging is prevalent, reaching and retaining users is challenging, particularly in emerging markets.

“It’s not easy to direct people to a website today, and the app-first approach has made it hard,” Rahim said. “We looked at how companies in Indonesia and India overcame these challenges.”

In particular, he studied the work of Go-Jek in Indonesia, which uses an agent model to push its services to nascent internet users, and Amazon India, which leans heavily on India’s local “kirana” stores for orders and deliveries.

In Deligram’s case, the mudir dokan picks up sales commission as well as money for every delivery that is sent to their store. Home deliveries are possible, but the lack of local infrastructure — “turn right at the blue house, left at the white one, and my place is third from the left,” is a common type of direction — makes finding exact locations difficult and inefficient, so an additional cost is charged for such requests.

E-commerce startups often struggle with last-mile because they rely on a clutch of logistics companies to fulfill orders. In a rare move for an early-stage company, Deligram has opted to run its entire logistics process in-house. That obviously necessitates cost and likely provides significant growing pains and stress, but, in the long term, Rahim is betting that a focus on quality control will pay out through higher customer service and repeat buyers.

A prospective Deligram customer flips through a hard copy of the company’s product brochure in a local store [Image via Deligram]

Startups on the rise in Bangladesh

Rahim’s timing is impeccable. He returned to Bangladesh just as technology was beginning to show the potential to impact daily life. Bangladesh has posted a 7% rise in GDP annually every year since 2016, and with an estimated 80 million internet users, it has the fifth-largest online population on the planet.

“We are riding on a lot of macro trends; we’re among the top five based on GDP growth and have the world’s eighth-largest population,” Rahim told TechCrunch. “There are 11 million people in middle income — that’s growing — and our country has 90 million people aged under 30.”

“An index to track the growth of young people would be [capital city] Dhaka… you can just see the vibrancy with young people using smartphones,” he added.

That’s an ideal storm for startups, and the country has seen a mix of overseas entrants and local ventures pick up speed. Alibaba last year acquired Daraz, the Rocket Internet-founded e-commerce service that covers Pakistan, Bangladesh, Myanmar, Sri Lanka and Nepal, while the Chinese giant also snapped up 20% of bKash, a fintech venture started from Brac Bank as part of the regional expansion of its Ant Financial affiliate.

Uber, too, is present, but it is up against tough local opposition, as is the norm in Asian markets.

That’s because Bangladesh’s most prominent local startups are in ride-hailing. Pathao raised more than $10 million in a funding round that closed last year and was led by Go-Jek, the Indonesia-based ride-hailing firm valued at more than $9 billion that’s backed by the likes of Tencent and Google. Pathao is reportedly on track to raise a $50 million Series B this year, according to Deal Street Asia.

Pathao is one of two local companies that competes alongside Uber in Bangladesh [Image via Pathao]

Its chief rival is Shohoz, a startup that began in ticketing but expanded to rides and services on-demand. Shohoz raised $15 million in a round led by Singapore’s Golden Gate Ventures, which was announced last year.

Deligram has also pulled in impressive funding numbers, too.

The startup announced a $2.5 million Series A raise at the end of March, which Rahim wrote came from “a network of institutional and angel investors;” such is the challenge of finding a large check for a tech play in Bangladesh. The investors involved included Skycatcher, Everblue Management and Microsoft executive Sonia Bashir Kabir. A delighted Rahim also won a check from Rahimafrooz, the family business.

That’s not a given, he said, admitting that his family did initially want him to go to work with their business rather than pursuing his own startup. In that context, contributing to the round is a major endorsement, he said.

Rahimafrooz could be a crucial ally in future fundraising, too. Despite an improving climate for tech companies, Bangladesh’s top startups are still finding it tough to raise money, especially with overseas investors that can write the larger checks that are required to scale.

“I think the biggest challenge is branding. Every time I speak with new investors, I have to start by explaining where Bangladesh is, or the national metrics, not even our business,” Pathao CEO Hussain Elius told TechCrunch.

“There’s a legacy issue. Bangladesh seems like a country which floods all the time and the garment sector going down — that’s a part of the story but not the full story. It’s also an incredible country that’s growing despite those challenges,” he added.

Pathao is reportedly on track to raise a $50 million Series B this year, according to Deal Street Asia. Elius didn’t address that directly, but he did admit that raising growth funding is a bigger challenge than seed-based financing, where the Bangladesh government helps with its own fund and entrepreneurial programs.

“It’s hard for us as we’re the first ones out there, but it’ll be easier for the ones who’ll follow on,” he explained.

Still, there are some optimistic overseas watchers.

“We remain enthusiastic about the rapidly expanding set of opportunities in Bangladesh,” said Hian Goh, founding partner of Singapore-based VC firm Openspace — which invested in Pathao.

“The country continues to be one of the fastest-growing economies in the world, underpinned by additional growth in its garments manufacturing sector. This has blossomed into an expanding middle class with very active consumption behavior,” Goh added.

Growth plans

With the pain of fundraising put to the side for now, the new money is being put to work growing the Deligram business and its network into more parts of Bangladesh, and the more challenging urban areas.

Geographically, the service is expanding its agent reach into five more cities to give it a total of seven locations nationwide. That necessitates an increase in logistics and operations to keep up with, and prepare for, that new demand.

Deligram workers in one of the company’s warehouses [Image via Deligram]

Rahim said the company had handled 12,000 orders to date as of the end of March, but that has now grown past 20,000 indicating that order volumes are rising. He declined to provide financial figures, but said that the company is on track to increase its monthly GMV volume by six-fold by the end of this year. Electronics, phones and accessories are among its most popular items, but Deligram also sells apparel, daily items and more.

Interestingly, and perhaps counter to assumptions, Deligram started in rural areas, where Rahim saw there was less competition but also potentially more to learn through a more early-adopter customer base. That’s obviously one major challenge when it comes to growth, and now the company is looking at urban expansion points.

On the product side, Deligram is in the early stages of piloting consumer financing using its local store agents as the interface, while Rahim teased “exciting IOT R&D projects” that he said are in the planning stage.

Ultimately, however, he concedes that the road is likely to be a long one.

“Over the last 18-20 years, modern retail hasn’t made much progress here,” Rahim said. “It accounts for around 2.5% of total retail, e-commerce is below 1% and the long tail local stores are the rest.”

“People will eventually shift, but I think it’ll take five to eight years, which is why we provide the convenience via mom and pop shops,” he added.

Alibaba returns to growth with revenue up 51% to $13.9 billion

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It’s business as usual for Alibaba after the Chinese e-commerce giant bounced back from a lackluster Q3 — which saw its slowest growth for three years. For Q4, the company saw revenue surge 51 percent year-on-year to reach 93.5 billion RMB, or $13.9 billion.

That revenue beat analyst expectations of 91.5 billion RMB, according to Barons, and net income came in at 23.38 billion RMB, or $3.48 billion.

Alibaba positions itself as the gateway to Chinese consumers, and it continues to grow. The company said its mobile monthly users — a metric it uses to measure shoppers — reached 721 million in March, an increase of 22 million in three months and 104 million over the last year. Annual active users were up 18 percent to 654 million and the company’s Chinese marketplaces saw GMV — the value of total goods sold — rise by 19 percent year-on-year in its fiscal 2018.

Speaking on a call with analysts, executive chairman Joe Tsai claimed Alibaba is ideally placed to capitalize on China’s switch from an export economy to domestic consumption, despite the ongoing U.S-China trade war.

“China is opening its markets to more foreign businesses to satisfy the demands of Chinese consumers,” he said. “We have the reach and deep insights… our scale and access to Chinese consumers is simply unrivaled.”

On the earnings call, CEO Daniel Zhang explained that the impressive results were a result of improved conversion rates — thanks to a new app interface featuring more recommendations and video content, an increase in retailer product launches and general user/shopper growth.

A big part of that growth focus is on consumers in more rural areas. Indeed, over the past year, more than 70 percent of the increase in annual active consumers was from less developed cities, Tsai said, adding that spending in tier three, four and five cities is projected to triple to $7 trillion in the coming years. Alibaba clearly believes it can take a large bite of this, despite rivals including Pinduoduo focusing intensely on rural Chinese consumers.

The user growth also arises from Alibaba’s hold on its range of businesses and its ability to channel traffic between them. For example, its online ecommerce app Taobao and e-wallet Alipay brought about 30 percent of total orders to Ele.me, the food delivery service competing head-on with Tencent-backed Meituan Dianping.

Outside of China, Lazada in Southeast Asia and internationally-focused Aliexpress clocked a cumulative 120 million shoppers over the past year although Alibaba is, again, not giving many more details on either service.

Cloud has been a major growth vertical for Alibaba, and once again that proved true although growth is tapering as the business grows larger. Alibaba Cloud, which is ranked as China top cloud service with 42.9 percent market share according to IDC, grew by 76 percent annual to hit 7.73 billion RMB, or $1.15 billion. Alibaba claimed the cloud business services over half of China’s A-listed companies.

Outside its core online retail business, Alibaba continues its big bet on brick-and-mortar retail. Its own supermarket chain Freshhippo (formerly Hema) reached 135 stores, dwarfing its rival JD.com’s counterpart 7Fresh which operates fewer than 15 locations. Digital entertainment is another cash-guzzling business for Alibaba, although the firm once again refrained from revealing user number for its video streaming service Youku, once a pioneer in the industry.

Walmart announces next-day delivery on 200K+ items in select markets

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This month, Amazon announced it’s investing $800 million in its warehouses and delivery infrastructure in order to double the speed of Prime shipping by reducing it to only one day. Now Walmart is following suit with a one-day shipping announcement of its own. The rival retailer says it will begin to offer free, NextDay delivery on select Walmart .com orders over $35 — without a membership fee.

This offer will initially be available to customers only in Phoenix and Las Vegas beginning on Tuesday, May 14, 2019, and will then expand to customers in Southern California over the next few days. The rollout will then continue “gradually” over the months ahead, with a goal of reaching 75% of the U.S. population — including 40 of the top 50 U.S. metros — by year-end.

Today, Amazon Prime covers more than 100 million items, which are available for two-day shipping to Prime’s more than 100 million subscribers. To make an inventory of that size available for one-day shipping is a massive investment on Amazon’s part.

Walmart, on the other hand, is starting smaller. Its NexDay delivery will be available as a standalone, curated shopping experience where customers can browse up to 220,000 of the most frequently purchased items.

This includes things like diapers, electronics, toys and household needs, and soon more. Everything in the cart has to be NextDay-eligible and total more than $35 to qualify. The cut-off times for the order will vary by location, Walmart says. Orders will be delivered primarily by national carriers, and in some cases, regional carriers.

This more limited focus in terms of inventory (for now at least) makes NextDay more of a competitor to Target’s Restock than to Amazon one-day Prime ambitions, as — like Restock — it requires a $35 minimum order. Restock, though, has customers “filling a box” with items and is largely focused on day-to-day shopping. Meanwhile, Walmart’s NextDay selection is wider than Restock’s some 35,000 items. (However, ahead of Walmart’s announcement, Target pushed out news that its same-day “Drive Up” curbside service had now expanded to over 1,250 U.S. stores.)

Walmart’s focus on matching Amazon’s efforts — but with a different set of conditions and “without a membership fee” — is now par for the course.

For example, Walmart in early 2017 first announced it would begin to offer free, two-day shopping on more than 2 million items with no need for a membership — as long as orders totaled $35.00 or more. The retailer had been trialing such a sped-up shipping system for years — starting with a test of its answer to Prime back in 2015. Dubbed ShippingPass at the time, the program initially began with 1 million items and three-day delivery, then was lowered to two days while the number of eligible items doubled. 

This past October, Walmart expanded two-day shipping to its Marketplace sellers, as well.

Now, it’s focused on one-day. Walmart says this is not in response to Amazon’s news, but rather had plans already in progress.

“We can offer fast, convenient shipping options because we’ve built a network of fulfillment assets that are strategically located across the U.S. We’ve also done extensive work to ensure we have the right products in the right fulfillment centers based on where customers are located and what they’re ordering,” said president and CEO of Walmart E-Commerce, Marc Lore.

Lore had sold his e-commerce startup Jet.com to Walmart for $3 billion in 2016. While it lives on as a more urban-focused delivery service, its influence on Walmart’s broader e-commerce efforts — particularly around delivery logistics — is seen in these expanded efforts to improve delivery times that also reduce costs while keeping prices low for consumers. Jet, for example, had offered credits to consumers who bought their items from the same nearby warehouse. That’s not entirely different from what Walmart NextDay is doing.

As Lore explains, NextDay is affordable for Walmart.

“Our new NextDay delivery isn’t just great for customers, it also makes good business sense. Contrary to what you might think, it will cost us less – not more – to deliver orders the next day,” he says. “That’s because eligible items come from a single fulfillment center located closest to the customer. This means the order ships in one box, or as few as possible, and it travels a shorter distance via inexpensive ground shipping. That’s in contrast to online orders that come in multiple boxes from multiple locations, which can be quite costly.”

Forrester analyst Sucharita Kodali suggests a bit more caution. She agrees that having another place to get overnight shipping is a win for consumers, but there could still be challenges.

“I think that makes sense theoretically, but whether or not they can make the economics work depends on the quality of the assortment and how many people actually use it. Also, I don’t know how easily it scales,” she says.

Brankas wants to bring Southeast Asia’s banks and e-commerce into the digital era

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Fintech continues to be among the biggest topics driving startups and investment in Southeast Asia. The region’s ‘internet economy’ is forecast to grow massively as its 600 million people increasingly come online — already Southeast Asia more internet users (350 million) than the U.S. has people but developing a robust payment landscape underpins those heady growth forecasts.

Beyond the most prevalent consumer brands — such as ride-hailing giants Grab and Go-Jek — and the outsiders pouring money into the region — including Tencent and Alibaba — fintech startups take a different approach to other parts of the world. Unlike Europe or the U.S, where disruption is the name of the game, Southeast Asian fintech is about third parties working with the system to make it more efficient and wide-ranging. That’s because credit card ownership is low double digits, and transfers from bank accounts — which aren’t universally operated by all consumers — represent an estimated [PDF] half of all online purchases.

The most visible niches attracting investor attention and capital is the data-play — companies that operate as super aggregators of financial services, such as insurance or loans — but there’s also an increasing number of startups that enable banks to kickstart their digital strategy.

Brankas, an Indonesia-based startup that operates regionally, is one such young company — it operates a platform that gives banks and financial companies the tech to roll out digital products and embrace online services.

The company takes its cue from Western success stories — U.S-based Plaid (a Disrupt alum no less) is valued at $2.65 billion while, in Europe, Tink and Bud have both raised big sums from investors — to offer a service that essentially provides the digital plumbing to ease Southeast Asia’s financial incumbents into the digital era.

“What we’re doing is similar to banking API infrastructure,” Brankas CEO and co-founder Todd Schweitzer told TechCrunch in an interview. “The difference being that in Southeast Asia it is very early days and little to no regulation.”

A selection of the Brankas team with CEO and co-founder Todd Schweitzer (seated fourth from right)

Former management consultant Schweitzer founded the startup in 2016 with Kenneth Shaw, his former classmate in California who had been CTO of Southeast Asian online marketplace Multiply.com. They describe themselves as “now longtime Southeast Asia residents.”

Brankas — which means safe in Indonesia’s Bahasa language — graduated Plug And Play’s first incubator in Southeast Asia and it grew from being a service managing multiple bank accounts to a platform that digitizes banking. Today, it is headquartered in Jakarta with 25 staff — 15 of whom are engineers — across that office and another in Manila, Philippines.

The company raised an undisclosed investment from investors, including Singapore fintech fund Dymon Asia, earlier this year and now its founders have their eyes on growth.

The service is currently operational in Singapore, Indonesia, the Philippines and Vietnam. Schweitzer said the plan is to expand to Thailand and Malaysia around the middle of 2019.

“We are excited to partner with Todd and Kenneth as they build out open banking infrastructure in the region. Brankas enables seamless connections between financial institutions, merchants and fintechs. This is critical for the next stage of growth of the digital ecosystem in Southeast Asia,” Dymon Asia partner Chris Kaptein told TechCrunch.

So what does the plumbing service for financial organizations actual entail? Brankas focuses on two distinct audiences at this point: banks and financial companies, and companies providing online services, predominantly e-commerce.

For banks, Brankas uses its APIs and systems to essentially slot new services into their platform.

Schweitzer said banks are aware that they need to offer “more open” services. Even in the event that they can figure out what that means in terms of product, they typically don’t have the in-house team to build and manage the tech stack, let alone make it “productized” — i.e. usage by their customers.

“Banks here in Southeast Asia aren’t investing in consumer banking,” he explained,” because the bulk of their revenue comes from traditional corporate lending.”

Brankas co-founder Kenneth Shaw (left) and Todd Schweitzer (right)

For those using banks and collecting money from consumers, the end play is different. The challenges are often similar. For example, most consumers in Southeast Asia use bank transfers to pay for online. That works for collecting payment in theory, but there is no system that optimized for that — actually making sure the correct amount money is in from the correct customer.

Schweitzer recalled a story of how he visited an unnamed (but high profile) e-commerce company’s office and noticed “a whole floor of people who hit refresh on online banking systems to figure out who had made the transfer.”

The Brankas system helps handle that local complexity, and other areas like direct payouts without middlemen, or batched and real-time payments for gig workers and others who receive daily payouts. Other products in the pipeline include credit scoring, a much-needed resource across the region.

To date, Brankas has picked up partnerships with six banks in Indonesia, three in the Philippines and one in Vietnam, where it is in talks to add others. Schweitzer said it has “dozens” of customers across e-commerce, consumer finance and insurance verticals. The startup is also a part of Indonesia’s Open API Sandbox hosted by the country’s Central Bank.

“Today, we address the domestic, non-card payments market in ASEAN,” he told TechCrunch. “That includes everything from bank transfer fees to domestic remittance fees, POS merchant fees, payment aggregator fees and more.”

That alone, he estimates, is worth $7.8 billion in Indonesia, Southeast Asia’s largest economy. Then there’s the rest of the region to factor in, too.

Vue.ai raises $17M to equip online retailers with AI smarts

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Vue.ai, a U.S/India startup that develops an AI platform to help online retailers work more efficiently and sell more, has announced a $17 million Series B round.

The investment is led by Falcon Edge Capital with participation from Japan’s Global Brain and existing backer Sequoia Capital India. Parent company Mad Street Den was founded in 2014 and it raised $1.5 million a year later, Sequoia then bought into the business via an undisclosed deal in 2016. Vue.ai is described as an “AI brand” from Mad Street Den and, all combined, the two entities have now raised $27 million from investors.

In an interview with TechCrunch, Vue.ai CEO and co-founder Ashwini Asokan — who started Mad Street Den with her husband Anand Chandrasekaran — explained that Vue.ai is a “retail vertical” of Mad Street Den that launched in 2016, she said that the company may add “another vertical in a year or two.”

Vue.ai is solely focused on working with online retailers, predominantly in the fashion space, and it does so in a number of ways. That includes expected areas such as automating product tagging and personalized recommendations (based on that tag library), as well as visual search using photos as input and tailored product discovery.

Areas that Vue.ai also plays in which surprised me, at least, include generating human models who wear clothing items — thus saving considerable time, money and effort on photo shoots — and an AI stylist that doesn’t take human form but does learn a user’s style and help them outfit themselves accordingly.

Tagging and visuals may appear boring, but these are hugely important areas for retailers who have huge amounts of SKUs, items for sale, on their site. Making sure the right person finds the right item is critical to making a sale, and Vue.ai’s goal is to automate as much of that heavy-lifting as possible. Even tagging is essential because it needs to be done consistently if it is to work properly.

Ashwini Asokan, CEO and Founder of Vue.ai

More than just working correctly, Vue.ai aims to help online retailers, who often run a tight ship in terms of profitability, save money and get new product online and in front of consumer eyeballs quickly.

“These are solutions that optimize the bottom line for retail companies,” said Asokan, who spent over a decade working in the U.S before returning home in India in 2015. “We are digitizing products 10X faster than you did before… you cannot afford to lose productivity and efficiency, online retail is not somewhere you can lose money.”

“We want to be that data brain mapping digital products,” she added.

Vue.ai is now pushing into new areas, which include advertising and development of videos and marketing content.

“The future of retail is entertainment and the experience economy is the small start of that era,” Asokan said, reflecting on the trend of social media buying through platforms like Instagram and the rise of live-streaming e-commerce in China.

“The electricity that powers all of these complicated retail interactions is content; we need to understand content and every customer style profile and merchandise,” she added.

Some of Vue.ai’s public customers include Macy’s and Diesel in the U.S, Latin American e-commerce firm Mercadolibre and Indian conglomerate Tata .

Vue.ai is headquartered in Redwood City with an office in Chennai, India. Asokan said it is planning to expand that presence with new locations in Seattle, for tech hires, and Japan and Spain to help provide closer support for customers. The company doesn’t disclose raw numbers, but it said that annual revenue grew by four hundred percent in 2018, which was its third year since incorporation.

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