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Published 19 February, 2020
Malaysia-based B2B wholesale marketplace, Dropee has gained acceptance into one of the most prestigious Silicon Valley seed accelerators, Y Combinator, joining its Winter 2020 cohort. Dropee is the second Malaysian startup to enter the program after Dahmakan in 2017.
Over the past year, Dropee claims a grown rate of 400% with more than 4,000 retail users across Malaysia. Its last USD$350,000 (RM1.48 million) seed round was raised from Vynn Capital and Prasetia Dwidharma. It is on the cusp of closing a more than US$2 million (RM8.47 million) follow-on funding with one of its investors being Y Combinator.
Dropee was birthed from the drop-shipping concept where local independent retailers are able to discover the right suppliers to offer products that their customers would need. The startup uses technology to change the way independent retailers stock their shelves by unburdening small business owners from decades-old obstacles such as inventory risks and access to capital. Unlike other B2B marketplace platforms, which act as middlemen or online distributors, Dropee leverages on artificial intelligence (AI) and predictive analytics to forecast which products will be on demand at local retailers in order to source and manage inventory as efficiently as possible.
Dropee will be focusing on building up its presence across Malaysia, and at the same time setting its eyes on the next few countries such as Indonesia and Thailand for expansion. This impending round of funding will mainly be used to hire technology and marketing talents.
One of the key drivers for Dropee is their passion in helping local retailers to keep traditions alive. “Our neighbourhood retail shops are run by business owners dedicated to serving their local communities. They know how to do things the right way, and we want to help them to be even better,” says Aizat Rahim, cofounder and COO of Dropee. “Additionally, local independent retailers play a huge role in the supply chain industry and these businesses are often overlooked or ignored, yet represents a large piece of any economy.”