Southeast Asia Startup Evolution, eFishery’s $100M Capital Burn Lessons & Private Equity Style VC Insights with Mohan Belani - E540

BRAVE Southeast Asia Tech: Singapore, Indonesia, Vietnam, Philippines, Thailand & Malaysia Startups, Founders & Venture Capital VC (English)

Mohan Belani, CEO and Cofounder of e27, and Jeremy Au talked about how the Southeast Asia startup scene has transformed over the past decade, including the shift from early-stage exuberance to a more cautious, capital-efficient mindset, and citing specific cases like eFishery and Carousell. They touched on regional challenges, with markets as different as Singapore, Indonesia, and Malaysia, while urging investors to adopt a more hands-on, private-equity approach. They highlighted the importance of personal growth, and they advocate for curiosity and balance in leadership.

1. Southeast Asia Startup Ecosystem Evolution: The early days (2010–2015) were marked by wild “what if” dreams and a Silicon Valley mindset. By 2014–15, that excitement had given way to healthy skepticism.

2. Investor Caution: Cases like eFishery, which raised over $100M, show that excessive capital without sustainable growth can backfire.

3. Founder Maturity: Founders now, often serial entrepreneurs, are more experienced, with clear goals, as seen in companies like Carousell.

4. Regional Challenges: Scaling is tough when starting in a strong market like Singapore and expanding into countries where purchasing power drops (e.g., to Indonesia where GDP per capita is 10× lower, or Malaysia where GDP per capita is 5× lower).

5. Shift to a PE-Style Model: There’s a growing call for VCs to be more hands-on and adopt a private-equity approach to drive liquidity and realistic exit strategies.

6. Exit Realities: While VC valuations can be 10–20× revenue, public listings in Southeast Asia often fetch around 1× revenue, highlighting a significant exit gap.

7. Personal Growth & Leadership: There’s a need for curiosity and balance—staying childlike in innovation while being pragmatic—to solve problems and build great companies.

Watch, listen or read the full insight at https://www.bravesea.com/blog/southeast-asia-startup-evolution

Get transcripts, startup resources & community discussions at www.bravesea.com

WhatsApp: https://whatsapp.com/channel/0029VakR55X6BIElUEvkN02e

TikTok: https://www.tiktok.com/@jeremyau

Instagram: https://www.instagram.com/jeremyauz

Twitter: https://twitter.com/jeremyau

LinkedIn: https://www.linkedin.com/company/bravesea

Spotify

English: https://open.spotify.com/show/4TnqkaWpTT181lMA8xNu0T

Bahasa Indonesia: https://open.spotify.com/show/2Vs8t6qPo0eFb4o6zOmiVZ

Chinese: https://open.spotify.com/show/20AGbzHhzFDWyRTbHTVDJR

Vietnamese: https://open.spotify.com/show/0yqd3Jj0I19NhN0h8lWrK1

YouTube

English: https://www.youtube.com/@JeremyAu?sub_confirmation=1

Apple Podcast

English: https://podcasts.apple.com/sg/podcast/brave-southeast-asia-tech-singapore-indonesia-vietnam/id1506890464