WHYQ SECURES ADDITIONAL RM4.6 MLN IN SERIES A2 FUNDING ROUND

KUALA LUMPUR, Jan 26 (Bernama) -- WhyQ, a Singapore-based startup focused on helping micro, small and medium enterprises (MSMEs) digitise their business, has secured an additional RM4.6 million (S$1.4 million) in an extension to its Series A2 funding round.

With the additional funding, the company will continue to expanding its digitalisation platform and support the growth of small businesses in Singapore and Malaysia, it said in a statement.

Chief executive officer and co-founder Varun Saraf said leveraging on its experience partnering with small-scale food and beverage owner-operators like hawkers, WhyQ would like to extend its expertise to help small business owners in Malaysia to digitalise properly with simple and free products.

WhyQ offers two free products: an eBiz app (WhyQ EBiz) and a digital bookkeeping app (WhyQ Kira Kira).

The eBiz app enables MSMEs to create their own online storefronts, connect with popular marketplaces like Foodpanda, accept online payments, and connect with logistics services like Lalamove.

Meanwhile, the digital bookkeeping app allows small businesses to track their daily transactions, manage their accounts, and apply for low-interest loans from partners such as Funding Societies.

“As part of its planned project trajectory in 2023, WhyQ plans to add more features to the eBiz app, such as customisable templates for online storefronts and integrations with popular e-commerce platforms like Shopee and Lazada,” the company said.

WhyQ chief operating officer and co-founder Rishabh Singhvi said in Malaysia, small businesses often struggle to find products that cater to their specific needs and this problem has intensified since the pandemic, making it more important than ever for small businesses to adapt to the online world of commerce.

“WhyQ is dedicated to helping merchants do just that, and we are already one of the market leaders in Malaysia.

“We are closing the digital gap for tens of thousands of merchants and paving the way for a more comprehensive and accessible digital infrastructure,” he added.

-- BERNAMA