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Ashwin Jayapalasingam, CatchThatBus, Malaysia: Funding Approach For A Startup

We first started off the business with savings from the founders. So myself and Varun we put in our savings into the business and that’s how we initially started off and then we started to look where else we could get financing. In Malaysia actually quite a number of grants are available and we decided to apply. It would also help us to scale the business quickly and so we applied to two or three grants and we were quite lucky to get one of them. I think it allowed us to really commit to the business and start hiring people. We started doing the pitches in the startup space and in various competitions, through the year. We got seed funding from one of the VCs out of Singapore and then we started thinking how do we grow and progress beyond Malaysia.
Our team is around 15 people and we expect to grow to around 30 to 35 people by the end of this year which is in the next six months and that’s actually been possible because of the funding that we received. It was quite a decision to decide between the organic growth method versus funded approach but we figured that in a B2C environment to get that mass scale funding approach will work better. That’s how we’ve dealt with finances so far.