India's edtech scene, Carro reaches unicorn status & Covid-19 on the Blockchain | Trusted Bytes News



Ep 5: This week, edtech in India continues to trend with Byju's latest round. Southeast Asia welcomes its latest unicorn, Carro, after recent US$360 million fund raise. Also, can blockchain help Asia travel again?

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TRANSCRIPT


This week, Edtech in India, Carro joins the unicorn club, and blockchain powered Covid-19 passports.

Hey there everyone and welcome back to the Trusted Bytes podcast! Trusted Bytes is a weekly podcast where we bring the highlights from the week's news in business, along with insights, ideas, and emerging trends, and with a lens on Asia. I’m your host Adrian Koh. If you like your news distilled like this, subscribe to us on YouTube or on any of your favourite podcasting services.

Out from of all the activity in India around Edtech, Byju, an edtech firm helping students prepare for undergraduate and graduate-level courses, just emerged as the most valuable startup in India, as just it raised $350 million from UBS, Blackstone, and Zoom founder Eric Yuan. Techcrunch said that the company is now worth 16.5 billion. Other edtech companies like Classplus, RIL, and several others are also netting new funding.

Analysts say the global edtech market is worth $106 billion, with startups and tech giants in an arms race to lead the market, as edtech continues totally revolutionise the way institutions provide access to learning.

Carro, the used-car marketplace is Southeast Asia’s latest unicorn and one of the most valuable in its industry. It raised $360m from Softbank and is considering an IPO in the next two years. Carro’s founder Aaron Tan said that Carro was set to triple revenues by 2022, as it looks to expand in new markets. Carro’s main rival Carsome, which is based in Malaysia, definitely isn’t slouching, as it claims to be on track to hit $1b in revenue by the third quarter of 2021.

Looking at the world of blockchain now, and the Chinese University of Hong Kong together with Ethereum software company ConsenSys announcing the launch of a Covid-19 digital health passport. Blockchain will be used to test results, temperature checks, and vaccinations. Looking at how we’ll be stuck with Covid-19 for the foreseeable future, this application of blockchain might be exactly what the world needs right now.

So that's all the time we have for now. Check in with us again next week for more highlights from the news from Trusted Bytes. I’m Adrian Koh, and Trusted Bytes is a production of Trusted Services.

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