Htay Aung: Anywheel Founder Struggles, Winning The Bike-sharing War & Rejecting VC & Acquisition Offers - E462

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

Htay Aung, CEO & Founder of Anywheel, and Jeremy Au talked about three main themes:

1. Early Inspiration and Challenges: Htay detailed his journey from an immigrant student facing cultural and language barriers in Singapore to becoming the founder of Anywheel. His initial inspiration came from dealing with traffic in Sydney and Singapore, which led to the idea of a bike-sharing service during his studies at the University of Sydney in 2017. He recounted the early challenges of integrating into a new culture and educational system, which shaped his entrepreneurial mindset.

2. Operational Learning Curve: Htay described the initial operational challenges of starting Anywheel including assembling the first bicycle at his home to navigating supply chain challenges like sourcing the initial 500 bicycles from manufacturers reluctant to deal with a small startup. He shared insights into early mistakes, such as ordering unassembled bikes, which led to significant logistical challenges. He also detailed how the company integrated IoT technology to enhance operational efficiency and meet regulatory compliance, particularly in response to Singapore’s licensing regulations implemented by the Land Transport Authority (LTA) in 2018.

3. Strategic Market Expansion: Htay emphasized strategic and financial decisions made during difficult period and his choice to reject venture capital funding to retain control over the company's strategic direction. He also discussed market expansion strategies and regulatory navigation and how the company adapted to changes and acquired competitors following the LTA’s new rules in 2018. He also detailed that the acquisition of SG Bike was not only a business expansion but also a move to consolidate the market and enhance the overall industry reputation by assuming responsibility for its customer commitments. He discussed maintaining ethical business practices, particularly his decision not to charge user deposits—a decision made to foster trust and differentiate Anywheel from competitors like Mobike and Ofo.

Jeremy and Htay also talked about the challenges in navigating through the COVID-19 pandemic, the importance of trust, transparency, and hard work within the workplace, and his strategic plans for scaling operations while maintaining a strong focus on sustainability and community impact.

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