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Evolving for the Next Billion by GGV Capital

Author: GGV Capital

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Evolving for the Next Billion (new Season 2) is an English-language podcast about tech and entrepreneurship in the fastest-growing markets in the world, hosted by GGV Capital. In Season 1, called 996, we focused on the movers and shakers of China's tech industry, as well as tech leaders with US-China cross-border perspectives. In the new Season 2, Evolving for the Next Billion, we interview local champions and global giants who are reshaping the lives of the next billion internet users. From Beijing to Bangalore, Sao Paulo to Singapore, you will hear stories about ambition, passion, ingenuity, and resilience.
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Today on the show we have Garry Tan, the managing partner of Initialized Capital, a venture firm based in San Francisco he started with the Reddit Co-founder Alexis Ohanian. Garry is a designer/engineer turned early-stage investor. He was a partner at Y Combinator for nearly five years where he advised and funded over 600 companies and more than a thousand founders. He was a cofounder of YC-backed blog platform Posterous (Top 200 Quantcast site, acquired by Twitter in 2012). Before that he was employee #10 at Palantir, where he was a founding member of the engineering team for Palantir's financial analysis product, and also designed Palantir's logo. He has a Bachelor Degree in Computer Systems Engineering from Stanford. Garry regularly shares his insights and advice for founders on his Youtube Channel.  This episode is cohosted by GGV Colleague Christine Hinton. For the full transcript of the show, go to nextbn.ggvc.com Join our listeners' community, go to nextbn.ggvc.com/community
On this episode, we have Achmad Zaky, the founder and former CEO of Bukalapak, one of Indonesia's largest eCommerce site and the newest unicorn in Indonesia. The name Bukalapak means "open a market stall" in Indonesian. It reflects the company's vision of building an online marketplace for SMEs in Indonesia. We covered his founder journey as a fresh graduate, empowering small business owners in Indonesia with technology and his view on the evolution of the tech scene in Indonesia for the past 10 years. *The conversation was recorded last year when Zaky was still the CEO of Bukalapak. Since January. 2020, he has left the CEO role and started his investment fund Init 6. For the full transcript of the show, go to nextbn.ggvc.com Join our listeners' community, go to nextbn.ggvc.com/community
As a bonus episode, we also caught up with Jenny, who led GGV's investment in Agora. We covered how she first met Tony, the future GGV was betting on and advice for technical founders. For the full transcript of the show, go to nextbn.ggvc.com Join our listeners' community, go to nextbn.ggvc.com/community.
For this episode, we have Tony Zhao, founder, and CEO of Agora.io. Agora is the only real-time engagement platform designed to cross borders and reach users on low-bandwidth networks and lower-powered devices. It currently serves over 40 billion minutes of voice and video on its network, supporting a wide range of industries including social, gaming, education, IoT, finance, healthcare, enterprise training, and much more. As a response to the recent outbreak of the coronavirus, Agora.io teamed up with New Oriental, one of the largest providers of private educational services in the world to launch the "New Oriental Cloud Classroom," bringing more than one million students into virtual classrooms in just seven days' time. Tony is a serial entrepreneur. He founded Agora.io in 2014, with a vision to provide high-quality voice and video as a ubiquitous platform to developers and businesses around the world. Before Agora, he was CTO and board director at http://YY.com/ (NASDAQ: YY), one of the world's first video-based social network and live streaming apps with over 300 million users. He was also a founding engineer at WebEx, which was acquired by Cisco in 2007 for $3.2 billion.  For the full transcript of the show, go to nextbn.ggvc.com Join our listeners' community, go to nextbn.ggvc.com/community.
This episode is the recording of a private webinar we recently organized for GGV portfolio companies working to improve the supply chain of food in different markets. Online grocery is one of the most throat-cutting sectors in China. A study shows that with over 4,000 online grocery companies, only 1% is profitable, 4% can break even, and the overwhelming majority is burning money. Miss Fresh is among the rare ones that have survived and thrived after waves of competition. Miss Fresh is China's leading online grocery retailer that offers 1-hour instant delivery services across 16 cities in China, including first-tier cities such as Beijing, Shanghai, Guangzhou, and Shenzhen. The company has 1,000 distributed micro warehouses that fulfill up to 2,000 orders per day with over 3,000 SKUs. Its GMV tripled during the height of COVID-19 in China. Cecilia is a partner and the COO at Miss Fresh. She joined the firm in 2015. Prior to Miss Fresh, she was a private equity investor at Baring Asia, an investment banker at Deutsche Bank. She holds dual bachelor's degrees in economics and statistics, a master's degree in finance from Peking University, and is a member of Forbes 30 under 30 list. On the show, we covered the impact of COVID-19 had on the eGrocer business, the innovative model Miss Fresh came up with, and how it competes and collaborates with tech giants in the grocery delivery business. For the full transcript of the show, go to nextbn.ggvc.com Join our listeners' community, go to nextbn.ggvc.com/community.
This episode is the last of our 3-part-webinar series on how founders and leaders are dealing with the current global crisis. It was hosted by GGV's Head of Talent Jennifer Holmstrom and featured Dylan Tey, Senior VP of HelloBike, one of China's biggest mobility service platforms, which manages a 30,000 flexible ground operators and Jeff Harper, Chief People Officer at HashiCorp, an enterprise software company that has its entire engineer team distributed across the world. We covered 3 key decisions each company made in the wake of COVID-19, the systems put in place to mobilize a big team in crisis, and the long-term impact this virus have on their industries. *HelloBike and HashiCorp are both GGV portfolio companies For the full transcript of the show, go to nextbn.ggvc.com Join our listeners' community for future webinars, go to nextbn.ggvc.com/community.
When the SARS pandemic struck in 2003, Savio was working as president and COO of an internet startup named Alibaba. Not only did the startup survive SARS, it launched a new business called Taobao and emerged as one of the most valuable companies in the world. On a special live podcast session, former President and COO of Alibaba (from 2001-2003) Savio Kwan joined GGV Capital Managing Partner Hans Tung to share the key learnings from Alibaba's SARS experience and answered live questions from founders in GGV's global network. Savio Kwan - Former President and COO of Alibaba Savio Kwan is best known for his time as president and COO of Alibaba from 2001 to 2003. He later took on the chief people officer role in 2004. He has more than 30 years' global management experience, including 17 years at the medical systems division of General Electric, where he was responsible for sales, marketing, operations, business development and establishing joint venture companies in Asia. For the full transcript of the show, go to nextbn.ggvc.com Join our listeners' community for future webinars, go to nextbn.ggvc.com/community.
With the escalated spread of the coronavirus, GGV Capital is running a 3-session-webinar series with founders around the world to help them navigate the radical uncertainty ahead. Today's episode is the recording of the first webinar on managing cash flow at this special time, joined by Dr. Brian Gu, President and Vice Chairman from XPeng, and GGV's managing partner Jixun Foo. We covered everything from best practices of cash flow management during an external crisis, tips on alternative funding, to macroeconomic shifts startups must pay attention to in the post-virus world. Jixun Foo is a Managing Partner at GGV Capital and joined the firm in 2006. He is consistently recognized among the top VCs in China and counts 13 of his investments as mega-unicorns or unicorns, including Baidu, Boss Zhipin, Didi, Grab, Hello, Manbang, Meicai, Qunar/Ctrip, Tujia, Mogu, UCWeb, Youku Tudou, and Xpeng Motors. Brian Gu is the vice chairman and president of XPENG Motors, also known as Xiaopeng Motors, a Chinese electric vehicle company and a GGV portfolio company. At XPENG, Brian leads the company's global strategy, finance, fundraising, investments and international partnerships. Prior to joining XPENG Motors in March 2018, Brian was the Chairman of Asia Pacific Investment Banking at J.P. Morgan. He holds an MBA from Yale University, a Ph.D. in Biochemistry from the University of Washington Medical School and a bachelor's degree in Chemistry from the University of Oregon. For the full transcript of the show, go tonextbn.ggvc.com Join our listeners' community for future webinars, go tonextbn.ggvc.com/community.
For all of our listeners whose life has been disrupted by the coronavirus, we want to let you know that we stand in solidarity with you. We will get through this together. If you are a startup founder, we put together some operational tactics so you can take care of your team and adapt to change and cause the least disruption in the long run. Today's episode was recorded during the GGV Fellows program in Beijing. It is a week-long intensive learning experience for aspiring entrepreneurs who want to get into China's startup ecosystem. This year's 35 fellows came from top institutions around the world. With an amazingly diverse set of backgrounds, we got everything ranging from PH.D. in machine learning to a real estate startup founder who's also a pilot. For this episode, we sat down with 4 GGV fellows on their life stories, takeaways from the GGV Fellows programs, and their experiences of doing startups in China. Wenyou Tan head of Corporate Finance @ OVO, a Fintech Unicorn in Indonesia kuma.nijigen.recruit@gmail.com founder of a gaming startup in Beijing, who used to work on wall street. Get in contact with Raven for his startup at kuma.nijigen.recruit@gmail.com Sophie Luo a Wharton MBA who built a SaaS company in China Yuchen Jiang ex-software engineer at Facebook For the full transcript of the show, go to nextbn.ggvc.com Join our listeners' community, go to nextbn.ggvc.com/community.
Today on the show, we have Amit Gupta and RK Misra, co-founders of Yulu. Yulu is India's ride-sharing startup launched in December 2017. It provides a network of over 10,000 shared vehicles, including bicycles and lightweight electric scooters, in Bengaluru, Pune, Mumbai, and Bhubaneswar. Yulu's vision is to reduce traffic congestion by providing a scalable, affordable, efficient, and clean solution for the short-distance commute. In this episode, we covered why Amit and RK decided to start Yulu after having some successful exits, how shared mobility works in urban India and working with the government to draft India's first micro-mobility policy. Before Yulu, Amit co-founded India's profitable unicorn InMobi - an online mobile marketing and advertising platform. During his 12 years there, he grew the company's business into other markets like China, US, and Western Europe. Amit has a bachelor's degree in engineering from India's top university India Institute of Technology, Kanpur. RK is a serial entrepreneur and a public figure known for his expertise in the nation's urban planning policy. He is an undergraduate from IIT with a Master's Degree from Tokyo University, also an alum of Harvard Kennedy School of Government. For the full transcript of the show, go to nextbn.ggvc.com Join our listeners' community, go to nextbn.ggvc.com/community.
Today's episode originally aired in July 2018. The guest is Eric Yuan, the founder and CEO of Zoom. Known for its easy-to-use and reliable video conferencing product, Zoom became a listed company in April 2019 and soon became one of the largest public SaaS companies in the world. The recent outbreak of the coronavirus has made remote working part of many people's new realities. It also puts remote working tools like Zoom under a stress test with the surging needs, which Zoom did incredibly well. It always works. GGV has been a happy customer of Zoom for a really long time and we hope this conversation can give you a hint on how it became successful in the first place. Zoom is used by a third of Fortune 500 companies and 90% of the top 200 universities in the US. Eric was recently named the Top CEO on Glassdoor, with an approval rating of 99%, and was the first person of color to win the award. Eric grew up and went to college in China, arrived in Silicon Valley in 1997 and joined WebEx when it was still a small company. In 2007 WebEx was acquired by Cisco and Eric became Cisco's Corporate VP of engineering in charge of collaboration software. Eric spent 14 years in total at WebEx and grew its engineering team from 10 to 800, and increased its revenue from zero to over $800 million. Eric holds 11 patents, plus 20 pending patents in the pipeline. In this episode, Eric shared his story of being rejected a US visa for 8 times while in China, getting its first paid customer, balancing the needs of SMB and enterprise, and what makes Zoom different from its competitors. For the full transcript of the show, go to nextbn.ggvc.com Join our listeners' community, go to nextbn.ggvc.com/community.
This episode is co-hosted by GGV's investment colleague Madhu Yalarmathi. In this episode, we have Vamsi Krishna, CEO & Co-Founder of Vedantu. Vedantu is India's leading online tutoring company that enables students to learn LIVE with some of India's best-curated teachers. The name Vedantu is formed by two Sanskrit words Veda (Knowledge) + Tantu (Network), signifying a 'Knowledge Network' where any student can tap into and learn from a teacher, anytime-anywhere. In our conversations, Vamsi shared his experience in moving into online after building a successful offline tutoring center, getting his early users and his definition of an "EdTech" company. Before starting Vedantu, he has been a teacher for 13 years and founded a test prep company Lakshya, which was sold to a listed education company in 2012. You can watch Vamsi's TedTalk in which he made the argument against the standard curriculum. 03:14 Trained as an engineer, how did you become a teacher? 05:03 In your TED Talk, you argued that standard curriculums and standard delivery mechanisms won't work. Share with us more on that. 08:40 Back in early 2012, when you started the company, it was way before JIO and 4G came out in India. Internet users were growing but not as fast as the rest of the world. 13:24 How did you gain the confidence that the right way to build your second startup should be online education? 16:18 What are the scalability aspect of the business model to make it easier for new students to get acclimated to the online learning environment? 21:13 Many of your early users took a leap of faith and moved towards a fully online institution to prepare for the most important exam in their educational life. How did you get them to do that? How are you going about it now? 29:02 As an EdTech company, what do you look for from your tech team? 37:50 It's not hard to imagine that given the large talent pool of Indian teachers here, that the business could exponentially expand beyond India at some point in the future. Share with us how you think about that. For the full transcript of the show, go to nextbn.ggvc.com Join our listeners' community, go to nextbn.ggvc.com/community.
This episode is co-hosted by GGV's investment team colleague Madhu Yalamarthi. On this episode we have Rajesh Yabaji, co-founder and CEO at BlackBuck. BlackBuck is India's largest trucking logistics company, often referred to as "Uber for Trucks". In the episode, we covered creating a full-stack logistics marketplace in India, the conviction and rigor it takes to create a new category, building an agile company culture, and the choice of living in the same building with his co-founder. Prior to starting BlackBuck, Rajesh worked in the Indian multinational conglomerate ITC Limited for four years as a manager in supply chain and category management. He holds a bachelor's degree from the Indian Institute of Technology (IIT) in Kharagpur. For the full transcript of the show, go to nextbn.ggvc.com Join our listeners' community, go to nextbn.ggvc.com/community.
Today on the show we have Chen Ying. Ying is the founder and CEO of Shihuituan, the leading community commerce company in China. The literal meaning of Shihuituan means plenty of things. It's also a pun for value for money. With its network of 80,000 community influencers, the company currently serves 20 million households in 60 cities in China. For November of 2019, it recorded a monthly GMV of 500 million RMB (roughly 71 million dollars). Shihuituan is a GGV portfolio. Before launching Shihuituan, Ying founded an NGO aimed at helping farmers selling their goods online and another eCommerce company called "The Good Stuff". Ying worked in Bain Consulting and Bain Capital for 5 years before he got his MBA from Harvard Business School. Calling himself an intellectual cowboy, Ying has always been fascinated by the next frontier, which in his mind is the space, Africa and rural China. We discussed the ins and outs of how the community group buy model works, including how he found the product market fit, the role social apps play in this business model, the multi-layer delivery system, and the replicability of this model in other markets. If you have more questions for Ying, please submit them here. For the full transcript of the show, go to nextbn.ggvc.com Join our listeners' community, go to nextbn.ggvc.com/community.
For this bonus episode, we have Jixun Foo, managing partner of GGV Capital. Jixun recently led GGV's investment in Telio's Series A. Jixun shared with us why he chose to invest in the B2B eCommerce model vs B2C, his advice for founders who are solving the fragmentation of supply chain in different markets, the metrics he tracks for startups in that space and his outlook for Vietnam as a startup ecosystem. For the full transcript of the show, go to nextbn.ggvc.com Join our listeners' community, go to nextbn.ggvc.com/community.
This episode is co-hosted by Dimitra Taslim. Dimi is on the investment team at GGV Capital.  Today on the show, we have SyPhong Bui and My Linh from Telio. Founded in 2018, Telio is already Vietnam's largest b2b eCommerce platform. It connects small traditional retailers with brands and wholesalers on a centralized platform using technology and data. Telio is a GGV portfolio. On the show, we discussed how SyPhong got his idea for Telio because of Jack Ma from Alibaba, the lessons he learned from 2 previous failed startup he founded, the challenges facing mom and pop shops in Vietnam and how the tech ecosystem in the market has evolved in the market. For the full transcript of the show, go to nextbn.ggvc.com Join our listeners' community, go to nextbn.ggvc.com/community.
On the show today, we have Ankiti Bose, the founder and CEO of Zilingo, one of the largest fashion & lifestyle marketplaces in Southeast Asia. According to Bloomberg, the latest financing valued Zilingo is at $970 million. Ankiti is among the youngest female chief executives to lead a multi-million-dollar startup in Asia. Ankiti reveals how she thinks about the nature of Zilingo's business, the growth drivers of a 12x track in a short span of 4 years, being a first-time entrepreneur at 23, building localized teams in different countries and the staples in her wardrobe. Prior to launching Zilingo, Ankiti worked at McKinsey as a management consultant and Sequoia as an investment analyst. She holds a bachelor's degree in mathematics and economics from St. Xavier's College in Mumbai. For the full transcript of the show, go to nextbn.ggvc.com Join our listeners' community, go to nextbn.ggvc.com/community.
This episode is co-hosted by Dimitra Taslim. Dimi is on the investment team at GGV Capital. In today's episode for Southeast Asia, we have GGV's managing partners Jenny Lee and Jixun Foo. They shared one thing that excites them as investors about the region, what we learned from being an early investor of Grab, the role of China's tech giants for this fast-growing market, and the implications it has for local founders. We've been getting a lot of questions about Southeast Asia. While we believe the talent to build great companies can come from anywhere, this episode is about Southeast Asia, home to 360 million internet users. Much has been written on the growth potential of the region. If you don't have the time to dig deeper, here're some quick facts. A third of the population is under 30, 90% of the internet users are primarily on mobile. They are young, connected, and madly in love with social media. The average users in China and the US spend 6.5 hours online per day. The average Indonesian and Filipinos are online for 9 hours per day. Some say if you missed the China train ten years ago, you could not miss this one. Others are more skeptical given the different stages of socio-economic development among various countries in the region. As a firm, we have done ten deals in the region. More than half of that comes in the last 2.5 years. We are an early investor of Southeast's leading Super App Grab. We reopened our Singapore office early this year and started spending more time on the ground. My colleague Dimi, who's also the co-host for this episode, is from Indonesia and looks at investments in Southeast Asia. For the full transcript of the show, go to nextbn.ggvc.com Join our listeners' community, go to nextbn.ggvc.com/community.
This episode is co-hosted by Dimitra Taslim. Dimi is on the investment team at GGV Capital.  In this episode, we have William Tanuwijaya and Patrick Cao from Tokopedia. Tokopedia is an Indonesian technology company with the largest online marketplace business and its mission is to democratize commerce through technology. The name 'Tokopedia' is a combination of Toko (shop) and encyclopedia. It was founded in 2009 by William Tanuwijaya and his best friend Leontinus Alpha Edison. According to the company, the firm’s annual run-rate GMV has reached 222 trillion IDR (15.8 billion in USD), which would be equivalent to 1.5% of Indonesia's GDP. It has significantly impacted the fate of many small-scale entrepreneurs since its launch 10 years ago. 89% of sellers on Tokopedia do not own a physical store and 86% of merchants are first-time entrepreneurs. In this hour-long conversation, we covered William's founding journey from working in the internet cafe to meeting Daniel Zhang and Joe Tsai from Alibaba, how to get a great executive team as an Indonesian company, Tokopedia's ambition for the next 10 years, and what it means to achieve work-life harmony while running a big company. William Tanuwijaya is the founder and CEO of Tokopedia. He was born and raised in Pematangsiantar, North Sumatera. William has a bachelor's degree in Information Technology from Bina Nusantara University, during which period he worked as an internet café keeper and saw the potential of technology. Patrick Cao is the President of Tokopedia, Indonesia's largest online marketplace, a position he has held since October 2016. Previously, Patrick worked at Formation 8 in Singapore and UBS Investment Bank in Indonesia, specializing in M&A and capital markets advisory in the TMT, consumer and industrials sectors. He received a B.S. in Business Administration from Carnegie Mellon University and currently doing his MBA program at Tsinghua University. For the full transcript of the show, go to nextbn.ggvc.com  Join our listeners' community, go to nextbn.ggvc.com/community.
This show is previously known as 996 with a specific focus on tech in China. You can access all the previous 996 episodes in this same feed. Today on the show we have, Ming Maa, President of Grab, Southeast Asia's leading super app, providing the everyday services that matter most to consumers. The conversation covered a wide range of topics; how Grab thinks about expansion (markets vs verticals), the tension between product development and scaling, what are the right kinds of high frequency use cases for a Super App, the Uber deal, best piece of advice he's ever been given and what it is like to work with Masayoshi Son from Softbank. This episode also features a bonus interview with GGV Managing Partner, Jixun Foo, who led GGV's investment into Grab in 2014. Jixun shared how he met Grab's founder Anthony, the reason behind the different growing paths of Didi and Grab, and what he looks for in mobility startups. Grab offers transport, food and package delivery, mobile payments and financial services to over 36 million users across eight countries in the region. Launched in 2011, it is now reportedly valued at $14 billion, making it Singapore's first "decacorn", and a GGV portfolio company. Ming has over 12 years of finance and investment experience across the U.S. and Asia. He joins Grab from SoftBank, one of Grab's key strategic investors, where he played a key role in overseeing SoftBank's investments in SoftBank's Series D and F investment in Grab. Ming received his Bachelor of Science and Master of Science degrees from the Massachusetts Institute of Technology. For the full transcript of the show, go to nextbn.ggvc.com Join our listeners' community, go to nextbn.ggvc.com/community.
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Comments (5)

Lorri Antus

wow! great inspiration!

Apr 23rd
Reply (1)

Will

No doubt the episode of Doris Ke is the funniest ever!

Feb 21st
Reply

CJ

I’m listening to the Dianping episode and Hans needs to stop cutting off Tao when he speaks. I’m more interested in Taos insight, and would prefer to hear him finish his thoughts.

Apr 20th
Reply

Ivan Felipe Pineda

it's like this podcast was made for me

Apr 19th
Reply
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