Latest news with #AaronTan
Straits Times
11-05-2025
- General
- Straits Times
Tremors felt in Penang following Sumatra earthquake
GEORGE TOWN - Tremors were felt in certain areas on the island of Penang in Malaysia after a moderate 5.9-magnitude earthquake struck north Sumatra at 4.57pm on May 11. Many Penangites, especially those living in high-rise buildings, felt the quake which occurred about 500km away. In Pulau Tikus, a resident living on the 7th floor of an apartment felt the tremors. 'They lasted slightly over a minute, and I could even see the chair moving,' said Mr Aaron Tan, 36. Another Penang resident, Mr K. Sivan, 45, said he felt the tremors while working on the first floor of a building on Jalan Masjid Kapitan Keling. He initially thought he had imagined the tremors, but realised they were real after checking with his friends. A resident of a high-rise condominium in Tanjung Bunga, who only wanted to be known as Ms Arisa, said she also felt the tremors while cooking. 'I was in my kitchen when suddenly I saw my kitchen cabinet vibrating for about 20 seconds,' she said. According to a post on the Malaysian Meteorological Department's Facebook page, the earthquake struck at a depth of 74km, with the epicenter located at 3.7 degrees north latitude and 97 degrees east longitude, about 107km southeast of Meulaboh in Aceh province. However, there is no tsunami threat from the quake. THE STAR/ASIA NEWS NETWORK Join ST's Telegram channel and get the latest breaking news delivered to you.
The Star
11-05-2025
- Climate
- The Star
Tremors felt in Penang following Sumatra earthquake
GEORGE TOWN: Tremors were felt in certain areas on the island of Penang after a moderate 5.9 magnitude earthquake struck north Sumatra at 4.57pm on Sunday (May 11). Many Penangites, especially those living in high-rise buildings, felt the quake which occurred about 500km away. In Pulau Tikus, a resident living on the 7th floor of an apartment felt the tremors. "They lasted slightly over a minute, and I could even see the chair moving," said Aaron Tan, 36. Another Penangite, K. Sivan, 45, said he felt the tremors while working on the first floor of a building on Jalan Masjid Kapitan Keling. He initially thought it was his imagination but later his friends confirmed it. A resident of a high-rise condominium in Tanjung Bunga, who only wanted to be known as Arisa, said she also felt the tremors while cooking. "I was in my kitchen when suddenly I saw my kitchen cabinet vibrating for about 20 seconds," she said. According to a post on the Malaysian Meteorological Department's Facebook page, the earthquake struck at a depth of 74km, with the epicenter located at 3.7° north latitude and 97.0° east longitude, about 107km southeast of Meulaboh in Aceh province. However, there is no tsunami threat from the quake.
Borneo Post
09-05-2025
- Business
- Borneo Post
How Shell LiveWire propelled a startup to new heights
The UAS team at their annual dinner in 2024. Aaron Tan KUCHING (May 9): In an increasingly digitised world, data is key towards shaping decision-making processes across the board. Companies, governments and the public need data to help make informed choices that can guide them down the right path. However, getting data is a challenge that not many are able to take that up. Entrepreneur Aaron Tan of UAS Mapping Sdn Bhd (UAS Mapping) is one to step into the ring of geospatial, analytics, and mapping consultancy that helps businesses make better decisions through data. The Kuching-based winner of Shell's LiveWire programme said at the core of his company is geospatial, analytics, and mapping consultancy to help businesses and organisations make better decisions through data. 'UAS Mapping is a geospatial technology company founded in 2018 in Kuching, Sarawak. We offer a range of spatial products and services, namely aerial LiDAR and digital imagery survey; terrestrial and mobile LiDAR; underground utility detection and mapping; road pavement measurements and asset management; 3D modelling; 3D virtual tours; GIS and data analytics; and cloud-based software products. 'It started on the age-old notion of turning passion into vocation. At the same time, opportunities also came up then through my business partners. 'As our name suggests, I was looking for a way to use the drones that we love to fly to make money and contribute to our workplaces.' At the core of this company are geospatial, analytics, and mapping consultancy to help businesses and organisations make better decisions through data. Shell's LiveWire programme helped Tan to hone his skills and business to levels he had not considered before. 'LiveWire was a major learning curve for me, especially because it was my first time ever pitching a business idea formally. Before that, most of my work had been behind the scenes: Tech-focused, operational, and hands-on,' he said. 'Suddenly, I had to explain what we do, why it matters, and how we plan to grow in a clear, compelling way that resonated with people who weren't from the same technical background. 'I learned how to communicate value, tailor my message to different audiences, and build confidence in presenting. On top of that, the programme helped sharpen our business fundamentals. 'From refining our value proposition to understanding how to grow sustainably,it really pushed me out of my comfort zone, but in the best way possible.' Tan was looking for a way to use the drones to make money and contribute to workplaces. A launchpad to hone skills, learning Tan said the programme laid the foundation for UAS Mapping's business to grow, not just through its direct support, but by preparing the team for future opportunities. 'In fact, it gave us the footing to participate in other programmes, most notably SDEC's DiVA programme, which became a defining milestone for us and still influences how we operate today.' Tan added that the element of mentorship received during LiveWire was also invaluable, whereby having guidance helped the team to see their blind spots and think more strategically. 'On top of that, the financial support allowed us to strengthen our internal systems,' he said. 'Things like workflow improvements and digital infrastructure were crucial for scaling up in a sustainable, healthy way. Looking back, LiveWire was a real launchpad for our growth journey. 'One moment that really stood out was doing our final pitch entirely on Zoom. This was during the height of the Covid lockdowns, so the whole programme was run online. 'Pitching over a video call was definitely a new kind of nerve-wracking scenario. We had to sell our vision to a panel of tiny faces on screen, hoping our Wi-Fi held up and that no one froze mid-sentence. 'It was a weird mix of formal and informal, but honestly, it made the whole experience more memorable and a bit fun in its own way.' Tan with clients at an exhibition in TEGAS Digital Village. Taking business to the next level Since 2022, UAS Mapping has seen steady and exciting growth, expanding its service coverage to the entire country and taken on regional projects beyond Malaysia. 'This has really broadened our horizons,' he highlighted. 'Our workforce has nearly doubled to support the growing demand, and we've experienced consistent year-on-year growth in revenue. 'It's been a rewarding journey, and we're proud at how far we've come, especially as we continue building towards long-term sustainability and impact in the geospatial space.' Tan noted that the geospatial technology industry has witnessed rapid evolution since 2022, with increased adoption of drone technology, LiDAR, and 3D modelling across various sectors. He said there was a growing emphasis on integrating these technologies into urban planning, infrastructure development, and environmental monitoring, reflecting a broader trend towards data-driven decision-making. 'From 2021 to 2024, one of the major challenges we faced was transitioning from a project-based bespoke consultancy to a Data-as-a-Service (DaaS) model,' Tan added. 'We developed and internally tested a DaaS platform framework, collaborating closely with select clients. 'However, we soon realised that the local market was not yet ready to fully adopt this model. Rather than pushing ahead prematurely, we focused back on our core strengths – delivering high-quality geospatial services – while also deepening our capabilities in data analysis. 'The DaaS framework wasn't wasted; instead, we repurposed it for project-specific applications when needed. It turned out to be a valuable learning experience and laid a solid foundation for future AI-driven initiatives.' Future generation of business leaders in Sarawak Right now, Tan believes the industry is ripe for the picking, especially in Sarawak. 'If you've been thinking about starting a business, honestly now's a pretty great time to go for it. There is a real positive buzz in the economy, and more support than ever for people looking to build something of their own. 'So, if you've got an idea, don't wait around. Just start – that's the hardest step – learn as you go, ask questions, and tap into the support that's out there. You never know where it might take you.' When asked for his piece of advice for upcoming entrepreneurs, Tan called on future generation to build a solid foundation early, especially when it comes to systems and structure. 'It might not sound glamorous, but having clear processes in place can save you a lot of headaches down the line. Programmes like Shell LiveWire really help with this. 'They push you to think critically about your business model and internal operations. Oh, and get yourself a good company secretary. Seriously, it makes a world of difference!' Winning Shell's LiveWire programme helped Tan to hone his skills and business to levels he had not considered before. Shell LiveWire Malaysia 2025 seeks nation's best Shell LiveWire Malaysia is back again this year and calls out all entrepreneurs from Sabah, Sarawak and Peninsular Malaysia to be a part of this exciting initiative that can be a game-changer for budding entrepreneurs. The programme takes entrepreneurs like Tan through a series of workshops that will assist them in generating or enhancing their business ideas, testing their business models and preparing them to be successful business owners. Towards the end of the programme, participants will partake in a pitching workshop and a competition that aim to provide the necessary skills for entrepreneurs to grow their businesses. Shell is seeking out for entrepreneurs whose ideas will power lives in environmental sustainability, social impact and business innovation. Shell LiveWire Malaysia will run in Kuching, Kota Kinabalu and Peninsular Malaysia. Five winners from each state will receive seed grants of RM10,000. These five winners from each state will then compete at the national level, where five national winners will stand a chance to win an additional RM30,000. Alongside the grant, the winners will also be provided with mentorship and guidance to kickstart their businesses, from the Shell LiveWire Malaysia facilitators for the next three years and stand a chance to be absorbed into Shell's supply chain and a chance to go into partnership with Shell retailers. In Sarawak, the Shell LiveWire programme partners with Tabung Ekonomi Gagasan Anak Sarawak (TEGAS), which not only provides one-year access to TEGAS Digital Village in Kuching and TEGAS Digital Innovation Hub in Bintulu and Miri, but it also presents each winner with an additional RM5,000 on top of the Sarawak Shell LiveWire grant. The closing date for registration for Shell LiveWire in Kuching is on May 12, 2025. Register today at and live your dream!
Business Times
06-05-2025
- Automotive
- Business Times
Carro aims to treble earnings ahead of potential IPO
[SINGAPORE] Car marketplace and automotive services platform Carro aims to boost its profitability and will seek a final round of fundraising to help it grow, before seeking an initial public offering (IPO). Its chief executive officer Aaron Tan wants Carro to be much more profitable first, aiming for earnings before interest, taxes, depreciation and amortisation (Ebitda) to hit around S$130 million as a precursor to an IPO, which means roughly tripling it from its current level. 'Once we get to (that level) I do like to think that we can potentially list with a good tailwind because of scarcity. Name me another high-growth tech company that is profitable, Ebitda positive and sizeable?' said Tan. Investors often use Ebitda as a measure of how well a business is doing operationally. Carro does not publish its full financial results, but has released highlights from its past audited figures. It achieved positive Ebitda in 2020, with its first profitable year in 2022. According to preliminary figures from Tan, Carro's Ebitda for the financial year ended March 2025 was 'around S$40 million', near FY2024's S$43 million. BT in your inbox Start and end each day with the latest news stories and analyses delivered straight to your inbox. Sign Up Sign Up Listing the reasons Speaking to The Business Times, he said that the company will close a final round of funding in 2025 before it seeks an IPO. 'We are concluding another round that I expect will close before August... and that is probably our last race, from a pre-IPO standpoint. We are profitable so we technically don't need to raise more funds… hence (the upcoming round) should be our last,' he said. He did not elaborate on the amount involved or the investors taking part, but added: 'I can only say that (the amount raised) is up versus the previous round. So we count that as a blessing given the current state of the markets.' Carro's most recent funding round in December 2024 was for an undisclosed amount with South Korean venture capital firm Woori Venture Partners. The funds will be used to expand its operations within South-east Asia, with a focus on Indonesia, where parent company Woori Financial Group maintains a significant presence. Carro's largest disclosed funding to date was a Series C round in 2021 of S$360 million led by SoftBank Vision Fund. It marked the startup as the first automotive marketplace unicorn in South-east Asia. According to Tan, the company is now valued at 'well over' US$1 billion. Despite that, an IPO is not the immediate future. 'I can only say that there are no investors in our capitalisation table that expect us to list this year, given what's happening in the markets over the last 12 months,' he said when asked about the timing of an IPO. As to where Carro's IPO will take place, Tan said: 'We will do what is in the best interest of our shareholders. All options are open… be it SGX (Singapore Exchange), a US stock exchange, even Hong Kong is a possibility.' Previous Singapore-headquartered unicorns have chosen US listings: Sea is listed on the New York Stock Exchange, while Grab is listed on Nasdaq. More expansion The company has continued the momentum it established in 2024. For the financial year ended Mar 31, 2024, Ebitda increased to S$43 million from around S$4 million in the previous corresponding period. Similarly, gross profit was up 49 per cent at S$143 million, while operating losses narrowed by 92 per cent to US$7 million. Revenue was around S$1 billion. While the full audited figures are to be confirmed, Tan told BT that in the latest financial year ended March 2025, revenue increased by around 15 per cent, while gross profit grew more than 20 per cent. 'My plan is to double Ebitda to more than S$80 million by the end of March 2026,' he said, served by both organic and inorganic growth. A number of mergers and acquisitions will take place in the next three to six months, which includes the expansion to another Asia-Pacific (Apac) market. He declined to name the new market, but said: 'We will go wherever there is market demand for our products or services. But we are laser-focused on Apac markets versus say, the Middle East or the US. Because we know Asia and thereby have the right to win.' Carro has long relied on acquisitions to boost market share. In 2024, Carro expanded to Japan and Hong Kong, meaning it is now present in a total of seven markets, in addition to Singapore, Malaysia, Indonesia, Thailand and Taiwan. It established a presence in Hong Kong through the acquisition of used car platform Beyond Cars. Part of the reason is that the organic growth of used car sales has been slower than Tan anticipated. According to him, on average, the company transacts 6,000 to 7,000 used cars in Singapore a year, which gives it a market share of about 10 per cent. Across its various markets, it sells more than 100,000 cars a year. 'I expected us to be far bigger than where we are today (in used car sales)… I learnt that it is a lot faster to buy versus to build a company from scratch.' But Carro has also focused on growing its recurring revenue rather than just used car sales. 'The biggest shift in the tech world is 'quality of revenues' – we shouldn't be going for bad growth or growth at all costs,' said Tan. In fact, used car sales now account for 'very little' of Carro's revenue. Recurring revenue streams are more than 85 per cent of the company's top line, said Tan. These come from automotive servicing, financing and insurance offered through subsidiaries that include Genie Financial Services. 'So tomorrow, if I shut down the used car sales, it doesn't really matter, to be very frank. The revenues and the profits will keep coming in.'
