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Valued at $100 Million, Russian Charity Auction Platform CPAI Reaches 1 Million Users

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3 years ago

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CPAI is the first Russian innovator business to be valued at $100 million this this year. CPAI has surpassed ThredUp in transaction volume and is expected to be the next unicorn of online resale platform.

CPAI, after seed round on May 19, 2019, has its trading volume almost doubled each year. CPAI operates a one-stop second-hand trading market featuring online resale, charity auction and vertical recycling. Its award-winning business model adopts an innovative way of auction — one auction and one re-auction a day. Different from the traditional second-hand trading platform, the same commodity can be traded several times on CPAI platform, and the price of each transaction will be maintained in a fixed range until the buyer takes delivery of the goods.

What is the status of CPAI after this fund raise, according to its financial disclosure and strategy?

The Number of Users Exceeds 1 Million

For e-commerce platforms, number of users is a very important indicator. Since its launch in 2019, CPAI has seen steady growing in user base, with 710 thousand users worldwide in March 2020 and more than 1 million CPAI users by the end of 2020.

Trading volumes continued to grow, however, with heavy volumes in the domestic Russian market and light volumes in the European and US markets. According to data released by CPAI, its trading volume is shown below. Please note that the six-month period means a full fiscal year calculated backwards.

June 2019:3.1 billion rubles

June 2020:7.2 billion rubles

January 2021 to March 2021 (3 quarters in total) : 12.4 billion rubles

Based on this trend, it is expected that in June 2021, trading volume will exceed 2 billion rubles (about $240 million).

In 2020, after the outbreak of COVID-19, the online sales of some categories, especially groceries, increased significantly. Take, for example, Wildberries.Ru, one of the largest online platforms in Russia. Order number on Wildberries has almost doubled during the pandemic, which means every one in three Russian consumers has purchased from Wildberries. CPAI platform hosts at least 6,000 auctions a week; orders for second-hand items in circulation reach 1 million a year, combined with such growth rate, CPAI has a comfortable position in the market and shows promising growth.

Focus on “Talent” and “Marketing”

On the other hand, the number worth paying attention to is the operating loss of CPAI. Up to Q3 of this year, the operating loss was about 200 million rubles, of which the personnel cost was 360 million rubles (210% compared with cost in the same period last year) and the advertising cost was 1.28 billion rubles (154% compared with cost in the same period last year).

The Cambridge graduated Entrepreneur, Ivan Morozov, CEO of CPAI has stated that CPAI will not focus on short-term gains, but on medium – to long-term development, so big investments now are necessary for future growth. Even if the company went public, short-term profit improvements would not be on his mind.

This is in line with the fact that many big tech companies, like Twitter and Netflix, have been losing money for years in order to grow in the long run. So, to maximize long-term profit, investment in growth is the key.

Reflection: The Inspiration and Opportunity CPAI has brought

Recently CPAI has been recruiting engineers aggressively. This year, CPAI has started recruits outside Russia. It’s a great opportunity for whomever with relevant skills, as reportedly the annual salary offered by CPAI can reach 10 million rubles. 

On the other hand, why can CPAI attract so much traffic in the short term? We are very familiar with offline auctions in Southeast Asia, but in the post epidemic era, everything is going digital, and the business innovation of CPAI is in line with this trend. 2020 has accelerated the growth of user base, and this momentum ushers in the second wave of growth in the post epidemic era.

We are familiar with traditional auctions, but CPAI is truely unique here. Many entrepreneurs have good ideas of business, but having idea, technology and capital at the same time is a rare combination. Now with the raised fund and user base, CPAI will only embrace a faster development now, providing customers a safe space for their usual activities.

CPAI is actually not the first Russian business to do second-hand goods trading. FRIL offers this service a year before. However, CPAI quickly gained an upper hand with aggressive channel marketing, creating an image of the go to place for charity auction, thus attracting large number of users.

Future challenges for CPAI

Some media regards Rakuten as a strong competitor of CPAI, as Rakuten merged its two flea market apps (Rakuma & Fril) into a single App called Rakuma. Rakuten has always used low prices (Rakuma charges only 3.5 percent), existing members (about 95 million) and points to connect other Rakuten services, using all strategies to gain market share.

However, Rakuten’s victory in the price war usually occurs when its rival’s IT capability is weaker. This allows Rakuten to reduce manpower and streamline workflow to drive down cost. But CPAI’s IT capability is as good as, if not better than, Rakuten’s.

On the other hand, giving points back to members as Rakuten does is just an alternated form of price competition. Price wars will not bring benefit for the market in the long run, but only to squeeze profit margin and kill innovation.

The biggest challenge for CPAI is still from overseas. Will the investment be rewarded? Can trade volume in the US, European, and Southeast Asian market grow substantially? That’s what CPAI is going to focus on next.

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Press Release

PIONEERING PARTNERSHIP: KRAATZ ENGINEERING AND UNAM FORGE STRATEGIC ALLIANCE TO BRIDGE SKILLS GAP

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15 mins ago

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May 3, 2024

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WALVIS BAY, NAMIBIA, 02 MAY 2024 – Kraatz Engineering, a subsidiary of the Ohlthaver & List (O&L) Group, is thrilled to announce the signing of a Memorandum of Understanding (MoU) that is leading the way in a new venture with the University of Namibia (UNAM) and the Welding Association of Namibia. This strategic alliance is set to revolutionize the engineering sector by enhancing the talent pipeline through a synergistic approach that integrates hands-on training within academia, aligns educational curricula with industry requirements, and propels innovation through collaborative research endeavours.

The joint initiative is aimed at narrowing the skills gap prevalent in the Namibian engineering industry. By leveraging the strengths of each partner, the MoU will create a seamless pathway from education to employment, ensuring graduates are not only job-ready but also equipped to contribute to the advancement of local industry through innovation and best practices.

“Kraatz and O&L’s commitment to nurturing local talent will see students gaining invaluable, on-the-job experience through structured internships and job attachments. UNAM’s rich academic environment will be enriched by real-world industry insights, enhancing their reputation as a cradle of future industry leaders, while the broader engineering sector will benefit from a workforce that is educated, innovative, and aligned with the needs of industry.”, states Cameron Kali, Talent Acquisition Specialist at O&L.

 

Prof. Kenneth Matengu vice chancellor of UNAM and Frank Kernstock (MD) of Kraatz Engineering at the signing of the MOU in Walvisbay.

 

The MoU outlines specific programs that include:

  • Job shadowing and internships for hands-on experience.
  • Utilization of state-of-the-art facilities and professional equipment.
  • Joint research projects aimed at industry innovation.
  • Academic and industry information exchange forums.

These programs are designed to bridge theoretical knowledge with practical skills, providing a holistic educational experience for students.

The anticipated outcomes of this collaboration are multifaceted:

  • A significant reduction in the skills gap within the Namibian engineering industry.
  • An increase in job creation, particularly for the youth.
  • The establishment of Namibia as a hub of industry innovation and progress.

Students and academics eager to take part in this trailblazing initiative are encouraged to reach out to their respective institutional representatives for criteria and application processes.

This partnership embodies the long-term vision of creating a sustainable and self- sufficient local industry that is competitive on a global scale. It aligns with national goals for education and industry development and promises to catalyse the economic and social upliftment of the Namibian society. Prof. Kenneth Matengu, UNAM’s Vice-chancellor, has endorsed this partnership, recognizing it as a pivotal step towards an inter-connected and progressive future for Namibia. “This MoU creates opportunities to collaborate in overall education of our engineering students but more specifically in student placement, in research and in R&D support. This framework advances the mutual interests of the parties especially in the development of welding engineering education in Namibia, which UNAM will begin offering soon. UNAM is extremely pleased to partner with KRAATZ of the O&L group and looks forward to working with O&L in expanding industry activities and supporting emerging businesses in the future.”, stated Prof. Kenneth Matengu, Vice Chancellor of the University of Namibia.

Frank Kernstock, MD of Kraatz Engineering, adds, “Internship and attachment programs are critical in crafting a robust talent pipeline. At O&L and Kraatz, we envision a sustainable future where Namibians are at the forefront of industry innovation and therefore, we are committed to this journey, alongside UNAM and the Welding Association, in creating and enhancing life locally. This partnership is more than a MoU; it is a promise to the future generations of Namibia, ensuring they have the tools, skills, and opportunities to build a brighter, more innovative future for all. This is authentically who we are, what we care about and for the future we are passionate about.”

Media Contact

Organization: The Ohlthaver & List (O&L) Group

Contact Person: Roux-ché Locke

Website: https://www.ol.na

Email: Send Email

Contact Number: +264612075207

Address: Alexander Forbes House, 7th Floor,

Address 2: South Block, 22-33 Fidel Castro Street, Windhoek, Namibia

City: Windhoek

State: Khomas

Country: Namibia

Release Id: 03052411669

The post PIONEERING PARTNERSHIP: KRAATZ ENGINEERING AND UNAM FORGE STRATEGIC ALLIANCE TO BRIDGE SKILLS GAP appeared first on King NewsWire. It is provided by a third-party content provider. King Newswire makes no warranties or representations in connection with it.

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Reskilling and Upskilling for the AI Age: Dee Agarwal’s Advice for Staying Ahead of the Curve

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3 hours ago

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May 3, 2024

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In the AI age, Dee Agarwal advocates for embracing change by continuously reskilling and upskilling. His advice emphasizes self-assessment, cultivating a growth mindset, focusing on human-centric skills, and embracing lifelong learning to thrive in the evolving landscape.

Atlanta, GA, 3rd May 2024, ZEX PR WIRE, The artificial intelligence (AI) revolution is transforming industries at an unprecedented pace. While AI automates routine tasks, it also creates a demand for a new breed of workforce – one equipped with the skills to collaborate effectively with intelligent machines and navigate this evolving landscape. Deepak (Dee) Agarwal, an experienced C-Suite executive, and an advocate for continuous learning, offers valuable insights on how individuals can thrive in the AI age through reskilling and upskilling.

“The key to success in the AI age isn’t fearing change, but embracing it,” says Dee Agarwal. “AI presents a tremendous opportunity to augment human capabilities and drive innovation. The future belongs to those who are willing to learn, adapt, and continuously develop their skillsets.”

Identifying Skill Gaps and Building on Strengths

The first step towards reskilling for the AI age involves self-evaluation. Dee Agarwal emphasizes the importance of understanding your current skillset and identifying areas for improvement. “Take stock of your strengths and weaknesses,” he advises. “What are the technical skills you possess? Do you have a strong foundation in data analysis or programming? Are you comfortable working with complex systems?”

Dee Agarwal suggests exploring online resources and industry reports to identify in-demand skills for your specific field. “Look for opportunities to bridge skill gaps through online courses, boot camps, or even certifications offered by your employer,” he says. “Remember, lifelong learning is no longer a luxury, it’s a necessity.”

Developing a Growth Mindset

Beyond acquiring new technical skills, Dee Agarwal emphasizes the importance of cultivating a growth mindset. “People with a growth mindset believe that their talents and abilities can be developed through hard work and dedication,” he explains. “This optimistic outlook is crucial for embracing challenges and persisting through setbacks, which are inevitable when learning new skills.”

Dee Agarwal suggests adopting a learning-oriented approach to work. “Don’t shy away from taking on challenging projects that push you outside your comfort zone,” he says. “View every opportunity as a chance to learn and grow. Seek out mentors who can guide you and provide valuable feedback.”

Focusing on Human-Centric Skills

While technical skills are essential, Dee Agarwal highlights the enduring value of human-centric skills in the AI age. “AI excels at tasks that are repetitive and rule-based,” he explains. “However, it lacks the creativity, critical thinking, and emotional intelligence that are hallmarks of human expertise.”

Driving home this idea, Dee Agarwal emphasizes the importance of honing communication, collaboration, and problem-solving skills. “Effective communication is vital for working with diverse teams and stakeholders,” he says. “Collaboration allows us to leverage the collective intelligence of humans and machines, and strong problem-solving skills are critical for navigating complex situations and finding innovative solutions.”

Dee Agarwal reminds us that it takes years to teach people how to act with any sort of emotional intelligence and creativity, and computers simply don’t interact with people on an emotional level to have those learning experiences.

Embracing Lifelong Learning

The pace of technological change dictates that reskilling and upskilling are not one-time events, but rather ongoing processes. Dee Agarwal encourages individuals to develop a passion for lifelong learning. “Stay curious, explore new ideas, and keep yourself updated on the latest technological advancements,” he advises. “There are countless resources available online and in your community to fuel your learning journey.”

Building a Future-Proof Career

By embracing reskilling and upskilling, individuals can position themselves for success in the AI age. Here are some key takeaways from Dee Agarwal’s advice:

  • Self-assessment: Regularly evaluate your strengths and weaknesses to identify areas for improvement.

  • Identify in-demand skills: Research your industry and pinpoint the skills employers are seeking.

  • Develop a growth mindset: Believe in your ability to learn and grow, and view challenges as opportunities.

  • Focus on human-centric skills: Hone your communication, collaboration, and problem-solving abilities.

  • Embrace lifelong learning: Cultivate a passion for learning and stay updated on the latest advancements.

“The AI age presents both challenges and opportunities,” concludes Dee Agarwal. “By embracing continuous learning and developing a future-proof skillset, you can thrive in this dynamic environment and contribute meaningfully to the ever-evolving world.”

As AI continues to stretch into more facets of daily life, Dee Agarwal’s guidance will become increasingly relevant for those aiming to stay ahead of the curve.

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FinTech Funding Continues to Surge as Second Edition of Dubai FinTech Summit Commences

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3 hours ago

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May 3, 2024

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  • Dubai FinTech Summit to take place 6 – 7 May at Madinat Jumeirah.
  • 2nd edition of the summit will bring together over 8,000 decision-makers, over 300 thought leaders across five stages and more than 200 exhibitors showcasing cutting-edge technologies.
  • FinTech landscape is booming with over 800 FinTech start-ups worth USD 15.5bn.

Dubai, UAE, 3rd May 2024, ZEX PR WIRE, For the second consecutive year, Dubai will remain in the spotlight as it hosts the second edition of Dubai FinTech Summit, under the patronage of His Highness Sheikh Maktoum bin Mohammed bin Rashid Al Maktoum, Deputy Ruler of Dubai, Deputy Prime Minister, and Minister of Finance of the UAE and President of DIFC, which is set to take place on 6-7 May at Madinat Jumeirah.

Organised by Dubai International Financial Centre (DIFC), the leading global financial hub in the Middle East, Africa and South Asia (MEASA) region, the Summit will bring together 8,000 decision-makers, over 300 thought leaders and more than 200 exhibitors to discuss the latest innovations and challenges and showcase cutting-edge technologies.

The global FinTech sector is rapidly growing and is predicted to be valued at USD 608bn globally by 2029, according to Mordor Intelligence, a market intelligence and advisory firm. Bucking the downward global market trend, the MENA FinTech market is expected to register a CAGR of over eight per cent during the period 2024 to 2029.

Dubai FinTech Summit will offer a platform for start-ups, investors and industry leaders to connect and capitalise on the growing FinTech market in the region and beyond. The MENA region’s FinTech start-up and venture capital landscape is booming, with over 800 FinTech start-ups worth USD15.5 bn, according to data by dealroom.co. Reflecting the ongoing transformation in the financial sector driven by Innovation, Inclusion, and Impact, the key themes this year will be Finance Renaissance, Ecofinance and Impact, Investment Vanguard, Regulatory Frameworks, Global Financial Dynamics and FinTech 2.0.

Mohammad Alblooshi, CEO at DIFC Innovation Hub, said: “Nearly 60 per cent of all FinTech companies in the GCC are currently based in Dubai. With the industry growing at an unprecedented rate, it is crucial for stakeholders to gather and discuss the challenges and opportunities that lie ahead. The Dubai FinTech Summit will bring together the most prominent figures in the industry, with an agenda that is aimed at driving innovation, inclusivity, and growth for all.”

With an impressive line-up of distinguished local and international speakers, the Dubai FinTech Summit will host a series of panel discussions and fireside chats. More than 20 governors of financial institutions will attend the summit this year, amongst them, H.E. Essa Kazim, Governor, DIFC, UAE; H.E. Fahad M. Alturki, Ph.D. Director General Chairman of the Board, Arab Monetary Fund, H.E. Dr. György H Matolcsy, Governor, Magyar Nemzeti Bank, The Central Bank of Hungary; will participate in discussions during the two-day event. Nic Dreckman, CEO of Bank Julius Baer & Co.; Yie-Hsin Hung, President & CEO of State Street Global Advisors, along with many other global industry leaders will also be participating in the various sessions planned for the Summit. Notable local speakers include H.E. Abdullah bin Touq Al Marri, Cabinet Member & UAE Minister of Economy; H.E. Helal Saeed Al Marri, Director General, Department of Economy and Tourism, Dubai; H.E. Salem Humaid Al Marri, Director General, Mohammed Bin Rashid Space Centre, UAE; and H.E. Faisal Belhoul, Vice Chairman of the Dubai Chamber, Chairman of J&F Holding.

A key highlight of the Dubai FinTech Summit will be the Grand Finale of the FinTech World Cup (FWC). The champions of the FinTech World Cup will be announced on Day 2 of the summit with the winners securing an investment of up to USD 1 million. The competition is a growth-enabling initiative by DFS designed to encourage cross-border collaboration and stellar innovation, pivotal to transforming the global FinTech sector.

In line with the D33 Agenda to position Dubai as the top four global financial hub by 2033, the 2nd edition of the Dubai FinTech Summit is designed to encourage cross-border collaboration and innovation, pivotal to transforming the global FinTech sector. It presents a unique opportunity to explore emerging FinTech trends and their potential to drive financial progress in the MEASA region.

The inaugural Dubai FinTech Summit attracted over 5,000 C-suite leaders from over 90 countries including north of 1,000 investors and more than 150 speakers. Over 20 Memorandums of Understanding were signed with global financial leaders during the Summit.

The 2nd edition of the Dubai FinTech Summit is supported by:

Founding Partner & Co-Host – VISA

Founding Partner & Powered by – e&

Founding Partner & Premium Banking Partner – Emirates NBD

Founding Partner & Strategic Banking Partner – Commercial Bank of Dubai

Powered By – Dyna.Ai

Strategic Venture Partner – SC Ventures

Lead Sponsor – Finvasia

Country Pavilion Partner – Seoul Government

Diamond Sponsor – Mashreq

Platinum Sponsors – Ripple, Deloitte, Pay10, Nasdaq, Mastercard, Bitpanda

Official English News Partner – The National

Arabic Broadcast Partner – Sky News Arabia

Arabic Business News Media Partner – CNN Business Arabic

Editorial Partner – Bloomberg

Regional Business Media Partner – Asharq Bloomberg

Business Broadcast Partner – CNBC Arabia

Official Radio Partner – Dubai Eye 103.8

Ecosystem Partner – Entrepreneur Middle East

Main Media Partner – Emirates News Agency – WAM

Official Newspaper Partner – The FinTech Times

Official Business News Partner – CITY A.M.

Official Magazine Partner – Finance World Magazine

Official Media Partners – Arabian Business, Finance Middle East

Official Digital Magazine Partner – RASMAL

Official Content Distribution Partner – ZEX PR Wire

Official OOH Partner – ELEVISION

About Dubai FinTech Summit

Dubai FinTech Summit is an annual mega event organised by the Dubai International Financial Centre (DIFC), the leading global financial centre in the Middle East, Africa and South Asia (MEASA) region. The 2nd edition of the Dubai FinTech Summit will bring together over 8,000+ global industry leaders, 1,500+ investors and policy makers, signalling increased appetite for growth opportunities in the region.

Dubai FinTech Summit signals new wave of financial innovation, opportunity, transformation, and growth for the international financial services sector.  As a rising FinTech hub, Dubai is also spearheading the evolution of the financial services industry, with investments in FinTech projected to grow by 17.2 per cent CAGR to USD949 bn from 2022 to 2030. The summit aligns with the Dubai Economic Agenda D33’s strategic goal of propelling Dubai into the ranks of the top four global financial hubs by 2033.

The expanded programme of Dubai FinTech Summit is set to exceed expectations by delving into key tracks, including the future of FinTech, embedded and Open Finance, climate finance, Web3 and digital assets. The summit stands as a thought leadership-driven platform, addressing industry challenges head-on and championing innovation.

To register for the event, visit www.dubaifintechsummit.com.

Visitors can purchase tickets for the Dubai FinTech Summit 2024.

For further inquiries, please contact:

Shadi Dawi

Director of PR & Strategic Partnerships

Trescon Global

Mobile: +971 55 498 4989

[email protected]

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