World News
Airalo locks in $60M to expand its eSIM-based global roaming ‘marketplace’ on July 31, 2023 at 2:26 pm
Travel is back on the agenda after a Covid-19 hiatus, and today a mobile startup is announcing a healthy round of funding to capitalize on that. Airalo — which uses software-based eSIM connectivity to provide a wide range of lower-cost mobile data packages, nearly 700 in all, for international travellers — has raised $60 million in a Series B round that it will be using to expand its business.
The all-equity round, values Airalo at $250 million post-money, includes a long list of financial and strategic backers, a mix that speaks to who works with the startup as a business partner as a complement to their own direct operations.
e& Capital, the venture arm of e& (better known as the UAE-based carrier Etisalat), is leading the round with participation also from startup incubator Antler Elevate, Liberty Global, Rakuten Capital, Singtel Innov8, Surge (the early-stage fund run by Peak XV, formerly known as Sequoia Capital India and SEA), Orange, T.Capital (the venture arm of Deutsche Telecom), KPN Ventures, Telefónica Ventures, I2BF Global Ventures, GO Ventures, and LG Technology Ventures. This fundraise is a big step up for the company, which had previously raised just $7.3 million.
Although Airalo’s only just closed the round, the company is currently on a strong growth rate — 20% revenue growth month on month, with nearly 1 million downloads monthly for the past three months. And from what we understand, that’s leading to further interest from other potential investors. There are already discussions to bring extra backers on at a considerably higher valuation of between $800 million and $1 billion.
Launched in 2019, Airalo is one of a group eSIM providers that have received an injection of life thanks to handset makers like Apple promoting the software-based standard as an easier way for users to move from one mobile carrier to another, doing away with requiring customers to physically change the small SIM card in their phones.
eSIM has been both a blessing and curse: it means carriers might have a better chance of wooing away customers from their current providers, but it also means it’s harder to lock in the customers they have. Overall, for consumers it’s a huge win, since it means mobile operators have to be a lot more creative and competitive to win business.
And that’s where Airalo has been showing promise. After a very slow start due to the pandemic when COO Abraham Burak said growth basically “stalled” for two years, it started to pick up momentum in 2022.
Although carriers these days have become more savvy with building and offering travellers more cost-effective mobile data plans, many of these tend not to be as flexible, and thus cheap, as what consumers want or need. eSIM offerings promise an alternative: more granular offerings at smaller pricing increments.
Currently Airalo says that it has 5.1 million customers buying its eSIM products. These products are presented in a matrix of combinations covering some 200 countries, geographic regions, service durations, and data package sizes — in all currently totally 689 different combinations.
“We are seeing exponential growth in sign ups because travel is picking up,” said Burak, who co-founded the company with Bahadir Ozdemir (the CEO).
Burak and Airalo overall refers to this matrix of eSIM plans as its “marketplace”. That appears not to be a reference to multiple eSIM providers — Airalo is the only one selling to users — but to the large bazaar of carriers and carrier plans underpinning the deals.
Behind the scenes, Airalo builds out its many eSIM options by way of a network of carrier agreements that it brokers and then stitches together across the globe, some involving direct capacity purchased on a wholesale basis, and others involving reselling international roaming plans already structured by individual mobile carriers. Airalo has also built technology that measures demand and corresponding costs and pricing for these different eSIM packages.
If you are asking yourself, why would a carrier work with a third party like Airalo, which might compete directly against it? It’s for the same reason that a brand might sell through many retailers while also selling goods directly through its own-branded storefronts: if a customer is already looking somewhere else for a good mobile roaming plan before travelling, chances are the carrier has already lost that customer. Cutting a deal with Airalo gives that carrier a chance — albeit one at a smaller margin — to still win some business.
It’s enough of an opportunity that Burak said that there have been acquisition approaches already from the carrier world.
That’s not to say that all eSIM providers are swimming in opportunity, or necessarily capitalizing on it just yet.
Another big name in the space, Truphone, which had raised hundreds of millions of dollars, recently faced a period of significant turbulence when its biggest shareholder, Roman Abramovich, was slapped with international sanctions over his connections to Russia and he and other Russian shareholders were forced to sell their holdings in the company. Despite some very interesting deals it had on the books including services to banks and a partnership with Apple, Truphone had never made a profit in 15 years of operations, so its sale and its future definitely looked uncertain.
It look almost a whole year, but in the end Truphone was sold for £1 to two entrepreneurs, German businessman and tech entrepreneur Hakan Koç and former telecoms executive and private equity investor Pyrros Koussios, who pledged to invest more into the business and to expand the kinds of services it offers to enterprise customers.
(Indeed, stitching together data connectivity as an eSIM provider is not that far in concept from privacy-focused VPNs, which is something Truphone was already building for business customers, and may have been one of the interesting services that caught the eye of its Russian oligarch former owners.)
On that note, the idea of expanding what else an eSIM company can be providing to its customers beyond basic data is something that it seems Airalo is also taking on board, too. One new service it will be using the funding to help introduce is “Airalo Partners,” which it describes as “an innovative connectivity solution tailored to businesses and organizations across the globe.”
UAE has a number of international expat residents and itself has a population that is widely travelled, so it makes sense that an eSIM provider caught e&’s eye as an interesting investment opportunity.
“We are pleased to lead the Series B financing round for Airalo, a company that has come a long way over the past 18 months with a focus on providing exceptional customer experience,” said Kushal Shah, managing director, e& capital, in a statement. “We have complete confidence in Airalo’s ability to expand its user community, strengthen its diverse team, and introduce its latest product Airalo Partners, a groundbreaking connectivity solution for global businesses and organizations. We believe that Airalo has the potential to become a travel essential and are excited to support their journey towards becoming the definitive gateway to instant connectivity worldwide.”
Travel is back on the agenda after a Covid-19 hiatus, and today a mobile startup is announcing a healthy round of funding to capitalize on that. Airalo — which uses software-based eSIM connectivity to provide a wide range of lower-cost mobile data packages, nearly 700 in all, for international travellers — has raised $60 million
Business
The Cities Bracing for Trump’s Immigration Crackdown
In the wake of Donald Trump’s recent election victory and his promise of “the largest deportation operation in American history,” several major U.S. cities are bracing for potentially seismic shifts in their economic and social landscapes. As the nation grapples with the implications of this proposed policy, urban centers that have long been havens for immigrant communities find themselves at the epicenter of a looming storm.
Los Angeles, often dubbed the “City of Angels,” stands to lose more than its celestial nickname suggests. As a primary gateway for immigrants, the city’s vibrant tapestry of cultures and its economic engine could face significant disruption. From the bustling streets of Koreatown to the sun-drenched orchards of the Central Valley, the absence of undocumented workers could leave gaping holes in the city’s workforce and cultural identity.
Across the country, New York City, with its iconic skyline and melting pot reputation, faces its own reckoning. The Big Apple’s 5.9 million immigrants, many of whom are undocumented, form the backbone of industries ranging from construction to healthcare. The potential exodus could transform neighborhoods like Jackson Heights and Flushing, altering the very essence of what makes New York a global city.In the Sunshine State, Miami’s tropical allure belies the turbulent times ahead. Home to 2.5 million immigrants, the city’s economy relies heavily on sectors like tourism and hospitality – industries where undocumented workers often fill crucial roles. The potential deportation of these workers could send shockwaves through Miami’s economic ecosystem, from South Beach’s glitzy hotels to the agricultural heartlands of South Florida.
Chicago, the “City of Big Shoulders,” may find those shoulders significantly weakened. With 1.7 million immigrants in its metropolitan area, the Windy City’s diverse neighborhoods and industries face an uncertain future. From the meatpacking plants to the tech startups, Chicago’s economic resilience could be tested like never before.
In the Lone Star State, Houston and Dallas stand as twin testaments to the complexities of immigration policy. These Texas titans, each home to large immigrant populations, could see their booming economies stumble. The construction sites that dot their ever-expanding skylines and the service industries that keep these cities humming could face unprecedented labor shortages.
Out West, the San Francisco Bay Area’s reputation as a bastion of innovation and progress could be challenged. The region’s tech industry, often reliant on immigrant talent, might find itself grappling with a new reality. From Silicon Valley’s coding campuses to the agricultural expanses of the Central Valley, California’s economic powerhouse could face a reckoning. Phoenix, rising from the Sonoran Desert, could see its growth trajectory altered. As Arizona’s urban center, it stands at the forefront of the immigration debate, potentially facing not just economic impacts but social and political upheaval as well.
These cities, along with others like San Diego and Las Vegas, are not just facing potential economic disruptions. They are staring down the barrel of profound social change. Family separations, community fragmentation, and the erosion of cultural enclaves built over generations are all possible consequences of mass deportations. Moreover, the fiscal implications are staggering. Undocumented immigrants contribute billions in taxes annually, often without receiving the full benefits of their contributions. Their sudden absence could leave gaping holes in city budgets, potentially affecting public services and infrastructure projects.
As these urban centers brace for impact, the debate rages on. Supporters of stricter immigration policies argue for the need to enforce laws and protect American jobs. Critics warn of economic devastation and the unraveling of America’s urban fabric. What’s clear is that America’s cities stand at a crossroads. The coming months and years will likely reshape urban landscapes in ways both visible and invisible. From the foods we eat to the services we rely on, from the neighborhoods we call home to the very character of our cities, the impacts of this proposed immigration crackdown could be far-reaching and long-lasting. As the nation watches and waits, these cities – vibrant, diverse, and economically vital – find themselves on the front lines of a policy that could redefine what it means to be an American city in the 21st century.
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Business
How Trump’s Deportation Plans Could Reshape Major Cities
In the wake of Donald Trump’s recent election victory, his ambitious plans for mass deportations have thrust America’s urban centers into the spotlight. As the nation grapples with the potential implications of what Trump calls “the largest deportation operation in American history,” cities across the country are bracing for significant changes that could reshape their economic, social, and cultural landscapes.
The stakes are particularly high for metropolitan areas like New York, Los Angeles, Houston, Dallas, and Miami, which host the largest populations of unauthorized immigrants. These cities, along with other major urban hubs such as Chicago, Washington D.C., and San Francisco, stand at the forefront of a looming transformation that could reverberate throughout the nation.
Economic Tremors
Economists warn that the proposed deportations could send shockwaves through urban economies. Mark Zandi, chief economist at Moody’s, cautions that businesses would face “significant challenges” if a substantial number of immigrants were removed. Industries such as construction, hospitality, and healthcare—pillars of urban economies—could face severe labor shortages.
Joe Brusuelas, chief economist at RSM, emphasizes the potential ripple effects: “The native-born workforce cannot meet current labor demands.” This labor gap could lead to increased wages, potentially rekindling inflation—a concern that looms large over city planners and policymakers alike.
Community Fabric Under Strain
Beyond economic considerations, the social fabric of cities hangs in the balance. Elena, a Nicaraguan immigrant in Houston, voices a fear echoed in immigrant communities across the nation: “I’m scared… This is my home.” The threat of family separations, particularly in mixed-status households, casts a long shadow over urban neighborhoods.
Immigrant advocacy groups like FIEL are mobilizing, advising clients to prepare for “anything that can happen.” This atmosphere of uncertainty could lead to decreased community engagement and cooperation with local authorities, potentially impacting public safety and community cohesion.
Cities at a Crossroads
As the debate intensifies, cities find themselves at a crossroads. Some, like New York and Los Angeles, have historically positioned themselves as “sanctuary cities,” often at odds with federal immigration enforcement. The impending clash between federal policy and local governance promises to be a defining feature of this new political landscape.
Meanwhile, the logistical challenges of implementing such a massive deportation operation remain daunting. Questions abound regarding detention facilities, transportation networks, and the sheer manpower required to carry out Trump’s vision.
Looking Ahead
As America’s urban centers brace for potential change, the full impact of Trump’s deportation plans remains to be seen. Legal challenges are all but certain, and the resilience of America’s cities will be put to the test.
What is clear is that the coming months and years will be pivotal for urban America. As Jason Miller, a senior Trump adviser, puts it, the plan is to “immediately reinstate” immigration policies from Trump’s first term. For America’s cities, this could mean a period of unprecedented change, challenge, and, potentially, transformation.
As the nation watches and waits, the story of America’s cities in the face of this ambitious deportation plan is just beginning to unfold. The outcome will undoubtedly shape the future of urban life in America for years to come.
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Business
Donald Trump Wins 2024 USA Election
Based on the election results, Donald Trump has indeed won the 2024 U.S. presidential election, defeating Vice President Kamala Harris. Here’s an analysis of the key statistics and implications:
Electoral College Victory
Donald Trump has secured the presidency by winning crucial battleground states and flipping some key states that were previously held by Democrats. The final Electoral College tally is still being determined, but Trump has surpassed the 270 electoral votes needed to win.
Battleground State Performance
Trump’s victory was largely secured by winning several critical swing states:
- Wisconsin: Trump’s win here was pivotal in securing his path to victory.
- Pennsylvania: This state flipped back to Republican control.
- Georgia: Another key state that Trump managed to win back.
- Michigan: Trump successfully flipped this traditionally Democratic stronghold.
Popular Vote and Voter Priorities
While the final popular vote tally is still being calculated, exit polls provide insight into voter priorities:
- Economy and democracy were top concerns for voters.
- Abortion and immigration also played significant roles in voter decision-making.
Congressional Control
The election results extend beyond the presidency:
- Republicans are set to take back the Senate majority, securing at least 51 seats.
- Control of the House of Representatives remains undetermined.
Media Implications
The outcome of this election could be seen as a challenge to mainstream media narratives for several reasons:
- Polling Discrepancies: Many pre-election polls suggested a tight race or even a slight Harris advantage in key states. Trump’s victory, particularly in battleground states, may indicate that polls underestimated his support.
- Narrative Shifts: Throughout the campaign, much of the mainstream media focused on Trump’s legal challenges and controversies. His victory suggests that these issues may not have resonated with voters as much as economic and policy concerns.
- Voter Priorities: The emphasis on issues like the economy and immigration in voter decision-making may indicate a disconnect between media focus and voter concerns.
- Electoral Predictions: Many mainstream outlets were cautious about predicting a Trump victory, even as results began to favor him. This hesitancy could be seen as a reflection of broader media skepticism about Trump’s chances.
- Underestimation of Trump’s Base: The results suggest that Trump’s core support remained strong and potentially grew, despite negative coverage in much of the mainstream media.
It’s important to note that while the election outcome may challenge some media narratives, it doesn’t necessarily invalidate all mainstream reporting. The complex factors influencing voter behavior and the challenges of accurate political forecasting remain subjects of ongoing analysis and debate.
As the dust settles on this historic election, both the media and political analysts will likely engage in extensive reflection on the factors that led to Trump’s victory and the implications for future political coverage and analysis.
Bolanle Media is excited to announce our partnership with The Newbie Film Academy to offer comprehensive courses designed specifically for aspiring screenwriters. Whether you’re just starting out or looking to enhance your skills, our resources will provide you with the tools and knowledge needed to succeed in the competitive world of screenwriting. Join us today to unlock your creative potential and take your first steps toward crafting compelling stories that resonate with audiences. Let’s turn your ideas into impactful scripts together!
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