Malaysia's Top 10 Startups That Tech Professionals Should Watch Out For in 2024

Looking for the latest updates? Check out the 2025 version of this article here.

Malaysia's startup scene is straight-up fire! The country's aiming to create a massive 5,000 startups and hit a valuation of RM100 billion by 2025, thanks to the National Technology and Innovation Sandbox initiative.

A tech startup is all about young companies pushing the envelope with innovative, tech-driven products or services. These players are crucial for driving innovation, creating jobs, and boosting the economy.

According to the Malaysian Global Innovation & Creativity Centre, tech startups contributed a solid 16.5% to the nation's digital economy in 2022.

So, what's fueling Malaysia's startup success? For starters, there's access to funding from government agencies like Cradle Fund and Kumpulan Modal Perdana.

Then, there's the supportive regulatory environment with initiatives like the Malaysia Digital Economy Blueprint.

And let's not forget the availability of tech talent churned out by top universities like Multimedia University. As investor Charles Jackson puts it,

"Malaysia's tech startups are at the forefront of innovation, leveraging cutting-edge technologies to solve real-world problems and disrupt traditional industries."

That sets the stage for the top 10 Malaysian startups that are redefining various sectors with their tech solutions.

You'll want to keep an eye on these game-changers, like the prominent startups shaping Malaysia's tech ecosystem.

It's an exciting time for the Malaysian startup scene, and these companies are leading the charge.

Malaysia's just made some serious moves to attract global startups and become one of the top 20 tech hubs in the world by 2030, so you know the startup scene is about to blow up.

They announced a bunch of policy changes at the KL20 Summit to make it easier for startups to set up shop, like a 'single window' for the whole ecosystem, sweet visa programs for talent and investors, and even 'innovation twin cities' to help startups operate across different markets seamlessly.

But it's not just about the new initiatives, Malaysia's also got some solid advantages like a growing economy, ideal for startups to test their products, and competitive edge in industries like semiconductors and agritech.

Tech giants are seeing the potential too, with opportunities in areas like GenAI integration, cybersecurity, and emerging tech like the metaverse.

When it comes to choosing the top startups to watch, we looked at the real game-changers – the ones pioneering cutting-edge tech and solving major problems.

Events like Tech Plan Demo Day gave us a glimpse into the most innovative startups, from AI-powered farming systems to space tech and future foods.

We also checked out funding trends, user growth, and market penetration to gauge their potential for success. With all the support and opportunities coming their way, Malaysia's startup scene is set to make some serious waves in 2024.

Aerodyne Group is the world's top drone service provider according to industry experts.

Founded in 2014, this Malaysian tech startup now has operations in over 45 countries, providing cutting-edge solutions powered by drones and AI analytics.

Their tech uses drones for everything from monitoring power lines and wind turbines to inspecting solar farms and construction sites.

Aerodyne's platform can handle massive data ops, crunching insights from drone footage to optimize processes and boost productivity for major industries.

They've already managed over 752,700 infrastructure assets globally!

Aerodyne raked in $64.2 million in revenue last year, with a valuation of $260 million after raising $86.1 million in funding.

Big players like PETRONAS and investment firms are backing them. They've been showered with awards like the Drones for Good prize and named Malaysia's top UAV services company.

In 2024, Aerodyne is going all-in on expanding their AI capabilities, partnering with AWS, and launching training programs to develop more drone pros.

With a focus on digitalization and sustainable solutions, this startup is aiming for the stratosphere. They're proof that Malaysian tech is soaring to new heights!

Check this out - Carsome is the real deal when it comes to shaking up the used car game in Malaysia. These guys have been killing it since 2015 with their tech-savvy approach.

They're using cutting-edge stuff like AI, machine learning, and data analytics to make buying and selling used rides a total breeze.

Carsome's secret sauce is their insane inspection system that leaves no stone unturned when it comes to evaluating pre-owned vehicles.

We're talking comprehensive vehicle history reports and pricing data that's based on real-time market insights. No more getting ripped off or overpaying.

The impact these guys have had on Malaysia's used car market is nuts.

Word on the street is that they've facilitated over 100,000 car inspections and transactions, snagging a massive 25% market share. And that's not even the best part - they've raised over $200 million from heavyweight investors like Asia Partners, Burgess Global Holdings, and Gobi Partners.

That's some serious cheddar, my friends.

Customers are raving about Carsome's tech-driven approach, with the platform boasting an impressive 4.8/5 rating on popular review sites.

One satisfied customer even said,

"Carsome made selling my car a total breeze. Their advanced evaluation system hooked me up with a fair price, and the entire transaction was smooth sailing."

So, what's next for Carsome in 2024? Well, they're not slowing down anytime soon.

Their game plan includes expanding to Thailand, Indonesia, and Vietnam to tap into Southeast Asia's booming used car markets. They're also cooking up new features like virtual car viewing and AI-assisted negotiations to take the user experience to the next level.

They're even partnering with financial institutions to offer integrated financing solutions for used car buyers. Talk about a one-stop shop, am I right?

With a projected market share of over 35% in Southeast Asia by 2024, Carsome is poised to continue disrupting the used car industry with their relentless focus on technological innovation and keeping customers stoked.

These guys are the real MVPs, and you better believe they're ones to watch out for in the years to come.

Let's talk about iPay88, the Malaysian fintech startup that's been killing it in the digital payment game. These guys have been on a mission to make online transactions as smooth as butter since 2012.

As one of the country's top online payment gateways, they've played a major role in getting businesses and consumers on board with secure and convenient electronic payments.

Here's the deal – iPay88 offers a range of solutions to help merchants integrate all kinds of payment methods into their online platforms.

We're talking credit/debit cards, online banking, e-wallets, and more, so customers can pay however they want.

And you know they're legit - iPay88 is PCI-DSS compliant and has some serious fraud detection game to keep your financial deets safe.

• API integration: Their APIs and plugins make integrating payment solutions a breeze.
• Market share: According to a recent report, iPay88 had a massive 40% market share in Malaysia's online payment gateway sector in 2022.

But that's not all – businesses can get set up and start raking in those online sales in no time.

That's some serious domination, and it's all thanks to their commitment to making digital payments accessible and secure for businesses of all sizes.

And they're not slowing down anytime soon.

iPay88 is gearing up to introduce some cutting-edge features like advanced fraud management tools and support for new payment methods like InvoicePay.

With their customer-first approach and drive for innovation, they're set to keep leading the charge in Malaysia's digital payment scene for years to come.

Check out this sick rewards app called Fave! It's a Malaysian startup that's been killing it since 2015.

They hook you up with exclusive deals and cashback from over 30,000 merchants across Malaysia, Singapore, and Indonesia. Their app and website are straight fire!

What makes Fave so dope is how they drive mad foot traffic and sales for local businesses with their rewards ecosystem.

Like, this one mall saw a 35% increase in people showing up after partnering with Fave. Another collab led to a 20% boost in sales for the merchants involved.

Pretty insane, right?

Just to give you an idea of how huge Fave is, they've dished out over RM1 billion in cashback rewards as of 2022. They've got 30,000+ merchant partners across the region and 6 million+ active users on their app and website.

Fave's been raking in the cash too, with a total funding of $32M over 4 rounds.

They're not stopping there.

The CEO, Thomas Smith, has some massive goals for 2024. In an interview with Entrepreneur, he said they wanna onboard 100,000 merchant partners and reach 20 million users by then.

With their data-driven approach and support for local businesses, they're well on their way to making it happen.

StoreHub is the go-to platform for Malaysian businesses looking to level up their retail game. This innovative solution makes running your store a total breeze, whether you're managing inventory, handling sales, or keeping tabs on performance metrics.

What sets StoreHub apart is its comprehensive ecosystem of tools designed to automate and optimize every aspect of your operations.

From cloud-based POS systems to QR ordering and customer loyalty programs, they've got you covered. And with real-time reporting and analytics, you'll always have your finger on the pulse of your business.

But StoreHub isn't just about making things easier for you – it's also about driving growth.

Their online ordering and delivery integration lets you tap into a whole new revenue stream, reaching customers within a 20km radius. Plus, their slick Order & Pay at Table feature streamlines the entire ordering process for dine-in customers, maximizing your earning potential.

What really sets StoreHub apart is their commitment to helping businesses succeed.

They offer unlimited support through live chat, email, and phone, so you're never left high and dry. And with one-on-one onboarding, webinars, and demos, they'll make sure you're fully equipped to make the most of their platform.

So, if you're in the market for a retail solution that can keep up with your hustle, StoreHub is definitely one to watch out for in 2024.

This platform is about to take the Malaysian startup scene by storm.

PolicyStreet is the insurtech company you need to keep an eye on if you're into cool, game-changing startups.

Founded in 2016 by some real smart folks like Robert Thomas, Wilson Beh, and Winnie Chua, they're on a mission to shake up the insurance world and make it way more accessible for everyone.

Their vision is to make insurance purposeful and simple, and they're doing it by leveraging tech to create digital solutions that cut through the jargon and make things crystal clear.

They've got licenses from the big dogs like Bank Negara Malaysia and the Labuan Financial Services Authority, so you know they mean business.

But what really sets PolicyStreet apart is their commitment to empowering the underserved.

They're not just about selling policies; they're about ensuring everyone, even the gig workers and SMEs, have access to the protection they need. With over 5 million customers already benefiting from their services, they're well on their way to creating a more financially inclusive future for communities in Malaysia and beyond.

They've got some serious backers, including the Malaysian sovereign wealth fund Khazanah Nasional Berhad, who recently led a $15.3 million Series B funding round.

With that kind of support, you know PolicyStreet is destined for greatness. So, if you're looking for a startup that's truly making a difference and pushing boundaries, PolicyStreet should definitely be on your radar.

Naluri is taking a fresh approach to personal health, using technology to make expert care more accessible.

This Malaysian startup, launched in 2017, aims to help people manage chronic conditions and improve mental resilience through their digital platform and app.

At the heart of Naluri's solution is a combination of human expertise and AI-powered tools.

Their app connects users with health coaches, psychologists, doctors, and other specialists for personalized guidance. Meanwhile, AI analyzes data like food journals and health tracking to provide tailored recommendations.

But Naluri goes beyond just managing existing issues.

By analyzing employee health data, they can predict future risks and costs, then intervene early to prevent problems before they start.

This proactive approach sets them apart in the booming digital health market.

Naluri's impact is already being felt across Southeast Asia, where they serve over 75 major employers.

Their recent $7 million funding round will accelerate expansion into new markets like Thailand and the Philippines. With an ambitious vision of transforming healthcare through personalized, tech-driven solutions, this innovative startup is definitely one to keep an eye on.

Dropee is killin' the game in Malaysia's tech scene! They're making waves with their slick B2B marketplace that's streamlining how businesses get their supplies.

It's like a one-stop shop for companies to find, compare, and cop whatever they need from verified suppliers, all on a single platform. Talk about efficiency!

For real though, businesses using Dropee are saving big time— we're talking an average of 25% off their procurement costs, according to their data.

Suppliers who joined the platform have seen their sales skyrocket by 35% on average. Dropee's got the hookup with dope analytics and reporting tools, giving suppliers the inside scoop on what customers really want.

Dropee's drop shipping model is a total game-changer.

It lets retailers sell goods without worrying about managing inventory. The supplier handles all the fulfillment, providing a top-notch customer experience while both parties rake in the profits.

Genius, right?

Now, here's the real kicker - Dropee's got plans to level up in 2024.

They're cooking up some serious tech, like AI and machine learning for smart product recommendations and demand forecasting. Plus, they're expanding into new industries like healthcare and manufacturing, so more businesses can get in on the action.

With Dropee keepin' it innovative and focused on their customers, they're bound to be a major player in Malaysia's digital transformation.

If you're a tech whiz looking to join a forward-thinking company that's shaking things up, Dropee should def be on your radar.

Kintry is this sick Malaysian snack brand that's totally owning the healthy food scene! Founded by Patricia Rodriguez in 2017, these guys are all about creating mouthwatering treats from natural ingredients.

We're talking premium stuff like salted egg yolk potato crisps, oat cookies with choc chips, and granolas that'll have you drooling.

But they've got their snacks certified halal and "Buatan Malaysia," so you know it's legit.

What sets Kintry apart is their commitment to doing good while keeping it delicious.

They've got social initiatives like Kintry Kindness where they team up with organizations like Sze Women of Hope and UNHCR to lend a hand to those in need.

And they're all about sustainability too, working with food waste companies and oil recyclers to minimize their environmental impact. Talk about snacking with a conscience!

But let's not forget the real star of the show - Kintry's seriously addictive snacks! With flavors like salted butter caramel granola and pandan gula melaka granola, you'll be hooked from the first bite.

And if you're into premium imports like macadamia cookies with white choc chips, they've got you covered. People are raving about these treats, calling them "absolutely their favorite thing to eat ever" and admitting that "the whole family is addicted."

Malaysia's startup scene is on fire, and you gotta keep your eyes peeled for the hottest tech companies crushing it right now.

These top startups are killing the game, and they're the ones you wanna watch closely if you're trying to make moves in the industry.

We're talking about innovative beasts like AirAsia, that's not just about cheap flights but also about creating a dope work culture that'll make you want to join their squad.

And let's not forget about companies like Aerodyne Group, who are dominating the drone game, and Carsome, flipping the script on the used car market.

Malaysia's whole startup ecosystem is popping off like crazy.

According to the Malaysian Venture Capital & Private Equity Association, investments in local startups hit a whopping RM6.7 billion (that's like US$1.6 billion) in 2021, a massive 137% increase from the previous year.

That's some serious coin flowing into these innovative ventures, and it shows that investors are feeling the hype.

If you're a tech pro looking to level up, this booming scene is a playground of opportunities.

You could attend industry events and network with the movers and shakers, or even score an internship or job at one of these fire companies to get some hands-on experience.

And don't sleep on the dope tech meetups and conferences happening in Malaysia, like the legendary Tech in Asia Conference.

That's where you can connect with the big dogs and stay up-to-date on the latest innovations.

Malaysia is fostering a new generation of tech talent and entrepreneurs, and its startup ecosystem is going nowhere but up.

By getting involved with these top startups, you'll not only elevate your career but also play a part in shaping the country's technological future.