BTP's ready-built foothold into Southeast Asia's US$570M contact lens market.
In under twelve months, Pega Advance has stood up PEGAVISION's on-the-ground presence across three Southeast Asian markets — 102 retail partners, two live product lines (contact lenses + ophthalmic), and a brand that most Singapore optical shops now recognise. This pitch outlines a joint investment model that converts that momentum into BTP's regional headquarters.
The strategic case, in three lines.
BTP does not need to build Southeast Asia from scratch. Pega Advance has already done the hard part — local relationships, regulatory fluency, and a distribution engine that is live and growing.
A live, multi-country distribution engine.
102 retail partners across Singapore, Vietnam and Indonesia — two live product lines (contact lenses + ophthalmic), ~1,200 CL boxes/month and growing. Not a plan. A running business.
Twenty years of local market capital.
Our founding team has operated in Singapore's optical trade for two decades. That network is the moat — it cannot be cloned, bought off-the-shelf, or replicated from overseas.
A clean path to BTP's regional HQ.
Structured as a phased majority acquisition with a defined divestment window. By BTP's IPO, the platform is either fully owned or on a contractual path to full ownership.
Southeast Asia rewards local presence.
The regional contact lens market is expanding faster than global peers — but it is not a single market. Six fragmented economies, six regulatory regimes, six retail cultures. Winning requires feet on the ground, not headquarters memos.
Fragmentation is a moat — for incumbents.
Each SEA market has its own registration pathway, optical chain gatekeepers, and pricing norms. Foreign brands that try to operate remotely lose 18–24 months figuring out what locals already know.
Optical retail is still a relationship business.
Independent optical shops in Singapore, Ho Chi Minh City and Jakarta do not onboard brands through a website. They onboard through a salesperson they trust — someone who has been walking into their store for years.
Singapore is the listed-entity gateway.
For a company preparing for public markets, a Singapore-based operating subsidiary delivers disclosure-grade governance, a multi-currency banking stack, and a credible ASEAN anchor for institutional investors.
First-mover windows close quickly.
The same market that is open to Pega Advance today will be contested in 18 months by Korean and Japanese brands. The cost of entry rises every quarter we wait.
What BTP buys with this investment.
This is not a bet on a plan — it is the acquisition of a running platform, a local network, and an operator team that has already proven it can execute.
A distribution network that took 20 years to build.
Our founders have been in the Singapore optical trade since the early 2000s. Every one of our 102 retail partnerships was signed on the strength of that relationship capital — not cold email, not paid channels.
Regional reach from day one.
In under a year, we have extended into Vietnam and Indonesia and seeded Hong Kong. Philippines is the next gate. No overseas brand has built this multi-country footprint on SGD $200K of seed capital.
A lean, fully operational team.
Five staff — Managing Director, Customer Service, two Sales, one Marketing — running the entire business at ~SGD $29K/month OPEX. Every dollar of BTP's capital goes to growth, not payroll catch-up.
Proven brand-build velocity.
PEGAVISION went from unknown to recognised-by-most-optical-shops in Singapore in under a year. That is the velocity metric that matters — and it is replicable in the next three markets.
Twelve months. Three countries. Compounding.
Every metric below is realised, not projected. This is what BTP's co-investment is building on.
From 102 to 350 retail partners — capital on Day 1, scale by 2027.
Tranche 1 deploys immediately on signing. No waiting. The two pillars launch in Week 1 and generate the momentum that unlocks Tranche 2.
Two pillars. Both need capital. Both start Day 1.
Every dollar of BTP's Tranche 1 capital maps to one of two growth engines. The Sales Team signs new partners. VISTA grows every partner's monthly spend. Run simultaneously, they are multiplicative — not additive.
The Sales Team
Signs the partners. Builds the network. Every new door opened is a recurring revenue stream that compounds for the life of the partnership.
- +2 dedicated field reps immediately post-Tranche 1 — each closing 8–10 new partners/month via a structured cold call → 30-day trial → onboard funnel
- Dual-track targeting: chains (fast volume — one deal = 10–30 doors) and independents (VISTA's stickiest users — highest ARPU ceiling)
- Regional circuit: 1 SG-based rep, 1 travelling Vietnam/Indonesia/Malaysia circuit — quarterly blitz model
- Trade association presence: Singapore Optometric Association, Vietnam Optical bodies — warm leads at industry events
- Referral engine: existing partners who refer a new account unlock a one-time volume rebate — word-of-mouth that costs us nothing in CAC
The VISTA Programme
Grows every partner's monthly spend — month after month. Converts a passive stockist into a PEGAVISION brand champion who recommends us first, restocks without prompting, and climbs the tier ladder.
- Launches Day 1 post-Tranche 1 — every existing and new partner auto-enrolled at the Focus tier
- Quarterly rebates (2–8%) paid into partner accounts — funded by BTP capital in Y1, fully self-sustaining from revenue by Y2
- Co-op marketing pool: Vision & Luminary tier partners receive SGD $500–$1,000/quarter for co-funded in-store activations
- Partner portal (SGD $35K to build): one-click reorder, VISTA dashboard, inventory visibility — cuts reorder cycle from 3–4 weeks to under 1 week
- Optician certification programme: quarterly in-store training — certified opticians convert 40% more new patients to contact lenses
Acquire
- Direct field sales: 2 dedicated reps post-investment, each targeting 8–10 new sign-ons per month via cold call → trial → onboard funnel
- Referral programme: existing partners who refer a new account unlock a one-time volume rebate on their next order
- Chain account targeting: pitch to Spectacle Hut, Capitol Optical, Nanyang Optical — one chain deal opens 10–30 doors simultaneously
- Trade association presence: Singapore Optometric Association, Vietnam Optical Trade bodies — booth presence at key industry events
- 30-day trial kit: remove sign-on friction by letting new partners trial stock at zero upfront cost — conversion rate target 70%+
Develop
- VISTA loyalty programme: tiered volume incentives (Focus → Clarity → Vision → Luminary) with quarterly rebates and co-op marketing funds
- SKU ladder: onboard partners at core spherical lenses → upsell to premium daily disposables → introduce coloured/cosmetic range (2–3× ASP lift)
- Optician training: quarterly in-store sessions — trained opticians convert 40% more new patients to contact lenses
- Seasonal campaign kits: CNY, Hari Raya, Christmas gifting push — co-branded point-of-sale materials bundled with margin incentive
- Partner portal: real-time inventory, VISTA points dashboard, easy reorder — reduces friction, increases order frequency
Expand
- Indonesia: deepen via Optik Melawai and Optik Seis chain partnerships — bridge from chain to independent rollout
- Vietnam: HCMC hub operational; expand to Hanoi corridor in 2026 — tap Vietnam's beauty retail boom (TikTok-driven cosmetic lens demand)
- Malaysia 2027: natural Singapore adjacency — shared logistics, English-speaking trade, Chinese consumer base. Optical 88 MY as anchor entry
- Philippines 2027: enter via master distributor → direct at 50+ partner milestone
- Hong Kong 2027: premium positioning, higher ASP — leverage Optical 88 chain network (200+ doors across HK/SG/TH/MY)
- M&A pipeline: BTP capital enables opportunistic acquisition of local distributors to fast-track market entry
A structured quarterly partner programme designed to convert occasional stockists into dedicated brand champions — with volume rebates, co-op marketing funds, exclusive SKU access, and tiered recognition that rewards partners who grow with us.
- POS display kit & brand assets
- Quarterly sales training
- Co-branded social media content
- Everything in Focus
- SGD $200 co-op fund / quarter
- Priority stock allocation
- Monthly performance report
- Everything in Clarity
- SGD $500 co-op fund / quarter
- Exclusive coloured lens SKU access
- Dedicated account manager
- Optician certification programme
- Everything in Vision
- SGD $1,000 co-op fund / quarter
- Co-funded in-store launch events
- Featured partner marketing
- Early access to new product lines
- Annual Luminary Summit invitation
Six markets. One sequenced playbook.
600–800 outlets. Deepen to 200+ partners. Chain account push (Spectacle Hut, Nanyang, Capitol). VISTA launch anchored here.
HCMC operational. Hanoi rollout 2026. Beauty retail boom + TikTok cosmetic lens demand — highest coloured lens upside in SEA.
3,000+ outlets. Chain entry via Optik Melawai & Optik Seis. Two new sub-distributor partners planned for 2026.
USD $985M eyewear market. Natural Singapore adjacency — shared logistics hub, English-speaking trade, strong Chinese consumer base familiar with Taiwanese brands. Optical 88 MY network as anchor entry point.
500+ outlets. Master distributor first → direct at 50 partners. Vision Express (80+ doors) is the priority chain target.
Premium positioning. Higher ASP market. Optical 88 network (200+ doors across HK/SG/TH/MY) as anchor chain partner.
Distribution businesses grind. This one compounds.
Five structural reasons the unit economics get better as we grow — not plateau. This is what separates a 47% EBITDA margin business from a typical distributor running at 8%.
Operating leverage — built in from Year 1
Revenue grows 5× from Year 1 to Year 3. OPEX doubles. That gap is compounding EBITDA — from 30% to 53%. The cost base (headcount, rent, logistics) is largely fixed while revenue stacks on top.
Partners are recurring revenue, not transactions
Once an optical shop trains its staff on PEGAVISION, puts up the POS display and adds it to their recommendation flow — they reorder every month. Switching costs are real. Optical distribution churn is structurally low in a way that FMCG is not.
ARPU grows without adding infrastructure
Going from $212 to $983 blended ARPU (Singapore to $1,400; regional markets to $680+) uses the same 350 partners and same sales team. VISTA, optician training, and the SKU ladder are one-time setup costs that generate permanent revenue lift — the SaaS expansion model in physical goods.
The Singapore playbook replicates fast
Twelve months to learn Singapore. Philippines will take three — every process, training module, VISTA tier structure, and partner portal is already built and proven. Each new market is cheaper and faster than the last. That is platform economics applied to physical distribution.
70% GM is the structural moat
Physical goods at 70% gross margin are rare — and the economics get dramatically better at scale. We are already profitable at 102 partners and SGD $260K ARR. BTP is funding acceleration, not viability. The model works small; it compounds large.
The self-reinforcing flywheel
More partners → recurring revenue → ARPU lift via VISTA → EBITDA growth → capital for new markets → more partners. Each loop is faster and cheaper. By Year 2, the flywheel is self-funding — no further external capital required beyond BTP's initial SGD $700K.
From SGD $260K to SGD $4.6M ARR. Three scenarios.
Two product lines — Contact Lenses (ARPU growth engine, VISTA-powered, market-tiered pricing) and Ophthalmic Lenses (stable secondary line growing with partner count). Base Case uses realistic market-weighted ARPU: Singapore at full price, regional markets at staged adoption rates. Conservative and Bull bracket the range.
| Line Item | Year 1 | Year 2 | Year 3 | 3-Yr Cumulative |
|---|---|---|---|---|
| Top-Line | ||||
| Retail Partners (year-end) | 210 | 300 | 350 | — |
| Blended CL ARPU (SGD/partner/month, year-end) | $525 | $752 | $983 | — |
| · Singapore ARPU | $650 | $1,000 | $1,400 | — |
| · Regional ARPU (VN/ID/MY/PH/HK) | $300 | $500 | $680 | — |
| CL boxes/month (year-end) | 6,100 | 12,500 | 19,100 | — |
| Contact Lens Revenue | $790 | $2,020 | $3,420 | $6,230 |
| Ophthalmic Lens Revenue | $174 | $324 | $450 | $948 |
| Total Annual Revenue | $964 | $2,344 | $3,870 | $7,178 |
| Margin | ||||
| Gross Margin % | 70% | 70% | 70% | — |
| Gross Profit | $675 | $1,641 | $2,709 | $5,025 |
| Operating Costs | ||||
| Pillar 1 — Sales Team (payroll) | $260 | $380 | $480 | $1,120 |
| Pillar 2 — VISTA (co-op + portal + POS) | $130 | $160 | $200 | $490 |
| Marketing & Rent + G&A | $60 | $140 | $220 | $420 |
| Total OPEX | $450 | $680 | $900 | $2,030 |
| Bottom-Line | ||||
| EBITDA | $225 | $961 | $1,809 | $2,995 |
| EBITDA Margin % | 23% | 41% | 47% | — |
| Exit ARR (Month 36) | — | — | $4,630 | — |
| Market-tiered ARPU: Singapore at full VISTA rate ($1,400 by Y3); regional markets (VN/ID/MY/PH/HK) at staged adoption ($680 avg). OPEX split explicitly shows Pillar 1 (Sales Team) and Pillar 2 (VISTA) as the two funded growth engines. Profitable from Year 1. No further capital raises required. | ||||
Each line of BTP capital pulls one of three levers.
Lever 1 · ARPU
$212 → $1,400 in Singapore · $983 blended across all markets.
Driven by the VISTA Programme — tiered volume incentives (Focus→Luminary), SKU ladder into coloured/cosmetic lenses (2–3× ASP lift), monthly-to-daily conversion, quarterly optician training, and performance rebates. Singapore leads at $1,400 ARPU; regional markets stage from $300 at onboard to $680+ at maturity. Funded by: Pillar 2 allocation (~SGD $130K Y1).
Lever 2 · Partners
From 102 to 350 retail partners across 6 markets.
Powered by the Sales Team — +2 field reps (8–10 sign-ons/month each), dual-track pipeline for chains (fast volume) and independents (high ARPU ceiling), regional circuit rep covering Vietnam, Indonesia and Malaysia. Target: 16–20 new partner sign-ons/month post-investment. Funded by: Pillar 1 ~SGD $150K Y1.
Lever 3 · Margin
70% gross margin — protect and extend.
Strong 70% baseline is defended via regional 3PL consolidation (HCMC or Jakarta hub), container-load inbound vs. air freight, and own bonded warehouse — squeezing logistics cost further. Funded by: logistics capex (~20% of BTP capital).
Two tranches. Two milestones. Full alignment.
BTP's capital deploys in performance-gated tranches — no capital at risk until Pega Advance has proven the thesis. Each tranche unlocks the next growth phase.
SGD $200K cash + SGD $200K BTP shares
Cash is live in Week 1: +2 sales reps hired, VISTA programme launched across all 102 existing partners. BTP shares issued concurrently at agreed pre-IPO valuation (see protections below). BTP receives a board observer seat and quarterly reporting from Day 1. Target: 250 partners by year-end 2026 to unlock Tranche 2.
SGD $300,000
Funds Philippines market entry, Indonesia & Vietnam deepening, optional ASEAN HQ rebrand, and M&A pipeline for complementary eyewear firm acquisitions in-region.
(1) Open books: BTP provides 2 years audited financials before shares are issued.
(2) Agreed valuation methodology: Shares priced at revenue multiple benchmarked to PEGAVISION (TWSE: 6491) — mutually agreed multiplier applied to BTP disclosed revenue.
(3) Put option: If BTP does not achieve a qualifying IPO or liquidity event within 36 months of share issuance, Pega Advance may redeem shares at SGD $200K + 8% p.a. interest.
(4) Anti-dilution: Broad-based weighted-average protection if BTP issues new shares at a lower implied valuation pre-IPO.
(5) Information rights: Annual audited accounts + advance notice of material transactions while Pega Advance holds shares.
Tranche 2 ($300K cash): Philippines entry ~$100K · VN/ID/MY deepening ~$100K · M&A acquisition pipeline ~$100K
From distributor to regional HQ to full ownership.
A clear, contractual path from first dollar to complete integration — with the divestment mechanism pre-agreed so there is no ambiguity at IPO.
Tranche 1 · Day 1
BTP invests SGD $200K cash + SGD $200K BTP shares for 30% on signing. Sales Team hired. VISTA launches. Board observer seat activated.
Tranche 2 · 250 Partners
BTP invests SGD $300K for further 21% — reaching 51% majority. Philippines entry. Optional ASEAN HQ rebrand.
BTP IPO
BTP may acquire remaining 49% at fair market value pre-IPO. Or Pega Advance retains up to 20% stake post-listing.
Full Divestment
Two years post-IPO, Pega Advance may fully divest to BTP. Clean, pre-agreed exit for both sides.
Together, PEGAVISION becomes a top-10 brand in Asia.
BTP brings the product, the manufacturing depth, and the capital. Pega Advance brings the relationships, the in-market operating team, and the execution velocity. Neither side can reach top-10 Asia alone inside this decade. Together, the path is visible, the milestones are defined, and the exit is pre-structured.
Pega Advance's Responsibilities
Drive Southeast Asia growth — expand retail partner count, build shelf penetration, execute regional operations. Transition to BTP-only retail focus following investment.
BTP's Responsibilities
Provide growth capital, marketing support, and product supply. Integrate Pega Advance as ASEAN regional headquarters. Deploy BTP expertise into joint operations.