The week that was – July 5-10
In one of the most important developments of the past week, Malaysia’s low-cost carrier Air Asia Group acquisition of an Indonesian ridesharing and payment company GojekThailand in a share swap deal, which would lead Thailand to own a 4.76% stake in AirAsia’s lifestyle platform.
In an interview with DealStreetAsia, the CEO of the low cost airline Tony Fernandes explained the genesis of the transaction and the inorganic growth path the company plans to adopt to expand its operations amid the COVID-19 pandemic.
Meanwhile, Salim Dhanani, CEO and co-founder of AirAsia’s fintech unit BigPay said the group’s goal in Thailand is to launch all basic functionality, from payments to international remittances.
In Indonesia, the e-commerce giant Bukalapak said it was looking to raise between $ 1.3 billion and $ 1.5 billion in an IPO on IDX, which would be the largest in the archipelago’s history.
In another development in the country, the media and tech giant Emtek Group increased its stake in the Southeast Asia super app Grabthe local unit of. Speaking exclusively to us, Sutanto Hartono, Executive Vice President of Emtek Group, said the company is actively discussing the possibility of synergies with Grab.
Meanwhile, in China, all eyes have been on the transport giant Didi Chuxing, who became the latest victim in the country’s cybersecurity investigation. Other companies that have come under Chinese cyberspace watchdog scrutiny include online recruiter Zhipin.com, and truck calling apps Huochebang and Yunmanman.
The technological crackdown, which signals the Chinese government’s shift in stance against overseas listed companies, has wiped out billions in value from Didi and other listed companies in the United States.
In other fundraising news
Insignia Ventures Partners would be in the market to raise his third fund with a target of around $ 250 million. Sources tell us that the Singapore-based venture capitalist plans to launch the fund by early 2022.
In Singapore, Tanglin Venture Partners is targeting the final close of its second fund at over $ 100 million by the end of the third quarter of this year. The company is said to have already raised more than half of the target amount when the fund first closed a few months ago.
Meanwhile, the venture capitalist KK Fund, headquartered in Singapore, is lifting its third investment vehicle and aims to close the first by the end of this year, its co-founder and general partner Koichi Saito told us.
In India, Kotak Investment Advisors reached the first close of its Kotak Pre-IPO Opportunities Fund at around $ 185 million to invest in companies just before they go public.
Private investment firm based in the United States Bow Wave Capital Management raised $ 22.65 million for its ASP Thailand Fund as it detects great promise in Southeast Asia’s burgeoning startup ecosystem. Last year he raised $ 26.8 million for his ASP Philippines fund.
from Taiwan Fubon life insurance pledged to invest $ 200 million in the EP giant’s flagship infrastructure fund KKR & Cie. The proposed investment is expected to give the former a 1.67% share in the infrastructure fund.
In Vietnam, edtech startup Educa raised funds from Alibaba EWTP Technology Innovation Fund. While not a costly transaction, it shows how Chinese billionaire Jack Ma’s Alibaba is increasingly exploiting startup opportunities in emerging markets.
In China, DCL Investments is in the market to raise its first US dollar fund as appetite for struggling investment opportunities in the world’s second largest economy grows among domestic and international investors.
The offer corner
Singapore-based biotechnology company MiRXes raised $ 77 million in Series C funding led by CR-CP Life Sciences Fund, a joint venture between Chinese Resource Group and Thailand Charoen Pokphand Group.
Meanwhile, the company PE Ikhlas capital forged a strategic partnership with Silverlake Group to support the growth of the software publisher, thus marking the first institutional partnership for the latter.
Chinese autonomous driving startup Freetech raised over $ 100 million in a Series A round backed by a host of investors.
In India, social e-commerce startup DealShare raised $ 144 million in a funding round backed by a New York-based investment firm Global Tiger, WestBridge Capital, Alpha Wave incubation and Z3 Partners.
Meanwhile, the online education platform Educational mint in the country raised $ 20 million led by Learn capital.
We captured the journey of a Vietnamese retailer backed by Alibaba The CouronneX who is currently busy forging his way to profitability after raising funds in May.
We also did a detailed story of how the allure of a digital banking license in Malaysia made some of the unconventional players toss their hats in the ring, including a seminar organizer, an army cooperative and two state governments.
In Southeast Asia, the rise of Earned Wage Access (EWA) startups is remarkable, especially in the midst of the COVID period. Companies that have raised capital include employee and GajiGesa in Indonesia, and a Vietnamese company Nanotechnologies.
In India, startups can breathe a sigh of relief as they recouped $ 3.8 billion from 152 PE-VC transactions in June despite the adversities of COVID. That’s more than double the $ 1.83 billion they raised in May.