Singapore-based oat milk startup Oatside has secured S$$47.9 million (about $35.3 million) so far in its Series B funding round, according to its filings with Singapore’s Accounting and Corporate Regulatory Authority (ACRA).
The round was backed by Asian secondary private equity (PE) firm TR Capital and venture capital (VC) investor Granite Asia, formerly known as GGV Capital Asia.
The food and beverage services company could raise more capital in the Series B round, with backing from certain existing shareholders, including Singapore state investor Temasek. The latest round comes nearly two years after Oatside secured about $65.6 million in its Series A funding round, which was co-led by Temasek and Granite Asia.
Founded in 2020 by Benedict Lim, former CFO at Kraft Heinz Indonesia, Oatside was developed specifically for Asian palates.
In another significant capital injection, Singapore-based digital lender GXS Bank has received $169.4 million from Grab and Singtel, regulatory filings show. Grab contributed about $141.5 million this time. The latest infusion comes after Grab injected about $109 million into its digital banking subsidiary in January.
GXS Bank was launched in August 2022 as Singapore’s first digital bank that focuses on everyday consumers and small businesses.
Moving on to other significant data-led stories that dominated headlines this week.
Earnings news
As part of our earnings coverage, we brought you analytical pieces based on financials filed by several Singapore-headquartered venture-backed companies.
Online fast-fashion group Shein, which is said to be pressing ahead with plans for a public listing in London, recorded an over fourfold growth in revenue in 2022. The Singapore-headquartered company reported revenue of $21.6 billion in 2022, while its net profit more than tripled to $633.6 million.
Singapore-based mixed martial arts firm ONE Championship’s annual losses for 2022 narrowed by 40% year on year on the back of higher revenue. Its losses stood at $61.7 million in 2022, against $111 million a year earlier, while revenue—from event ticketing, live broadcasts, sponsorships, digital platform, and merchandise—grew nearly 25% to $84.5 million from $67.7 million in 2021.
Singapore-based direct-to-consumer fashion platform Love, Bonito’s loss doubled to S$23 million in 2022. The company booked a revenue of S$64.5 million during the year, up 45.3% from S$44.39 million in 2021.
Silicon Box, a Singapore-based semiconductor design and device integration services startup, reported a 3.2x surge in losses for the financial year ended December 31, 2023, even as it declared revenue for the first time since its inception in 2021.
From the LP-GP quarters
In The LP View this week, we examined how ESG continues to stay on top of the minds of institutional investors even as economic pressures and fluctuating interest rates may have shifted focus from sustainability towards short-term financial gains.
In fund updates from SE Asian VC firms, Jungle Ventures is back in the market to raise its fifth fund, with a target of around $600 million, to back startups across Southeast Asia and India. The firm announced the close of its fourth vehicle at $600 million in May 2022, crossing the $1-billion mark in AUM.
Indonesia-based Maven Asia Capital, an early-stage VC firm set up by the former leadership team at Kejora Capital, is set to hit the final close of its debut fund as early as July. The vehicle is anchored by Japan’s SBI Holdings, a core LP in Kejora’s vehicles.
Malaysia-based OSK-SBI Venture Partners has announced the first close of its second venture fund at $20 million, with a target to reach $40 million in capital commitments by December. OSK-SBI Venture Partners is a collaboration between Kuala Lumpur-listed OSK Ventures International and Japanese financial giant SBI.
From Greater China, we reported on distressed assets investor DCL Investments, which has raised almost 2.5 billion yuan ($343.9 million) for its latest flagship fund. The firm is targeting a final close of up to 5 billion yuan ($687.9 million).
Fubon Life Insurance has committed to invest $70 million in the latest infrastructure fund of global investment firm IPI Partners.
From India, we covered the LP commitments from IFC, a member of the World Bank Group, which is considering an equity investment of up to $25 million in healthcare-focused private equity firm InvAscent’s latest life sciences fund. The fund is targeting total commitments of $325 million.
The University of Michigan has committed up to $73 million to the latest investment vehicle of India-focused PE firm Kedaara Capital, which closed at $1.73 billion in April.
India’s climate-focused VC firm Avaana Capital aims to close its Climate and Sustainability Fund at $120 million within the next three to six months.
Lastly, Australian telecom company Telstra is looking to sell its investments in the VC fund it established in 2011, Telstra Ventures, which has rebranded as Titanium Ventures.
From our China desk
Chinese tech startups scored major deals this week. Starshine Semiconductor, which manufactures radio frequency filters and modules, has raised 1 billion yuan ($137.6 million) in its Series B funding round. As China ramps up its efforts to achieve self-sufficiency in chips, firms like StarShine have been attracting rising investor attention.
Satellite manufacturer MinoSpace Technology has secured 1 billion yuan ($137.7 million) in a Series C1 financing round led by the Wuxi Economic Development Zone Shangxian Industry Investment Fund, managed by SIP Oriza PE Fund Management.
AI video startup HeyGen has raised $60 million from American investors following the dissolution of its mainland Chinese operations and relocation to Los Angeles amid geopolitical tensions.
Five must-attend sessions on why the China growth story is hard to ignore
Join us for the ninth edition of the Asia PE-VC Summit in Singapore (Sept 17-18) for insights from over 15 top leaders on operating in the world’s second-largest economy.
Deal news
Chinese VC Shunwei Capital is understood to be in talks to increase its stake in India’s Mohalla Tech, the parent entity of vernacular social media platform ShareChat and short-video entertainment app Moj. Shunwei first invested in the company in 2018 and subsequently pumped in more capital in tranches.
PT Sejahteraraya Anugrahjaya Tbk, the Indonesian-listed operator of Mayapada Hospital, is said to be raising $300-400 million in external funding in a deal that is likely to value the firm at above $1 billion. The hospital operator is understood to have appointed Deutsche Bank for the fundraising exercise.
Indonesia-based fashion retail company 707 has secured fresh funding from VC firm AC Ventures.
Singapore-headquartered direct-to-customer brand creator Dachin Etech Global has bagged seed funding from Northstar Ventures, the venture arm of PE firm Northstar Group.
The Ontario Teachers’ Pension Plan Board has acquired a significant minority stake in Indian NBFC Kogta Financial for $148 million. The transaction also provides partial exits to Kogta’s existing institutional investors Morgan Stanley and Creador.
Global Digital Niaga—the entity that runs e-commerce player Blibli, online travel agency Tiket.com, and supermarket chain Ranch Market—has acquired home decor startup Dekoruma for $70.6 million.
Mitsubishi UFJ Financial Group will invest $195 million in Thai mobile payments operator Ascend Money through the local subsidiary Bank of Ayudhya, which operates under the brand name Krungsri.
In updates from development finance institutions, IFC is weighing a debt package of up to $75 million to supply-chain financing and solutions providers Air8 Pte Ltd and Li & Fung Limited.
IFC is also considering an investment of up to $150 million in Mindspace, an India-based real estate investment trust.
Dutch lender FMO is considering a proposal to invest up to $30 million in greenfield renewable energy platform Sustainable Asia Renewable Assets, which is backed by the SUSI Asia Energy Transition Fund.
Germany’s DEG has committed to invest $8.4 million in the Philippines-focused discount grocery store chain DALI. The firm’s cap table currently includes Navegar, Creador, and ADB.
Analyses and interviews
Demand for startups in SE Asia’s Software & IT vertical soared in Q1 2024 but the interest was fuelled entirely by blockchain startups. This was the first quarter in the last four years when non-blockchain startups couldn’t clinch a single deal from PE or VC investors, our data shows.
Financial services emerged as the top industry for raising funds through the venture debt route in India in Jan-May 2024. About 24 startups within the financial services industry raised a total of $216.2 million, accounting for about 36% of the debt raised during the five months.
Private credit fund manager Vivriti Asset Management is currently raising capital for its third private credit fund of $180 million. Vivriti’s fund launch highlights the popularity of the asset class in India on the back of rising interest rates and diminished equity funding. Experts believe that private credit investments in India will continue to rise even after the funding winter is over.
Lastly, we leave you with this interview of UK-based PE firm Actis’s head of sustainability, Shami Nissan, who believes companies that commit to and deliver a robust sustainability strategy increase their chances of finding buyers and tend to attract higher bids. “Sustainability credentials help and enhance company profiles,” she said.
