The week that was — April 11-15

It was a shorter week than usual due to Good Friday, but there was no shortage of great stories, including some surprising ones.

B2B retail start-up Zilingo made headlines when reports surfaced that she had suspended her co-founder and CEO Ankiti Bose amid an investigation into the company’s accounting and financial practices.

The company later confirmed the development, saying it had hired an independent firm to investigate the allegations.

The main shareholder of Zilingo, Capital Sequoiareplaced its representative on the Board of Directors with its Head of Portfolio Financing, Sandep Khertaking the place of general manager Shailendra Singh.

Unrelated to development Burda’s main investments replaced Albert Shyy on Zilingo’s board in March with principal Neil Fong before the former’s transfer to European investment firm Eurazeo.

The (other) big deals

Filipino technology company Travel Innovations closed a $210 million funding round this week, bringing its valuation to nearly $1.4 billion. Its latest funding was led by SIG Venture Capitalthe Asian venture capital arm of SIG.

Digital therapy practice Bioantswhich was founded in Singapore and now headquartered in Boston, is set to secure new funding from a growth capital firm General Atlantic in a deal that will value it at more than $1 billion, sources told DealStreetAsia.

Based in Singapore Coda Payments Friday announced that the venture capital firm Insight Partnersbased in New York Break the capital and the Singapore Sovereign Wealth Fund GIC Sd invested $690 million to acquire a minority stake in the company.

The deal includes a mix of primary and secondary transactions, DealStreetAsia had reported ahead of the announcement, citing regulatory filings.

LP-GP News

The $7.5 billion deal to merge the Swedish private equity firm’s Asian operations EQT and Baring Private Equity Asia (BPEA) is not “a defensive move”, BPEA chief executive Kenneth Cheong said in an interview.

Venture capital firm based in Singapore and the United States Capital B Group reportedly proceeded with a naked sale of 5-6 of his best performing assets from his first $360 million vehicle into a continuation fund.

Tata Real Estate and infrastructure and Canada Pension Plan Investment Board have formed a 50/50 joint venture to develop and own commercial offices across India. The total aggregate net worth of the joint venture will be Rs 5,300 crore (about $700 million).

Evolvence India Fund, a PE fund of funds, has raised $155 million so far for its fourth fund, which has a target corpus of $250 million, according to filings with the U.S. Securities and Exchange Commission (SEC).

German Development Finance Institution DEG committed $13 million to Washington and Bengaluru-based venture capital firm’s latest vehicle Capital Quona.

Taiwanese insurers Cathay Life Insurance and Fubon Hyundai Life committed new capital to infrastructure funds managed by macquarie and Hanwha Asset Management.

Singapore-based venture capital firm EcoImpact Capital plans to raise $50 million fund for health technologies in collaboration with a medical technology accelerator white hole hub.

Singapore-based venture capital firm Good start reached the final close of its first alternative protein fund at $34.1 million, surpassing its original goal of $25 million, according to a filing with the US SEC.

venture capital firm Quest companies and the Singapore Center for Social Enterprise (raise) launched an accelerator targeting startups in the field of social impact. The program will run from June to August and will provide funding of up to $40,000 to early-stage startups.

Digital Asset Investment Platform Digital Symphony closed its inaugural fund at $40 million after receiving capital commitments from family offices and institutional investors, including those based in Hong Kong Animoca brands.

Early-stage VC based in India Arkam Ventures announced the final close of its first technology-focused fund at $106 million (Rs 790 crore).

Startup funding news

Venture capital and private equity funding in Southeast Asia fell 25% in March, with startups in the region raising just $1.46 billion after raising $1.96 billion in February.

Meanwhile, private companies in Greater China raised nearly $4.7 billion in March. The total value of transactions increased by 40.1%, while the number of transactions increased by 33.3% compared to the previous month.

Indonesian peer-to-peer (P2P) lending company Julo pocketed $80 million — $30 million in equity and $50 million in debt — from a Japanese financial services company Season Credit. DealStreetAsia had announced the investment in February, citing regulatory documents.

Indonesian logistics start-up Productsix secured $50 million in new funding led by a New York-based investment firm Global Tiger Management.

Singapore-based fintech honest bank raised $17 million in a Series A extension from existing investors, sources familiar with the matter told DealStreetAsia.

Observe.AIan India-based smart workforce platform, raised $125m in a Series C funding round led by SoftBank Vision 2 Funds.

China Guangdong Gaojing Solar Energy Technology raised 1.6 billion yuan ($251.3 million) in a Series A funding round backed by IDG Capital and Huafa Group.

coconutsa Chinese open-source engine primarily aimed at creating games, raised $50 million in a Series B funding round backed by a developer of voice and video engagement solutions Agora and existing funders GGV Capital and the China Construction Bank BCC Trust.

Singapore-based medical technology start-up Us2.ai pocketed $15 million in a Series A round led by IHH Health and Australian health and lifestyle investment company Healing Partners.

FnOa Singapore-registered company that operates intraday options trading platform MarketWolf, raised $6 million in a Series A funding round led by a venture capital firm Jungle Adventuresaccording to regulatory filings.

GoTo Commissioner and Chairman and CEO of Adaro Energy Garibaldi Thohir has invested 70.55 billion rupees ($4.87 million) in Indonesian express logistics player PT Tri Adi Bersama, known as AnterAja.

Indian trading platform pine labs made an undisclosed investment in a payment solutions provider Mosambeevaluing the latter at more than 100 million dollars.

Zarayea Karachi-based B2B commodity marketplace, secured $2.1 million in a pre-seed round from Global Tiger Management and Capital of Zayn. The deal marks US-based Tiger Global’s first pre-seed investment in Pakistan.

Other offers

Private equity firm KKR will acquire a 9.99% stake in the Indian company Shriram General Insurance for around Rs 1,800 crore ($236 million).

Based in Hong Kong ShawKwei & Partners announced the acquisition of an Australian beauty and healthcare company Rauxel for an undisclosed amount.

FinAccelthe parent of the P2P lender Credivoincreased its stake in the lender listed in Indonesia PT Bank Bisnis International 75% in a deal worth 1.9 trillion rupees ($132.2 million).

Indonesian online brokerage Ajaib increased its stake in Bumi Arta Bank to 40% against 24% previously. He paid about 596.5 billion rupees (about $42 million) for the purchase of shares.

Indonesian digital payment platform xendit is about to acquire two local multi-finance companies. The two players – PT Emas Persada Finance and Globalindo Multi Finance – will merge their businesses and Xendit will acquire the merged entity.

8i Acquisition 2 CorpSingapore-based 8i Group-sponsored SPAC merges with Asian digital health platform EUDA Health Limited. The deal, which is expected to close in the fourth quarter of this year, values ​​the combined company at $583 million.

Singapore-based co-living platform Humlet announced the merger of its operations with a European co-living startup Habit.

GoTo’s IDX Debut, Bukalapak Earnings

Shares of the Indonesian tech giant Go to climbed as much as 23% in its Monday market debut after the company raised $1.1 billion in a highly anticipated public offering. Its exit to the market should pave the way for other local IPO hopefuls.

ZWC Partnersa venture capital firm focused on China and Southeast Asia, expects a greater than 5x return on investment on its investment in Indonesian tech giant GoTo, its founding partner and director told DealStreetAsia.

On its second trading day, GoTo shares fell 3.14% to close at 370 rupees after falling 5.75% earlier. The stock closed at 376 rupees on Thursday, above its IPO price of 338 rupees.

IDX Listed bukalapak reported losses of 1.7 trillion rupees ($116.7 million) in 2021, up 24% year on year, despite an increase in revenue.

Beyond the headlines

Fintech startups in Pakistan raised $95 million in 2021, a record year for private investment in the South Asian country. The sector owes its dynamism to the measures taken by the Reza Baqir, Governor of the State Bank of Pakistan (SBP).

In an exclusive interview with DealStreetAsia, Baqir explained why he believes digital banks are key to financial inclusion in Pakistan. Hint: there are at least 100 million mobile phone users without bank accounts in the country.

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