Growth capital
Vision Fund commits $1.7b to Korean travel start-up Yanolja
Yanolja, which claims to be South Korea’s only travel industry unicorn, has received $1.7 billion from SoftBank Vision Fund 2. There are no other investors in the round.
Hong Kong last-mile delivery player Gogox raises $100m
Gogox, a Hong Kong-headquartered last-mile logistics company formerly known as GoGoVan, has raised $100 million in funding led by the international arm of China Bank of Communications and Cyberport Macro Fund.
China drug developer Adlai Nortye gets $100m Series D
Adlai Nortye, a Chinese biopharma player specializing in cancer treatments, has raised $100 million in Series D funding.
Deal focus: Hefu does dining at scale
China restaurant chain Hefu Noodle caters to a lunchtime office-worker client base from a network of central kitchens. Meridian Capital is one of several investors sold on the expansion opportunity
Deal focus: Investcorp bides its time with Linkedcare
The GP spent six months scrutinizing China’s Linkedcare prior to leading a $70 million round, confident that its global insights into software, healthcare, and supply chains were key differentiators
2Q analysis: Trouble in China
Efforts to rein in China’s technology giants have dampened investor sentiment, with India and Southeast Asia stepping into the void. China remains active for fundraising, but there are fears that US IPO activity could take a hit
CMC leads $123m Series E for China noodle shop chain
CMC Capital has led a Series E funding round of nearly RMB800 million ($123 million) for Hefu Noodle, a Chinese noodle restaurant chain.
India's Pine Labs raises $315m at $3.5b valuation
Indian financial technology provider Pine Labs has raised a $315 million round featuring BlackRock at a post-money valuation of about $3.5 billion.
Mekong backs Vietnam cosmetics retailer
Mekong Capital has invested in HSV Group, Vietnam’s largest cosmetics retailer with a network of 105 self-operated stores.
Temasek, Multiples lead $192m Series F for India's Licious
Temasek Holdings and Multiples Alternate Asset Management have led a $192 million Series F funding round for Licious, an India-based online retailer specializing in fresh meat and seafood.
Indian online gaming business Winzo raises $65m
Winzo, and Indian gaming platform focused on online pool, rummy, poker, and fantasy sports has raised a $65 million Series C round led by US-based Griffin Gaming Partners.
Investcorp backs Hong Kong's Heritage Foods
Investcorp has made an investment of undisclosed size in Hong Kong-based Heritage Foods, which has a portfolio of condiment and sauce brands in Singapore, Malaysia, and Japan.
Deal focus: Carro prioritizes car financing as ecosystem enabler
Southeast Asia’s Carro has achieved critical mass as a used car trading platform, but the start-up regards financial services as the key growth area. It is now backed by SoftBank Vision Fund’s considerable heft
Investcorp leads Series D for China healthcare SaaS player
Linkedcare, a software-as-a-service (SaaS) and supply chain provider to China's healthcare sector, has closed a Series D funding round. Including an earlier Series C extension, the company claims to have raised $100 million in the past six months.
Redbird Capital buys stake in Indian cricket team
RedBird Capital Partners, a US investment firm that has backed numerous sports franchises globally, has made its first foray into cricket by picking up a 15% stake in Indian Premier League (IPL) team Rajasthan Royals.
OTPP leads $154m round for Chinese microfinance player
Ontario Teachers’ Pension Plan (OTPP) has led a RMB1 billion ($153 million) funding round for CD Finance, a China-based provider of loans and other financial services to small businesses in rural areas.
Deal focus: Content to the masses
Xiaoe Tong gained traction during the pandemic in China as channel for educational content providers, big and small, to reach their customers. It is also a SaaS player that stands firm on product standardization
Chinese pharmaceutical platform Yaoshibang raises $270m
Chinese B2B pharmaceutical trading platform Yaoshibang has raised $270 million from Guangdong Pearl River Investment, Baidu, Sunshine Insurance, Green Pine Capital Partners, Guangzhou government-backed S Fund, and an undisclosed sovereign wealth fund.
Vision Fund leads $360m Series C for Southeast Asia's Carro
Carro claims to have become Southeast Asia’s first automotive marketplace unicorn with the completion of a S$477 million ($360 million) Series C round led by SoftBank Vision Fund 2.
Deal focus: A very modern Masan
Baring Private Equity Asia backed Masan Group’s bold plan to transform grocery in Vietnam because it believes the company can create an integrated consumer-retail business that is unique by Asian standards
Deal focus: Malaysia’s Tealive taps PE scaling expertise
Tealive, a teashop brand that has exploded across Malaysia in recent years, is ready for a concerted international expansion. Creador has been brought in to guide the process
Deal focus: Chubby Bear thinks beyond marketplaces
B2B trading platform Chubby Bear not only wants to drive consolidation in China’s renovation materials space, but also provide exclusive products and supply chain services to contractors
Vision Fund backs Sinovation's AI consulting business
AInnovation, an artificial intelligence (AI) consulting business established by Sinovation Ventures, has completed Series D funding led by SoftBank Vision Fund II. The size of the deal was not disclosed.
Creador takes 30% stake in Malaysia tea brand Tealive
Malaysia-based middle-market private equity firm Creador has paid an undisclosed sum for a 30% stake in local tea shop operator Tealive.