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      The reports review the year's local private equity and venture capital activity and are filled with up-to-date data and intelligence on fundraising, investments, exits and M&A. The regional reports also feature information on key companies.

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Weekly digest - August 04 2021

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  • AVCJ
  • 04 August 2021
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04 August 2021
Southeast Asia fundraising: Indecision time
COVER STORY

SE ASIA FUNDRAISING: INDECISION TIME
Southeast Asian GPs jockey for global attention with mixed results as leading LPs remain hesitant about committing to the region. What can be done?
                                                              

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TALKING POINTS

YES, IT'S A TREND 
That’s 18 unicorns and counting for India in 2021. OfBusiness crossed the $1 billion threshold with its Series E round. The company joins fellow B2B services platforms Udaan, Infra.Market, Zetwerk and Moglix in India’s overall pantheon of 54 unicorns, emphasizing the extent of investor bullishness in helping small and medium-sized enterprises (SMEs) achieve efficiency by reducing bureaucracy.
No surprise in the identity of the investor that led the OfBusiness round either – SoftBank Vision Fund 2 has participated in at least seven India technology deals of $100 million or move since the start of the year. However, the most prolific growth investor is Tiger Global Management on 16, according to AVCJ Research.
With ShareChat (see more below), GupShup, Droom, and Unacademy also attracting significant sums in the past week, India’s technology investment boom continues unabated. Sentiment has been spurred by the prospect of domestic IPOs and – perhaps – by a newfound wariness of China.
A total of $20.5 billion has been pumped into minority tech deals in India so far this year, nearly double the 12-month total for 2020. Growth transactions alone have attracted $13.3 billion, compared to $5.3 billion in 2020. Tech accounts for 72% of all capital put to work by PE and VC investors in India year to date. In 2020 it was 24%.
In Depth:
  • India IPOs: A pleasant surprise - July 2021
PROFILE

E15 VC'S PHILIP LIANG
philip-liang-sFrom social networking for dogs to surgical robotics, Philip Liang’s career as an entrepreneur and investor has been rich and varied. He welcomes the barrage of ideas filling his inbox at Hong Kong-based E15 VC.
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DEAL FOCUS

MYGLAMM LEVERAGES BRAND AWARENESS
darpan-sanghvi-myglamm-sThe Indian direct-to-consumer beauty brand claims to stand out from the competition thanks to broad product coverage and a content-driven customer acquisition engine. Its Series C investors appear to agree.
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DEAL FOCUS

SHARECHAT MAKES HAY IN TIKTOK'S ABSENCE
sharechatThe Indian social networking platform has seen its valuation grow more than fourfold in the past year, helped in no small part by the rise of short video offering Moj as an alternative to TikTok.
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DEAL FOCUS

CHIRATAE SEES 43X RETURN ON GAMING START-UP
karthik-prabhakar-sChiratae Ventures has realized its largest-ever exit in terms of multiple with a zero-to-one leap of faith for local gaming studio PlaySimple.
Read more
SEEN AND HEARD

SELECTION IS KEY
EFront observes in its latest global private equity performance report that East Asia-focused funds delivered the highest annual return of any region in 2020 (31.6%) but also the highest standard deviation in returns (99%), due to the presence of high-performing outliers in China and Japan.

 

SEEN AND HEARD

WORD FROM THE WISE
Gary Gensler, chair of the US Securities & Exchange Commission, expresses concerns that most investors are aware of – and many choose to ignore – about variable interest entities (VIEs) used to access China’s tech sector from offshore.
              
The rest of the week
FUNDRAISING
  • China's Genesis targets $1.2b for Fund III
  • China's Vitalbridge reaches $200m first close on Fund II
  • Navis raises $900m for Fund VIII, closes Fund VI continuation
  • PAG targets $500m for second China growth fund
  • Airwallex founders launch VC fund
  • India's Trifecta hits $130m first close on VC fund
DEALS
  • EQT pursues $2.2b Australia software take-private
  • NewQuest buys secondary position in India hospital chain
  • China automotive chip maker Semidrive raises $154m
  • Riverwood leads $200m Series D for SE Asia payments player Nium
  • Indonesia grocery platform HappyFresh closes $65m Series D
  • TDM, Sequoia lead Series F for Australia's Culture Amp
  • Everstone backs $1b India data center JV
For your calendar
UPCOMING EVENTS
  • September 3 - AVCJ Korea Forum
  • September 7 - Infrastructure Investors Forum - Asia
  • September 8-9 - AVCJ Singapore Forum
  • October 5-6 - AVCJ Australia & New Zealand Forum    
  • October 6 - Australia M&A Forum
  • October 7 - Infrastructure Investors Forum - Australia
  • October 13-14 - AVCJ China Forum
  • October 26 - Infrastructure Investors Forum - Japan
  • October 27-28 - AVCJ Japan Forum
  • October 29 - Japan M&A Forum

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  • Topics
  • Region
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  • Tiger Global Management
  • E15 VC
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Asia-based private equity firms are assigning more dedicated resources to environment, social, and governance (ESG) programmes, but policy changes have slowed in the past 12 months, in part due to concerns raised internally and by LPs, according to a...

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India's InCred announces $60m round, claims unicorn status

Indian non-bank lender InCred Financial Services said it has received INR 5bn (USD 60m) at a valuation of at least USD 1bn from unnamed investors including “a global private equity fund.”

  • South Asia
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Insight leads $50m round for Australia's Roller

Insight Partners has led a USD 50m round for Australia’s Roller, a venue management software provider specializing in family fun parks.

  • Australasia
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