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      Regional Reports

      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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      Industry Review

      Asian Private Equity and Venture Capital Review provides an independent overview of the private equity, venture capital and M&A activities in the Asia region. It delivers insights on investments made, capital raised, sector specific figures and more.

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      AVCJ Database

      AVCJ Database is the ultimate link between Asian dealmakers and those who provide advisory, financial, legal and technological services to the private equity, venture capital and M&A industries. It is packed with facts and figures on more than 153,000 companies and almost 117,000 transactions.

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Weekly digest - June 21 2023

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  • AVCJ
  • 21 June 2023
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21 June 2023
CHINA FUNDRAISING: ZOMBIE APOCALPSE?
COVER STORY

CHINA FUNDRAISING: ZOMBIE APOCALPSE?
A US LP pullback is exacerbating tough fundraising conditions in China. GPs are either delaying fund launches or pulling every lever to secure commitments.

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PROFILE

FAISAL AFTAB OF ZAYN VENTURE CAPITAL
FAISAL AFTAB OF ZAYN VENTURE CAPITALWeaving geopolitical analysis into the grassroots trenches of seed-stage investment, Faisal Aftab led the deployment of Pakistan’s first VC fund having never previously invested in the country’s start-ups.
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DEAL FOCUS

PCG BRINGS LIGHT TO INDUSTRIAL USE CASES
PCG BRINGS LIGHT TO INDUSTRIAL USE CASESIncubated by property developers and backed by a string of specialist investors, distributed power start-up PCG Power is looking to instal solar panels on the rooftops of China’s factories.
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DEAL FOCUS

HOW TO GO GLOBAL AS A NEIGHBOURHOOD SHOP
HOW TO GO GLOBAL AS A NEIGHBOURHOOD SHOPSingapore’s Madly, a tech-enabled but e-commerce-averse jeweller, knows that future family heirlooms must be sold with a personal touch. In East Ventures, it felt a rare simpatico.
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By the Numbers
AVCJ RESEARCH

A LENS ON INDIA
ChrysCapital’s USD 100m investment in eyewear retailer Lenskart is emblematic of the Indian private equity firm’s push into the new economy space. Dream Sports, FirstCry, and Xpressbees have all been added to the portfolio over the past 12 months, and like Lenskart, these are not early-stage bets – the targets have achieved a level of maturity.
Indeed, Lenskart has already graduated to cross-border M&A. Last year, it paid USD 300m in cash for Japanese counterpart Owndays, creating an overall footprint of more than 2,000 stores across Asia and the Middle East.
It could be argued that Lenskart has emerged as a posterchild for the private equity ecosystem in India, graduating from early-stage to growth-stage rounds and allowing smaller backers to realise returns along the way. The ChrysCapital round, like several before it, featured a combination of primary and secondary shares. Secondaries specialist TR Capital was taking out existing positions as early as 2015.
AVCJ Research has records of 16 Lenskart deals, including full institutional rounds and stand-alone strategic investments. Chiratae Ventures became the company’s first backer in 2011 and has re-upped multiples times, tracking Lenskart across several funds. TPG Growth brought global attention in 2015 and the momentum continued.
Other notable entries include SoftBank Vision Fund in 2019, KKR in 2021, and Abu Dhabi Investment Authority earlier this year. The latter picked up a 10% stake at a valuation of USD 5bn. Lenskart claims to be Asia’s largest omnichannel glasses and contact lens retailer with some 20m customers.
CHART
All of the trends featured here were sourced from AVCJ's proprietary database, AVCJ Research, featuring comprehensive information on private equity deals, fundraises and exits.

Read more on AVCJ Research

The rest of the week
FUNDS
  • TA closes latest global fund at $16.5b hard cap
  • China's Oceanpine to go heavy on green-tech in Fund III
  • Philippines VC firm Kaya raises $12m across two funds
  • Japan's Global Brain, Fukoku Life set up $35m VC fund
  • Proparco makes $35m LP commitment to Quadria healthcare fund
DEALS
  • BPEA EQT, ChrysCapital buy HDFC's India education finance unit
  • China semiconductor player Eswin raises $420m
  • Advantage Partners SPAC agrees recycling merger
  • GGV, Soul Capital lead Series B for China's Yunmanman
  • Peak XV secures $76m exit from India's Go Fashion
  • Marcy, Bessemer back New Zealand-founded Chinese tuition platform
  • Indonesia microfinance player Amartha raises $100m
  • China chassis component supplier raises $279m
  • Next agrees take-private for Australian accommodation manager
  • Uber leads $20m round for India’s Everest Fleet
  • Australia's Blackbird backs virtual football league
  • Hildrics Capital backs Malaysian rubber producer
For your calendar
UPCOMING EVENTS
  • 27-28 June 2023 - AVCJ Japan Forum
  • 29 June 2023 - Mergermarket M&A Forum - Japan
  • 5-6 September 2023 - AVCJ China Forum
  • 13 November 2023 - AVCJ Diversity & Inclusion Forum
  • 13 November 2023 - AVCJ ESG Forum
  • 14-16 November 2023 - 36th AVCJ Private Equity & Venture Forum
  • 6 December 2023 - Mergermarket M&A Forum - Hong Kong

 

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  • Topics
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  • Singapore
  • East Ventures
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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.”

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