Gobi backs Singapore e-commerce acquisition
China’s Gobi Partners is leading a consortium that will acquire the e-commerce services business of Singapore-based Synagie for S$61.6 million ($44.8 million).
Gobi is transacting via the $200 million Meranti ASEAN Growth Fund, which it established alongside Malaysia Venture Capital Management (MAVCAP) in 2017. Alibaba Singapore and the three co-founders of Synagie are also taking part, according to a filing.
They will acquire a business bringing together e-commerce, e-commerce enabler and logistics capabilities, including the relevant technologies, subsidiaries, and associated companies. Synergie emphasized the deal will not include an insurance technology unit, which it will retain. It estimated that the combined assets being acquired had a net asset value of S$14.1 million as of end-2019.
Synagie positions itself as one of Southeast Asia’s leading e-commerce enablers with clients spanning small to medium-sized enterprises to multinationals. Its services are marketed as a one-stop shop for shifting brands online, managing multi-channel e-commerce operations, digital marketing, warehousing, and fulfilment via a cloud-based platform that leverages big data analytics and artificial intelligence. Last year, the company launched 80 different types of real-time promotions for its brands on Lazada’s online marketplace.
Gobi has been active in Southeast Asia since 2010, making it one of the earliest Chinese VC players in the region. MAVCAP has been a longtime partner, having backed the firm’s initial seed fund as well as anchoring Meranti ASEAN Growth Fund. Previous activity by Meranti includes participation in a $10.6 million Series B for Malaysian e-commerce logistics and delivery service EasyParcel, as well as a $24 million investment alongside Chinese phone app maker Cheetah Mobile in SuperAtom, an Indonesian financial technology provider.
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