Investments
Indonesia fintech start-up iSeller gets $12m
Indonesia financial technology start-up iSeller, which helps businesses to digitise sales and operations, has raised USD 12m in Series B funding led by Intudo Ventures.
Australia's Potentia contests Nitro merger plan
Potentia Capital has appealed a decision by Australia’s Takeovers Panel not to intervene in a situation that has seen Nitro Software repeatedly rebuff acquisition proposals made by the private equity firm.
Orchestra Private Equity acquires KFC Korea
Having secured permission to do sub-franchising and to make alterations to menus and store formats, Orchestra Private Equity believes it can succeed with KFC Korea where others failed
Aramco backs Japan drone start-up
Saudi Arabia’s Aramco, the world’s largest oil company, has invested USD 14m in Japanese drone maker Terra Drone on the back of a JPY 8bn (USD 62m) Series B round.
China cell therapy developer raises $75m
Iaso Biotherapeutics, a Chinese cell therapy developer focusing on oncology treatments, has raised nearly CNY 500m (USD 75m) in an extended Series C round.
India's PhonePe raises $350m at $12b valuation
General Atlantic has invested USD 350m – at a pre-money valuation of USD 12bn – in PhonePe, a digital payments platform that spun out from Indian e-commerce marketplace Flipkart.
Deal focus: Secondary investors support Capital Square, Basil merger
Capital Square Partners and Basil Technology Partners have joined forces, with HarbourVest Partners, NewQuest Capital Partners, and Committed Advisors backing a USD 700m fund comprising Asia IT services investments from both GPs
Asia PE investment declines 40% in 2022
Asia private equity investment reached USD 223.9bn in 2023, a sharp decline from the USD 376.4bn recorded a year earlier, but still the second-largest annual total on record, according to provisional data from AVCJ Research.
Reefknot leads Series A for Singapore logistics player Locad
Singapore-based logistics service provider Locad has raised USD 11m in Series A funding led by Reefknot Investments, which is supported by Temasek Holdings and supply chain giant Kuehne + Nagel.
Avatar Growth leads Series C for India's Mad Street Den
Avatar Growth Capital, a private equity firm specialising in bringing Indian tech to global markets, has led a USD 30m Series C round for US and India-based retail services player Mad Street Den.
TR exits last China asset acquired through Cassia restructuring
TR Capital has sold China-focused luxury streetwear brand Evisu United – one of two assets it acquired through fund restructuring for Cassia Investments – through a sale to an unnamed financial sponsor. The size of the deal was not disclosed.
Asia GPs see reversion to norm on deal flow, valuations
Asia-focused buyout managers pointed to a return to a version of normality – with an anticipated upturn in investment and exits – in 2023 at the Hong Kong Venture Capital & Private Equity Association’s (HKVCA) Asia forum.
4Q analysis: Who wants China?
Pan-regional GPs get traction by highlighting their Asia ex-China credentials; buyouts rebound as growth capital – and China – continue to recede; India impresses with bumper exit proceeds
Profile: Elevation Equity Partners’ Gordon Cho
Negotiating a spinout while troubled by health issues tested Gordon Cho’s faith and resilience. He feels stronger for the experience and is now looking to make his mark on Korea’s middle market
Deal focus: VIG secures rare airline turnaround opportunity
VIG Partners stepped into the breach when Eastar Jet’s previous white knight bailed. It agreed to recapitalise the airline on obtaining assurances that key licenses and routes remain in place
China satellite developer Minospace raises $60m
Beijing-based satellite developer Minospace has raised nearly CNY400m (USD 59.6m) across a Series B round and a Series B extension.
Japan rocket start-up Interstellar gets $29m Series D
Interstellar Technologies, which in 2017 became the first Japanese company to launch a privately developed space rocket and is currently working on solutions for sending small satellites into orbit, has raised JPY 3.8bn (USD 29.6m) in Series D funding.
Norwegian climate fund backs India waste-to-energy player
A climate fund set up by Norwegian development finance institution Norfund has invested NOK 600m (USD 60.5m) in Indian solar and waste-to-energy company SEAL.
Investcorp leads $39m Series D for India's Wakefit
Investcorp has led a INR 3.2bn (USD 39.4m) Series D round for India’s Wakefit, which claims to be the largest D2C retailer of mattresses and bedding accessories.
GIC, PIF invest $924m in Korea's Kakao Entertainment
Singapore’s GIC and Saudi Arabia’s Public Investment Fund (PIF) have agreed to invest a combined KRW 1.15trn (USD 924m) in Korean internet giant Kakao’s entertainment division.
Bain backs Asia biorefinery platform
Bain Capital Private Equity has confirmed a significant equity commitment to EcoCeres, a Hong Kong-based biorefinery. The size of the investment was not disclosed.
PAG's Shan emphasizes diversity, control in Asia private equity
Momentum has shifted towards geographically diversified pan-regional investors, control deals, and private markets following a decade dominated by China-centric funds, growth-stage technology plays, and public equities, Weijian Shan, chairman and CEO...
China's Yuze Semiconductor raises $178m
China’s Yuze Semiconductor, a specialist in single-crystal high-efficiency silicon wafers, has raised a CNY 1.2bn (USD 178m) Series B round featuring Goldstone Investment, a PE unit of CITIC Securities.
China gas station, charging pile platform Newlink secures $133m
Newlink Group, the operator of a China-based platform that helps drivers locate the best-value gas stations and charging piles, has raised CNY 900m (USD 133m) through a series of financing rounds involving three subsidiaries.
