Sectors
China LiDAR specialist Hesai aims for US IPO
Hesai Technology, a China-based developer of sensors used in autonomous driving, is targeting a US listing. Its investors include Lightspeed China Partners, Baidu, Bosch, and Xiaomi.
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.
Hillhouse-backed China pet services business seeks US listing
New Ruipeng Pet Group, a China-based pet care services platform that counts Hillhouse Capital as a significant shareholder, has filed for an IPO in the US.
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.
Japan's Net Marketing is sold four months after take-private
Net Marketing, a Japanese online advertising and media management business that was delisted following the completion of a successful tender offer by Bain Capital last September, has been acquired by Tokyo-listed marketing analytics player Macbee Planet.
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.
Bain exits India maritime logistics business to German strategic
Bain Capital has sold its stake in J.M. Baxi Ports & Logistics, an India-based provider of maritime logistics, to Germany-headquartered shipping and container transportation company Hapag-Lloyd for an undisclosed sum.
ResponsAbility hits $173m first close on Asia food fund
Swiss impact investor ResponsAbility has reached a first close of USD 173m for a South and Southeast Asia-focused sustainable food private equity fund. The target is USD 400m.
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
China’s Yunqi seeks $300m for fourth VC fund
Yunqi Partners, which makes early-stage investments in China’s enterprise software and services space, is targeting USD 300m for its fourth US dollar-denominated fund.
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.
India's Lighthouse seeks $425m for Fund IV, gets NIIF commitment
Lighthouse Funds is targeting INR 35bn (USD 425m) for its fourth India fund and has signed up the country’s National Investment & Infrastructure Fund (NIIF) as an anchor LP.
ADB backs Quadria's third health fund
Asian Development Bank (ADB) has committed USD 25m to the third fund from Singapore-based Quadria Capital, a healthcare-focused private equity firm.
Deal focus: L Catterton hitches a ride with Tenways
Electric bicycle brand Tenways has built its business on European design capabilities and Asian manufacturing smarts. L Catterton is backing the two-year-old company to become a global leader
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.
