Technology
Southeast Asia's Grab to merge with SPAC at $30.4b valuation
Southeast Asia-focused ride hailing and local services platform Grab has agreed to go public in the US through a merger with a special purpose acquisition vehicle (SPAC) at an enterprise valuation of $30.4 billion.
Deal focus: Gobi sees 100x return on Airwallex
Gobi Partners became Airwallex's first institutional investor in 2016 due to a lack of support in the Australian company's home market. The GP made a partial exit in a recent Series D round at a valuation of $2.6 billion
Deal focus: Partners Group-backed IT play ripens early
Partners Group is set to generate a 5x return on the sale of its 45% stake in GlobalLogic to Hitachi as momentum in corporate digital transformation makes the IT services player a hot commodity
1Q analysis: American dreams
New York makes an unexpected reappearance as the preferred IPO destination for Asian companies; the growth-stage tech investment revival continues; KKR lights up lackluster fundraising environment
Q&A: Hike Capital's Anna Xu
China-focused Hike Capital positions itself as an entrepreneur-led VC firm, having been established by two start-up founders. One of them, Anna Xu, explains why this makes a difference
Fund focus: Qingsong plays the long game
Qingsong Fund differs from most renminbi fund managers by virtue of its uncommon diversification and farsighted strategy. Data and deep tech will be key focus areas for the firm’s new $153 million fund
Korea retail: Digital or dead?
Coupang’s bumper IPO has underlined the appeal of a Korean e-commerce industry characterized by chaebols playing catch-up and PE and VC investors looking to profit at the margins
5Y raises $2b across dollar, renminbi funds
China's 5Y Capital has raised nearly $2 billion for its latest US dollar and renminbi-denominated funds, securing $1.7 billion for the US dollar pool and around RMB1.9 billion ($290 million) for the local currency vehicle.
Affirma hits first close on Korea fund, backs SK mapping spinout
Affirma Capital has reached a first close of KRW443 billion ($403 million) on its fifth Korea-focused fund, while simultaneously announcing a $181 million investment in SK Telecom’s mobility business.
PE-backed property platform Anjuke to go public in Hong Kong
Anjuke, a Chinese online property marketplace controlled by classifieds player 58.com, has filed for a Hong Kong listing. It follows a $250 million pre-IPO funding round featuring two Hong Kong property developers.
Tiger Global leads $100m round for India's Gupshup
Gupshup, an India-based messaging services provider that helps corporate customers execute marketing strategies, has raised $100 million in funding at a valuation of $1.4 billion.
India's ShareChat raises $502m at $2.1b valuation
Tiger Global Management has led a $502 million Series E round for ShareChat, which claims to be India’s largest social media platform, at a valuation of $2.1 billion.
Indonesia e-commerce platform Orami sold to local strategic
Orami, an Indonesian mother-and-baby-focused e-commerce platform backed by numerous venture capital investors, has been acquired by Sirclo, a local e-commerce enabler. Financial details were not disclosed.
China's Danke to be delisted in US
The New York Exchange is set to delist Chinese apartment rental service provider Danke, having halted trading in the stock on March 15 because of poor information disclosure.
Australia's Canva sees valuation double once again
Australian graphic design platform Canva has more than doubled its valuation to $15 billion with a new $71 million growth round. It was valued at $3.2 billion 18 months ago.
China grocery platform Dingdong Maicai raises $700m
DST Global and Coatue Management have led a $700 million Series D for China-based online fresh produce delivery business Dingdong Maicai. Existing investors including CMC Group re-upped.
Vision Fund, BlackRock lead Series D for Singapore's Trax
Trax, a Singapore-headquartered start-up that uses computer vision technology to help retailers link sales to in-store and on-shelf positioning, has secured $640 million in Series E funding led by SoftBank Vision Fund 2 and BlackRock.
Japan's YJ Capital, Line Ventures merge, launch $274m fund
Japan’s YJ Capital, recently rebranded as Z Venture Capital (ZVC), has launched a JPY30 billion ($274 million) following a merger with Line Ventures.
Qiming leads $30m Series B for China crypto start-up
Qiming Venture Partners has led a $30 million Series B round for China-based imToken, which claims to be Asia’s largest crypto wallet.
China's Source Code confirms $1b close on US dollar funds
Source Code Capital has confirmed a final close of $1 billion on its latest set of US dollar-denominated funds, which takes the Chinese venture capital firm’s total assets under management to $2.5 billion.
Japan payments start-up Paidy closes $120m Series D
Japanese payments start-up Paidy has raised $120 million in Series D funding from JS Capital Management, Soros Capital Management, Tybourne Capital Management, and Wellington Management.
FountainVest, ClearVue back China self-driving truck player
FountainVest Partners and ClearVue Partners have led a $220 million funding round for Plus, a China-based autonomous driving technology developer that specializes in trucks.
Partners Group, CPPIB exit GlobalLogic to Hitachi
Partners Group and Canada Pension Plain Investment Board (CPPIB) are exiting a combined 90% stake in US-headquartered GlobalLogic to Japan’s Hitachi at an equity valuation of $8.5 billion.
Qingsong raises $153m for fourth China VC fund
Qingsong Fund, a Chinese venture capital firm formed by Xiaosong Liu, an angel investor and co-founder of Tencent Holdings, has closed its fourth renminbi-denominated fund with RMB1 billion ($153 million).