e-commerce
PE-backed J&T Express raises $499m in Hong Kong IPO
J&T Global Express, an express delivery business that launched in Indonesia and expanded region-wide, traded flat on debut following a HKD 3.9bn (USD 499m) Hong Kong IPO.
Deal focus: Minnow finds favour in crowded Indonesia vertical
Indonesia’s Luna, a seed-stage contender in a competitive retail digitalisation landscape, continues to collect VC backers as a patient, diversified gameplan comes into focus
ADIA re-ups in India's Reliance Retail
Abu Dhabi Investment Authority (ADIA) has agreed to invest INR 49.7m (USD 597m) in India’s Reliance Retail within two months of USD 1.25m worth of investments from KKR and Qatar Investment Authority (QIA).
China-US consumer brand accelerator raises $58m
SuperOrdinary, a global consumer brands accelerator that operates out of Shanghai, New York, and Los Angeles, has raised USD 58m in Series B funding at a valuation of more than USD 800m.
VC-backed streetwear retailers Kream, Soda to merge
Korean streetwear retailer Kream has paid KRW 97.6bn (USD 72.1m) for a 43.6% stake in Japanese counterpart Soda as part of a merger of the two VC-backed businesses.
Vertex leads $20m round for India D2C beauty player
Vertex Ventures Southeast Asia and India (VVSEAI), an affiliate of Temasek Holdings-owned Vertex Holdings, has led a USD 20m Series B round for Indian D2C beauty and personal care brand Pilgrim.
India’s Zepto raises $200m at $1.4bn valuation
Indian grocery delivery start-up Zepto has raised a USD 200m Series E round led by StepStone Group at a valuation of USD 1.4bn.
Australia’s Glow buys clothing brand in debut deal
Australia’s Glow Capital has agreed its debut deal, acquiring 51% of Cargo Crew, a local workplace clothing brand specialising in restaurant uniforms.
KKR leads $190m Series C for Korea fashion platform
KKR has led a USD 190m Series C round for Korean online fashion platform Musinsa with support from Wellington Management.
Creature comforts: Why PE likes pet care
Private equity investors have long championed the resilient characteristics of pet care globally. The pandemic helped solidify a similar value proposition in Asia
India's LetsTransport gets $25m Series D
Bertelsmann India Investments has led a USD 25m Series D round for LetsTransport, a platform that aims to integrate independent truckers into the mainstream economy.
VC-backed Chinese O2O retail platform pursues HK listing
Dmall, a Chinese O2O retail platform provider for traditional retailers backed by IDG Capital among others, has filed for a Hong Kong IPO.
Deal focus: Evermos extends impact to social commerce
Indonesia’s Evermos has more than doubled its total funding as investors see promise in a social commerce model that prioritises cottage industries and underemployed women
Indonesia e-commerce player Evermos gets $39m Series C
The International Finance Corporation (IFC) has led a USD 39m Series C round for Evermos, an Indonesian social commerce platform that positions itself as an impact play.
VC investors primed for exit with China Youzan reorganisation
Hillhouse Capital and Matrix Partners China are set for liquidity events after China Youzan, an e-commerce software-as-a-service (SaaS) business listed in Hong Kong, agreed to take full control of its key subsidiary for HKD 2.6bn (USD 334.5m).
Deal focus: Ace Turtle says so long to SaaS
Ace Turtle never wanted to be India’s answer to Amazon, but it has moved from software provider to supply chain coordinator while stepping back from international markets. Investors are not deterred
India's Convergent invests $49m in Puma sportswear spinout
Convergent Finance, a private equity firm founded by former Fairfax India head Harsha Raghavan, has invested INR 4bn (USD 49m) in Agilitas Sports, a local spinout of German sportswear giant Puma.
Fireside leads $40m Series B for India's Ripplr
Fireside Ventures has led a USD 40m Series B round for India-based distribution and logistics platform Ripplr. The round comprised USD 28m in equity funding and USD 12m in debt.
Anchor, Aspex re-up in Korea’s Kurly
Kurly, a Korean grocery delivery platform that abandoned its planned domestic IPO earlier this year, has raised KRW 120bn (USD 91m) from existing investors Anchor Equity Partners and Aspex Management.
Singapore fintech player AIG raises $80m
Advance Intelligence Group (AIG), a Singapore-headquartered and Indonesia-focused financial technology company, has raised USD 80m in funding led by existing investors Warburg Pincus and Northstar Group.
Portfolio: AIG
Advance Intelligence Group has developed a relatively narrow enterprise fintech business into one of the region’s leading digital lending operations with the help of several VC investors
India's Ace Turtle raises $34m Series B
India’s Ace Turtle, an omnichannel platform used by lifestyle and fashion retailers such as Wrangler and Toys R Us, has raised USD 34m in Series B funding featuring Singapore’s Vertex Ventures.
Singapore electronics marketplace Reebelo extends Series A to $50m
Singapore electronics marketplace Reebelo has lifted its Series A round to USD 50m with a USD 29m commitment led by Cathay Innovation.
Deal focus: K-wave media savvy explores new markets
Korean audience interaction technology provider Bemyfriends hopes a sizeable Series A round led by Cleveland Avenue, a lifestyle-focused VC firm in the US, will jumpstart a global expansion