Indonesia
Indonesia’s AC Ventures closes debut fund at $205 million
AC Ventures, an early-stage investor created through the merger of Indonesia’s Agaeti Ventures and Convergence Ventures, has closed its debut fund at $205 million. The target was $80 million.
Kejora, Sunway launch $25m Malaysia VC fund
Indonesia-based Kejora Capital and Malaysian conglomerate Sunway Group have established a $25 million VC fund focused on early-stage start-ups in Malaysia.
Indonesia's Ula extends Series B to $110m
Indonesian B2B e-commerce player Ula has extended its Series B round to $110 million with a $23.1 million investment from Tiger Global Management and Binny Bansal, co-founder of Flipkart.
GoTo gets $1.3b in first tranche of pre-IPO funding
Indonesia-based ride-hailing service turned super app GoTo has raised more than $1.3 billion in a first tranche of pre-IPO funding, which will be used to develop its digital ecosystem.
Indonesia’s Alpha JWC closes Fund III at $433m
Indonesia’s Alpha JWC Ventures has closed its third fund at $433 million, beating a target of $250 million. It is said to be the largest early-stage VC fund targeting Southeast Asia.
Southeast Asia IPOs: Opportunity knocks
A breakthrough offering in Indonesia and regulatory progress in Singapore highlight Southeast Asia’s growing viability as a tech IPO market. It’s unclear how well this is being communicated globally
Affinity invests $150m in Indonesia's Netflix rival
Affinity Equity Partners has invested $150 million in Vidio, an Indonesia-based over-the-top (OTT) streaming service described as a local equivalent to Netflix, as part of a $200-250 million funding round.
Deal focus: KV Asia opts for beauty in Indonesia debut
KV Asia has paid $43 million for a 25% interest in Indonesian beauty and personal care brand Victoria Care, convinced by the company’s ability to stay ahead of the curve in a highly fragmented market
ADIA to lead pre-IPO round for Indonesia's GoTo
Abu Dhabi Investment Authority (ADIA) has committed $400 million to Indonesia super app GoTo as the lead investor in a funding round ahead of the company’s much-anticipated IPO.
Deal focus: Digital brokerage Ajaib finds the right fit
Ajaib grew from nothing to become Indonesia’s fifth-largest stockbroker by volume in the space of six months. The newly appointed unicorn is now raising capital just as quickly
Indonesia fintech start-up Ajaib achieves unicorn status
Ajaib, an online stock-trading platform in Indonesia, has raised $153 million in a Series B funding round led by DST Global at a valuation of $1 billion.
Ribbit Capital backs Indonesia's Bank Jago
Global financial technology investor Ribbit Capital has thrown its weight behind Bank Jago, an Indonesia-based digital lender established by local private equity firm Northstar Group.
Indonesian e-commerce marketplace Ula raises $87m
Ula, a leading B2B e-commerce marketplace in Indonesia, has raised $87 million in a Series B round co-led by Prosus Ventures, Tencent Holdings and B Capital Group.
SoftBank, Warburg Pincus back Singapore's Advanced Intelligence
Advance Intelligence Group, a Singapore start-up best known for digital identity verification and fraud prevention platform Advance.AI and buy now, pay later (BNPL) business Atome, has raised over $400 million in Series D funding.
Indonesia payments player Xendit raises $150m Series C
Indonesian digital payments infrastructure provider Xendit has raised a $150 million Series C round led by Tiger Global Management at a valuation of around $1 billion.
Square Peg leads $55m round for Indonesia's Pluang
Square Peg Capital has led a $55 million Series B round for Indonesian micro-savings and micro-investment app Pluang.
East, Saratoga back Indonesia e-commerce player Sirclo
Sirclo, an Indonesia-based e-commerce enabler that acquired mother-and-baby-focused online retailer Orami earlier this year, has received $36 million in funding led by East Ventures and Saratoga Investama Sedaya (SIS), a listed vehicle with ties to Saratoga...
PE investors exit Indonesia telecom towers business
The Carlyle Group has exited what was its debut investment in Indonesia – after a nine-year holding period – with the sale of telecom towers operator Solusi Tunas Pratama (STP).
Intudo raises $115m for third Indonesia fund
Intudo Ventures has closed its third VC fund focused exclusively on Indonesia at $115 million after less than three months in the market.
Asia fintech: Platform plays
Expansion is the dominant theme in financial technology as start-ups leverage existing assets to enter new verticals, typically in lending. Which ones will become Asia’s preeminent platforms?
Lightspeed leads $35m round for Indonesia crypto player
Lightspeed Venture Partners has led a $35 million Series A extension for Pintu, one of Indonesia’s leading cryptocurrency wallets and trading platforms. It follows a $6 million tranche in May.
Indonesia’s Arise reaches first close on seed fund
Indonesia’s Arise, a seed investor set up by MDI Ventures and financial technology specialist Finch Capital, has reached a first close of unspecified size on its debut fund. The target is $40 million.
Bukalapak gains 25% on debut after $1.5b Indonesia IPO
Indonesian e-commerce platform Bukalapak hit the upper limits of its trading range within minutes of debuting on the Jakarta Stock Exchange following an IDR21.9 trillion ($1.5 billion) IPO.
Southeast Asia's FinAccel agrees $2b SPAC merger
FinAccel, operator of Indonesia-focused consumer credit platform Kredivo, has agreed to merge with a US-listed special purpose acquisition company (SPAC) at an enterprise valuation of $2 billion.