Once a potential contender with the bold ambition to become the “Amazon of Vietnam,” Tiki has effectively vanished from the local e-commerce landscape. Competitors Shopee and TikTok Shop have a combined 97% market share.
How did Vietnam’s Tiki burn through $670m and lose the e-commerce race? Investors saw little reason in saving the company when deep-pocketed rivals had already captured the local e-commerce market.
With over $670 million in total paid-up capital, Tiki has raised more money than SE Asia’s biggest used car platform Carro, Indonesian e-commerce peer Bukalapak, and more than double the funding raised by eFishery.
Moving on to other headlines that dominated this week.
April scorecard
Venture capital funding for Southeast Asian startups rebounded sharply in April, primarily driven by a $150 million Series D investment in Singapore that pushed regional deal value to $342.6 million across 31 transactions, accordingly to the monthly SE Asia Deal Review.
In India, meanwhile, private equity and venture capital investments plunged to a 14-month low at $898.7 million in April—a drop of 36% over March when startups had collectively raked in $1.4 billion. At 116, however, the deal volume increased 10% month on month.
Deal news
VFlowTech, a Singapore-based energy storage solutions provider, has announced raising $20.5 million in its latest funding round anchored by Granite Asia.
Brookfield Asset Management has marked its first investment in Singapore with the acquisition of two business parks and a high-tech industrial building for S$535.3 million ($413 million). The assets will be acquired from Mapletree Industrial Trust, a Singapore-listed REIT.
IFC is considering investing $30 million in Indonesian biopharma startup Etana to support its expansion plans.
Indonesian P2P lending platform Amartha has secured a $55-million loan from three European development finance institutions—Swedfund, Finnfund, and the Belgian Investment Company for Developing Countries.
Southeast Asia-based career and recruitment platform Glints has shut its headhunting business across the region, including Indonesia, as part of a broader strategic shift under new leadership aimed at steering the company towards profitability.
From China, Sirius Therapeutics has snapped up nearly $50 million in a Series B2 financing round from existing investors OrbiMed, Creacion Ventures, and Hankang Capital. The round was led by an undisclosed corporate venture capital firm.
In a deal update from India, JSW One Platforms Ltd has secured nearly $40 million in a fresh funding round led by Principal Asset Management, OneUp, JSW Steel, and others. With the latest funding, the company’s valuation has reached $1 billion, marking its entry into the unicorn club.
Hyderabad-based IKF Finance has raised $171.7 million in a round led by Norwest, with participation from early backer Motilal Oswal Alternates. The investment, a mix of primary and secondary transactions, marks IKF’s largest fundraise to date.
ASG Eye Hospitals, backed by General Atlantic and Kedaara Capital, has acquired a majority stake in Dr. Gadgil Eye Hospital. The deal is in line with ASG’s ongoing expansion spree. It reportedly acquired a controlling stake in Prism Eye Institute Pvt Ltd recently and is also understood to be in advanced talks to pick up a significant stake in Bavishi Eye Hospitals.
LP-GP quarters
Dual-currency biomedical venture firm Lily Asia Ventures has closed its seventh USD fund, roping in sovereigns, pensions, endowments, foundations, family offices and funds of funds. The seventh USD fund has hit a final close at its hard cap.
India Resurgence Fund, the distressed asset platform backed by Piramal Enterprises and Bain Capital Credit, is aiming to raise up to $1 billion for its second fund targeting control-oriented turnaround investments in India. World Bank member IFC is weighing an equity investment of up to $40 million in the new vehicle.
Kriscore Capital, a newly-launched venture capital firm focused on early-stage Indian tech startups, has hit the first close of its debut fund.
In a strategic move to bolster its burgeoning technology sector, the Vietnamese government is actively seeking inputs from diverse stakeholders to establish a VC fund to support the country’s nascent startup ecosystem. The implementation of such a fund will, however, have its share of challenges, experts noted.
In our weekly PE-focused newsletter, Beyond the Buyout, we covered the temporary undoing of the US-China trade agreement, India’s potential regulatory boost for co-investment vehicles, and venture capital’s move to adopt a private equity investing style.
Analyses
After Sea Ltd opened 2025 with an earnings report that showed significantly improved growth and profitability, investors flocked to the stock. By market close, Sea’s stock had surged to its highest level in three years, since February 2022. By Tuesday’s closing bell, Sea’s stock had climbed to $153.13 per share, a remarkable jump from just $66.26 this time last year.
Private equity-backed investments in Southeast Asia generated $680 million in realised proceeds in Q1 2025, before the Trump tariffs roiled global markets. The value of private equity exits across five deals in the region more than doubled from $300 million in the first three months of 2024.
India is fast becoming the epicentre of Asia’s private credit momentum, with half a dozen managers either launching or closing funds in just the past month, signalling growing appetite among investors and borrowers for structured, non-dilutive capital. Private credit, once a fallback for distressed borrowers, is increasingly becoming the first choice for those seeking growth capital, refinancing, or IPO bridges.
Seed-stage funding in India is evolving, with cheques from venture investors becoming fewer but fatter. Consequently, the average deal size in the seed stages has grown exponentially, especially in the last year. The rise in seed deal sizes and fall in volume reflect a flight to quality—investors are backing fewer startups but with larger cheques, often favouring experienced founders in capital-intensive sectors. Since May 2021, at least three $100 million deals have been recorded in the seed stage.
In updates from the Asia PE-VC Summit 2025, we have gathered nearly 50 top-notch speakers representing the region’s most active investors and asset allocators. Do check out our speaker collective and consider joining us in Singapore.
