DealStreetAsia - Asia-focused financial news and intelligence platform

LeapFrog, Kedaara in talks to pick majority in India's Surya Hospitals

The promoters and SeaLink Capital are looking to divest a significant stake.

Vietnam

Vietnam's Koru Capital launches investment arm to create investible SMEs

Koru Capital Investment will focus on the sub-$5m segment in Vietnam.

Zhipu AI raises $140m from Shanghai state funds ahead of IPO

With the new deal, Zhipu AI’s latest valuation is estimated to be around $5.6b.

Hamilton Lane among first managers to launch evergreen fund for Asia

The fund will provide clients access to direct PE investments and secondaries.

KKR buys Australian chicken farm operator ProTen from Aware Super

Investment will be from KKR's $6.4b second pan-Asia infra fund, which closed last year.

India's Dorf-Ketal plans to raise $500m private credit for European acquisition: report

The chemicals company has pursued smaller overseas acquisitions in recent years.

KKR-backed Ascend Asia buys SG advisory firm finexis

finexis has a team of over 1,100 financial consultants and staff.

Venture Capital

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EACON closes CATL Capital-led Series D round and 48 deals worth over $980m

It counts NIO Capital, Eight Roads Ventures, as well as Zijin Mining Group among its backers.

MY Digest: Cradle Fund backs 50 startups to date; 1337 Ventures's new accelerator

Cradle said the programme has completed five successful cohorts.

China's Foton-backed Cavan Auto raises $168m soon after global foray

Cavan Auto specialises in the production of EVs and NEVs for commercial use in the logistics sector.

Indonesia's Monit raises $2.5m led by Cento Ventures, Japan's Sansan

Existing investors 1982 Ventures and Init 6 also joined the round

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India's B2B commerce platform Jumbotail raises $120m in SC Ventures-led round

The latest fundraise brought Jumbotail's total capital raised to $263 million.

New Research Reports

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SE Asia Tech M&A Review 2025

The number of tech M&As in SE Asia fell for a second straight year in 2024.

SE Asia Tech M&A Review 2025

The number of tech M&As in SE Asia fell for a second straight year in 2024.

The State of Deep Tech in SE Asia 2025

Capital raised by deep tech startups fell 34% YoY in 2024, but their share of overall funding rose.

India Deal Review: Q1 2025

Sequentially, startup fundraising increased only marginally in Q1, even as deal volume was up 12.3%.

Greater China Deal Review: Q1 2025

The deal value plunged 49% to $9.6 billion from the previous quarter.

DATA VANTAGE Newsletters

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Data Vantage: DEG invests $9.5m in Indonesia’s Waresix and other updates

Waresix is also backed by SoftBank, Temasek, and Tiger Global, among others.

Data Vantage: NewCampus, Believe, and Green Rebel in focus

NewCampus secured $3.3m in capital by allotting shares to a mix of institutional and individual investors.

Data Vantage: GUUD, PEXX, OnlinePajak in focus and other updates

OnlinePajak has issued $5m in new preference shares to Kratos Technology.

Data Vantage: CloudSEK, Arival Bank in focus and other updates

CloudSEK has raised $11.2m through the issuance of new preference shares as part of its ongoing Series B1 round.

Deals

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Endiya, Exfinity lead $4.15m funding in Maieutic and other India deals

Deals Digest: Taronga Group backs AssetCool; Saudi-based Flawless raises funds

Yum Brands looks to facilitate merger of its two India-listed partners: report

Australia's Goodman Group creates $2.7b consortium to develop data centres in HK

ESR completes HKEX delisting, goes private with backing from Starwood, QIA, others

Beyond The Buyout Newsletters

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Beyond the Buyout: Dark side of Asia’s private credit boom

This edition also looks at Malaysia’s efforts in its financial centre ambitions.

Beyond The Buyout: Co-investments as core strategy for SE Asia’s new SWFs

With the SWFs, Indonesia and the Philippines are creating a more structured landing pad for global capital.

Beyond the Buyout: US-China tariff tension eases but investors hold steady

Investors refrain from making changes to their strategies in the absence of a lasting deal.

GreenStreet Newsletters

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GreenStreet: The Nuclear Option

This edition looks at how countries in Asia are looking at bridging the rare earth elements gap.

GreenStreet: Minding the decarbonisation gaps

In this edition, we look at how much impact investing has delivered.

GreenStreet: Financing the Energy Transition

This edition looks at the rise of private credit in financing climate action.

Climate & Impact

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World's biggest climate fund GCF earmarks $1.2b for projects mostly in Asia, Africa

KIS raises $23m debt from responsAbility to fund biogas projects in Indonesia

ID Digest: Circulate Capital backs 2 firms; GreenTeams raises Series A

New Indonesia-focused climate fund launched with first A$50 million

IORA raises India's first carbon credit-backed loan from Caspian Debt

Analysis

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Can Indonesia’s EV boom survive as government incentives become uncertain?

Sales peaked in 2023 and 2024 but took a U-turn in early 2025.

China's EV rivalry spills over to Thailand, tests local production goals

Chinese brands dominate Thailand's EV market with an over 70% share.

Beyond the Buyout: Dark side of Asia’s private credit boom

This edition also looks at Malaysia’s efforts in its financial centre ambitions.

The LP View

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Pan-Asian funds reshaping SE Asia’s private equity landscape: GreenBear

KWAP finalises 12 global GPs for allocations under Dana Pemacu initiative

HK-based Sagamore to explore new relationships with Chinese GPs

PE/VC fundamentals in Asia intact despite diminished risk appetite

Secondaries represent ‘contrarian opportunities’ in China: LGT Capital

Earnings & Results

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Japan's GPIF records $11.8b annual gain

GPIF posted a gain on its foreign stock holdings and a loss on its domestic bond portfolio.

Saudi PIF's annual profit slumps 60% due to high rates, inflation

The sovereign wealth fund's assets exceeded $1 trillion in 2024.

Prosus bets on tech investment, beats target with core earnings up 47%

For the first time in its history, Prosus' free cash flow was positive.

OpenAI's annualised revenue hits $10b, up from $5.5b in Dec 2024

OpenAI is on track to achieve its revenue target of $12.7 billion in 2025.

Vietnam

EV maker VinFast's Q1 loss widens on higher spending as deliveries rise

Deliveries leapt nearly 300% in Q1, mainly driven by sales in Vietnam, its biggest market.

People

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People Digest: responsAbility appoints CEO; Gaw Capital names data centre platform head

responsAbility Investments AG has appointed Nadia Nikolova as CEO.

Goldman Sachs appoints Raghav Maliah as global head of investment banking

Raghav will continue to serve as co-head of mergers & acquisitions in Asia Pacific.

Citigroup hires Kiyota, Nagasaka as Japan co-heads for investment banking

Kiyota has worked at Nomura, while Nagasaka is an insider.

Interviews

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Peak XV’s second act: From record returns to a reinvention around AI

Real estate fund manager Hines sees Asia as next growth engine, driven by India

TR Capital prioritises asset quality, market nuances in India investment strategy

Quadria Capital marks strategic shift with majority stakes, deeper involvement