Let’s begin our weekly roundup with a bunch of financial updates by notable startups across Southeast Asia and India, based on their filings with Singapore’s Accounting and Corporate Regulatory Authority.
Vietnam-founded blockchain game developer and unicorn Sky Mavis saw its net profit triple to $13.4 million in FY2024 from $4.5 million in the previous fiscal, as revenue surged 51% to $35.2 million. As a result, total comprehensive income almost doubled to $11.9 million. The performance highlights a recovery from the difficult period following the 2022 Ronin bridge hack, when Sky Mavis had to cover compensation and restoration costs.
315 Holding Pte Ltd, the parent firm of Vietnam-based clinic operator Nhi Dong 315, has reported a loss for the 10 months ended December 31, 2024, even as it continued an aggressive growth push in the country’s healthcare market. The company’s net loss came in at $460,380 in FY2024, compared with $626,971 in the previous fiscal.
Believe Pte Ltd and its subsidiaries swung to a net loss of $3.9 million for the financial year ended March 31, 2024, from a net profit of $13.7 million a year earlier, hurt by weaker sales and a sharp drop in fair value gains on financial instruments. The Singapore-based consumer product startup’s revenue from sales of goods dropped 29% to $18 million in FY2024, from $25.5 million in the prior year.
SoftBank-backed Indian edtech unicorn Eruditus continued to cut losses in FY2024, as its consolidated loss narrowed by 33% to $85.6 million, compared with $127.2 million a year earlier. The improved bottom line was aided by a 10.5% rise in revenue to $447.9 million in the year ended June 30, 2024, from $405.2 million in FY23.
Indian digital health and wellness platform HealthifyMe swung to a profit of $31.6 million in the year ended March 31, 2024, from a loss of $38.7 million in the previous year, despite a marginal decline in revenue. Revenue fell 7.5% to $20.5 million in FY2024 from $22.1 million in FY2023.
FreshToHome Ltd, the Singapore-headquartered e-commerce platform for fresh fish, meat, and seafood, sharply cut its losses in the financial year ended March 2024, aided by reduced marketing costs and a fourfold surge in revenue, regulatory filings showed.
Indian quick commerce unicorn Zepto and its subsidiaries more than doubled their revenue and cut net loss in the financial year ended March 31, 2024, despite sharply higher expenses. The company had raised more than $1.35 billion in back-to-back funding rounds last year.
Scroll down for the other headlines of the week:
LP-GP news
In a move that could have significant implications for the global investment landscape, Singapore’s Temasek is said to be considering a major restructuring. According to a Bloomberg report, the state-owned investor may be split into three investment vehicles to improve returns and efficiencies. While one unit would focus on the biggest local holdings such as flag carrier Singapore Airlines, the other would largely look at foreign investments. A third unit would include all of Temasek’s fund investments.
Motilal Oswal Alternates has raised about $800 million in the first close of its fifth private equity vehicle, India Business Excellence Fund V (IBEF V), surpassing its initial target of $750 million. The fund, which has a hard cap of $950 million, was launched in April and is expected to see its final close by October 2025.
Malaysian public service retirement fund Kumpulan Wang Persaraan (KWAP) is set to invest in two more private capital fund managers in the country — a secondaries investor and a venture capital firm that specialises in cross-border investments — from its Dana Perintis programme.
The Indian government-backed National Investment and Infrastructure Fund has launched an ambitious plan to raise approximately $10 billion from sophisticated global investors over the next six to seven years – equivalent to $1.2-1.5 billion annually. It is targeting a first close of its Private Markets Fund (PMF II) and Sustainable Infrastructure Fund II by the end of the financial year.
CapitaLand Ascendas REIT will divest five industrial and logistics properties in Singapore for S$329 million (about $243.5 million) to unrelated third parties as part of its capital recycling strategy.
IFC is considering an up to $60 million investment in the latest private equity vehicle of Thailand-based buyout firm Lakeshore Capital.
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Deal updates
Miniso-owned Top Toy, a blind box and collectible toy brand rivalling Labubu-maker Pop Mart, has reached a valuation of about HK$10 billion ($1.3 billion) after raising a strategic financing from Singapore’s Temasek Holdings.
Southeast Asian fintech firm Akulaku is gradually divesting from Indonesia’s Bank Neo Commerce and is said to be weighing a full exit from the digital lender by next year.
Motilal Oswal Alternates is learnt to be in early discussions to invest in fast-growing medical devices company Sensa Core Medical Instrumentation, joining a slew of private equity suitors evaluating the opportunity.
Singapore-based private equity firm Kendall Court is looking to exit its investment in Indonesia’s Mandaya Medical International Pte Ltd (MMI), a healthcare business owned by local conglomerate Selaras Group,
India’s Aavishkaar Capital is set to announce an investment in its Global Supply Chain Support Fund by an Asian development finance institution. Additionally, the firm is set to make an investment in a Vietnamese manufacturer from the fund.
Jakarta-based extended-stay operator Kozystay is said to have raised up to $8 million to accelerate property growth and expand to more cities. The round is likely to have comprised $4 million each in equity and debt, with participation from new investors Intudo Ventures and Integra Partners, alongside return backer Cercano Management.
Artha India Ventures has announced the final close of the Artha Select Fund at $49.36 million, exceeding its original target of $37.7 million.
The Wealth Company Asset Management, part of the Pantomath Group, has invested Rs 460 crore (about $52 million) in Amnex InfoTechnologies, marking the Ahmedabad-based firm’s first growth capital funding round.
Singapore venture capital firm True Global Ventures plans to launch a continuation fund and explore a dedicated crypto vehicle as its first move after securing a full Capital Markets Services (CMS) licence from the Monetary Authority of Singapore.
The International Finance Corporation (IFC) is considering subscribing up to $200 million in a five-year sustainability bond to be issued by Vietnam Prosperity Joint-Stock Commercial Bank (VPBank).
HongShan-backed automotive electronic chip developer SiEngine Technology has completed its Series B funding round at over 1 billion yuan ($139.2 million), led by state investor China Structural Reform Fund II.
Indian housing finance platform Weaver Services has raised $170 million in a funding round led by Lightspeed and Premji Invest. Gaja Capital also participated in the round.
Deep dives
The South Jakarta District Prosecutor’s Office has extended the detention of three key suspects in the TaniHub investment fraud case for another 40 days, pushing their custody till September 25, 2025, from August 16. The three individuals — identified by their initials — are MDI Ventures CEO DSW [Donald Wihardja]; former Tanihub president director IAS [Ivan Arie Setiawan]; and ETPLT [Edison Tobing], a former director at the company.
In a two-part series, DealStreetAsia takes a look at how Taiwan’s life insurers, who are among the major limited partners (LPs) behind private equity heavyweights, are preparing to reshape their private equity fund portfolios ahead of a new capital regime. The new solvency regime, also known as Taiwan-localised Insurance Capital Standard (TW-ICS), will bring stricter capital requirements, prompting local insurers to rebalance their asset allocation strategies.
Vietnam is preparing to launch its first startup-focused stock trading platform in a move that is seen to propel the country’s innovation ecosystem, attracting capital into tech enterprises.
As home ownership spirals out of reach for younger Indonesians, flexible and serviced rentals are becoming the default choice for students, professionals, and a growing number of married couples, drawing fresh investor interest in the country’s coliving and rental housing sector.
A slew of commercial space companies in China are gearing up to launch initial public offerings (IPOs), fuelled by supportive government policies and Beijing’s push to lead the global space technology race – rapidly advancing an industry that barely existed a decade ago.
At a time when most sectors are struggling to raise funding amid global economic uncertainty and market headwinds, a quiet — and rather delicious — revolution is taking shape in India’s food and beverage sector. The industry has already drawn a record $2.13 billion across 33 deals in 2025 — the highest investment tally in at least four years, according to data from Venture Intelligence.
Sea Ltd has secured fresh regulatory approvals in Brazil that will allow it to expand lending and diversify funding, as it looks to replicate its Southeast Asian fintech playbook in Latin America. Brazil is Sea’s fastest-growing market outside Asia, having operated its Shopee e-commerce platform there for five years.
