This week, we released our latest report India Deal Review: Q3 2025, compiled by DealStreetAsia’s DATA VANTAGE. The report revealed that fundraising by Indian startups slowed down further in Q3 2025, marking the lowest levels seen in over a year and a half. Private equity and venture capital investments into Indian startups touched a new six-quarter low of $3 billion in Q3 2025, down 9.9% from $3.33 billion in Q2 2025. There were just five megadeals—each valued at $100 million or more—in the quarter, totalling $839 million, compared with seven such deals worth $1 billion in Q2 2025, showing falling investor appetite for big-ticket investments.
We also published our monthly deal review of Greater China startup fundraising this week based on DealStreetAsia’s proprietary data. Startups in the region collectively raised almost $3.6 billion through the completion of 222 investments in September, marking a 36.5% increase in deal value and a 7.2% uptick in deal volume from August. On a year-on-year basis, Q3 2025 fared better, with Greater China-based startups raising 18.9% more financing. The number of deals also grew significantly by 54.2% YoY. Watch out for our quarterly report on fundraising by Greater China startups coming soon!
The week also saw a bunch of major listed companies report their quarterly earnings. First off, Indonesia’s GoTo Group cut its net losses further in the third quarter of 2025, largely owing to strong revenues across both its fintech and on-demand service segments. After years of heavy spending, fierce competition, and balancing growth and costs, the Indonesian ride-hailing and delivery giant is now just $15 million away from breaking even. In Q2 last year, net losses stood at $120 million, followed by $100 million in Q3.
Meanwhile, Indonesian e-commerce giant Bukalapak sustained its profitability streak in Q3 2025, driven by continued gains in its gaming segment. Its net profit climbed to 2.4 trillion rupiah from 355 billion rupiah in the prior quarter, primarily due to gains from investment revaluation. Bukalapak’s revenue for the three months ended September 30, 2025, rose 1% quarter-on-quarter to 1.64 trillion rupiah (about $98.8 million), a performance the company said came amid a seasonally slower period and “challenging market conditions.”
In India, food and grocery delivery platform Swiggy reported a narrower second-quarter loss and improved margins on a sequential basis, buoyed by strong growth in its quick commerce arm. The company’s consolidated loss came in at 10.92 billion rupees ($124.24 million) in Q2, compared with 11.97 billion rupees in Q1. Adjusted EBITDA margins improved quarter-on-quarter to a negative 3.6% from a negative 4.7% in the previous quarter.
Stockbit Pte Ltd, the Singapore holding company for Indonesian investing platforms Stockbit and Bibit, trimmed its net loss in 2023 on the back of higher operating revenue and lower marketing expense. The group’s revenue for the financial year ended December 31, 2023, jumped 40.5% to S$14.26 million ($10.98 million) from S$10.15 million a year earlier, according to its filings with Singapore’s Accounting and Corporate Regulatory Authority (ACRA).
Scroll down for the other headlines of the week!
LP-GP updates
Singapore state investor Temasek is in talks to invest in the third fund of Somerset Indus Capital Partners, a Mumbai-based private equity firm focused on scaling mid-sized healthcare companies across India’s rapidly evolving medical landscape. Somerset Indus is targeting a corpus of $250 million for Fund III, as it looks to tap into India’s growing demand for accessible, quality healthcare.
Singapore-headquartered KV Asia Capital is said to be finalising the first close of its third private equity fund for Southeast Asia. The firm has garnered over half of the final target of $280 million so far and is expected to hold the initial close within the fourth quarter of 2025.
Singapore-based asset manager Lighthouse Canton plans to invest over $1.5 billion in India in the next few years, with a focus on private credit and real estate, Sanket Sinha, managing director and CEO, told Reuters.
DEG, the investment arm of German state-owned development bank KfW, is weighing a senior long-term loan of up to €20 million (about $23 million) to JC Growth Credit Fund 1 LP, which is managed by Singapore’s January Capital.
Singapore-listed Keppel has raised S$6.7 billion ($5.1 billion) in the first nine months of 2025 across its infrastructure, urban renewal, education asset, and third data centre and private credit funds.
Deal news
Brutal competition in Vietnam’s private healthcare sector post-pandemic has taken a toll on several venture capital-backed healthtech startups, with online-to-offline healthcare startup Med247 and Singapore-based Doctor Anywhere being the latest casualties.
Indonesian unicorn Kopi Kenangan’s early backers, Peak XV Partners and Alpha JWC Ventures, may be close to selling a part of their stake in the coffee chain to secondary investors as they look to improve their exit scorecard and increase DPI.
Indonesian tech companies Blibli and Paper.id reportedly laid off a significant number of employees last week, “as part of an internal restructuring”.
Singapore- and US-based clinical trials firm ObvioHealth has raised capital from existing and new investors through a preference share allotment, show the company’s filings with Singapore’s Accounting and Corporate Regulatory Authority.
Indonesian auto-commerce startup Moladin has raised around $35 million in equity financing from existing investors, as it diversifies from a car-dealer marketplace to a merchant financing platform.
Ares Management’s Asia private equity arm has entered Vietnam’s healthcare market through an investment in Medlatec Group.
Global alternative asset management firm Brookfield has formed a cold storage joint venture with Māori Capital, the investment arm of Hong Kong’s fresh food retailer Uni-China Group, to acquire an industrial site in Hong Kong from Swire Properties.
Chinese private equity firm Boyu Capital has emerged as the frontrunner to buy a controlling stake in Starbucks’s China business, after its final contender Carlyle Group dropped out, Reuters reported.
Payments platform 2C2P has rolled out a rebrand and a three-year plan that includes a $60-million investment in technology, infrastructure, and innovation, marking its next growth phase under new leadership.
Singapore co-living operator Coliwoo Holdings is looking to raise S$48.2 million (about $37.2 million) in an initial public offering on the Singapore Exchange (SGX) mainboard.
Wavemaker Impact, the climate-tech venture building arm of Wavemaker Partners, said it has begun the spinoff process to become an independent fund manager and launch a climate investment platform called 100×100 Group.
Indonesia’s newly unveiled long-term electricity road map, which prioritises renewable energy, is set to reshape project economics and open new opportunities for solar developers such as Xurya. “The message is very positive. Now it’s a matter of putting that plan into action,” Adhi Laksmanaputra, VP, Commercial at Xurya.
Singapore-based developer tools startup VoidZero has raised $12.5 million in a Series A round led by Accel, with participation from Peak XV Partners, Sunflower Capital, and other angel investors.
Singapore-headquartered Ant International has made a strategic investment in R2, a Latin American embedded-lending infrastructure firm.
Hong Kong-based FundPark, a fintech company that offers financing and data intelligence to help e-commerce businesses scale, has raised $71 million in debt and equity financing to advance its global footprint and AI capabilities.
China’s JBD, which develops next-generation display technology powering augmented reality and smart glasses, has raised over 1 billion yuan ($140.4 million) in a Series B2 funding round.
Asha Ventures, an Indian impact investment firm that backs early- to growth-stage companies, is said to be in talks to invest in Bengaluru-based dairy startup Akshayakalpa Organic.
Optimo Capital, which claims to be India’s digital Loan Against Property (LAP) fintech-NBFC, has raised Rs 150 crore ($17.5 million) in a Series A round led by founder Prashant Pitti, along with existing investors Blume Ventures and Omnivore.
True North Private Credit has led a Rs 360 crore ($40.8 million) investment in Innova Rubbers and Vee Tee Auto Manufacturing, aimed at consolidating the promoters’ stake and strengthening control to drive future growth.
MemO, a memory infrastructure platform for AI agents, has raised $24 million in combined seed and Series A funding led by Basis Set Ventures.
British International Investment—the UK’s development finance institution and impact investor—has entered into an agreement to provide a $75-million financing facility to Blueleaf Energy, a pan-Asian renewable energy platform and independent power producer owned by a fund managed by Macquarie Asset Management.
Dutch investment firm Prosus and Indian venture capital firm Accel are set to invest $1 million each into startups joining Accel’s new Atoms X accelerator, aiming to back companies at the earliest stages of growth.
HYDGEN, an Indian deeptech startup, has raised $5 million in a mix of equity and debt funding round led by Transition VC.
SalarySe, an Indian fintech platform offering salary-linked financial services, has raised $11.3 million in its Series A round, led by early-stage global venture firm Flourish Ventures.
Drip Capital, a company that provides digital trade financing and supports B2B e-commerce, has secured a $50-million credit line from Toronto-Dominion Bank (TD Bank), with the option to expand it by another $25 million.
Affirma Capital, in partnership with 360 ONE Asset and other investors, has entered into an agreement to invest up to $56 million in RMSI Limited, a leading player in the engineering and geospatial services sector.
IntrCity SmartBus, a technology-led intercity mobility platform, has raised nearly $28 million (Rs 250 crore) in its Series D funding round led by A91 Partners.
India’s buy-now-pay-later startup Snapmint has raised fresh funding led by global investment firm General Atlantic. The round also saw participation from Prudent Investment Managers, Kae Capital, Elev8 Venture Partners and other existing angel investors.
Deep dives
The cost-competitiveness of renewable energy generation, combined with the potential for applying emerging market-specific technologies and business models, will drive the expansion of climate tech investments in Southeast Asia. “The moment affordability kicks in, the consumer or industry is now making an economic choice, and not a moral choice of going green,” LeapFrog Investments Partner Nakul Zaveri said in an interview.
Eight years since listing on the New York Stock Exchange, Sea Limited finds itself at the centre of renewed investor attention. This time, however, its captain insists that the tide is different. “I firmly believe that this rise is different,” Li wrote to his employees, whom he affectionately called “sailors,” last week, on the recent rise in the firm’s stock price. The note, seen by DealStreetAsia, was part of his reflection on Sea’s eighth anniversary since its IPO.
The venture capital ecosystem in China and India is an intriguing study in contrast, according to Edward J. Grefenstette, CEO/CIO, The Dietrich Foundation. While China’s VC market is among the least crowded globally, presenting a rare opportunity for institutional investors, India has drawn substantial capital inflows—driven by secular trends and the China-plus-one startegy—prompting concerns of potential overheating.
