Startup stories from Vietnam were among the most-read in the month of May.
Once seen as Vietnam’s answer to regional giants like Shopee and Lazada, e-commerce platform Tiki has seen its valuation collapse to less than $10 million, marking one of the steepest declines among Southeast Asia’s late-stage tech startups.
How did Vietnam’s Tiki burn through $670 million 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.
On the bright side, Vietnamese fintech unicorn MoMo posted its first full-year profit in 2024, quietly delivering what many of Southeast Asia’s tech giants are still chasing—profitability.
In other top stories in May, we reported on Tiger Global’s moves to trim stakes in SE Asian firms; Vietnam’s proposal to set up a sovereign wealth fund; and deal developments at Indonesia’s Natasha Skin and F&B group Sushi Tei.
Our China team highlighted the ongoing reshuffle in the country’s private investment landscape, while from India, we featured an interview with Novo Holdings and Creador’s potential investment in a local NBFC.
In case you missed reading these stories, here is a recap of the most-read articles in May:
Southeast Asia
Tiki’s plunge from soonicorn to sub-$10m valuation stuns investors, highlights harsh reset
Today, its core business has shrunk so sharply that it no longer registers in market share charts. A recent funding round has left most earlier investors wiped out.
How Vietnam’s Tiki burned $670m and lost the e-commerce race
Tiki has raised more money than Carro, SE Asia’s biggest used car platform, Indonesian e-commerce peer Bukalapak, and more than double the funding raised by eFishery.
Vietnam’s MoMo posts first full-year profit in 2024 amid strategy shift
The milestone comes at a time when startup valuations have cooled and investor focus has shifted firmly from breakneck growth to sustainable earnings.
Ex-KKR partner’s debut fund said to have bagged over $100m commitments
Founded by former KKR Southeast Asia head Ashish Shastry last year, Analog Partners made its first investment from its debut fund the same year in Singapore-based fintech startup Qapita.
Singapore’s $300m AI startup raises Series C funding from Temasek
Whale’s latest fundraising exercise came almost four years after it raised a $50-million Series B round led by Temasek alongside return investors NIO Capital, Linear, and Alpha Startups.
Vietnamese PE managers Excelsior Capital, ABB seal new deals
Excelsior has invested in local technology outsourcing company Sota Tek and food processor LCFoods, while ABB has acquired a minority stake in Equix Technologies.
Vietnam mulls sovereign VC fund to propel startup growth
Experts believe that it has the potential to provide a significant boost to Vietnam’s budding startup ecosystem, but implementation will have its share of challenges.
Tiger Global in talks to pare down SE Asia holdings
The New York-based firm has invested over $500 million across over 40 deals in SE Asia — primarily through its Internet Fund VII — with a portfolio comprising over 30 companies.
One of Indonesia’s biggest skincare chains seeks fresh funds
The promoter, who founded the business in 1999, could consider selling majority stakes or exiting the business if the deal terms and agreement are favourable.
Mizuho Asia eyes stake sale in F&B group Sushi Tei to shareholders
Should Mizuho exit its holding in Sushi Tei, its 2017-vintage Exacta Asia Investment II would return capital to LPs such as Dai-ichi Life Insurance, ADB, and Proparco.
Greater China
The LP View: GPs need to rethink strategy as days of super returns are over in China
LPs elsewhere are looking for signs of a shift in sentiment towards China, including consumer confidence and the substantive comeback of long-only investors
China’s PE-VC market braces for shakeup as tough times weed out trailing GPs
The ongoing reshuffle in Greater China’s private investment market is expected to intensify as significant macro challenges eliminate trailing managers with unwanted “zombie funds”.
India
Novo Holdings eyes opportunities in food, agri and climate tech sectors in India, Indonesia
While the firm has made select investments as limited partners (LPs) in private capital funds, it is now prioritising direct investments.
Malaysia’s Creador in talks to invest in True North-backed Indian NBFC
Negotiations have gained steam as True North, the NBFC’s existing investor for the past nine years, charts its exit strategy.
