Our scoop on the MDI Ventures saga was the most-read story for the second consecutive month.
In top stories of October, we reported that Saudi Arabian venture capitalist Beta Lab is said to be in discussions to buy over 80% of the portfolio in MDI Ventures, the corporate venture capital arm of Indonesian state-owned telecom firm Telkom, in what could be one of the largest selloffs in the country’s startup sector.
Last month, we wrote about the issues at MDI that led the CVC to delay fresh investments pending “internal checks”.
In other top headlines in October, we tracked potential deals at Indonesian tea company Sinar Sosro and Vietnam’s Tam Tri Medical and fundraising updates at poultry startup Chickin and parenting platform Supermom.
In fundraising milestones, we covered developments at Temasek-backed Innoven Capital and HK-based Mindworks Capital.
If you missed these stories, here is a curated list of trending scoops and analytical takes from October 2024.
We have also announced the dates for our Indonesia PE-VC Summit 2025 on January 16, at The St. Regis Jakarta. Kickstart 2025 with the go-to conference to navigate SE Asia’s top market.
Get your ticket now
Top stories of October 2024
Stories from Southeast Asia
Saudi prince-linked VC said to be in talks for MDI Ventures’s startup portfolio
The disposal package may consist of minority stakes in well-performing and distressed assets, including its holdings in Finaccel, Koinworks, Privy and Sicepat.
Indonesian poultry startup Chickin raises $20m funding
Granite Asia contributed $4 million to the Series A+ round. The round was also backed by ADB Ventures, and VC firms Integra Partners, 500 Southeast Asia, East Ventures and others.
Rich Indonesian family’s tea company Sinar Sosro mulls $100m fundraise
Rekso, which owns a majority stake in Sinar Sosro, also operates the McDonald’s Indonesia franchise and tea manufacturer Gunung Slamat.
Traveloka turns profitable in 2023 driven by revenge travel, lower expenses
Although Traveloka has achieved profitability, the timing of its initial public listing will depend on favourable conditions in the global market, analysts said.
Falcon House weighs setting up continuation fund, may transfer three Indo assets
The assets being considered for transfer to Falcon House’s potential continuation vehicle are from the food & beverage sector.
SG parenting platform Supermom bags $14m led by Granite Asia
The startup last received at least $6 million in Series A funding in March 2023. The round was led by Qualgro Partners and backed by AC Ventures and Farquhar VC.
Quadria Capital said to weigh investment in Vietnam’s Tam Tri Medical
If the transaction fructifies, it might create an exit for VinaCapital’s Vietnam Opportunity Fund, which invested in Tam Tri Medical in 2018.
Liquidity now or fair valuations later? SE Asian PE faces a dilemma
The region faces a reality check as there is little DPI to return to limited partners (LPs), deterring their faith in the asset class.
Investors cite execution risks for struggles of large continuation funds in Asia
Long transaction timelines and the lack of experienced advisors facilitating deals are major hurdles preventing the success of the secondaries process.
‘Continuation vehicles should be used to unlock value, not as a fallback option’
The key is to ensure that LPs view these funds as a proactive, strategic tool that offers liquidity options and not merely as a reaction to market stagnation.
India stories
Temasek-linked InnoVen Capital raising $350m for SE Asia, India debt funds
InnoVen is also raising funds for a $250-million vehicle for young companies in India. The lender has deployed over $800 million and has 200 portfolio companies in the country.
India’s first-time fund managers hit hardest as LPs worry over low DPIs
Capital raised by first-time fund managers stood at a meagre $346 million in the first nine months of the year, a sharp 60% fall compared with the $849 million raised in 9M 2023.
Temasek-backed ABC Impact in talks to back Indian dialysis chain
In India, ABC Impact’s portfolio includes agritech startup Cropin, non-banking financial company Aye Finance, and edtech startup Vedantu, among others.
Greater China stories
Hong Kong VC firm MindWorks Capital closes Fund IV at $220m
The Lalamove-backer’s fourth fund secured commitments from several sovereign wealth funds, a university endowment fund, asset management firms and family offices.
China’s PE-VC industry must ‘go its own way’ amid tough times: Oriza FOFs
With state capital becoming the leading fund sponsors, Chinese GPs have been going through a learning curve in interacting with state capital investors—who tend to be more risk-averse.
