We are back with our weekly wrap of capturing top deals, trends and themes across private markets in Asia.
Following the recent successful market outing of Creador-backed retail chain Eco-Shop, we looked at the Malaysia stock exchange scorecard that recorded 55 new listings in 2024– its highest number of IPOs in 19 years.
The listings collectively raised RM7.42 billion ($1.74 billion) — a 107% leap from the previous year, fueled by market enthusiasm and supportive regulatory frameworks. Retail chain Eco-Shop—one of the most anticipated listings of the year—stood out not only as the biggest IPO on the exchange in 2025 so far but also by bucking the trend of tepid debuts.
Market analysts say firms with strong fundamentals and clear growth stories will continue to command investor interest.
Moving to other headlines that dominated the week.
Deal news
In multiple deal updates from SE Asia, Singapore-based insurtech unicorn bolttech closed a $147 million Series C funding round at a $2.1 billion valuation, up from $1.6 billion in May 2023. The final close was reached following the investment commitments from Sumitomo Corporation and Iberis Capital, a Portuguese PE and VC firm.
Singapore robo advisor and investment platform operator Syfe has closed its Series C round at $80 million as it aims to drive regional expansion across Asia.
Proterra Investment Partners Asia has acquired one of Thailand’s largest frozen edamame producers, Lanna Agro Industry. The food-focused private equity firm has deployed the capital from its third fund.
Navis Capital is selling Southeast Asian smart card manufacturer dzcard Group to Japan’s Toppan Security. Navis acquired dzcard in 2018.
I Squared Capital is acquiring a controlling stake in Philippine cold chain logistics company Royale Cold Storage, a portfolio company of Philippine-based PE firm Navegar.
Moving on to deals from India, B2B marketplace Udaan has raised $114 million in its Series G round of funding, led by M&G Plc and Lightspeed Venture Partners, as it moves closer to its planned public market debut.
Stable Money, a wealth tech startup in India, has raised $20 million in a Series B round led by Nandan Nilekani’s Fundamentum Partnership. This funding comes 10 months after Stable Money raised nearly $15 million in Series A led by RTP Capital.
360 ONE Asset has completed an investment of $19.8 million in Paras Healthcare, a multispecialty hospital chain in North India. The transaction includes both primary capital infusion and a secondary component.
IFC is considering an equity investment of about $35 million in the technology arm of Indian fintech company Fibe. IFC’s likely investment in Fibe, formerly known as EarlySalary, comes roughly one year after the startup closed its Series E round at $90 million.
KKR has committed $600 million in structured credit financing to India’s Manipal Education and Medical Group. The firm is increasingly leaning into India as a key market for its credit strategy.
LP-GP quarters
Venture capital funds have been pitching so-called ‘secondaries’ as a fallback plan to convince limited partners that there is still a path to liquidity even as the industry grapples with stalled IPOs and buyouts. But the reality is that the market barely exists in any meaningful form across much of Asia.
APAC institutional investors are retreating from emerging markets to pour capital into developed economies in a growing flight to quality, according to State Street’s survey-based report with its 450 buy-side institutional clients.
In fundraising milestones, Chinese venture capital firm SparkEdge Capital announced the first closing of its second flagship RMB fund, as it is pooling 700 million yuan ($97.5 million) of fresh dry powder to invest in new energy and technology startups in China.
Zhongguancun Science City, a local government investment firm in Beijing, will invest in funds managed by Qiming Venture Partners, Monolith Management, and Meituan’s DragonBall Capital, among two others, amid the growing prominence of state capital in the country’s deeptech investment scene.
China Pacific Insurance Co Ltd is pooling 50 billion yuan (almost $7 billion) for two private investment funds, respectively focusing on M&A in emerging sectors of strategic importance and securities investments.
From India, healthcare-focused investment firm HealthKois has launched a $300 million fund looking to back early growth-stage firms.
Venturi Partners expects to hit the first close of its second fund by the end of this month. Founder and managing partner Nicholas Cator and managing partner Rishika Chandan shared that the first close of Fund II will primarily consist of re-ups.
India’s InCred Alternative Investments, which recently closed its maiden private equity (PE) fund, is betting big on large, established companies – but at valuations that come at a discount to public market multiples.
Analyses and interviews
Eighteen months after the high-profile union of TikTok Shop and Tokopedia, there seems to be trouble in paradise—sellers are struggling with backend changes, Tokopedia teams are facing layoffs, and the merger is being scrutinised by Indonesia’s antitrust regulator for potential monopolistic behaviour.
Following two years of sustained profitability, the Philippines-based BNPL and consumer finance startup BillEase is recalibrating its funding strategy to cut reliance on offshore debt while exploring a potential expansion into the banking sector.
A talent and compensation shift is taking place in China’s VC industry, which has slimmed down drastically in recent times. Furthermore, the shift in the talent demand scene comes as the Chinese PE/VC market, which took reference from the US model in its early days, undergoes a paradigm shift with RMB-denominated government capital taking centre stage.
A rapidly ageing population has fuelled longevity and healthspan-related innovations across Asia, but the region is short of early-stage venture-building investors. This may put off the timetable of translating academic breakthroughs into real-world impact, says Dr. Alexandra Bause, co-founder and venture partner of Apollo Health Ventures.
We are about three months away from the Asia PE-VC Summit 2025. Check out nearly 60 top-notch speakers representing the region’s most active investors and asset allocators. Do consider joining us in Singapore to experience high-impact conversations shaping private capital investing in Asia.
