This week, DealStreetAsia DATA VANTAGE published its latest report, the India Deal Review: Q2 2026. The report revealed that private equity and venture capital investments in Indian startups declined 14.3% to $4.08 billion across 261 deals in April-June 2026, from $4.76 billion raised in Q1 2026.
The slowdown was more pronounced in deal volume, which fell 25.4% from 350 transactions in the previous quarter, amid growing investor caution and tighter scrutiny of early-stage bets.
About half of the total capital raised in the quarter came from seven megadeals, pointing to bigger cheque sizes and renewed late-stage appetite. Growth-stage deals accounted for 59% of the total capital deployed, with $2.5 billion raised across 37 transactions.
Read the report for more data and insights on India’s startup funding landscape.
Moving onto the other headlines of the week:
LP-GP news
Sovereign wealth funds are moving beyond co-investments and joint ventures to actively shape investment outcomes by building out their own capabilities as general partners, particularly across Asia and the Middle East.
Brookfield has raised around $2 billion from strategic anchor investors, including Saudi Arabia’s sovereign wealth fund, for a private equity fund that will invest in companies in the kingdom and wider Middle East.
Keppel Ltd. has surpassed its interim target of S$100 billion ($77 billion) in funds under management ahead of schedule after raising fresh capital across its private market strategies, underscoring investor appetite for infrastructure, private credit and digital assets.
Invictus Private Equity Asia, a South Korea-headquartered, pan-Asia private equity firm, is set to enter Southeast Asia with the opening of a Singapore office within the next couple of months.
Analog Partners, the growth investing platform under Analog Capital, has closed its debut fund at around $150 million.
Deal updates
Singapore-based clean energy platform PCG Global has secured its first external funding in a pre-Series A round anchored by Temasek-owned investment platform GenZero.
Psalion, a Singapore-based disruptive venture capital fund focused on the Web3 ecosystem, has announced the launch of a $50-million vehicle aimed at the next wave of blockchain adoption.
HashKey Holdings, Hong Kong’s largest licensed crypto exchange, is seeking to acquire Singapore-based Asia Pacific Exchange to expand its regulated financial market infrastructure footprint in Asia.
Hyperscale data centre specialist AirTrunk has secured a 9.5-billion-ringgit ($2.3-billion) loan from a consortium of 30 local and international financial institutions, including the International Finance Corporation.
Alternative asset manager Anicut Capital launched the $26-million (Rs 250 crore) Grand Anicut Seed Fund, marking its second vehicle dedicated to early-stage investments.
Brookfield Asset Management has received approval from India’s competition watchdog to acquire certain entities of the Oaktree group, marking a significant move in the global alternative investment space.
EQT has agreed to sell Quantios, a software provider to the global trust and corporate services industry, to Vista Equity Partners for an undisclosed sum.
HSBC is selling its A$36 billion ($25.30 billion) Australian home and personal loan portfolio to investment giant Blackstone, marking its phased exit from retail banking in the country.
Indonesia-based fintech infrastructure startup Brick is in advanced talks to sell a majority stake to an Australian fintech player, in a deal valued at $10-20 million.
Manipal Health Enterprises’ $960.4-million initial public offering was oversubscribed on the final day of bidding on July 31, led by institutional investors, while valuation worries kept retail investors cautious.
The bottom line
GoTo Group notched its second consecutive quarterly profit in Q2 2026, as rapid growth in its fintech business and continued cost discipline helped the Indonesia-listed tech giant improve profitability despite moderating growth in its on-demand services business. However, the celebratory window may be brief. GoTo chief executive Hans Patuwo described the period as an “eventful quarter”, as a softer Indonesian economy collided with a regulatory change that strikes directly at the economics of its original core business.
2025 marked a big shift for Carousell, as revenue from selling goods overtook classifieds for the first time. The company’s revenue from the sale of goods hit $63.3 million in 2025, overtaking the $52.4 million it generated from classifieds advertising.
Southeast Asian fintech unicorn Atome Financial’s revenue surged 80% to $470 million in the year ended December, from around $280 million in 2024. Total operating income rose 52% to $360 million, while gross merchandise volume increased more than 60% to over $4 billion.
KKR‘s second-quarter profit beat market expectations, as it raked in higher fees from managing a growing stack of assets and cashed in on a bumper run of asset sales.
Private equity firm CVC Capital Partners surpassed market expectations for its half-year net profit, boosted by growth in fundraising and a rise in fee-paying assets under management.
Indonesian coffee chain unicorn Kopi Kenangan reported its first full-year profit in 2025 after several years of prioritising expansion, with audited financial statements showing revenue growth outpaced operating costs even as the firm continued investing heavily in new stores.
Indonesia-listed tech giant Bukalapak reported second-quarter revenue of 1.62 trillion rupiah ($89.6 million), broadly unchanged from a year earlier, while adjusted EBITDA remained positive at 6 billion rupiah ($332,005). Mark-to-market losses on its Allo Bank investment, however, weighed on the company’s bottom line.
Grab-backed, Indonesia-listed digital bank Superbank posted a pre-tax profit of 134 billion rupiah ($7.4 million) in the April-June quarter, up 33.5% from 100 billion rupiah ($5.5 million) in the first quarter, supported by robust loan growth across the Grab and OVO ecosystem while continuing to improve profitability and asset quality.
PT Global Digital Niaga Tbk, the Indonesia-listed retail and e-commerce group that owns Blibli, Tiket.com, Ranch Market, and Dekoruma, reported stronger Q2 revenue and sharply narrowed its first-half losses as growth in its institutional business and tighter cost controls improved profitability despite continued investments in expanding its offline retail network.
Jin Chan Invest and its subsidiaries, the Singapore-based group that owns the Philippines-based buy now pay later (BNPL) platform Billease, nearly doubled revenue in 2025, as rapid lending growth drove higher earnings.
Vietnam’s first tech unicorn, VNG Group, posted a sharp improvement in second-quarter earnings, with net profit surging more than 30-fold year-on-year, as stronger monetisation across its gaming, instant messaging app Zalo, and fintech businesses, coupled with deeper AI adoption, boosted operating performance.
India’s Swiggy Ltd has narrowed its quarterly loss by 34%, buoyed by healthy demand for its food delivery and as its quick commerce arm Instamart hit a contribution break–even.
Vietnamese conglomerate Vingroup posted consolidated net revenue of 222.3 trillion dong ($8.5 billion) in the first half of 2026, up 72.5% year-on-year, as its industrial manufacturing and real estate businesses continued to drive growth.
Deep dives
Southeast Asia’s data-centre boom is pulling state-backed investors closer to the action, as the rising cost and complexity of building new capacity stir demand for deeper pools of long-term capital.
Last week marked a turning point in India’s space story as Hyderabad-based Skyroot Aerospace launched the country’s first privately developed orbital rocket. “India’s spacetech ecosystem is moving from a government-led story to a genuinely private one,” said Pratip Mazumdar, partner at Inflexor Ventures.
Despite one of the most challenging fundraising environments in recent years, Tokyo-based venture capital firm Genesia Ventures announced the close of its fourth fund at $113 million in May, underscoring its conviction that long-term opportunities across Asia—particularly Southeast Asia—are intact.
Seven of the top 10 M&A and PE transactions in India’s healthcare sector this year have been in pharma and biotech, with Sun Pharmaceutical’s acquisition of US drugmaker Organon & Co. accounting for the lion’s share of the sector’s deal value.
Infrastructure investments, traditionally funded by long-term institutional capital, have been under-allocated and are only now catching up, according to senior Brookfield officials. Data points, specifically in India, indicate increasing private capital participation in the country through infrastructure investment trusts.
