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Editor's take: The week that was — Sept 2-7
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JD.com’s fintech arm to buy troubled consumer lending firm
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Venture Catalysts, 1Crowd lead funding in Nautical Wings and India deals worth $84m
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Family office GreenBear Group to remain committed to SE Asia, India
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Indian carrier SpiceJet restructures dues to Carlyle Aviation
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Vietnamese police investigate local unicorn VNG’s operations
Warburg Pincus closes first Capital Solutions Fund at $4b—double of initial target
Hades Financial said to be a ‘fake fund’, dupes PE-VC firms in India: Report
Actis buys stake in Manila Electric unit to back Terra Solar Project
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The Week That Was
Award winning newsletter. Recaps the week.
India
SpiceJet said it will issue shares worth $30 million to Carlyle
Carlyle acquired a controlling stake in Hexaware in 2021.
Philippines
Actis is acquiring a 40% stake in Solar Philippines New Energy for $600m, Reuters reported.
World
CVC reported adjusted after-tax profit of $377m in Jan-June 2024, up 16% YoY.
Blackstone partnered with CPP Investments to buy the data centre business for A$24b.
The Capital Solutions Funds are responsible for the firm's structured investment opportunities.
Greater China
The rounds were co-led by local investment firm Xin Ding Capital.
The $23m in equity came from Japan's GMO Payment Gateway and SMBC.
The venture debt fund will invest in startups that have raised at least $10 million in equity.
Marudhar Rocks raised $18m from Bharat Value Fund.
Nexus, Think Investments and Invus Opportunities also participated.
Capital raised by Greater China startups fell 55% QoQ to just $9b.
Southeast Asian VC firms recorded a decline in both the number of fund closes and the total capital raised in the first half of 2024.
This report examines the evolution of the key digital payment platforms in Indonesia and their bid to achieve profitability.
The number of equity funding deals sealed by SE Asian startups fell in Q2 2024 but the capital raised inched up.
Indonesia
Indonesian-based TransTRACK has witnessed a flurry of secondary transactions recently.
Rest of Asia
Wealthtech platform Syfe has received capital from Jai Ashok Mahtani, Sudeep Ramesh Namnani and Valar Ventures.
Chemicals distributor WWRC received a capital infusion from Tower Capital Asia this week.
Singapore-based Circular has raised new seed extension funding.
The acquisition will allow the JD.com unit to operate a consumer finance business.
Thailand
The fund will raise money from foreign investors and invest in ESG stocks.
Seven & i said the proposal is likely to face antitrust challenges in the US.
Singapore
The company's revenue soared 46% YoY to $54.7m.
The firm posted a net loss of S$16m in Q2 2024, up 2.7X YoY.
Surging operating expenses offset the higher revenues.
The company expected core operating profit from continuing operations to fall 23%.
The IPO of FirstCry was oversubscribed 12 times earlier this month.
Temasek Foundation has announced the appointment of Jennie Chua as its new chairman.
Hong Kong-based Miyake will take up his new role effective from Oct. 1.
Investcorp has also consolidated and organised its investment activities.
