Asia Partners, a Singapore-headquartered growth equity investment firm, has anchored the $30-million funding round in Indian SaaS platform SingleInterface, according to an announcement Thursday.
The funding round, SingleInterface’s first external fundraising, was also backed by PayPal Ventures, the global corporate venture arm of payments giant Paypal.
SingleInterface, founded by Tarun Sobhani and Harish Bahl, is a local management solution for retail brands that seek to build their digital presence.
Its product suite includes digital marketing, customer engagement, and e-commerce for multi-location enterprise brands.
The company said it will use the fresh capital to expand its global reach and to further add to its portfolio of hyperlocal marketing, engagement, and commerce products, among others.
“We are committed to further investing in building our portfolio of AI-driven marketing and commerce-enabling products,” said Sobhani, the co-founder and CEO.
SingleInterface claims to have 400 multi-location brands spanning industries such as food and beverage, retail, telecommunications, banking, and education. It serves customers across Asia and the Middle East.
The deal marks Asia Partners’s first software investment and its first that bridges Southeast Asia and India, which it considers an important trend that will see a rise in frequency over the next decade.
The investment comes about three months after Asia Partners closed its second fund, Asia Partners II LP, at $474 million. According to a company statement, the second fund is 23% larger than the firm’s inaugural fund, Asia Partners I LP, which received $384 million in commitments and completed its final close in March 2021.
More than 9% of the fund’s total capital is from Asia Partners’ employees and advisory board members, the company statement added.
Asia Partners was launched in 2019 by six co-founders: Nicholas Avinash Nash, Jill Cheong Hsi Min, Pitra Ciputra Harun, Oliver Minho Rippel, Kien Nguyen, and Vorapol Supanusonti.
The technology-focused investor is focused on the intersection of three key themes—the long-term growth potential of Southeast Asia, the rapid growth of innovative technology and technology-enabled businesses, and the scarcity of growth capital for these companies.
