Data Vantage: Secondaries afoot, Ant Group sells stake in M-DAQ and other deals

At least three companies saw their shares change hands through dozens of transactions in the past week, marking a busy period for secondaries.

Alibaba-backed Ant Group sold half of its stake in Singapore-based fintech services firm M-DAQ, held by its investment vehicle API (Hong Kong) Investment Limited, to Affinity Equity Partners last week.

Affinity also acquired the entire stake in M-DAQ held by GSR Ventures, marking the full exit of the early-stage venture firm after more than seven years as a shareholder, show data compiled by DealStreetAsia-DATA VANTAGE.

The two deals, which were carried out through four separate transactions, were part of Affinity’s S$200 million ($147.3 million) commitment for M-DAQ. The latter has so far received about S$36.8 million in paid-up capital from Affinity at S$0.16 apiece as part of its Series D round. Assuming the same share price as the Series D round, Affinity may have paid S$102.9 million to API and S$42 million to GSR Ventures.

Affinity now owns 37.3% in M-DAQ following the secondary transactions and investment, while API’s stake stands at 20.28%. M-DAQ’s latest valuation stands at $358.16 million.

Top shareholders in M-DAQ

Source: DealStreetAsia – DATA VANTAGE

Another major secondary transaction involved Singapore-registered e-commerce firm Shopback.

In conjunction with Shopback’s Series E round, co-founders Henry Chan and Joel Long have divested some of their shares through multiple transactions to a group of investors that include Appworks Ventures, Indies Capital, January Capital, and Pelago Holdings.

While the total amount Shopback is looking to raise for its Series E could not be ascertained, it has so far collected S$9.2 million in additional paid-up capital at S$10 per share. Using this price, the secondary transactions involving the co-founders may be valued at a cumulative S$2.1 million.

Shopback is currently valued at $429 million.

Transfer of shares between existing investors in SiCepat, one of Indonesia’s major logistic players, also occurred this month. Speed Holdings Ltd acquired 15,255 shares in SiCepat from SkyTrack Holdings Ltd and Roda Bangun Selaras, while Onstar Galaxy SPV Pte. Ltd. acquired 14,248 shares from SkyTrack. The entire transactions amount to 1.5% stake in the logistics company.

SiCepat has issued paid-up share capital worth $132.6 million to date with its latest valuation at $776.9 million, according to our calculation.

Record deal-making in India

Indian health and fitness startup HealthifyMe saw a complete exit by two investors, Videnda Pte. Ltd. and Gopal Srinivasan in a series of secondary transactions carried out earlier this month, which also saw Micromax Informatic FZE divesting some of its shares.

HealthifyMe announced last month that it had raised $75 million as part of a Series C round led by LeapFrog and Khosla Ventures. Data compiled by DATA VANTAGE shows the company has received $57.9 million in paid-up capital for the round to date, with shares priced between $18.2 and $20.2 apiece, up from $14.9 a share in the previous round.

The Bangalore-based company has raised approximately $90 million to date, and is now valued at $182.5 million.

In line with the fundraising trend in Southeast Asia, India saw a record amount of private capital funding in the second quarter of this year. Indian startups raised at least $9.7 billion across 339 deals, the highest in six quarters, our latest quarterly report finds.

There were 45 deals where the funding size was at least $50 million or higher. While they represent only 16% of disclosed deals, they accounted for 84% of the capital raised in Q2. This is a surge from the 68% we had seen in the previous quarter. The top three deals — Byju’s Series F, Swiggy’s Series J, and Vini Cosmetics — cumulatively raised $2.3 billion.

Financial services startups attracted $1.6 billion in funding — the highest among various industries — compared with $797.6 million in Q1 as they enhanced their digital focus.

Source: DealStreetAsia – DATA VANTAGE

Other snippets from DATA VANTAGE

Singapore-based parcel tracking SaaS platform Parcel Perform has secured $20 million in a Series A investment led by Cambridge Capital and joined by new investor SoftBank Ventures Asia and existing backers Wavemaker Partners and Investible. The company has received $15.4 million of the said funding so far, its filing shows.

Growth-stage investor Avataar Venture Partners has invested $1.5 million in India-based customer analytics SaaS platform Capillary Technologies. The company, which is backed by big investors such as Warburg Pincus and Sequoia Capital India, is said to be planning for an IPO. It was last valued at $237.9 million.

Indonesia’s cloud-kitchen management and online food catering firm Yummy Corp raised $2 million from BRI Ventures in the past week as part of its latest funding round. The company, which provides F&B solutions for corporate clients, recently teamed up with Southeast Asia’s largest food delivery service provider Grab to manage over 80 cloud kitchens in Indonesia’s major cities.

Corporate loan market platform iLex received $1.5 million in paid-up capital last week that included investments from existing backers IHS Markit Equity Investment and Canada-based Loyal VC. The company has raised $3.2 million to date.

Corporate solution provider InCorp has appointed Yen Yen Tan as a member of the company’s board of directors. Yen Yen has over ten years of independent board experience in several public companies in Singapore and Europe such as OCBC Bank, Jardine Cycle & Carriage Limited, and Barry Callebout Group.

In another executive appointment update, Indonesian e-fishery startup Aruna welcomed Sachin Ajay Bhanot and Anwar Rafique as company directors last week. Bhanot is the head of investment for Southeast Asia at Prosus Ventures and former principal at B Capital Group. As of the writing of this newsletter, we could not ascertain Rafique’s background.

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.