Data Vantage: SE Asian e-commerce in full swing as post-pandemic recovery looms

Southeast Asia’s e-commerce companies are preparing for a new phase of growth as the region gears up for post-pandemic recovery.

Vietnam’s e-commerce major Tiki raised $146 million last week – $136 million on Thursday and another $10 million on Friday – as part of its Series E round. The latest tranche of funding, which was raised by Singapore-registered Tiki Global, brings its Series E total to $240 million. According to one source, the company could close the round at over $250 million.

The Series E round, once closed, will make Tiki a near unicorn. The company has previously evinced interest in an overseas listing. An industry source said an initial public offering (IPO) could take place next year or early 2023 but the decision remains subject to market conditions.

Tokopedia, one of Indonesia’s largest online marketplaces, has fully onboarded sister company GoPay as its main digital payments partner to power up its e-commerce business after divesting its full interest in fintech firm OVO to former strategic partner Grab earlier this month.

Singapore’s used goods marketplace Carousell, which achieved unicorn status last month, on Friday completed the acquisition of Ox Street, an online marketplace for authenticated sneakers and streetwear.

Data filed with Singapore’s Accounting and Corporate Regulatory Authority (ACRA) indicates that the acquisition involved a share swap between the two companies, resulting in Ox Street owning a roughly 0.2% stake in Carousell.

Meanwhile, Singapore-based global tech investor EDBI topped up its investment in ShopBack, bringing its total stake in the cash rewards and discount startup to 2.3%, our data shows. The investment is part of ShopBack’s $40 million Series E round led by state investor Temasek.

Surging deal value

Our latest quarterly review of startup fundraising in Southeast Asia finds that homegrown e-commerce startups recorded 89 deals with a combined value of $2 billion in the first nine months of this year. The performance marked a significant jump from 59 deals worth $458 million in the same period of last year.

B2C grocery suppliers recorded the highest deal volume among all e-commerce categories in the third quarter. Online grocery startups raised $128 million across seven deals, of which five were inked by Indonesian startups, including HappyFresh ($65 million), Segari ($16 million) and Dagangan ($11.3 million).

Indonesia remained the most active market for e-commerce deals, contributing 48.2% to the overall deal value, followed by Malaysia (25.3%) and Singapore (17.4%).

Much like previous quarters, e-commerce was the second most active tech vertical in terms of deal volume as startups inked 38 transactions with total proceeds of $782 million. The quarter also saw two of the region’s e-commerce platforms, Carsome and Carousell, surpass the coveted $1 billion valuation.

Other updates from DATA VANTAGE

Singapore-headquartered IoT solutions provider UnaBiz has completed its Series B round. The company’s latest ACRA filing shows it secured $24 million in total in the latest round, bringing its total equity funding to $40 million.

Asian Gateway Investments, a wholly-owned subsidiary of the Singapore Exchange (SGX), has topped up its investment in ICHX Tech, the operator of private investment app ADDX, by injecting $5 million in fresh capital. ICHX has raised close to $60 million to date, according to our database.

India-focused Leap Finance welcomed Virtual Edtech Enterprises as a shareholder last week following a $5 million investment. The investment was part of Leap’s $55 million Series C round, which was led by Owl Ventures with participation from Harvard Management Company and existing investors such as Jungle Ventures and Sequoia Capital India.

Jakarta-based venture capital firm Alpha JWC Ventures invested $3 million in Topica Holding, the Singapore-registered entity of Vietnam-focused Topica Edtech Group, last week, the first capital injection the company has received since March last year, a regulatory filing shows.

Indonesia-focused venture capital firm East Ventures and Malaysia-based Citrine Capital led investments in Singapore-based healthcare platform Smarter Health worth $2.6 million last week. Smarter Health recently inked a strategic partnership with Nasdaq-listed data analytics firm Health Catalyst.

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.