Data Vantage: Novotech, Carousell's acquisitions, Coda's revenue surge and more

The Singapore entity of Sydney-headquartered clinical research and testing company Novotech Health has allotted new shares worth $5 million to US-based NCGS Inc, according to corporate filings reviewed by DealStreetAsia – DATA VANTAGE.

The share allotment followed last week’s announcement of Novotech’s acquisition of NCGS, a privately held contract research organisation (CRO) with a biopharma client base and a workforce of about 300 professionals across the US.

Novotech had in January completed a $255 million private placement and a $505 million refinancing, which had pushed its valuation to approximately $3 billion. US private equity major TPG maintains a controlling stake in Novotech, our data shows.

Top shareholders in Novotech Health Holdings Pte Ltd


In a separate deal, classifieds platform Carousell announced the acquisition of second-hand clothing site Refash this week for an undisclosed sum.

Regulatory filings show the deal was a cash-and-stock transaction. As part of the deal, Carousell will pay S$430,000 ($309k) to some sellers and allot up to S$1.2 million ($863,000) worth of shares to other Refash shareholders, including its founder Aloysius Sng. 

Funding and financial updates

India-based home construction app Kolo raised $4 million in a new funding round from RTP Global and Better Capital last week. It also allotted preference shares to SAFE noteholders that had participated in a $550,000 pre-seed funding round in 2021. The development, first reported by DealStreetAsia, was confirmed by the company soon after.

Other DATA VANTAGE scoops that were confirmed this week include used car marketplace Moladin‘s $95 million Series B round led by DST Global and SirionLabs‘s $85 million Series D round.

Coda Payments, which closed a $690 million round last month at a $2.5 billion valuation, managed to double its revenue in the 12-month period ended September 30, 2021. The strong revenue performance helped it more than double its net profit for the year.

Edtech major Emeritus‘s revenue for the financial year ended June 30, 2021, jumped 71% year on year to $131.2 million. The company raised $650 million in funding last year and was valued at $3.2 billion.

Singapore-based AI-powered hiring marketplace SnapHunt saw its revenue grow more than nine times in the financial year ended January 31, 2022. It has raised more than $2 million in funding to date.

Universal Aquaculture, a Singapore-based company that provides technology for indoor aqua farming, said it generated $104,000 in revenue for the financial year ended September 30, 2021.

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