Data Vantage: Pick-up in startup dealmaking in Thailand and other updates

Thai logistics firm Giztix on Wednesday announced it has raised a $10 million Series B round to improve its technology and transportation services. 

Bualuang Ventures, the investment arm of Bangkok Bank, and WHA Venture Holding, a subsidiary of Thai logistics developer WHA Group, invested $3 million each in the round. AddVentures, KK Investment, and CAC Capital also joined the round. 

Bualuang and WHA Venture also purchased ordinary shares from Giztix co-founders Sittisak Wongsomnuk, Sarawut Kittirattanasopha and Nattavut Hunpongkul in October and this month to build their stakes, according to regulatory filings.

In October, WHA had bought out individual investors Somwang Luangphaibooonsri, a senior director at Visa Thailand, and Patiwat Panurach, a vice-president at NewtonX, and acquired some Giztix shares from 500 Tuktuks.

As of Wednesday, WHA owns a little over 19% of Giztix, while Bualuang holds a 13% stake. The calculation is based on the equity funding received by the startup so far. 

Top shareholders in Giztix

giztix
Source: DATA VANTAGE

Thai startups under the spotlight

November has been an eventful month for Thai startups. Crypto exchange Bitkub became the country’s latest unicorn at the start of the month as Siam Commercial Bank acquired a 51% stake in the startup for over $500 million.

More recently, Singapore-based Doctor Anywhere announced the acquisition of Thai health tech firm Doctor Raksa to expand its presence in the country.

Among other recent deals, fintech firm Lightnet’s co-founders injected at least $48 million into the firm and business solutions provider MyFloudFulfillment secured $7.4 million in a Series B round. Last week, gaming platform GuildFi snagged $6 million in seed funding.

The pick-up in dealmaking comes after Thailand minted its first two unicorns earlier this year – logistics firm Flash Express in June and fintech company Ascend Money in September.

Other updates from DATA VANTAGE

Indonesian B2B e-commerce marketplace Ula has seen its valuation breach the $500-million mark after securing an additional $23.1 million in its Series B round. Tiger Global, which contributed $23 million in the latest tranche, is now among Ula’s top 10 shareholders with a 4.57% stake.

Nasdaq-listed SaaS firm Freshworks’s co-founder and CEO Girish Mathrubootham and ScaleX Partners, a firm that manages investments for family offices including that of OYO founder Ritesh Agarwal, are among the latest to pick up secondaries in Indian fintech unicorn Pine Labs, which is preparing for a US listing. The pair bought shares from Pine Labs co-founder Lokvir Kapoor.

Kapoor has previously offloaded some of his shares to Swiggy founder Sriharsha Majety, Indifi co-founder and CEO Alok Mittal and Dream11 founder Harsh Jain.

Fintech lending firm Validus received an additional $1.48 million from parent Validus Investment Holdings this week. The funding follows a previous top-up by the parent firm in March this year. Validus has received a total of $2.96 million this year.

Clinical stage biotech firm Lion TCR bagged $1.47 million from V Star Capital this week. The Chinese venture capital firm had previously injected $1.5 million into the startup in February this year.

Hera Capital managing partner Thierry de Panafieu has exited the board of Singapore-based healthy food chain SaladStop! after the startup closed an $8.7 million funding round led by Temasek Holdings.

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.