<article>Singapore-based cloud-based software provider Deskera is learnt to have secured over $100 million in an extended Series A round from an entity linked to South Korea&#8217;s Naver, according to a source aware of the development.</article>

Singapore-based cloud-based software provider Deskera is learnt to have secured over $100 million in an extended Series A round from an entity linked to South Korea&#8217;s Naver, according to a source aware of the development.
Another industry executive linked to the transaction said Deskera&#8217;s valuation was close to $500 million after raising one of the largest Series A rounds in Southeast Asia.
This marks the second deal this calendar year in Southeast Asia for the fund led by South Korea’s Mirae Asset Group and web portal Naver Corp (best known as the parent company of messaging application Line). In January this year, the Asia Growth Fund jointly set up by Mirae Asset and Naver Corp had announced that it will invest $50 million in Indonesian e-commerce startup Bukalapak.
In November 2018, Deskera had raised over $60 million in a Series A funding round from investors including Jungle Ventures, Cisco Investments, Tembusu Partners, Susquehanna International Group and Innoven Capital.
The company, which was founded in 2008 and offers cloud-based solutions to small and medium-sized enterprises (SMEs) in Southeast Asia, has now raised over $40 million in this extended round from the Mirae Asset-Naver Asia Growth Fund.
Deskera says its solutions allows SMEs to track finances, manage customers, and hire and manage employees.
In an email statement to DEALSTREETASIA, Naver confirmed that an investment was made into the Singapore-based cloud platform via the Mirae Asset-Naver Asia Growth Fund, but declined to reveal details.
&#8220;This investment was&#8230; made through &#8216;Mirae Asset- Naver Asia Growth Fund&#8217; between Naver and Mirae Asset. We cannot disclose the amount/valuation of the investment&#8230; Naver and Deskera are in discussions with respect to collaboration in technology and cloud infrastructure such as hosting and other services,&#8221; Naver said in response to a query from DEALSTREETASIA.
It is also learnt that Deskera has begun work on its Series B round, for which it is targeting to raise double the Series A proceeds and enter the unicorn club. An industry source said the company had hired JP Morgan&#8217;s investment banking unit to work on its Series B round, but this development could not be independently verified by DEALSTREETASIA.
The Mirae Asset-Naver Asia Growth Fund, meanwhile, has been upping the ante on its Southeast Asian investments in recent months. In addition to Indonesia&#8217;s Bukalapak, its portfolio in the region includes Grab, HappyFresh and BigBasket. It is also reportedly participating in Indian ride-hailing startup Ola&#8217;s $1-billion Series J round.
When contacted, Shashank Dixit, CEO of Deskera, declined to comment.
DealStreetAsia had first reported in June 2017 that Deskera was in talks with PE firms to raise at $100 million.
During the earlier interaction, Dixit had also added that Deskera last <a style="color: #000080;" href="https://www.dealstreetasia.com/stories/cloud-based-software-provider-deskera-makes-big-india-push-75771/">raised about $20 million in convertible debt</a> from SoftBank, Aris Prime, Partners Asset Management, Tembusu Partners, and Tikehau Capital. Deskera had also filed for an IPO in Singapore but had later postponed its listing plans.
The company employs over 300 people with offices in Singapore, Kuala Lumpur, Jakarta, Dubai and eight Indian cities including Mumbai, Delhi, Bangalore, Ahmedabad and Pune.
Also read:
<a style="color: #ff0000;" href="https://www.dealstreetasia.com/stories/deskera-raises-60m-series-a-from-jungle-ventures-cisco-investments-others-111836/">Deskera raises $60m Series A from Jungle Ventures, Cisco Investments, Tembusu, others</a>
<a style="color: #ff0000;" href="https://www.dealstreetasia.com/stories/s-korean-fund-to-invest-50m-in-indonesian-online-marketplace-bukalapak-117802/">Indonesia’s Bukalapak secures fresh funding from Naver-Mirae Asia Growth Fund</a>
<a style="color: #ff0000;" href="https://www.dealstreetasia.com/stories/mirae-asset-naver-ola-openapp-120761/">India Digest: Mirae Asset-Naver said to invest in Ola; Unicorn Ventures backs OpenApp</a>

Naver has confirmed that an investment was made into the Singapore-based cloud platform via the Mirae Asset-Naver Asia Growth Fund.

Exclusive: Singapore's Deskera raises over $100m in extended Series A round

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Exclusive: Singapore's Deskera raises over $100m in extended Series A round

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