This week, DealStreetAsia released its fifth annual report on the gender funding gap in Southeast Asia. Of the 461 startups analysed, all-women teams secured 21 equity funding rounds, accounting for only 4.6% of the total deal volume and just 3.2% of the total capital raised for the year, according to the Women Founders in SE Asia: 2025 Funding Review. And while all-women startups raised $170 million in 2025, about 80% of it came from a single growth equity round by Nhi Dong 315, indicating capital concentration rather than broad-based momentum.
We also published our monthly deal reviews for SoutheastAsia, India, and China this week. While startup funding in Southeast Asia fell 94% month-on-month in February 2026 in the absence of any megadeals, Indian startup funding surged, powered by AI infrastructure startup Neysa’s $1.2-billion funding round which accounted for half of the month’s total raise. Meanwhile, startups headquartered in mainland China, Hong Kong, Macau, and Taiwan raised over $5.3 billion in February through the completion of 175 deals, 23% less than in January 2026 as the number of deals also fell 32.2% from the previous month.
Moving onto the other developments of the week:
LP-GP updates
DPI momentum is building for Siguler Guff’s first direct investment emerging markets fund, GEMCo, as select Indian assets near exits with announcements expected in the first half of this year and early 2027.
Southeast Asia-focused mid-cap private equity firm ACV Capital is in the process of raising a new climate-focused investment vehicle. It is also said to have shown interest in leading a $25-million funding round in Vetreska, a fast-growing pet lifestyle brand known for its design-led pet furniture and accessories.
Axiom Asia, the private equity investment firm focused exclusively on the Asia-Pacific region, is understood to be targeting the first close of its second Opportunities fund in the first half of the year.
Despite some discussions otherwise, there remains an expanding, untapped opportunity for private credit providers in Asia, amid narrowing banking options and growing demand for financing, particularly in corporate capital expenditure, said Frank Danieli, Head of Global Credit Solutions at MA Financial Group.
Singapore-headquartered Cross Capital has welcomed Japan’s Resona Bank and packaging firm Toyo Seikan Group Holdings as new limited partners in its first fund-of-funds.
Bain Capital is close to wrapping up fundraising for its sixth pan-Asia private equity fund after raising about $10.5 billion, well exceeding its $7-billion target, Reuters reported.
CVC Capital Partners’s fifth Asia fund is expecting to generate about 100 million euros ($115 million) in performance fee, contributing about 14-17% of the group’s performance-related earnings between 2026 and 2027.
National Investment and Infrastructure Fund Limited (NIIF), India’s sovereign-anchored alternative asset manager, has secured commitments of up to $750 million for its Private Markets Fund II.
Private credit and venture debt investment firm Partners for Growth has secured a first close of more than A$250 million ($165 million) for a new, later-stage technology private credit strategy focused on Australia.
Deal news
Philippine grab-and-go coffee chain Pickup Coffee has issued up to $8 million in convertible notes to existing investor Venturi Partners and new backer Antler, as the startup prepares for a larger equity fundraising that could bring in $20-40 million.
ICICI Venture, the private equity arm of ICICI Bank, is in advanced talks to invest in a Chennai-based diagnostic chain as it plans to expand its operations.
Indonesia’s state-owned Telkom Group has divested its healthcare subsidiary AdMedika to Singapore-based Fullerton Health, as part of a broader portfolio restructuring strategy, confirming a DealStreetAsia exclusive from end-January.
KAST, a startup founded by the former Singapore chief of Circle Internet Group, has raised $80 million to expand its stablecoin-based payments globally as adoption of the technology grows.
Blackstone’s AirTrunk has secured a 191.6-billion-yen ($1.24 billion) green loan to refinance and fund expansion of its hyperscale data centre campus in eastern Tokyo, marking the largest data centre financing completed in Japan.
Mozark, a Mumbai-based platform that monitors digital performance across devices, networks, and geographies, has raised $40 million in its Series B funding round led by IFC and RMB Capitalworks.
KAST, a startup founded by the former Singapore chief of Circle Internet Group, has raised $80 million to expand its stablecoin-based payments globally as adoption of the technology grows.
Gresham House, which last year acquired energy transition infrastructure manager SUSI Partners, has signed an agreement to acquire a stake in Vietnamese on-site renewable energy developer Asia Clean Capital Vietnam.
Singapore-based logistics company GLP is targeting a valuation of about $20 billion with a Hong Kong initial public offering that could occur as early as this year, Reuters reported.
The balance sheet
Indonesian tech giant GoTo Group reported a sharp improvement in profitability in 2025, inching closer to breakeven and posting a record adjusted EBITDA that exceeded its guidance for the year. While its on-demand mobility and delivery services continued to grow in 2025, the standout performer was GoTo’s fintech arm.
Indonesian beauty and personal care retailer Sociolla recorded a sharp drop in revenue in 2023 and returned to a loss, according to a recent regulatory filings.
Indian digital healthcare platform Practo and its subsidiaries cut losses sharply in the year ended March 2025 despite a marginal revenue drop as expenses came down by nearly 30%, regulatory filings showed.
GoTo-backed Indonesia-listed digital bank Bank Jago more than doubled its profit in 2025, as stronger lending growth and higher fee income boosted earnings.
Grab-backed Indonesia’s Superbank swung to a profit in 2025, supported by strong loan expansion and growing deposits as the bank scaled its digital ecosystem partnerships.
Indonesian e-commerce giant Bukalapak also swung to a profit in 2025, supported by strong revenue growth across its core business segments and gains from investment revaluations.
Policy bytes
Malaysia has announced the fourth edition of its national programme dubbed the ‘Capital Market Masterplan 2026–2030’, designed to deepen the capital markets, attract global investors, and expand funding channels for companies, including reforms to support private equity and venture capital.
Hong Kong’s booming family office sector is set for a strategic pivot, with their allocations into alternative assets, including private markets and digital assets, expected to “rise notably” over the next three years, according to a report commissioned by the Hong Kong Institute for Monetary and Financial Research (HKIMR).
