Startup financing in Greater China hit a 15-month high in March, buoyed by a sharp recovery in both deal volume and large-ticket transactions following the Chinese New Year holiday lull. Funding in March surged 45.9% from February, while deal volume jumped 62.3%.
Greater China startups raised just under $7.8 billion in March through the completion of 284 deals. Large-ticket transactions remained a defining feature of dealmaking, with March recording 22 megadeals worth more than $4.6 billion.
We also released our monthly tracker on the state of startup funding in Southeast Asia. Total capital raised surged 4X to $582.2 million, from February’s $128.7 million. The recovery was driven in part by the return of large-ticket transactions—there were at least two deals worth north of $100 million in March.
In India, startups raised more from mega deals despite fewer transactions in Q1, a sign that the funding market is tilting sharply toward concentrated, high-value bets. The share of mega deals in total funding value increased to nearly 38% in Q1 2026, from 32% in Q1 2025, reflecting a deeper concentration of capital in larger transactions.
Let’s move on to other developments from the week.
LP-GP quarter
Even as regional private equity funds are struggling to return cash, Creador, one of the largest independent fund managers in India and Southeast Asia, is planning to hit the fundraising market next year with a $1 billion fund.
Vietnam-based asset manager VinaCapital is set to take a leading role in Ho Chi Minh City’s newly proposed venture capital fund. The Ho Chi Minh City People’s Committee has approved a plan to establish a local venture capital fund with an initial charter capital of 500 billion dong ($19.6 million).
Three sovereign wealth funds—China Investment Corporation, Indonesia Investment Authority, and State Oil Fund of the Republic of Azerbaijan—have jointly launched a private equity platform focused on investment opportunities across the China-ASEAN corridor. The Galaxy Orientis China-ASEAN Investment Platform has secured about $520 million in its first close and is targeting a final size of $1 billion.
The IFC is considering a senior loan of up to $25 million in a private debt fund by Accial Capital targeting fintech lenders in Southeast Asia and other emerging markets. The fund is targeting a total size of $200 million, with a hard cap of $250 million.
Singapore’s Cambridge RE Partners has secured A$40 million ($26 million) in mezzanine financing from a private debt vehicle jointly managed by Muzinich & Co. and Orion3 Group, as it looks to scale its Australia-focused social infrastructure strategy.
From China, Lanchi Ventures (previously BlueRun Ventures China) has closed its fourth flagship dual-currency fund with about $560 million in capital commitments, bringing its AUM to nearly 20 billion yuan ($2.9 billion).
Luminous Ventures (formerly Lightspeed China Partners) has received $733.4 million in commitments for its latest early-stage US dollar and Chinese yuan funds, marking the biggest dual-currency fundraise in China’s VC market so far in 2026.
Accel has raised $5 billion in new capital to back late-stage startups globally. Of this, $4 billion will be allocated to its fifth Leaders Fund, which typically invests in late-stage rounds of existing portfolio companies and select new bets, supporting them as they scale toward public listings or large exits.
CapitaLand Investment Limited has closed its second Asia-Pacific real estate credit fund, raising $320 million.
In our climate-focused newsletter, GreenStreet, we look at how different players across the climate ventures ecosystem in Indonesia are working to close the ‘dead zone’ in financing.
Our weekly PE newsletter, Beyond The Buyout, examines how sovereign wealth funds Mubadala and PIF are deploying capital at scale, though Riyadh’s new discipline could put further pressure on Asian managers.
Earnings and results
Waste management firm Blue Planet Environmental Solutions and its subsidiaries posted a sharply wider net loss for the year ended March 31, 2025 (FY 2025), even as revenue rose nearly 45%, according to audited filings.
Singapore-based ONE Championship‘s losses nearly halved to $47.1 million in 2024, from $90 million in the previous year, on the back of a 37% revenue growth, regulatory filings accessed by DealStreetAsia show. Broadcasting rights accounted for roughly 81% of the total revenue, which rose to $93.2 million in 2024 from $68 million in 2023.
FreshToHome, which sells fresh fish, meat, and poultry products online in India and the UAE, narrowed its losses for the year ended March 2025 as revenue rose and marketing costs declined.
Deal news
Buyout fund manager Advent is exploring a sale of Singapore-based The Learning Lab after two failed attempts earlier. The Learning Lab offers premium tuition and enrichment programmes for nursery, kindergarten, primary, and secondary school, and junior college students. Should the process result in a transaction, it would add to a growing list of deals in Southeast Asian education companies.
IFC is considering extending a senior loan of up to $80 million to Leap India Food & Logistics, an agricultural warehousing and logistics firm backed by Singapore’s GIC.
Jakarta-based dermatology and aesthetic treatments clinic operator LIGHThouse Clinic has secured debt funding even as it prepares for larger equity fundraising.
Bain Capital has invested in Positec Group to support the company’s next phase of international expansion, product innovation, and growth in higher-value segments.
KKR will buy convertible bonds worth about $820 million issued by IT services firm Samsung SDS. This marks the private equity firm’s latest bet on Asia’s growing demand for enterprise IT and AI solutions.
Polaris Smart Metering Private Limited, a provider of advanced smart metering solutions, has secured nearly $80 million in financing from BII for its subsidiary.
Funding updates
The Asian University Basketball League has closed a Series A funding round led by Blue Pool Capital, the investment firm of Alibaba co-founder Joe Tsai.
Indonesian distribution enablement startup Baskit has raised $4.4 million in the first close of its Series A round led by Cento Ventures.
Farmnet Company Limited, the domestic trading arm of Vietnamese integrated agritech platform TechCoop, has announced the disbursement of an $11.75-million senior secured loan from Geneva-based impact investment firm Symbiotics. TechCoop is also planning a Series B equity raise later this year.
responsAbility has committed up to $15 million to Singapore-based Skye Renewables Energy. The investment is structured as private debt, sitting within responsAbility’s $500-million Asia climate investment strategy.
Kitar, a Southeast Asia-focused recommerce platform, has raised over $10 million in a pre-Series A funding round led by Source Code Capital.
Interviews and analyses
Singapore-based alternative credit company BlackSoil Global sees opportunities across venture capital-backed businesses seeking funding for growth. BlackSoil Global has already attracted a diverse slate of limited partners, including impact investor Gray Matters Capital, a Japanese wealth management platform, and a Japan-based multi-family office, co-founder and managing partner Varun Gupta said.
Grab president and chief operating officer, Alex Hungate, spoke to DealStreetAsia on how recent movements in fuel prices have sharpened the EV cost advantage for its ride-hailing drivers, which will hopefully translate into faster uptake among drivers.
Meanwhile, the chief technology officer of Grab, Suthen Thomas Paradatheth, who oversees the tech stack, makes clear that Grab’s future is not just about racing to the latest tech, but a pragmatic approach to AI partnerships, and a push beyond the smartphone screen into the physical streets of the region. Grab is building its AI stack with a simple rule: don’t get locked in. Or, as Paradatheth puts it, borrowing from pop culture, “don’t put a ring on it”.
