Here’s a quick recap of the significant developments that unfolded last week. Let’s begin with investors on the fundraising trail.
Storied venture capital firm Sequoia announced that it has raised $1.35 billion in total for new India and Southeast Asia-focused funds. The new $825 million growth fund and $525 million venture fund take Sequoia Capital India’s total assets under management to over $5.7 billion.
SoftBank and Rakuten-backed VC firm DCM Ventures has raised $880 million for a new fund with a China focus. The fund is eyeing Chinese startups in online drug distribution, video content platforms and cloud-based management software.
In the Philippines, private equity firm Navegar closed its second fund at $197 million, exceeding a $150 million target. Navegar II will back established companies in the consumer and business services sectors, much like its fully deployed predecessor with a corpus of $120 million.
In Singapore, Openspace Ventures raised over $90 million for the first close of its $200 million third Southeast Asia fund, sources told DealStreetAsia on the condition of anonymity.
Alternative assets manager Indies Capital secured more than $100 million in capital commitments for its third flagship fund. Backers of the fund included Pavilion Capital, the growth equity unit of Singapore’s Temasek Holdings.
India-based HealthQuad has raised $21 million so far for its second healthcare fund. It is seeking to raise a total of $73.4 million for the early-stage vehicle. Founded in 2016, the firm captures opportunities in the healthcare sector.
There are several others currently on the road to raise capital. These include names such as Indian impact platform Aavishkaar Group, JD.com-backer China Creation Ventures, Singapore-headquartered gaming-focused Play Ventures and India-focused investor Nalanda Capital.
Indonesian travel tech unicorn Traveloka is reportedly in advanced negotiations with Siam Commercial Bank and Richard Li’s FWD Group as well as existing backers GIC Pte and East Ventures to raise $250 million at a sharply lower valuation of $2.75 billion.
In yet another transaction in the archipelago, fintech startup PAYFAZZ raised $53 million in a Series B funding round led by B Capital Group and Insignia Ventures Partners. The round was joined by existing investors Tiger Global Management, Y Combinator, ACE & Company and Quiet Capital and new backers, including BRI Ventures.
In Vietnam, asset manager VinaCapital and Daiwa PI Partners partially exited a six-year-old investment in International Dairy Products by selling a 28 per cent stake to consumer goods and dairy-focused investor Blue Point.
Shanghai-based biopharmaceutical firm Harbour BioMed raised $102.7 million in a Series C round led by Hudson Bay Capital to accelerate the development of its portfolio for the treatment of next-generation biologics targeting cancer, immunologic diseases, and COVID-19.
Beauty salon booking app Vaniday has relaunched in Singapore. The company, which was backed by Rocket Internet, had announced plans to shut its operations in December last year.
In India, tech-enabled co-living startup ZoloStays Property Solutions raised as much as $56 million (about Rs 419 crore) from its existing investors. It marked the Series C round of funding for the company that was led by global alternative asset manager Investcorp.
Sequoia China led a nearly $100 million round in Chinese storytelling app Kuaidian. The round was joined by the company’s existing shareholders including global venture capital firm GGV Capital and Chinese early-stage venture capital fund Morningside Venture Capital.
Tapping the bourses
In what could be one of the world’s biggest listings this year, Ant Group, the fintech arm of Chinese e-commerce giant Alibaba, is said to be planning a Hong Kong float as soon as this year and targeting a valuation of more than $200 billion.
In-depth: DSA analysis
In India, with most headlines focused on the current political standoff with China, experts cautioned that there could be a spate of exits by Chinese corporate and pure-play investment firms.
The trend is significant since a majority of unicorns in India currently have the backing of Chinese firms and strategics as lead investors, including prominent names such as PolicyBazaar, BigBasket, Dream11.com, Hike, CitiusTech, and Lenskart.com.
We also looked at the proposed Tiki-Sendo union in Vietnam and how it could change the country’s e-commerce pecking order. The Vietnam Competition and Consumer Authority (VCCA) has confirmed the transaction will not fall under any prohibited deal category. The two companies, however, may be required to operate separately after the merger.
In a candid chat, SoftBank-backed PolicyBazaar‘s CEO Yashish Dahiya shared his views on the insurance sector in India and the company’s listing plans in 2021. He also explained why he will stay away from Chinese capital in the wake of the current tensions between the two nations.