<article>We are back with our curated list of exclusives, deal breaks, analysis and interviews from the week.</article>

We are back with our curated list of exclusives, deal breaks, analysis and interviews from the week.
Big stories, first
Vietnam’s homegrown online marketplaces Sendo and Tiki have held exploratory talks <a href="https://www.dealstreetasia.com/stories/tiki-sendo-merger-173908/" target="_blank" rel="noopener noreferrer">to merge with each other</a>. They compete with Alibaba-backed Lazada and NYSE-listed Sea Ltd’s e-commerce unit Shopee in the domestic market.
From Singapore, we reported about how <a href="https://www.dealstreetasia.com/stories/seedplus-folds-174333/" target="_blank" rel="noopener noreferrer">it might be the end of the road</a> for Singapore-based seed-stage venture capital firm SeedPlus. The Jungle Ventures-backed VC firm has decided not to raise a second fund after deploying its $18-million first vehicle.
In <a href="https://www.dealstreetasia.com/stories/oyo-co-living-indonesia-174283/" target="_blank" rel="noopener noreferrer">another big scoop</a> this week, we wrote about how Indian budget hotel chain Oyo Hotels and Homes (OYO) is mulling shutting down the Indonesian operations of its co-living arm, OYO Life, due to high operational expenses and customer churn. Multiple sources told us that the SoftBank Group-backed company recently laid off over 200 people in the country.
SoftBank Group is <a href="https://www.dealstreetasia.com/stories/softbank-bridge-fund-174607/" target="_blank" rel="noopener noreferrer">considering launching a smaller fund</a> to precede the much-touted sequel to its roughly $100 billion Vision Fund. CEO Masayoshi Son admitted that WeWork’s challenges and Uber’s IPO performance had “caused concerns among potential investors of SoftBank Vision Fund 2.”
On the fundraising trail
Singapore- and US-headquartered B Capital Group is <a href="https://www.dealstreetasia.com/stories/b-capital-second-fund-174833/" target="_blank" rel="noopener noreferrer">understood to have hit the target</a> of $600 million for its second fund. The venture capital firm is now learnt to be aiming to hit its hard cap of $750 million. Its portfolio companies in Southeast Asia include Ninja Van, Carro and CXA Group.
Vietnam&#8217;s SSI Asset Management <a href="https://www.dealstreetasia.com/stories/vietnam-ssiam-daiwa-new-fund-173889/" target="_blank" rel="noopener noreferrer">plans to launch a $100 million new fund</a> in partnership with Japan’s Daiwa Securities Group. The Daiwa-SSIAM Fund III will be the third vehicle to be launched by SSIAM in collaboration with Daiwa.
Private equity firm Lombard Investments is <a href="https://www.dealstreetasia.com/stories/lombard-investments-fifth-fund-174127/" target="_blank" rel="noopener noreferrer">seeking to raise $400 million</a> for its fifth Asia fund, which will focus on investments in Thailand and the Mekong region. German development finance institution DEG has committed to investing $20 million in the fund.
Southeast Asia-focused private equity firm Caldera Pacific has <a href="https://www.dealstreetasia.com/stories/caldera-pacific-debut-fund-173845/" target="_blank" rel="noopener noreferrer">gathered $250 million</a> for its debut fund, exceeding its initial target of $200 million. The fund&#8217;s hard cap is at $350 million.
Philippines-focused private equity firm Navegar has <a href="https://www.dealstreetasia.com/stories/philippines-navegar-fund-ii-174115/" target="_blank" rel="noopener noreferrer">hit the initial close of its new fund</a> at $150-million, and the amount is likely to increase before the fund’s final close in June this year, managing partners Nori Poblador and Javier Infante told us in an interview.
Among development finance institutions, IFC has <a href="https://www.dealstreetasia.com/stories/ifc-minsheng-173714/" target="_blank" rel="noopener noreferrer">proposed to provide a loan</a> of up to $107 million to a wholly-owned subsidiary of Hong Kong-listed education services provider Minsheng Education Group.
Dutch development bank FMO has <a href="https://www.dealstreetasia.com/stories/fmo-innoviti-payment-financing-174400/" target="_blank" rel="noopener noreferrer">proposed a $5 million financing</a> to Innoviti Payment Solutions, one of the leading payment solution providers in India. It has also <a href="https://www.dealstreetasia.com/stories/fmo-creditaccess-philippines-174673/" target="_blank" rel="noopener noreferrer">proposed a $7.5 million investment</a> in microfinance player CreditAccess Philippines Financing Company.
Deal news
Indonesian waste management enterprise Waste4Change has <a href="https://www.dealstreetasia.com/stories/waste4change-funding-174801/" target="_blank" rel="noopener noreferrer">raised funding of around $3 million</a> from local venture capital firms East Ventures, SMDV and Agaeti VC.
Venture capital-backed fintech startup Cashlez is <a href="https://www.dealstreetasia.com/stories/cashlez-ipo-parking-app-174782/" target="_blank" rel="noopener noreferrer">planning to raise $14.6 million in an IPO</a> in March this year. The startup will allocate its IPO proceeds to acquire a company with a similar business model.
SE Asia’s newest electric two-wheeler startup Ion Electric is <a href="https://www.dealstreetasia.com/stories/ion-electric-monks-hill-ventures-173364/" target="_blank" rel="noopener noreferrer">looking to raise $3 million</a> with Monk’s Hill Ventures as the likely investor. Set up in November 2019, it is targeting to build an alternative to gasoline motorcycles in the 110-250cc segment with a focus on Indonesia and Vietnam.
Go2Joy Vietnam (formerly Appro Mobile), which operates hotel booking app Go2Joy, has <a href="https://www.dealstreetasia.com/stories/stic-ventures-go2joy-174570/" target="_blank" rel="noopener noreferrer">raised $2.5 million</a> in a Series A funding round led by STIC Ventures, the venture investment division of South Korean private equity firm STIC Investments.
Exit scorecard
Malaysia-headquartered private equity firm Creador has <a href="https://www.dealstreetasia.com/stories/creador-indonesias-cimory-173868/" target="_blank" rel="noopener noreferrer">exited its investment</a> in Indonesia’s Cimory Group, a protein-based packaged food and beverage manufacturer. Creador sold its stake in Cimory Group back to the founding family, Bambang Sutantio, late last year.
Private investment firm SIN Capital Group, the majority shareholder of Singapore-based managed healthcare platform Fullerton Healthcare Corporation, is <a href="https://www.dealstreetasia.com/stories/fullerton-health-stake-sale-174595/" target="_blank" rel="noopener noreferrer">said to be considering a sale of its stake in the company</a>. SIN Capital Group, which holds a controlling stake in Fullerton Healthcare, is owned by the company’s group president and co-founder David Sin.
A global private equity firm and an international school operator have <a href="https://www.dealstreetasia.com/stories/canadian-international-school-southern-capital-174047/" target="_blank" rel="noopener noreferrer">submitted non-binding bids</a> for Singapore-based Canadian International School (CIS) owned by private equity firm Southern Capital. CIS is one of Singapore’s largest international schools with approximately 3,000 students across its two campuses.
People moves 
Silicon Valley VC firm Lightspeed Venture Partners has <a href="https://www.dealstreetasia.com/stories/lightspeed-office-singapore-174744/" target="_blank" rel="noopener noreferrer">appointed the first employee</a> for its new Singapore office, which will be its first in Southeast Asia. It clinched its first deal in the region when it joined the $2 billion eye-popping round for Grab, alongside OppenheimerFunds, Ping An Capital and Toyota, in August 2018.
VinaCapital Ventures partner Khanh Tran, who has been with the firm since its inception, is <a href="https://www.dealstreetasia.com/stories/vinacapital-ventures-partner-174732/" target="_blank" rel="noopener noreferrer">said to be leaving</a> the tech investment arm of Vietnamese asset manager VinaCapital. Tran joined hands with VinaCapital CEO Don Lam to launch the $100 million venture capital platform in 2018.
Big picture
Southeast Asia’s banking industry may be opening up to non-traditional players, but there is <a href="https://www.dealstreetasia.com/stories/se-asia-neobank-174116/" target="_blank" rel="noopener noreferrer">still a long way to go</a> before the so-called neobanks can usher in a regional banking revolution. The region’s financial regulators have started to welcome all-digital banks but whether the neobanks can fully realise that potential is a very different matter, and a number of significant hurdles lay before them.
In a bid to <a href="https://www.dealstreetasia.com/stories/sequoia-china-demo-day-virus-174600/" target="_blank" rel="noopener noreferrer">mitigate the fallout </a>from the COVID-19 outbreak, Sequoia Capital China, one of the most active tech investors in China, is taking its investor-startup matchmaking event Demo Day online for the first time in the country.
Lastly, we have been tracking the impact of the coronavirus outbreak on deal activity and the overall startup ecosystem in Southeast Asia. In <a href="https://www.dealstreetasia.com/stories/covid19-impact-sea-174795/" target="_blank" rel="noopener noreferrer">this feature</a>, we bring you views from a cross-section of stakeholders from the startup and VC ecosystem to get a sense of the immediate and medium-term impact on deal-making activity.

This week's top developments include a potential merger of Vietnam's two homegrown marketplaces and SoftBank pushing back on the sequel to its Vision Fund.

Editor's take: The week that was - Feb 10-14

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Editor's take: The week that was - Feb 10-14

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