<article>Welcome to the first weekly wrap-up of the year!</article>

Welcome to the first weekly wrap-up of the year!
If the strong start to 2023 is any indication, we are in for a busy year. Let&#8217;s dive in.
<h3>Fundraising updates</h3>
Thai online fashion platform Pomelo has <a href="https://www.dealstreetasia.com/stories/pomelo-series-d-target-323578">upsized the fundraising target</a> of its Series D round to $50 million, according to regulatory filings. It had received approval from its board in July to raise up to $20 million. The financing is likely to be a down round, the filings showed.
Enterprise SaaS company SirionLabs <a href="https://www.dealstreetasia.com/stories/sirionlabs-brookfield-323502">received $25 million</a> in fresh funding from Brookfield Asset Management, bringing its Series D total to $110 million.
Private equity firm Baring PE Asia is understood to be <a href="https://www.dealstreetasia.com/stories/baring-pe-asia-sunera-technologies-323815">in talks to invest</a> in India&#8217;s Sunera Technologies (Suneratech) as the latter looks to strengthen its technology infrastructure.
Indian fintech platform KreditBee <a href="https://www.dealstreetasia.com/stories/kreditbee-raises-120m-324156">bagged $120 million</a> in the second tranche of its Series D financing, bringing its total funding in the round to $200 million.
Startups in Bangladesh <a href="https://www.dealstreetasia.com/stories/bangladesh-startup-funding-2022-324120">raised a combined $109 million</a> in venture funding in 2022, down 74% from the $415 million amassed in the previous year, according to a report.
PAG-backed Chinese biopharma company BioRay Pharmaceutical has sealed an agreement to <a href="https://www.dealstreetasia.com/stories/pag-backed-biopharma-bioray-raises-218m-323929">raise over 1.5 billion yuan</a> ($218 million) in a strategic round that pegs its pre-money valuation at 13 billion yuan ($1.9 billion).
The founder of India’s most valued edtech firm, BYJU’s, is looking to <a href="https://www.dealstreetasia.com/stories/byjus-founder-seeking-funds-to-buy-back-up-to-15-in-edtech-firm-323804">increase his stake in the company</a> by buying back up to 15% of its shares, sources familiar with the matter told DealStreetAsia.
Nasdaq-listed Chinese video streaming platform iQIYI has <a href="https://www.dealstreetasia.com/stories/iqiyi-raises-500m-from-pag-323657">closed a private placement</a> of $500 million with Asia-focused alternative investment firm PAG.
Mandaya Medical International, which operates Indonesia-based Mandaya Hospital Group, <a href="https://www.dealstreetasia.com/stories/mandaya-medical-raises-funding-323561">received $17 million</a> from its existing shareholders Bangkok Bank and private equity firm Kendall Court.
Indonesia-based insurtech startup Qoala <a href="https://www.dealstreetasia.com/stories/qoala-raises-more-in-series-b-323540">raised $5.4 million more</a> in its extended Series B funding round, regulatory filings show. It is planning to raise more in the Series B1 round, which follows a $65 million Series B announced in May 2022.
SarvaGram Solutions, a rural household-focused lending and distribution platform, <a href="https://www.dealstreetasia.com/stories/sarvagram-raises-35m-323743">raised $35 million</a> in a Series C round from Elevar Equity, Elevation Capital, Temasek and TVS Capital Funds.
Legit Group, a Jakarta-based multi-brand cloud kitchen operator, has <a href="https://www.dealstreetasia.com/stories/indonesias-legit-group-raises-9m-323463">raised $9.35 million so far</a> in an ongoing Series A round from MDI Ventures, SMDV, and East Ventures.
China-based semiconductor player Moore Threads <a href="https://www.dealstreetasia.com/stories/moore-threads-raises-215m-323269">raised 1.5 billion yuan</a> ($215.2 million) in a Series B round of financing led by China Mobile Digital New Economy Industry Fund and domestic insurer Hexie Health Insurance.
Chinese truck manufacturer Sany Heavy Truck <a href="https://www.dealstreetasia.com/stories/chinas-sany-heavy-truck-closes-145m-series-a-323406" target="_blank" rel="noopener" data-cke-saved-href="https://www.dealstreetasia.com/stories/chinas-sany-heavy-truck-closes-145m-series-a-323406">secured almost 1 billion yuan</a> ($145 million) in a Series A round from investors, including Hidden Hill Capital, an arm of global logistics giant GLP, and China Merchants Capital, a JV between GLP and China Merchants Group.
<h3>LP-GP news</h3>
US-based private markets investment giant Hamilton Lane <a href="https://www.dealstreetasia.com/stories/hamilton-lane-direct-equity-fund-323821" target="_blank" rel="noopener" data-cke-saved-href="https://www.dealstreetasia.com/stories/hamilton-lane-direct-equity-fund-323821">closed its fifth co-investment fund</a> at $2.1 billion, its largest to date.
Vietnam-based PE firm ABB is in the market for <a href="https://www.dealstreetasia.com/stories/pe-firm-abb-second-fund-323298" target="_blank" rel="noopener" data-cke-saved-href="https://www.dealstreetasia.com/stories/pe-firm-abb-second-fund-323298">a $100-million second fund</a> and expects to close the fund in the first half of this year.
Southeast Asian private equity major Northstar Group <a href="https://www.dealstreetasia.com/stories/northstar-first-close-of-vc-fund-323780" target="_blank" rel="noopener" data-cke-saved-href="https://www.dealstreetasia.com/stories/northstar-first-close-of-vc-fund-323780">announced the first close</a> for its early-stage VC fund at around $90 million. The investment firm roped in Singapore sovereign wealth fund GIC as an anchor investor for the vehicle, sources told DealStreetAsia.
Hong Kong-based gaming and Web3 firm Animoca Brands has <a href="https://www.dealstreetasia.com/stories/animoca-web3-fund-target-323997" target="_blank" rel="noopener" data-cke-saved-href="https://www.dealstreetasia.com/stories/animoca-web3-fund-target-323997">halved the target</a> for its new fund, which will back mid- to late-stage metaverse firms, to $1 billion, co-founder and exec chairman Yat Siu told Bloomberg in an interview.
The US International Development Finance Corporation (DFC) has <a href="https://www.dealstreetasia.com/stories/dfc-asia-partners-home-first-finance-323333" target="_blank" rel="noopener" data-cke-saved-href="https://www.dealstreetasia.com/stories/dfc-asia-partners-home-first-finance-323333">approved a total commitment</a> of over $100 million to recipients that include PE firm Asia Partners and an Indian mortgage provider.
Krungsri Finnovate, the corporate VC arm of Thai banking group Krungsri, is planning to <a href="https://www.dealstreetasia.com/stories/krungsri-finnovate-investments-323081" target="_blank" rel="noopener" data-cke-saved-href="https://www.dealstreetasia.com/stories/krungsri-finnovate-investments-323081">invest at least 1.5 billion baht</a> ($43 million) in local and Southeast Asian startups this year.
Chinese investment firm Orient Jiafu <a href="https://www.dealstreetasia.com/stories/chinas-orient-jiafu-final-close-323580" target="_blank" rel="noopener" data-cke-saved-href="https://www.dealstreetasia.com/stories/chinas-orient-jiafu-final-close-323580">closed its latest technology venture fund</a> at 1 billion yuan ($145.3 million) to invest in smart manufacturing, new materials, new-generation IT, innovative healthcare, and other emerging industries.
Indian investment firm Quest Investment Advisors <a href="https://www.dealstreetasia.com/stories/quest-investment-advisors-aif-fund-323669" target="_blank" rel="noopener" data-cke-saved-href="https://www.dealstreetasia.com/stories/quest-investment-advisors-aif-fund-323669">closed its second alternative investment fund</a> at $59 million.
Fubon Life Insurance, the insurance unit of Taiwanese financial conglomerate Fubon Financial Holdings, is <a href="https://www.dealstreetasia.com/stories/fubon-life-commits-to-eqt-vivo-funds-323527" target="_blank" rel="noopener" data-cke-saved-href="https://www.dealstreetasia.com/stories/fubon-life-commits-to-eqt-vivo-funds-323527">investing an aggregate of $129 million</a> in two investment funds.
Pakistan-based early-stage VC firm sAi Venture Capital <a href="https://www.dealstreetasia.com/stories/sai-vc-plutus21-partnering-324018" target="_blank" rel="noopener" data-cke-saved-href="https://www.dealstreetasia.com/stories/sai-vc-plutus21-partnering-324018">announced a partnership</a> with US investment firm Plutus21 Capital to target investment opportunities in the local technology market.
<h3>Other updates</h3>
Indonesia’s digital consumer credit platform FinAccel, the parent company of Kredivo, has <a href="https://www.dealstreetasia.com/stories/finaccel-cayman-islands-324069">re-domiciled to the Cayman Islands</a>, according to its recent regulatory filings. Group CEO Akshay Garg had said in December that the company is working towards an initial public offering (IPO) that could take place in the next 12-24 months.
Indonesian investment firm BNC Technologies Ventures has <a href="https://www.dealstreetasia.com/stories/bnc-ventures-bank-aladin-private-placement-323771">bought a 5.8% stake</a> worth 1.2 trillion rupiah ($76.84 million) in IDX-listed digital bank Bank Aladin Syariah.
B2B industrial products marketplace Moglix <a href="https://www.dealstreetasia.com/stories/moglix-2022-revenue-323955">reported an 87% increase in its net loss</a> for the financial year ended March 31, 2022.
Kurly, the operator of South Korean e-grocery platform Market Kurly, has decided to <a href="https://www.dealstreetasia.com/stories/kurly-scraps-ipo-323887">hold off on a planned IPO</a> due to harsh market conditions. The IPO was originally planned for early this year.
<h3>Analysis and perspectives</h3>
Amid a broader environment of investor caution, Asia-focused food tech funds <a href="https://www.dealstreetasia.com/stories/what-next-for-asia-foodtech-322748">remain hopeful about the market&#8217;s future</a>. Emboldened by an increased government focus on food security and sustainable development, the investor appetite is fuelled further by the entry of traditional businesses and food conglomerates into the fray.
Emerging markets are poised to see <a href="https://www.dealstreetasia.com/stories/the-lp-view-emiif-323057">gender and climate-based investing</a> as bigger trends, according to a top executive who manages the Emerging Markets Impact Investment Fund (EMIIF), an investment initiative by the Government of Australia.
India&#8217;s edtech sector took a real beating in 2022, witnessing a funding slowdown and mass layoffs. Investors, founders, and experts in the space opine <a href="https://www.dealstreetasia.com/stories/india-edtech-2023-320950">this year will be more about consolidation</a> as they expect upskilling and higher education startups to fare better than K-12 companies.
Indonesia’s digital banking space, which saw significant investments last year, is expected to see <a href="https://www.dealstreetasia.com/stories/indonesian-digital-banking-2023-321665">competition intensify</a> further in 2023 as operators execute their plans to tap the underserved market in Southeast Asia.
The <a href="https://www.dealstreetasia.com/stories/valuation-reset-se-asia-2023-322284">great valuation reset</a> is here. Several investors DealStreetAsia spoke with anticipate Q1-Q2 this year to be a turning point in Southeast Asia’s private markets since this will be the time when most venture-backed startups will be running on less than a year of runway.
With fears of a global recession looming large, <a href="https://www.dealstreetasia.com/stories/funding-woes-to-continue-in-h1-23-322708">2023 will not be a smooth ride</a>, general partners at some prominent Southeast Asian VC firms said.
It is not all doom and gloom though. Investors such as early-stage fund Sorin Investments&#8216;s founder Sanjay Nayar see this as &#8220;<a href="https://www.dealstreetasia.com/stories/guest-post-sanjay-nayar-323747">a fantastic time to invest in startups</a>, regardless of the bearish sentiment and perceived economic turmoil&#8221;.
<h3>See you in Jakarta</h3>
The Indonesia PE-VC Summit 2023, scheduled to take place on <a href="https://www.dealstreetasia.com/stories/full-agenda-indonesia-pe-vc-summit-23-324214">January 12</a>, will focus on private equity and venture capital strategies playing out in the market, the rise of alternative capital structures amidst a funding winter, Indonesia’s long-term investment outlook and prospects and the disintermediation of traditional industries through technology. Join the country&#8217;s top policymakers, investors and entrepreneurs, by <a href="https://events.dealstreetasia.com/jkt2023/#tickets">registering now</a>.

The first weekly wrap-up of 2023 features fundraising updates, LP-GP news, analysis and opinions, and more.

Editor's take: The week that was — Jan 2-7

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Editor's take: The week that was — Jan 2-7

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