<article>The week that went by saw several new unicorns being christened.</article>

The week that went by saw several new unicorns being christened.
Singapore-based online classifieds marketplace Carousell joined the unicorn club after <a href="https://www.dealstreetasia.com/stories/carousell-unicorn-100m-raise-260680">raising $100 million</a> from South Korea-based private equity firm STIC Investments at a $1.1 billion valuation.
Indonesian digital payment platform Xendit became a unicorn after <a href="https://www.dealstreetasia.com/stories/xendit-unicorn-series-c-260585">bagging $150 million</a> in a Series C funding round led by Tiger Global Management. Existing investors Accel and Amasia also participated in the round.
This year, other new unicorns to emerge in Southeast Asia include Nium, Carro, Carsome, PatSnap and Flash Express.
India&#8217;s online gaming platform Mobile Premier League (MPL) <a href="https://www.dealstreetasia.com/stories/mobile-premier-league-unicorn-260656">achieved the coveted status</a> after raising Series E funding at a pre-money valuation of $2.3 billion. Its latest round was led by Legatum Capital and joined by Sequoia, SIG, RTP Global and Go-Ventures.
Jobs platform Apna joined the growing list of Indian unicorns after it <a href="https://www.dealstreetasia.com/stories/apna-unicorn-tiger-260839/">snagged $100 million</a> as part of its Series C round led by existing investor Tiger Global Management. The round valued Apna at $1.1 billion.
XTransfer, a Chinese cross-border financial and risk management services provider, secured the billion-dollar valuation after <a href="https://www.dealstreetasia.com/stories/xtransfer-hits-unicorn-value-260963/">raising $138 million</a> in a Series D round led by Dan Sundheim’s hedge fund D1 Capital Partners.
Could this Indonesian startup be next? The pandemic has driven a surge in consumer interest in wealth management platforms in Indonesia. Riding on that high demand, investment platform Ajaib is in talks to <a href="https://www.dealstreetasia.com/stories/indonesia-ajaib-dst-led-round-261017/" target="_blank" rel="noopener" data-cke-saved-href="https://www.dealstreetasia.com/stories/indonesia-ajaib-dst-led-round-261017/">close a financing round</a> led by DST Global that could catapult the startup into the unicorn club, DealStreetAsia has learnt.
<h3>Fundraising updates</h3>
Real estate investment manager AEW Capital Management has <a href="https://www.dealstreetasia.com/stories/aew-capital-asia-value-add-fund-261074/">closed its fourth Asia Pacific value-add fund</a> after securing commitments totalling $1.54 billion. The final amount raised for AEW Value Investors Asia IV exceeded the original target of $1.2 billion.
Dutch fintech investor Finch Capital plans to <a href="https://www.dealstreetasia.com/stories/finch-capital-bca-vc-arm-260004/" target="_blank" rel="noopener" data-cke-saved-href="https://www.dealstreetasia.com/stories/finch-capital-bca-vc-arm-260004/">set up a joint venture capital fund</a> with Central Capital Ventura, the venture capital arm of Indonesian private lender Bank BCA. The fund is said to be targeting to raise around $200 million.
Fibonacci VC, a Chinese venture capital (VC) firm set up by former Fortune Capital partner Xiong Wei, has <a href="https://www.dealstreetasia.com/stories/fibonacci-vc-closes-rmb-fund-ii-260205/">closed its second RMB fund</a> at 1.3 billion yuan ($201.5 million).
International Finance Corporation (IFC) is considering a proposal <a href="https://www.dealstreetasia.com/stories/ifc-a91-partners-fund-2-260408/">to invest up to $25 million</a>, with an equivalent amount in a co-investment envelope, in the second fund of Indian venture capital firm A91 Partners.
US-based investment firm Capria Ventures has made <a href="https://www.dealstreetasia.com/stories/capria-ac-ventures-260723/">its first limited partner (LP) investment in Indonesia</a>, backing early-stage venture capital firm AC Ventures. Capria has previously backed general partners, including Singapore-based Genesis Alternative Ventures, India’s Arkam Ventures and Unitus Ventures, and Dubai-based Global Ventures.
Lever VC has <a href="https://www.dealstreetasia.com/stories/alt-protein-fund-lever-vc-260576/">hit the final close</a> of its debut fund at $80 million to back early-stage, plant-based cultivated meat and dairy firms worldwide.
LaSalle Investment Management has <a href="https://www.dealstreetasia.com/stories/lasalle-china-logistics-fund-lclv-260855/">roped in</a> Texas Permanent School Fund and Sacramento County Employees’ Retirement System as LPs in its first dedicated China logistics fund.
China’s CITIC Capital <a href="https://www.dealstreetasia.com/stories/citic-scpg-close-real-estate-fund-260815">held the final close</a> of an RMB-denominated fund at 2.625 billion yuan ($408.2 million) in partnership with SCPG to invest in the country’s tier I and II cities.
Yue Yuen Industrial, a subsidiary of Taiwan-listed footwear manufacturer Pou Chen Corporation, has <a href="https://www.dealstreetasia.com/stories/yue-yuen-baring-pe-asia-261067/">committed $50 million</a> to the eighth buyout fund of Baring Private Equity Asia.
Fubon Life Insurance, the insurance unit of Taiwanese financial conglomerate Fubon Financial Holdings, has committed to <a href="https://www.dealstreetasia.com/stories/fubon-life-clearlake-capital-260324/">invest $65 million</a> in Clearlake Capital&#8216;s seventh flagship fund.
Early-stage venture investor 500 Startups has <a href="https://www.dealstreetasia.com/stories/500-startups-rebrands-260809/">reached the final close</a> of its global flagship fund at $140 million, its largest to date, and rebranded itself as 500 Global.
<h3>Deals corner </h3>
Graphic design and collaboration platform Canva is <a href="https://www.dealstreetasia.com/stories/canva-valuation-2-260690/">valued at $40 billion</a> after raising $200 million in a funding round led by investment management firm T.Rowe Price.
Jakarta-based wealth-tech startup Pluang has <a href="https://www.dealstreetasia.com/stories/indonesia-pluang-funding-260222/">raised an additional $35 million</a> led by Australian VC Square Peg to close its latest funding round at a total of $55 million.
Singapore-based backend-as-a-service startup Supabase has <a href="https://www.dealstreetasia.com/stories/supabase-30m-series-a-coatue-260131/">raised $30 million</a> in a Series A round led by Coatue, while alternative protein firm Growthwell Foods has <a href="https://www.dealstreetasia.com/stories/growthwell-creadev-temasek-ggv-260936">secured $22 million</a> in a round led by French private equity firm Creadev.
Thai alternative digital lending platform SCB Abacus has <a href="https://www.dealstreetasia.com/stories/openspace-scb-abacus-260953/">raised $12 million</a> in a Series A funding round led by Openspace Ventures. The financing was joined by Vertex Ventures Southeast Asia and CAI Partners.
Private equity firm Excelsior Capital Vietnam Partners has <a href="https://www.dealstreetasia.com/stories/excelsior-capital-khoi-nguyen-education-260483/">invested</a> in education group Khoi Nguyen Investment and Education Development, while edtech startup Clevai Vietnam has <a href="https://www.dealstreetasia.com/stories/clevai-fundraising-altara-ventures-260794/">raised $2.1 million</a> in a pre-Series A funding round led by Altara Ventures.
SOCAR Mobility Malaysia, a subsidiary of South Korean car-sharing startup SOCAR, has <a href="https://www.dealstreetasia.com/stories/socar-malaysia-series-b-261129/">raised $55 million</a> in a Series B funding round from South Korea-based EastBridge Partners and Malaysia&#8217;s Sime Darby.
Indian digital payments major Pine Labs, which is eyeing a listing in the US, has <a href="https://www.dealstreetasia.com/stories/invesco-invests-in-pine-labs-260992/" target="_blank" rel="noopener" data-cke-saved-href="https://www.dealstreetasia.com/stories/invesco-invests-in-pine-labs-260992/">raised an additional $100 million</a> in pre-IPO funding from Invesco Developing Markets Fund.
Chaldal, one of Bangladesh’s largest grocery e-commerce platforms, has <a href="https://www.dealstreetasia.com/stories/chaldal-funding-260677/">raised $10 million</a> in a Series C funding round led by Taavet Hinrikus, co-founder of London-based payment company Wise.
Indonesian e-commerce platform Blibli.com, a subsidiary of local conglomerate Djarum Group, has signed an agreement to <a href="https://www.dealstreetasia.com/stories/blibli-supra-boga-lestari-260983/">acquire a 51% stake</a> in grocery store chain PT Supra Boga Lestari Tbk (SBL).
<h3>Tapping the public markets</h3>
This week, Singapore unveiled a slew of <a href="https://www.dealstreetasia.com/stories/singapore-equity-listings-261088/">funding and incentive measures</a>, including a $1.1 billion fund, to attract high-growth enterprises to raise capital on the SGX. The development confirmed <a href="https://www.dealstreetasia.com/stories/singapore-spac-state-funds-260512/">an earlier report by DealStreetAsia</a>.
Temasek-backed Heliconia Capital is <a href="https://www.dealstreetasia.com/stories/temasek-heliconia-spac-sgx-260068/">considering a SPAC listing</a> on the Singapore Exchange (SGX), DealStreetAsia has learnt. Other fund managers to be reportedly looking at launching a SPAC listing on the Singapore bourse include Vertex Holdings, Turmeric Capital, Novo Tellus and Tikehau Capital.
Hong Kong COVID-19 testing laboratory Prenetics has <a href="https://www.dealstreetasia.com/stories/prenetics-adrian-cheng-spac-us-260916/">agreed to merge with Artisan Acquisition</a>, a SPAC founded by tycoon Adrian Cheng, to become the city’s first unicorn to go public. The merger will value the combined equity at $1.7 billion.
<h3>What the data tells us</h3>
Investments in privately-held companies in Greater China rose for a third consecutive month to <a href="https://www.dealstreetasia.com/stories/china-deal-review-august-259953/">reach almost $9 billion</a> in August 2021, up 28.5% from July.
After hitting a 19-month high in July, <a href="https://www.dealstreetasia.com/stories/startup-funding-august-260169/">fundraising by Indian startups fell</a> to $4.6 billion in August. Led by several big-ticket deals, Indian startups had garnered a record $11 billion in July.
<a href="https://www.dealstreetasia.com/stories/se-asia-pe-funds-h1-2021-260646/">Fundraising by Southeast Asia-focused PE funds</a> in the first half of the year at $1 billion has already matched the tally for the whole of 2020, finds the latest report by DealStreetAsia &#8211; DATA VANTAGE.
<h3>Grab in the news</h3>
Grab <a href="https://www.dealstreetasia.com/stories/grab-trims-full-year-forecasts-260321/">lowered its full-year forecast</a> this week, citing renewed uncertainty over pandemic-related movement restrictions despite encouraging vaccination rates in the region. The ride-hailing and payments major said it expects to report group-level adjusted net sales of $2.1 to $2.2 billion, versus an expected $2.3 billion announced in April.
In a separate analysis, we looked at the decacorn&#8217;s lesser-known <a href="https://www.dealstreetasia.com/stories/grab-enterprise-segment-260477/">enterprise arm</a>, which is quietly emerging as the underrated golden goose.
<h3>And then there was ONE</h3>
An asset sale to a subsidiary helped sports media firm ONE Championship <a href="https://www.dealstreetasia.com/stories/one-profit-260522/">report a $341 million profit</a> in the financial year ended December 31, 2020.
ONE recorded the gains on the back of a $400 million sale of “intellectual property rights relating to combat sports and martial arts business in the United States” to a Delaware-incorporated subsidiary called One Championship Inc.
<h3>Interviews and analysis</h3>
As Adams Street Partners gets more active in Southeast Asia, it looks to <a href="https://www.dealstreetasia.com/stories/adams-street-partners-sunil-mishra-interview-259901/">set up country-specific funds</a> in the region in the future. “There are certain countries in Southeast Asia where the economy is large enough and the private equity industry is deep enough for us to be able to do this successfully,” Sunil Mishra, partner at the investment manager’s Singapore office, told DealStreetAsia in an interview.
VC firm Jungle Ventures, which <a href="https://www.dealstreetasia.com/stories/no-spac-plans-jungle-ventures-260445/">announced a $225 million first close</a> of its $350 million fourth Southeast Asia fund this week, remains “razor-focused” on being the region&#8217;s early-stage investor of choice, even as the region continues to witness a spurt in SPAC deals, its founding partner Amit Anand said.
Vietnam, one of Southeast Asia&#8217;s fastest-growing digital markets, is ready to usher in<a href="https://www.dealstreetasia.com/stories/antler-vietnam-interview-260404/"> a new wave of e-commerce enablers</a>, said Erik Jonsson, an e-commerce veteran and partner at global early-stage VC firm Antler, in an interview.
Political uncertainty and an unrelenting COVID-19 crisis have <a href="https://www.dealstreetasia.com/stories/malaysia-pandemic-politics-258553/">dealt a double whammy</a> to Malaysia’s already fragile investment climate. Several regional private equity firms have shied away from Malaysia while evaluating investments elsewhere in Southeast Asia, executives at various firms told DealStreetAsia.

The week saw several new unicorns being christened, including Carousell in Singapore, Xendit in Indonesia, and MPL and Apna in India.

Editor's take: The week that was — Sept 13-18

Bring stories like this into your inbox every day.

Sign up for our newsletter - The Daily Brief

Editor's take: The week that was — Sept 13-18

Start your deal-making journey now!

Bring stories like this into your inbox every day.

Sign up for our newsletter - The Daily Brief