<article>From e-commerce and payments to logistics, a fishery, packaging, and semiconductors, here are the top deals across Asia this week.</article>

From e-commerce and payments to logistics, a fishery, packaging, and semiconductors, here are the top deals across Asia this week.
Vietnam’s largest e-wallet operator MoMo is <a href="https://www.dealstreetasia.com/stories/momo-funding-273437/" target="_blank" rel="noopener" data-cke-saved-href="https://www.dealstreetasia.com/stories/momo-funding-273437/">close to securing $200 million</a> in new funding. The funding would make it Vietnam’s latest unicorn at a valuation of around $1.5 billion. New investors coming in this round include Mizuho Bank and Hong Kong-registered fund WFM Investments.
Also in Vietnam, VNG Corporation is in the market to <a href="https://www.dealstreetasia.com/stories/vng-corporation-pre-ipo-round-272874/" target="_blank" rel="noopener" data-cke-saved-href="https://www.dealstreetasia.com/stories/vng-corporation-pre-ipo-round-272874/">raise as much as $200 million</a> in what is understood to be a pre-IPO funding round. The Ho Chi Minh City-headquartered internet group counts Singapore’s GIC and Temasek, Goldman Sachs, and South Korean financial group Mirae Asset among its shareholders.
In Indonesia, logistics tech company Waresix is <a href="https://www.dealstreetasia.com/stories/waresix-100-million-new-round-272370/" target="_blank" rel="noopener" data-cke-saved-href="https://www.dealstreetasia.com/stories/waresix-100-million-new-round-272370/">raising at least $100 million</a> in a new funding round. Sources say Middle Eastern funds could become investors. Waresix had raised $100 million in a Series B round in September 2020 from investors including SoftBank Ventures Asia, Temasek unit Pavilion Capital, and Indonesian conglomerate Emtek.
Pickupp, an on-demand delivery services provider in Hong Kong, has <a href="https://www.dealstreetasia.com/stories/pickupp-raises-37-million-273028/" target="_blank" rel="noopener" data-cke-saved-href="https://www.dealstreetasia.com/stories/pickupp-raises-37-million-273028/">raised $37 million</a> in a Series B round led by Jardine Matheson, the storied conglomerate based in the city. Other investors in Pickupp include Reefknot Investments, Spark Ventures, and Alibaba Entrepreneurs Fund.
Indonesian fishery startup Aruna is set to <a href="https://www.dealstreetasia.com/stories/aruna-funding-272301/" target="_blank" rel="noopener" data-cke-saved-href="https://www.dealstreetasia.com/stories/aruna-funding-272301/">raise some $30 million</a> in fresh funding, sources tell DealStreetAsia. This comes only a few months after it had secured $35 million in a Series A round backed by Prosus Ventures, SIG, AC Ventures, and Vertex Ventures, among others.
In India, packaging services provider Bizongo has <a href="https://www.dealstreetasia.com/stories/india-bizongo-tiger-global-272704/" target="_blank" rel="noopener" data-cke-saved-href="https://www.dealstreetasia.com/stories/india-bizongo-tiger-global-272704/">scored some $109 million</a> in a Series D funding round from Tiger Global, B Capital, International Finance Corp (IFC) and CDC Group. This comes just eight months after its $51 million Series C round led by CDC Group and AddVentures.
Meanwhile, audio OTT app Pocket FM <a href="https://www.dealstreetasia.com/stories/lightspeed-pocket-fm-272686" target="_blank" rel="noopener" data-cke-saved-href="https://www.dealstreetasia.com/stories/lightspeed-pocket-fm-272686">raised $22.4 million</a> in a Series B funding round led by Lightspeed Venture Partners and joined by Times Group and Tanglin Venture Partners.
Consumer-focused private equity firm L Catterton <a href="https://www.dealstreetasia.com/stories/l-catterton-nebula-brands-272813/" target="_blank" rel="noopener" data-cke-saved-href="https://www.dealstreetasia.com/stories/l-catterton-nebula-brands-272813/">led a Series B funding</a> of over $50 million in Nebula Brands, a Chinese aggregator of third-party Amazon vendors. The investment was deployed out of L Catterton’s third Asia fund, which closed in 2019 at $1.45 billion.
November was a busy month for the startup ecosystem in Greater China. According to <a href="https://www.dealstreetasia.com/stories/china-deal-review-nov-2021-272626/" target="_blank" rel="noopener">data compiled by DealStreetAsia</a>, startups in the region raised some $7.3 billion, across 140 private equity and venture capital deals.
The top transactions were a $1.26 billion investment in GTA Semiconductor by investors Huada Semiconductor and Cathay Capital, and a $1 billion funding for greentech company Envision Group from investors including Sequoia Capital China, GIC, and Primavera Capital Group.
Interestingly, Primavera Capital is now looking further afield. It has <a href="https://www.dealstreetasia.com/stories/china-primavera-sg-office-272506/" target="_blank" rel="noopener">set up a Singapore office</a> as it looks for opportunities in Southeast Asia across early-stage deals, sources told DealStreetAsia.
<h3>Digging deeper</h3>
Mixed martial arts promoter ONE Championship is <a href="https://www.dealstreetasia.com/stories/one-championship-spac-merger-gores-272712/" target="_blank" rel="noopener" data-cke-saved-href="https://www.dealstreetasia.com/stories/one-championship-spac-merger-gores-272712/">eyeing a merger</a> with special purpose acquisition company Gores Holdings VII, according to a presentation seen by DealStreetAsia. The SPAC, a $480 million vehicle listed on Nasdaq, is sponsored by The Gores Group, a California-based private equity group.
The Singapore-based company has recently <a href="https://www.dealstreetasia.com/stories/one-championship-174m-272508/" target="_blank" rel="noopener" data-cke-saved-href="https://www.dealstreetasia.com/stories/one-championship-174m-272508/">issued new shares worth about $174 million</a>, according to regulatory filings, which brings its valuation to about $1.2 billion. About 40% of this capital comprises previously-issued redeemable convertible loan notes that were converted into preference shares upon a successful round of qualified financing.
Also in Singapore, fintech startup MatchMove has said that a $100 million funding announced in June comprised <a href="https://www.dealstreetasia.com/stories/matchmove-funding-cash-272853/" target="_blank" rel="noopener" data-cke-saved-href="https://www.dealstreetasia.com/stories/matchmove-funding-cash-272853/">an $80 million in-kind contribution</a> and $20 million cash from US-headquartered Nityo Infotech. This confirms a DealStreetAsia report in August. The $20 million cash component is to be disbursed in tranches every quarter.
<h3>What’s trending</h3>
Animals and their wellbeing.
Australia’s Pet Circle, an online pet and pet supplies and services shop, has <a href="https://www.dealstreetasia.com/stories/pet-circle-125m-unicorn-272844/" target="_blank" rel="noopener" data-cke-saved-href="https://www.dealstreetasia.com/stories/pet-circle-125m-unicorn-272844/">secured $125 million</a> in a Series C funding round led by Prysm Capital and TDM Growth Partners. Other investors include Scottish investment fund Baillie Gifford, and AirTree Ventures. The funding makes Pet Circle Australia’s newest unicorn.
Perhaps more of an agriculture play, International Finance Corporation (IFC) is <a href="https://www.dealstreetasia.com/stories/ifc-zenex-animal-health-272560/" target="_blank" rel="noopener" data-cke-saved-href="https://www.dealstreetasia.com/stories/ifc-zenex-animal-health-272560/">proposing to invest $52.5 million</a> in India-based Zenex Animal Health India from Multiples Private Equity Fund III. Zenex, which produces feed supplements, vaccines and other farm-care products for livestock, is India’s second-largest animal health company.  It has also recently secured an investment of up to $10 million from Asian Development Bank.
<h3>Other must-reads of the week</h3>
The public market debut of Grab on the New York Stock Exchange was highly anticipated; as Southeast Asia’s biggest export since Sea Group, it was expected to pave the way for the region’s renaissance.
Shares in the company have had a disappointing showing, however, having lost some 45% since its debut. <a href="https://www.dealstreetasia.com/stories/grab-weak-nasdaq-debut-272880" target="_blank" rel="noopener" data-cke-saved-href="https://www.dealstreetasia.com/stories/grab-weak-nasdaq-debut-272880">Is it bad timing or something else?</a>
We also explore the move by Indonesia’s coffee chains to <a href="https://www.dealstreetasia.com/stories/coffee-chains-indonesia-272501/" target="_blank" rel="noopener" data-cke-saved-href="https://www.dealstreetasia.com/stories/coffee-chains-indonesia-272501/">open dine-in establishments</a> after saturating the market with grab-and-go outlets.
And as Indonesia’s first generation of tech startups hit the public markets, the Financial Services Authority (OJK) has <a href="https://www.dealstreetasia.com/stories/ojk-dual-class-shares-2-272905/" target="_blank" rel="noopener" data-cke-saved-href="https://www.dealstreetasia.com/stories/ojk-dual-class-shares-2-272905/">greenlit the dual-class share structure</a> to become more attractive to homegrown companies.
In China, however, the government’s tightening of regulations surrounding a number of key sectors continues to reverberate.
Spark Education, a tutoring services provider backed by Sequoia Capital China, <a href="https://www.dealstreetasia.com/stories/spark-education-ipo-cancellation-272567/" target="_blank" rel="noopener" data-cke-saved-href="https://www.dealstreetasia.com/stories/spark-education-ipo-cancellation-272567/">withdrew its proposed US initial public offering</a>. Spark, based in Beijing, had filed for a $100 million IPO in June, having raised $400 million in venture capital. Its other investors include GGV Capital, IDG Capital, and Lightspeed China Partners.
The week before saw <a href="https://www.dealstreetasia.com/stories/retail-investors-didi-selloff-delisting-272757/" target="_blank" rel="noopener" data-cke-saved-href="https://www.dealstreetasia.com/stories/retail-investors-didi-selloff-delisting-272757/">the selloff of shares</a> in Chinese ride-hailing company Didi Global, which had announced plans to delist from the New York Stock Exchange and seek a listing in Hong Kong instead.
Separately, short-video giant ByteDance, the parent company of TikTok, is now getting into the cloud business, <a href="https://www.dealstreetasia.com/stories/bytedance-cloud-business-272583/" target="_blank" rel="noopener" data-cke-saved-href="https://www.dealstreetasia.com/stories/bytedance-cloud-business-272583/">reported Caixin Global</a>. The company unveiled a smorgasbord of enterprise cloud services under its Volcano Engine unit, pitting itself against Alibaba Group Holding, Tencent Holdings, and Huawei Technologies in China’s cloud market.
Meanwhile, Alibaba is <a href="https://www.dealstreetasia.com/stories/alibaba-overhauls-business-272597" target="_blank" rel="noopener" data-cke-saved-href="https://www.dealstreetasia.com/stories/alibaba-overhauls-business-272597">forming two new units</a> as it reorganises its domestic and overseas e-commerce businesses. The tech giant has come under significant pressure from the regulatory crackdown as well as increased competition in its businesses.
Until next week &#8211; <a href="mailto:writers@dealstreetasia.com" target="_blank" rel="noopener" data-cke-saved-href="mailto:writers@dealstreetasia.com">write to us</a> if you&#8217;ve got a hot tip to share.

Vietnam's MoMo and VNG Group made headlines this week for their fundraising plans. Both are looking to raise around $200 million each.

Editor's take: The week that was — Dec 6-11

Bring stories like this into your inbox every day.

Sign up for our newsletter - The Daily Brief

Editor's take: The week that was — Dec 6-11

Start your deal-making journey now!

Bring stories like this into your inbox every day.

Sign up for our newsletter - The Daily Brief