<article>Dealmakers continue to remain busy as the flurry of news from the private markets shows. Let&#8217;s dive into the big stories from the week that went by.</article>

Dealmakers continue to remain busy as the flurry of news from the private markets shows. Let&#8217;s dive into the big stories from the week that went by.
<h3>Deals corner</h3>
One of our scoops this week featured Indonesian digital payments platform Xendit, which is learnt to be <a href="https://www.dealstreetasia.com/stories/xendit-set-to-triple-valuation-281274">finalising a fresh funding round</a> worth over $200 million from global investors Coatue Management and Insight Partners.
Singapore’s sovereign wealth fund GIC has <a href="https://www.dealstreetasia.com/stories/gic-asia-healthcare-281384/">invested $170 million</a> for a minority stake in Asia Healthcare Holdings, South Asia’s largest single-specialty healthcare platform backed by private equity firm TPG.
Merchant commerce platform Pine Labs has <a href="https://www.dealstreetasia.com/stories/pine-labs-alpha-wave-281731">secured $150 million</a> from New York-headquartered investment firm Alpha Wave Global in a round understood to be a mix of primary and secondary transactions. The Sequoia Capital-backed company has received $75 million in equity funding from Alpha Wave so far, regulatory filings showed.
Singapore-based startups Zilingo and ShopBack, both backed by state investor Temasek Holdings, are reportedly seeking to <a href="https://www.dealstreetasia.com/stories/temasek-zilingo-shopback-funding-281932">raise at least $150 million</a> each in separate funding rounds that could nudge them into the unicorn club.
Southeast Asian online lending platform Funding Societies, popularly known as Modalku in Indonesia, has <a href="https://www.dealstreetasia.com/stories/funding-societies-294m-funding-281587/">raised $144 million</a> in a Series C+ round, along with $150 million in debt. SoftBank Vision Fund 2 led the round.
Indonesia-based digital banking and finance platform Akulaku has <a href="https://www.dealstreetasia.com/stories/akulaku-investment-scb-281393">raised $100 million</a> in fresh funding from Thai lender Siam Commercial Bank (SCB) in what is believed to be a pre-IPO round. The company is understood to be looking at a listing later this year.
Alternative protein maker Next Gen Foods has <a href="https://www.dealstreetasia.com/stories/next-gen-foods-raises-100m-281361">raised $100 million</a> in a Series A round from Indonesia-based venture capital firm Alpha JWC Ventures and other backers including EDBI and UK-based MPL Ventures, a venture capital firm owned by Paul McCartney.
Social e-commerce startup DealShare has <a href="https://www.dealstreetasia.com/stories/dealshare-adia-281875">raised an additional $45 million</a> as part of its Series E funding round from a subsidiary of the Abu Dhabi Investment Authority. The latest financing brings its total funding to $393 million and valuation to $1.7 billion.
Silent Eight, a Singapore-based startup that uses artificial intelligence to combat financial crimes, has <a href="https://www.dealstreetasia.com/stories/silent-eight-series-b-281926">raised $40 million</a> in a Series B funding round. The latest round was joined by return backers Wavemaker Partners and SC Ventures, the venture arm of Standard Chartered.
Reebelo, a Singapore-based e-commerce marketplace that allows users to buy and sell second-hand tech gadgets, has <a href="https://www.dealstreetasia.com/stories/reebelo-bags-20-million-281565">raised $20 million</a> in a Series A round led by venture capital firms Cathay Innovation and June Fund.
Singapore-based Appboxo, a platform that allows clients to create their own super apps, has <a href="https://www.dealstreetasia.com/stories/appboxo-rtp-global-antler-500-281744/">raised $7 million</a> in a Series A round led by RTP Global.
Lummo, an Indonesian direct-to-consumer SaaS startup formerly known as BukuKas, has secured <a href="https://www.dealstreetasia.com/stories/jeff-bezos-lummo-281627">an undisclosed amount of funding</a> from Jeff Bezos’s personal investment firm Bezos Expeditions as part of its Series C round.
<h3>M&amp;A news</h3>
B2B fintech unicorn Nium is <a href="https://www.dealstreetasia.com/stories/socash-acquisition-talks-nium-281152">in early talks to acquire</a> Singapore-based fintech startup SoCash, industry sources told DealStreetAsia. The deal is likely to be a share swap, with both parties set to discuss further details in the coming weeks.
Bangladeshi travel-tech platform GoZayaan <a href="https://www.dealstreetasia.com/stories/gozayaan-findmyadventure-281676">has acquired</a> Pakistani online travel and tourism portal FindMyAdventure. While the deal size has not been disclosed, sources told DealStreetAsia that it was upwards of $3.5 million.
<h3>Fund manager updates</h3>
Malaysia-based private equity firm Creador has <a href="https://www.dealstreetasia.com/stories/creador-fund-v-280632">raised $660 million</a> so far for its fifth fund and expects to close the vehicle in the next couple of months.
Singapore-based venture capital firm Jungle Ventures is <a href="https://www.dealstreetasia.com/stories/jungle-ventures-secondary-market-281370/">exploring secondary sales</a> for portfolio firms such as interior design startup Livspace, B2B commerce platform Moglix and SaaS firm Deskera.
US pension fund Virginia Retirement System (VRS) has <a href="https://www.dealstreetasia.com/stories/virginia-pension-asia-funds-281445">committed a total of $525 million</a> to two Asia-focused vehicles – a private credit fund managed by Ares SSG and a Blackstone closed-end fund that invests in opportunistic real estate.
Singapore-based private equity real estate firm Q Investment Partners is aiming to <a href="https://www.dealstreetasia.com/stories/qip-new-fund-japan-real-estate-281719">secure $100 million</a> in capital to acquire multi-family housing assets in Japan, CEO and co-founder Peter Young told DealStreetAsia.
The Employees Retirement System of Texas (ERS) has <a href="https://www.dealstreetasia.com/stories/texas-ers-pag-real-estate-281569">made a $50 million commitment</a> to PAG Real Estate’s latest pan-Asia core-plus/value-add real estate fund.
Avendus Future Leaders Fund II has <a href="https://www.dealstreetasia.com/stories/avendus-future-leaders-fund-281287">secured capital commitments</a> worth $200 million mostly from Indian investors. The fund initially targeted to raise Rs 750 crore ($100 million) with a greenshoe option of another Rs 500 crore ($67 million).
Hong Kong-based life sciences venture capital (VC) firm Delos Capital has <a href="https://www.dealstreetasia.com/stories/delos-capital-first-close-281646/">held the first close</a> for its Fund III at $300 million with the backing of investors from the US and Greater China.
Chinese alternative asset management firm Sino-Ocean Capital has <a href="https://www.dealstreetasia.com/stories/sino-ocean-capital-sets-up-600m-special-situations-fund-281823">set up a $600-million special situations fund</a> to invest in residential properties across key cities in the Yangtze River Delta Economic Zone on China’s central coast and the southern Greater Bay Area.
Australian government-backed renewables investor Clean Energy and Finance Corporation (CEFC) has <a href="https://www.dealstreetasia.com/stories/cefc-ifm-commitment-281751">committed $80 million</a> to the second mid-market private equity (PE) fund of IFM Investors.
Dutch development bank FMO has <a href="https://www.dealstreetasia.com/stories/fmo-jungle-ventures-fund-281431">proposed an $18 million investment</a> in the fourth Southeast Asia-focused venture capital fund of Singapore-based VC firm Jungle Ventures.
UAE-based investment firm Gulf Capital is expected to <a href="https://www.dealstreetasia.com/stories/gulf-capital-se-asia-fourth-fund-281550">launch its fourth PE fund</a> this year targeting more assets in Southeast Asia. The firm set up a Singapore office in December to make investments in Southeast Asia and India.
Blackstone has <a href="https://www.dealstreetasia.com/stories/blackstone-ask-acquisition-281372">acquired a majority stake</a> in ASK Investment Managers Limited (ASK), one of India’s largest asset and wealth management firms, for an undisclosed amount. It acquired the stake from PE firm Advent International and other sellers.
Swiss bank Pictet Group expects to <a href="https://www.dealstreetasia.com/stories/pictet-pe-co-investments-281901">ramp up its alternative investments</a> tracking growth in the health, technology, and environment sectors. Pictet Alternative Advisors (PAA), a wholly-owned unit of the bank, is set to launch its third thematic fund, focusing on investments in environment-related businesses.
<h3>Data and analysis</h3>
NYSE-listed Sea Ltd&#8217;s popular game Free Fire and 54 other apps of Chinese origin were banned this month by India over security concerns. The ban poses a serious risk not only to the company’s gaming business but also potentially to its e-commerce initiatives through Shopee, writes consulting editor Angus Mackintosh in <a href="https://www.dealstreetasia.com/stories/free-fire-ban-sea-ltd-india-281547/">this piece</a>.
We spoke to Temasek’s Anuj Maheshwari to understand the factors driving the state investor&#8217;s <a href="https://www.dealstreetasia.com/stories/farm-automation-bets-at-centre-of-temaseks-agribusiness-strategy-for-2022-281496/">agriculture and food investments</a>. The firm was one of the top three investors in the space last year and has put in over $8 billion in food-related companies since 2013.
Spurred by a recovery in risk appetites and an improving exit outlook, Southeast Asian venture capital firms recorded 21 final closes in 2021, <a href="https://www.dealstreetasia.com/stories/sea-vc-fundraising-2021-281601">nearly double the previous year’s tally</a>. Although the number remains below pre-pandemic levels, it is a clear sign that the overall fundraising landscape is improving, according to the latest report from DealStreetAsia – DATA VANTAGE.
Nearly 20 social commerce startups in Southeast Asia have announced new funding rounds since the beginning of 2020, with Indonesia at the forefront of it. <a href="https://www.dealstreetasia.com/stories/social-commerce-funding-280752">What&#8217;s driving interest in this segment?</a>
Eight of Southeast Asia&#8217;s 25 new unicorns in 2021 emerged from Thailand, Malaysia, Vietnam, and the Philippines. <a href="https://www.dealstreetasia.com/stories/southeast-asia-unicorn-281866/">Could we expect these markets to produce more this year?</a>
<h3>Weekend read</h3>
How does a new Singapore-based oat milk brand plan to take on rivals such as Oatly in the crowded dairy alternatives market? We <a href="https://www.dealstreetasia.com/stories/proterra-oatside-oat-milk-market-281981/">posed that question and others</a> to OATSIDE, which was founded by a former Heinz ABC executive, and its backer private equity firm Proterra.

One of our scoops this week featured Indonesian payments platform Xendit, which is finalising a fresh funding round worth over $200 million.

Editor's take: The week that was — Feb 14-19

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Editor's take: The week that was — Feb 14-19

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