<article>Amid a news-heavy week and a multitude of developments in public and private capital markets, one of our most-read stories was on Indonesia-listed tech major GoTo&#8216;s plans ahead of the expiry of its IPO lock-up period next month.</article>

Amid a news-heavy week and a multitude of developments in public and private capital markets, one of our most-read stories was on Indonesia-listed tech major GoTo&#8216;s plans ahead of the expiry of its IPO lock-up period next month.
The company, our reporters found, is <a href="https://www.dealstreetasia.com/stories/goto-multiple-options-capital-310938">working on multiple options</a> to avoid a share selloff — over 90% of GoTo&#8217;s outstanding shares will be eligible for sale starting November 30. Soon after our story came out, Bloomberg reported that the company is in talks with major investors such as Alibaba Group and SoftBank for a controlled sale of their stakes to prevent a stock crash. The investors hold over 8% each of GoTo.
We will bring you more inside news and analysis as this saga unfolds. Now, let us take a look at what else transpired in the week that went by.
<h3>Funding updates</h3>
FinAccel, the parent of Indonesian buy now, pay later player Kredivo, <a href="https://www.dealstreetasia.com/stories/finaccel-kredivo-series-d-310722">received $43 million</a> from NAVER FINANCIAL, which brought its Series D total to $139.54 million. The fintech company is valued at $1.66 billion after the financing.
Indonesia&#8217;s beauty products company Social Bella announced <a href="https://www.dealstreetasia.com/stories/indonesias-social-bella-bags-60m-led-by-temasek-and-l-catterton-312371">securing over $60 million</a> in a funding round led by Temasek Holdings and L Catterton, confirming a DealStreetAsia report from early October. The financing, we understand, fell short of an original $150 million fundraising target.
Singapore-based insurtech unicorn bolttech said it is <a href="https://www.dealstreetasia.com/stories/bolttech-raises-series-b-312138">raising an undisclosed amount</a> in a Series B funding round led by Tokio Marine in a deal that will propel its valuation to $1.5 billion.
Indian edtech unicorn BYJU’s announced <a href="https://www.dealstreetasia.com/stories/byjus-raises-250m-qia-312153">securing $250 million</a> in a fresh funding round just a week after it laid off 2,500 employees to rein in costs.
Unilever Ventures has chosen Indonesian gummy vitamins brand YOUVIT as its first Southeast Asia investment, <a href="https://www.dealstreetasia.com/stories/youvit-unilever-313086">leading a $6 million Series B round</a> for the startup.
Digital payroll platform Skuad announced it has <a href="https://www.dealstreetasia.com/stories/go-ventures-digital-payroll-skuad-312812">raised $15 million</a> in a Series A funding round led by an undisclosed Southeast Asian VC firm. Regulatory filings showed the anchor investor was Go-Ventures, the venture arm of GoTo.
Cariuma, a direct-to-consumer sneaker brand, has <a href="https://www.dealstreetasia.com/stories/sg-headquartered-sneaker-brand-cariuma-raises-fresh-funding-from-east-ventures-others-312785">raised around $16.5 million</a> in a funding round backed by East Ventures, according to regulatory filings.
Xurya, a Jakarta-based startup that develops rooftop solar panels for businesses and industries in Indonesia, announced <a href="https://www.dealstreetasia.com/stories/indonesian-solar-startup-xurya-raises-11-5m-more-in-series-a-funding-312999">raising additional Series A funding</a> from Mitsui &amp; Co and Surya Semesta Internusa. According to DealStreetAsia &#8211; DATA VANTAGE, it raised $6.5 million in fresh equity funding from the investors.
Grab-and-go coffee chain Flash Coffee <a href="https://www.dealstreetasia.com/stories/flash-coffee-seriesb-312010">raised an additional $5.13 million</a> in Series B funding,  according to regulatory filings. It had earlier secured $32.8 million in the first close of the same round in June.
Regulatory filings also revealed that Vietnamese edtech startup Marathon Education <a href="https://www.dealstreetasia.com/stories/new-york-based-vulcan-capital-invests-in-vietnamese-edtech-startup-marathon-307649">bagged $5.1 million</a> in a seed funding round led by New York-based Vulcan Capital. The startup had announced the round without disclosing the quantum of capital raised.
Indonesia’s micro-warehousing startup Crewdible <a href="https://www.dealstreetasia.com/stories/bukalapak-crewdible-312800">secured $3.2 million</a> in a new investment round led by IDX-listed e-commerce major Bukalapak.
In Greater China, private funding for startups <a href="https://www.dealstreetasia.com/stories/greater-china-deal-review-q3-2022-312857">declined by nearly 35%</a> year on year to $15.1 billion in the third quarter, according to our latest report. Deal count, meanwhile, grew 25% as investors flocked to early-stage deals.
<h3>Other deals</h3>
Warburg Pincus has <a href="https://www.dealstreetasia.com/stories/warburg-pincus-se-asia-digital-insurance-firm-312825">announced a $350-million equity commitment</a> to set up a new Southeast Asian digital general insurance platform, Oona Insurance. The venture has been seeded with two acquisitions – Indonesia’s PT Asuransi Bina Dana Arta and the Philippines-based Mapfre Insular Insurance Corporation.
KKR will <a href="https://www.dealstreetasia.com/stories/kkr-invests-in-advanta-313093">invest $300 million</a> to acquire a 13.33% stake in India-based Advanta Enterprises, which is engaged in the research and manufacturing of agricultural seeds.
Singapore-based wealth management platform Endowus has <a href="https://www.dealstreetasia.com/stories/singapores-digital-wealth-platform-endowus-takes-majority-stake-in-hks-carret-private-312051">acquired a majority stake</a> in Hong Kong-based wealth manager Carret Private Investments.
PE firms Carlyle, Warburg Pincus and Bain Capital have <a href="https://www.dealstreetasia.com/stories/carlyle-warburg-bain-evercare-hospitals-312810">joined the race</a> to acquire TPG-backed healthcare platform Evercare (earlier known as CARE Hospitals), DealStreetAsia has learnt.
<h3>LP-GP news and views</h3>
Swedish private equity firm EQT is &#8220;particularly excited&#8221; about <a href="https://www.dealstreetasia.com/stories/asia-eqt-india-opportunities-312362" target="_blank" rel="noopener" data-cke-saved-href="https://www.dealstreetasia.com/stories/asia-eqt-india-opportunities-312362">investment opportunities in India</a> as a key market in Asia, CEO and managing partner Christian Sinding said during an earnings call this week. Separately, he mentioned the firm&#8217;s interest in tapping the private wealth segment and that it is evaluating fund structures for the same.
Asia, which currently accounts for only 2% of the global secondaries market, is <a href="https://www.dealstreetasia.com/stories/the-lp-view-asias-secondaries-market-catching-up-faster-than-expected-coller-capital-311881">catching up faster</a> with other regions than expected, said executives at Coller Capital, which specialises in secondary transactions.
Singapore-headquartered Dymon Asia Private Equity is looking at <a href="https://www.dealstreetasia.com/stories/dymon-asia-private-equity-thailand-312547">expanding its presence in Thailand</a>, which it sees as one of the key markets in Southeast Asia.
Private credit may have <a href="https://www.dealstreetasia.com/stories/private-credit-hits-tipping-point-in-asia-311989">reached a tipping point</a> in Asia as alternative asset managers flock to this fast-growing asset class, according to key industry executives.
The International Finance Corporation (IFC) remains <a href="https://www.dealstreetasia.com/stories/ifc-interview-india-investments-311935">bullish about India&#8217;s growth prospects</a> despite fears of an economic slowdown. &#8220;Overall, the market is well positioned to deliver healthy returns over the next 5-10 years,&#8221; said Ruchira Shukla, head for South Asia, disruptive technologies – direct equity and VC funds, at IFC.
<h3>Venture investors on the fundraising trail</h3>
Vertex Ventures is set to <a href="https://www.dealstreetasia.com/stories/vertex-500m-china-fund-312420">raise nearly $500 million</a> for a new fund that will invest in efforts to step up China’s domestic tech development.
VinaCapital Ventures, the VC arm of Vietnam-based asset manager VinaCapital, plans to <a href="https://www.dealstreetasia.com/stories/vinacapital-ventures-looks-to-launch-second-100m-fund-next-year-312718">launch its second $100-million fund</a> next year.
Shift4Good, a Singapore and Paris-based sustainable mobility VC firm, has <a href="https://www.dealstreetasia.com/stories/shift4good-raises-98m-in-first-close-of-latest-impact-vc-fund-312755">raised 100 million euros</a> (about $98 million) in the first close of its latest impact fund.
SaaS and B2B technology-focused VC Avataar Venture Partners has <a href="https://www.dealstreetasia.com/stories/avataar-fund-ii-312117">launched its second fund</a> with a target corpus of $350 million.
India-focused venture debt provider Alteria Capital Advisors has <a href="https://www.dealstreetasia.com/stories/alteria-capital-first-close-third-fund-312096">hit the first close</a> for its third fund at $121.3 million.
Early-stage investing platform Indian Angel Network (IAN) has <a href="https://www.dealstreetasia.com/stories/ian-second-fund-312951">launched its second fund</a> with a target corpus of about $120 million.
<h3>Going public</h3>
Indonesian e-commerce player Blibli is seeking to <a href="https://www.dealstreetasia.com/stories/indonesias-blibli-seeks-to-raise-523m-in-domestic-ipo-312056">raise up to 8.17 trillion rupiah</a> (nearly $530 million) in a domestic initial public offering (IPO). If priced at the higher end of its marketed range, the stake sale would value the firm at $3.5 billion. Despite the unfavourable timing, many analysts <a href="https://www.dealstreetasia.com/stories/bliblis-indonesia-ipo-timing-312282">expect the IPO to be successful</a>.
Malaysia&#8217;s Super Apps Holdings has announced <a href="https://www.dealstreetasia.com/stories/malaysian-payments-tech-firm-super-apps-to-list-in-us-via-1-1b-spac-deal-312684" target="_blank" rel="noopener" data-cke-saved-href="https://www.dealstreetasia.com/stories/malaysian-payments-tech-firm-super-apps-to-list-in-us-via-1-1b-spac-deal-312684">plans to go public in the US </a>through a merger with a special purpose acquisition company (SPAC) in a deal that values the payments technology firm at $1.1 billion.
Singapore-based AUM Biosciences is <a href="https://www.dealstreetasia.com/stories/aum-biosciences-mountain-crest-312847">going public in the US</a> through a SPAC merger in a deal that reflects a pre-money equity value of $400 million for the biotech firm.
TenX Keane Acquisition, a China-based blank cheque company, has <a href="https://www.dealstreetasia.com/stories/asia-focused-spac-tenx-keane-raises-60m-in-us-ipo-312058" target="_blank" rel="noopener" data-cke-saved-href="https://www.dealstreetasia.com/stories/asia-focused-spac-tenx-keane-raises-60m-in-us-ipo-312058">raised $60 million</a> in its IPO in the US.
<h3>Closing doors</h3>
East Ventures-backed co-working startup CoHive is likely to <a href="https://www.dealstreetasia.com/stories/cohive-may-be-closing-all-locations-312276">shut down most or all its office spaces</a> by the end of this month, according to several industry executives. The company has also secured a <a href="https://www.dealstreetasia.com/stories/indonesian-co-working-startup-cohive-said-to-be-chalking-out-restructuring-plan-with-creditors-312693">temporary suspension of debt payment obligations</a> from a Jakarta court.
Indonesian edtech startup BINAR is <a href="https://www.dealstreetasia.com/stories/teja-ventures-backed-indonesian-edtech-binar-to-lay-off-20-employees-312192">laying off 20% of its staff</a> despite registering &#8220;significant growth&#8221; in the past several years as part of efforts to brace for global economic uncertainties, a top executive said.
Grab has announced <a href="https://www.dealstreetasia.com/stories/grab-to-close-indonesia-cloud-kitchen-313149">plans to discontinue its cloud kitchen service</a> GrabKitchen in Indonesia after four years of operations. The company attributed the decision to its shift to an asset-light business model.

One of our most-read stories was on Indonesia-listed tech major GoTo's plans ahead of the expiry of its IPO lock-up period next month.

Editor's take: The week that was — Oct 17-22

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Editor's take: The week that was — Oct 17-22

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