Happy Sunday! Here is your recap of all the major private equity (PE), venture capital (VC) and startup developments that transpired in the markets we cover. Let’s dive in.

Top scoops

Singapore-based PE firm Growtheum Capital Partners has invested about $100 million in Vietnamese dairy producer International Dairy Products (IDP).

Indian edtech unicorn BYJU’S co-founders Byju Raveendran and Divya Gokulnath spoke on a range of issues in an exclusive live webinar with us this week. Raveendran confirmed the Indian company is on the verge of closing a fresh funding round at a flat valuation.

The BYJU’s co-founders also answered questions on the company’s profitability timeline, acquisitions (“WhiteHat Jr was a mistake”) and a hefty $1.2 billion loan.

Southeast Asian e-commerce major Lazada received another $353 million in capital infusion from its parent company Alibaba, according to regulatory filings seen by DealStreetAsia – DATA VANTAGE.

LP-GP updates

Alaska Permanent Fund has approved a $25 million commitment to the fifth Asia-Pacific fund of buyout firm Bain Capital.

Bangkok-based PE firm Lombard Asia has closed its latest growth equity vehicle after securing a $10-million commitment from Swiss impact manager Blue Earth Capital.

Asian PE major PAG has reduced the target corpus of its fourth buyout fund from $9 billion to $6 billion, according to a report by AVCJ.

Singapore state investor Temasek has acquired an additional 41% stake in India’s Manipal Health Enterprises, taking its total holding to 59%. The deal is understood be worth $2 billion.

Indonesia’s sovereign wealth fund INA is mulling picking up an equity stake in PT Chandra Asri Alkali, a wholly owned subsidiary of IDX-listed petrochemical firm PT Chandra Asri.

In our LP View column this week, we spoke to Hong Kong-based 3 Capital Partners, which is betting big on PE opportunities. Its founders see more patient capital from China’s family offices beginning to value mature opportunities across developed markets.

PE firm CVC Capital Partners is considering selling its 21% stake in Malaysia’s QSR Brands after multiple domestic listing attempts by the regional fast food franchise operator, Reuters reported.

Indian PE firm Paragon Partners is understood to have closed its second fund at Rs 700 crore ($85.37 million) as it looks to ramp up investments in high-growth mid-market companies.

Hong Kong and Singapore-based venture capital (VC) firm AFG Partners has closed its $30 million debut fund focused on B2B fintech opportunities in Asia and globally, its partner Ivan Ong told DealStreetAsia.

The Edgeof, a newly-established startup ecosystem builder and VC firm, is acquiring SoftBank Ventures Asia, a wholly-owned subsidiary of SoftBank Group that has around $2 billion in funds under management. The Edgeof co-founder and chairman Atsushi Taira spoke to DealStreetAsia about what led to the deal and what it could potentially mean for the companies.

Singapore-based venture debt firm Mars Growth Capital has upsized its early-stage and growth-stage funds after a fresh capital injection from its single limited partner (LP), Japanese financial giant MUFG.

Lightspeed China Partners has held the first close for a new RMB-denominated fund at 800 million yuan ($116.3 million) to double down on the green technology and hard technology sectors.

Crypto derivatives exchange Bitget has launched a new fund targeting next-generation Web3 projects and businesses in Asia, with an initial investment of $100 million.

China Pacific Insurance Group-backed CPIC Investment Management has teamed up with Waterdrip Capital to launch two digital asset-dedicated funds targeting institutional investors and HNIs in Hong Kong.

VC firm Gobi Partners is eyeing more opportunities to back AI startups in Southeast Asia, its partner Kay Mok Ku said in an interview.

Hong Kong-based real estate private credit investor Pacific Aegis Capital Management Group (PACM) is in the process of raising its second special situations fund to invest up to $300 million in opportunities across developed markets.

BAI Capital is poised to launch a dedicated fund for Web3 investments to focus on areas like new-generation financial services and innovative fintech business models that leverage cryptocurrency.

India’s InCred Alternative Investments has launched its first liquid alternative fund of Rs 1,000 crore ($122 million).

India-based venture fund pi Ventures has received a commitment of around $12 million for its second fund from the Small Industries Development Bank of India (SIDBI).

Fundraising news

Private capital raised by Southeast Asian startups grew about 90% month on month in March. However, megadeals remained scarce, and the total tally did not exceed $1 billion (again).

Philippine grab-and-go coffee startup PICKUP COFFEE said it has raised $40 million so far in its latest funding round. Regulatory filings showed it had secured at least $30.75 million in fresh equity funding from Go-Ventures and others and issued new shares worth $6.5 million to SAFE holders.

Vietnamese edtech startup MindX has raised $15 million in a series B funding round led by education-focused PE firm Kaizenvest.

Indonesian cloud kitchen startup Legit Group has raised $13.7 million in a Series A funding round led by MDI Ventures.

Philippines-based HR tech startup Sprout Solutions has raised about $10.7 million in a new funding round led by Cercano Management, its regulatory filings showed.

Indonesian upskilling platform Cakap has raised an undisclosed amount in a Series C1 funding round from MDI Ventures and existing investor Heritas Capital, which valued it at more than $100 million.

Indonesian fitness platform Fit Hub has closed its seed funding round at $6.5 million after securing the backing of Wavemaker Partners and existing investor Trihill Capital.

Indonesian D2C eyewear brand SATURDAYS has raised an undisclosed amount in venture debt from Genesis Alternative Ventures to fuel its expansion across the archipelago.

Pune- and New York-headquartered market intelligence and search platform Alphasense Technology raised an additional $100 million in its Series D funding round led by Alphabet’s CapitalG.

Walmart-backed PhonePe raised $100 million in additional funding led by General Atlantic at a pre-money valuation of $12 billion.

India-based game developer Mayhem Studios has bagged $20 million in a Series A funding round led by Sequoia Capital, while JSW One Platforms, the B2B e-commerce venture of Indian conglomerate JSW Group, has raised around $25 million from Mitsui.

Impact investor Aavishkaar Capital has made its first investment from its maiden ESG fund in India’s INI Farms, top company executives told DealStreetAsia.

Privately-held startups in Greater China raised $2.6 billion in March, marking a drop of 60.3% from February, largely on account of fewer big-ticket deals.

Alebund Pharmaceuticals, a biopharmaceutical firm focused on innovative therapies to treat renal diseases, has notched 200 million yuan ($29.3 million) in a pre-Series C round.

Shanghai-based smart chassis solutions provider BIBO has secured 200 million yuan ($29.2 million) in a Series A round co-led by NIO Capital and Chinese investment firm Orient Jiafu Asset Management.

Jatri, a Bangladesh-based public transportation platform, has raised fresh capital in a Series A round anchored by return backer SBK Tech.

Other updates

Indonesian nickel mining firm PT Trimegah Bangun Persada, also known as Harita Nickel, made its public market debut this week after conducting the country’s largest IPO this year. It sold a 12.67% stake in the offering to raise 10 trillion rupiah ($672 million).

Indian electric vehicle maker Euler Motors laid off about 250 employees, the latest among several late-stage local startups that have been cutting staff to preserve funds amid market volatility and funding slowdown.

Emirates Telecommunications Group is picking up a 50.3% stake in a super app managed by Uber-backed Careem in a transaction valued at $400 million.

Your weekend read

TikTok’s e-commerce business has seen a rapid increase in popularity in Indonesia in the two years since its launch. This speedy ascent now raises the question of whether TikTok Shop can compete with the likes of Tokopedia, Bukalapak, Shopee and others in Indonesia’s crowded e-commerce market. This analysis seeks to decode the answer.

Editor's take: The week that was — April 10-15

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