DATA VANTAGE | Akseleran, Genie Financial, InVideo, and others in focus
Edition #452, 13 March 2025
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Dear Reader,
In another sign of turmoil in Indonesia’s fintech lending sector, SME-focused Akseleran is struggling to assist individual lenders in recovering 178.3 billion rupiah ($11 million) in outstanding loans amid a potential governance issue at the top.
As reported by DealStreetAsia’s Indonesia team earlier this week, the company’s board moved to restrict President Director Christopher Gultom’s authority after he repeatedly refinanced delinquent loans without consulting the financial and legal directors. Gultom had based his decisions on borrowers’ assurances that they would repay within months. However, the repayments never materialised.
The news of troubled loans emerged after Akseleran laid off approximately 70% of its workforce, a move the company claimed was necessary to optimise operations amid challenging market conditions.
Our database shows that Akseleran last updated its cap table in October 2023 when it onboarded Cayman Islands-registered Inklusi Keuangan Limited, which received 1.1 million shares valued at 26.4 billion rupiah. This transaction made Inklusi Keuangan Limited the company’s largest shareholder, displacing Akseleran’s longstanding backer, BEENEXT, from the top.
Source: DealStreetAsia’s DATA VANTAGE
The latest cap table reveals that US-based Vulcan SEA LLC has acquired all shares previously held by PT Kemakmuran Invest, positioning it as the fourth-largest shareholder.
In July 2023, Akseleran announced the postponement of its planned public market debut, originally scheduled for August 9, citing the need for additional time to secure more private investment.
Venture funding for women founders in India surges
After two consecutive years of decline, venture funding for Indian startups with at least one female founder bounced back in 2024. However, the recovery lagged behind the broader upswing in startup investment across the country, according to DealStreetAsia’s Female Founders in India 2024 report.
Women-founded startups secured a combined $1.43 billion in equity and debt funding last year, a 30% uplift from the $1.1 billion raised in 2023, according to DealStreetAsia’s fourth annual report on India’s gender funding gap, released ahead of International Women’s Day.
The number of deals involving female-led startups climbed to 208 in 2024, up 19% from 175 the previous year.
Yet, funding for women-founded ventures failed to keep pace with the overall surge in Indian startup investment. In 2024, Indian startups collectively raised $16.3 billion across 1,267 deals, marking a 38% increase in value and a 35% rise in volume year-on-year.
As a result, the share of total capital raised by female-founded startups dipped to 8.8% in 2024, down from 9.25% in 2023, per the Female Founders in India 2024 report. This marks a continued decline from 13% in 2022 and 14.56% in 2021.
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Other updates from DATA VANTAGE
Singapore-registered [redacted], the fintech arm of [redacted], posted a 35% year-on-year revenue growth, reaching $20.3 million for the 12-month period ended March 2024. The strong topline expansion reinforced the company’s sustained profitability.
During the same period, Singapore-based biotechnology firm [redacted] reported a 16% year-on-year increase in revenue to $17.1 million. However, the company continued to clock annual losses.
Tiger Global-backed video creation platform [redacted] saw its revenue nearly triple over the 12 months ended March 2024, enabling the company to trim its annual losses by approximately 30% and move closer to financial sustainability.
[Redacted], a Singapore-based online B2B marketplace for industrial hardware and supplies, recorded a 72% surge in revenue to $8 million for the year ended March 2024, driven by increased demand and platform growth, enabling the company to reduce its net loss by approximately a third.
During the same timeframe, [redacted], a Singapore-based fintech platform specialising in equity management solutions, saw its revenue decline by 31% to $4.6 million. Despite the drop, the company managed to significantly reduce its overall losses.
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