Data Vantage | ALAMI, Cleantech Solar & SCI Ecommerce bag funding
Edition #222, 3 Nov 2022
Dear Reader,
Indonesian shariah-compliant SME lending startup ALAMI received nearly $3.8 million last week from investors including East Ventures (Growth Fund), Capria Ventures, AC Ventures, Quona Capital, and FEBE Ventures, among others.
The funding is part of the company’s recent pre-Series B round led by East Ventures (Growth Fund). The startup did not disclose the quantum of funding raised in the round.
The deal marked US-based venture capital firm Capria’s first direct investment in the Asia Pacific. It has contributed $375,000 to the round so far, according to ALAMI’s regulatory filings.
The Indonesian company said it will use the capital to enhance its tech capabilities as a shariah-compliant fintech provider. It acquired shariah rural bank Hijra Bank (formerly known as BPRS Cempaka Al-Amin) in 2021. The business obtained a digital mobile banking licence from Indonesia’s Financial Services Authority (OJK) this year.
Top shareholders in ALAMI
Source: DATA VANTAGE
Meanwhile, Singapore-based solar energy platform Cleantech Solar secured $30 million from Cleantech Renewable Assets and Cloud Alpha Pte last week. Cloud Alpha also bought out CEF 200 BV, which is owned by a fund managed by Climate Fund Managers.
Cleantech Renewable Assets is 49% owned by Shell. The rest is owned by Cloud Alpha, which is backed by Keppel Corporation and a Keppel Capital consortium. Following the latest transactions, Cloud Alpha owns 75.5% of Cleantech Solar.
In December last year, Keppel Corporation, Keppel Asia Infrastructure Fund LP (KAIF), and a co-investor in KAIF had acquired a 51% equity stake in Cleantech Renewable Assets through Cloud Alpha.
In March, the investors announced their intention to increase their stake in Cleantech Solar to 75.5% for a total consideration of $115 million.
Other updates from DATA VANTAGE
E-commerce enabler SCI Ecommerce received $1.25 million from an existing shareholder last week. The transaction brings the startup’s financing in an ongoing round to $24.7 million.
Earlier in September, Raymond Zage, the founder and CEO of Tiga Investments, had invested $1 million as part of the round. Asia Partners and EDBI are among the other contributors to the latest financing.
Private investment platform Fundnel infused nearly $1.4 million into its Singapore entity. The funding comes a few days after the company acquired private digital securities exchange Hg Exchange (HGX).
Digital payroll platform Skuad saw shares change hands last week. Its founder Sundeep Sahi and co-founder Naman Singhal, who quit to launch another startup in September, sold some shares to NMVM, which had also participated in Skuad’s recent $15 million Series A round.
Singapore-based wealth management platform Endowus allotted shares worth $727,562 last week to its executives, including CTO Joo Lee, engineering VP Deepak Sarda and chief client officer So Sin Ting. Earlier last week, the company acquired a majority stake in Hong Kong-based wealth manager Carret Private Investments.
The Singapore-registered entity of used car marketplace Carro reported a 135% year-on-year increase in revenue in the fiscal year ended March 31, 2022. The company had earlier announced its consolidated financial performance, noting it had achieved its first full-year net profit in the period.
Singapore-registered Flipkart Private Limited narrowed its losses in the financial year ended March 31, 2022, to $9 million from $13.7 million a year ago.
Interested in learning more about our our deals database, DATA VANTAGE? Sign up for a walkthrough with our team! Our subscribers
DealStreetAsia — Professional
Combine editorial insights with robust data & research. Our newest product is a strategic business solution.
Subscribing to DealStreetAsia — Professional will get you -
- Key financials of more than 2,000 Asian venture-backed companies registered in Singapore and Indonesia
- Track competitors and industries
- Up to 4 new research reports per month
- Exclusive data-led Stories
- Deal Monitors (India / China/ SEA)
- Full access to DealStreetAsia’s premium reportage
- Twice-weekly DATA VANTAGE newsletter
- Discounts to Asia PE-VC Summit tickets (live event).
