Data Vantage | Alodokter, Beep, DACHIN, GXS Bank and ArrowBiome in focus
Edition #385, 27 June 2024
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Dear Reader,
Indonesian digital health platform Alodokter received [redacted] million from local venture capital firm MDI Ventures this week.
According to the Indonesian firm’s regulatory filings, the capital injection is part of an ongoing Series C round that began in 2019. Including the latest transaction, Alodokter has now allotted Series C shares worth [redacted] million to investors, including PT Asuransi Jiwa Sequis Life, Heritas, Hera Capital, and Philips.
More recently, in February, the health tech company received funding from South Korean auto parts maker HL Mando and Beacon Venture Capital, the corporate venture capital arm of Thailand’s Kasikornbank, as part of the round.
Launched in 2014 by Nathanael Faibis and Suci Arumsari, Alodokter provides end-to-end digital solutions, including telemedicine, doctor appointments, medical content, e-pharmacy, and health insurance services. It reported a net loss of $9.14 million in the financial year ended December 31, 2022, on revenue of $8.53 million.
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Other updates from DATA VANTAGE
Singapore-based IoT startup Beep issued shares worth [redacted] million this week to investors, including Granite Asia, Farquhar VC, Grab, Wing Vasiksiri and SUTD Venture Holdings. The startup had announced raising a seed round last year without disclosing the amount secured.
Direct-to-consumer startup DACHIN, which owns brands such as ecentio, INBEX and HerBaay, received seed funding from Northstar Ventures this week.
Digital lender GXS Bank received a fresh capital infusion of S$229.5 million ($169.6 million) from super app Grab and telecom firm Singtel this week. The two companies have now invested [redacted] million in the joint venture this year alone. GXS recently reported a 59% jump in losses for the financial year ended December 31, 2023.
Singapore-based biotech startup ArrowBiome received $1 million in seed funding from Cocoon Capital this week.
Agritech impact fund The Yield Lab Asia Pacific has bought shares in Indonesian aquatech startup JALA Tech from [redacted] and Indonesian firm PT Indmira, providing both investors with an exit.
Seed Myanmar Ventures has exited its investment in Myanmar-based logistics startup Karzo by selling its shares to [redacted], NP Consulting and others.
Mixed martial arts (MMA) firm ONE Championship reduced its losses for the financial year ended December 31, 2022, by 40% on the back of higher annual revenue, according to a recently filed financial statement.
Bangladesh-based online ticketing platform Shohoz turned profitable in the financial year ended December 31, 2023, despite a 22% revenue decline.
Axiata-owned digital analytics company ADA Asia more than doubled its profits in the financial year ended December 31, 2023, as its revenue grew 13.5%.
Coffee chain operator Flash Coffee posted a 9.7x increase in net loss for the financial year ended December 31, 2021, per a recent regulatory filing.
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