Data Vantage | Asia Healthcare, ANEXT, GreenArc Capital, Little Farms and Revi in focus

Edition #358, 26 March 2024

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Dear Reader,

In a strategic move to strengthen their foothold in Asia’s healthcare sector, private equity firm TPG Capital and Singapore’s sovereign wealth fund GIC have topped up their investments in healthcare platform company Asia Healthcare Holdings (AHH).

TPG Capital and GIC injected [redacted] million and [redacted] million, respectively, into AHH last week, pushing the healthcare company’s total paid-up capital to more than [redacted] million.

GIC acquired a minority stake in AHH for $170 million in 2022. The latest transaction brings its total investment in the company to [redacted] million.

Incubated by TPG Growth, AHH invests in and acquires single-speciality hospitals. In September, it acquired a majority stake in India’s Asian Institute of Nephrology and Urology (AINU) for $72.1 million. The acquisition marked the company’s foray into urology and nephrology.

Chinese financial services major Ant Group has invested an additional $149 million in Singapore-based digital bank ANEXT Bank, increasing the lender’s total paid-up capital to $504 million.

Ant was one of the four groups that received approval from the Monetary Authority of Singapore (MAS) towards the end of 2020 to launch digital banking services in the city-state. Its digital wholesale banking licence allows it to offer digital financial services to local and regional micro, small, and medium enterprises (MSMEs).

ANEXT’s financial statement indicates that despite a steady influx of capital, it has faced growing difficulties, with losses surging to [redacted] million in 2022.

Emerging sectors

Amid a challenging fundraising environment, the healthtech sector emerged resilient in 2023, with a notable uptick in deals. The sector clocked 60 deals last year, up 20% year on year, competing head-to-head with e-commerce in deal count, our latest quarterly review finds.

However, the sector’s total funding value dropped by 34% owing to smaller deal sizes, particularly among late-stage startups. Telemedicine ranked as the top healthtech category with 17 deals, followed closely by curative and diagnostics technologies with 15 and 16 deals, respectively.

A separate November study by DealStreetAsia found that investments in deep tech domains, such as biotech, genomics, and artificial intelligence, have played a major role in the rise of healthtech in the region.

Green tech was another vertical that gained traction last year. Deal volume in the space grew 17% to 42 deals as investors pumped capital into companies tackling the all-too-real consequences of climate change. Check out our previous report for more details on climate tech investing in Southeast Asia.

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Other updates from DATA VANTAGE

Bintang Kecil, a subsidiary of Indonesia’s tech conglomerate GoTo, has transferred its stake in pre-loved goods marketplace Carousell to Jakarta-based [redacted].

The Singapore unit of cross-border payment solutions provider EMQ received $4 million from its Hong Kong-based parent, bringing the company’s total paid-up capital to $7 million.

Impact investment and fintech analytics firm GreenArc Capital has received a [redacted] capital injection from existing shareholder CerraCap Ventures.

Singapore-based grocery chain Little Farms secured [redacted] million in funding from investors, including Paragon Global Ventures, last week.

Vietnam’s coffee chain startup Révi Coffee & Tea bagged $200,000 from investors, including Singapore-based venture capital firm TNB Aura, last week.

As a free subscriber, you’re reading a redacted version of DealStreetAsia’s premium DATA VANTAGE twice-weekly newsletter. Unlock access to the complete version by picking up any of our premium subscription plans. Anticipate Asia’s Rising Stars and Secure Lucrative Exits

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