Data Vantage | Ayoconnect, Lummo, Green Li-ion and others rake in the moolah

Edition #145, 27 Jan 2022


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Indonesia-based financial API platform Ayoconnect secured $15 million in a Series B round led by Tiger Global Management this week. Read our exclusive story for the details.

The startup had last announced a $10 million pre-Series B round backed by Mandiri Capital and Patamar Capital in Sept 2021. Its other investors include, Finch Capital, STRIVE, AC Ventures and Amand Ventures.

Ayoconnect has also increased the allocation to its employee share option plan (ESOP) by nearly 41% in conjunction with the new financing.

Indonesian startup Lummo (formerly known as BukuKas), which focuses on digitising small and medium businesses, received $56 million this week as part of its $80 million Series C round, its regulatory filings show.

Tiger Global Management has contributed $27 million so far, while Sequoia Capital India put in $15.5 million. CapitalG, the investment arm of Google parent company Alphabet, transferred $10 million.

At $483.78, the startup’s share price in the latest round is 2.5 times that in its last financing in 2021.

Top shareholders in Lummo

Data as of Jan 26. Source: DATA VANTAGE

Meanwhile, Singapore-based green tech startup Green Li-ion bagged $5.2 million this week in its Series A financing. The round was led by Energy Revolution Ventures and backed by Ilshin Holdings and Envisioning Partners.

The company had last raised $3.45 million in seed funding in 2021.

Vietnam’s footwear and apparel e-commerce startup GiLi also secured fresh capital this week in a round backed by Sequoia Capital India and Leo Capital. Lummo founder and CEO Krishnan Menon also participated in the round.

E-commerce continues to shine

Southeast Asia’s e-commerce startups secured at least $2.66 billion in funding last year, registering a nearly three-fold jump over 2020, according to DealStreetAsia’s latest report.

More than half of the total capital last year went to B2C and C2C marketplaces such as Carro, Bukalapak, Carsome and Tiki. Singapore’s Carro and Malaysia’s Carsome were two of the four new e-commerce unicorns that emerged last year.

Indonesian startups recorded the most deals in the e-commerce space, accounting for 39% of the total deal volume, followed by Singapore (27%).

Source: SE Asia Deal Review: Q4 2021, DealStreetAsia — DATA VANTAGE

Other updates from DATA VANTAGE

Ho Chi Minh City-based jobs platform JobHopin received $2 million from Daiwa-SSIAM Vietnam Growth Fund last week. The funding is part of the startup’s pre-Series B round.

Marketing tech startup Knorex received $1.56 million last week as part of an extended Series C fundraising. The company had earlier received $15 million in Series C financing in March 2021. Investors in the extended round include Star Rise Venture.

Conversant Solutions, a Singapore-based regional digital media enablement and solutions provider, has agreed to pay S$11.6 million ($8.64 million) to buy back ordinary and Series A shares from some of its investors, including private equity firm Evia Capital Partners. The startup will fund the purchase through internal resources, issuance of new Series B shares, or a combination of both.

Logistics provider 20Cube Logistics reported a 29% year-on-year increase in revenue for the financial year ended March 31, 2020.

E-commerce application developer Hipvan booked $10.39 million in revenue for the financial year ended March 31, 2020, a 38% increase compared to the previous year.

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DealStreetAsia is a Singapore-headquartered, subscription-driven media company, covering all deals — private equity, venture capital & M&As in Asia.