Data Vantage | Blue Planet, Rario, Nuguru, Arival and Lyte Ventures report updates
Edition #335, 21 December 2023
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Singapore-based waste management company Blue Planet Environmental Solutions recently secured a $35 million term loan facility from The Investment Fund for Developing Countries (IFU), an independent fund owned by the government of Denmark.
The financing will support Blue Planet’s operations in India, especially in the areas of landfill reclamation and e-waste recycling.
The company’s recent regulatory filings show that it plans to use [redacted] million from the proceeds to acquire India-based electronic waste processing firm [redacted]. Blue Planet has earmarked another $1 million for the firm’s working capital requirements and expansion.
The Singapore-based company will invest the remaining [redacted] million in Zigma Global Environ Solutions, an Indian company it first backed in 2020.
Blue Planet had previously acquired waste management companies Qube Renewables and Wah & Hua and disaster management firm Disaster Restoration Singapore in 2021.
Amid a crypto market crunch, Singapore-based cricket NFT startup Rario managed to grow its revenues by over 30 times in the financial year ended March 31, 2023. The company’s losses surged nearly 12x during the period.
The digital collectibles platform allows fans to collect, trade, and own digital assets that represent their favourite players, teams and moments in cricket. It had raised $120 million in a Series A funding round led by India’s fantasy sports major Dream11 last year.
The founders of Rario, Ankit Wadhwa and Sunny Bhanot, exited the startup in September after reportedly being pushed out by Dream11 and other investors. The platform has also come under pressure due to the waning popularity of NFTs globally.
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Other updates from DATA VANTAGE
The Singapore unit of Indonesian super app GoTo received [redacted] million from its parent company this week.
Health and wellness company Nuguru received $1.15 million from investors, including DSG Consumer Partners, last week.
The Singapore entity of Puerto Rico-headquartered digital lender Arival Bank received $600k from an existing shareholder last week.
Fencore, a Singapore-based financial data management platform, has issued new shares worth [redacted] to new and existing shareholders, including founder and CEO James Crosby.
Singapore-based lending platform Lyte Ventures’s losses widened more than 7x in the financial year ended December 31, 2022, as its revenue declined by 15%.
Indonesian travel photography startup SweetEscape managed to turn a profit in 2022 as its revenue grew 48% year on year to [redacted] million.
Qxpress, which operates an e-commerce product warehouse storage, delivery order acceptance, and packing services business, reported [redacted] million in revenue last year, a 53% jump from the previous year’s performance.
Openspace Ventures-backed Philippine fintech firm Lista reported a 33% growth in net loss for the 12 months ended May 31, 2023.
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