Data Vantage | Carousell’s Malaysian JV, Flash Coffee’s funding and other updates

Edition #227, 22 Nov 2022

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Singapore-based classifieds platform Carousell has entered into a joint venture with Ideal Team Enterprises Limited (ITEL) to trade used cars and provide car inspection services in Malaysia.

According to its latest filing with Singapore’s Accounting and Corporate Regulatory Authority (ACRA), Carousell has formed a 51:49 joint venture with ITEL. The joint entity, Orion SPV Pte Ltd, will acquire MCars Sdn Bhd, which is also known as Mudah Auto and is the operator of used car marketplace mudah.my, from MCars CEO Andy Teh Wei Loon.

MCars states on its LinkedIn page that it is a subsidiary of Carousell, indicating that the deal has already been completed.

In a separate transaction, Carousell allotted ordinary shares worth $512,223 on Friday to a special purpose vehicle (SPV) owned by the former shareholders of online sneaker marketplace Ox Street.

OxStreet SPV has now received Carousell shares worth $2.5 million since the latter acquired Ox Street in October last year.

Southeast Asia’s grab-and-go coffee chain Flash Coffee also allotted more shares to a vehicle of Switzerland-based investment firm Conny & Co, which now controls a 7.2% stake in the company.

The latest allotment brings the total paid-up capital issued by Flash Coffee this year alone to $40 million, pushing the company’s valuation to $183 million, per our calculations.

Financial updates

Chai Pay, the Singapore subsidiary of South Korean fintech firm CHAI, posted an over 11 times increase in its revenue in the financial year ended Dec 31, 2021. The company has raised more than $100 million since it was incorporated in September 2019.

Indonesian used electronics marketplace Laku6, which was acquired by Carousell in July, managed to cut its net loss before interest by more than half in 2021 as its total revenue expanded by 60%.

Heliconia Capital-backed healthtech startup Lucence reported an 18.6% increase in its revenue for the financial year ended March 31, 2022.

Water treatment solutions provider MATTEN doubled its annual revenue last year, which helped it reduce its losses by more than 40%.

Singapore-based craft beer brand Brewlander also more than doubled its revenue last year.

Other updates from DATA VANTAGE

Indian healthtech startup NirogStreet has announced the close of its Series B round at $12 million. This confirmed our report in October, which revealed that the firm had raised $6.8 million in fresh funding led by Jungle Ventures and allocated Series B shares to convertible noteholders that had extended it $4.76 million in financing.

Lazada Southeast Asia has allotted ordinary shares worth $49.3 million to a share incentive plan for its employees. The shares are held by a trustee company regulated by the Monetary Authority of Singapore.

Singapore-headquartered medical device maker Genesis MedTech has received $21.2 million in fresh capital injection from its parent company, Genesis MedTech International, which is based in Tortola, the British Virgin Islands.

Milieu Insight, a Singapore-based consumer research and analytics company, has welcomed Phillip Capital as a shareholder following a $1 million investment.

Shareholders of Singapore-based container haulage startup Haulio have completed the transfer of their stakes to a new holding company, Haulio Investment Holdings.

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