DATA VANTAGE | Connect and Heal, HydraX, QE Labs in focus
Edition #468, 13th May 2025
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Dear Reader,
Indian healthtech company Connect and Heal issued preference shares worth [redacted] in May to multiple shareholders including Malaysian boutique fund management firm Tradeview Capital, The Quarternary Group, and GSE Trust.
According to its recent filings to Singapore’s Accounting and Corporate Regulatory Authority (ACRA), the new shares were priced at $183 each, which, based on our calculations, brings the company’s post-money valuation to approximately [redacted].
Before the latest share allotment, the company had raised [redacted] since its establishment, according to DATA VANTAGE. It had earned a valuation of [redacted] following its last financing round in 2021 when it raised $11 million from BAce Capital and a group of high profile bankers.
Prior to the latest issuance, the company’s largest institutional shareholders were GSE Trust with a 48.81% stake, followed by BAce Capital with 12.02%, and Wishing Chair with 2.46%. Following the allotment in May, GSE Trust is estimated to have increased its shareholding to [redacted].
Founded in 2016 by Sanjay Vinayak, Elwinder Singh, and Galveender Kaur, Connect and Heal offers healthcare services including online consultation, lab tests, medicine delivery, and vaccination.
The company currently operates in 300 cities across India, with a network of over 2,500 doctors, 6,000+ hospitals and clinics, and more than 3,500 diagnostic centres and pharmacies across over 8,000 pin codes.
Top 10 shareholders of Connect and Heal*
* This is the shareholding pattern prior to the latest financing round.
Source: DealStreetAsia’s DATA VANTAGE
Computers & Electronics was the top industry for Greater China IPOs in Q1
Eleven companies in the Computers & Electronics sector went public in Greater China in Jan-Mar 2025 — the highest sector by volume in the period. They collectively raised $461.4 million through their initial share sales, according to the DATA VANTAGE report Greater China Deal Review: Q1 2025.
Just behind Computers & Electronics were the Chemicals, and Consumer Products sectors with five and four IPOs, respectively.
Dining & Lodging led in terms of total fundraising, amassing $771.6 million from the share sales of just two companies — Mixue Group and Guming, both of which listed in Hong Kong in February 2025.
Mixue Group, China’s largest bubble tea and drinks chain, drew high interest from retail investors, largely driven by its branding around affordable ice-cream and bubble tea — suggesting investor confidence as the company sees its presence growing across Southeast Asia.
Total IPO proceeds in Q1 2025 dropped by 40.1% sequentially. Ongoing market uncertainties, fueled by rising US-China trade tensions and regulatory shifts, continued to delay IPO activity among companies in Greater China.
IPOs by Greater China firms across industries (Q1 2025)
Source: DealStreetAsia’s DATA VANTAGE
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Other updates from DATA VANTAGE
Canopy, a Singaporean wealthtech startup, recently allotted preference shares worth [redacted] to new investors Seacliff Partners and Star Mission Global.
Indonesian poultry startup Chickin welcomed [redacted] to its cap table following the issuance of new preference shares worth $150,000. It had secured a $15 million loan facility from Bank DBS Indonesia earlier this year.
Singapore-based data platform for the manufacturing industry, Ddriven Solutions received [redacted] investment via the issuance of ordinary shares to new shareholder Nauvata Techventures, the investment arm of India-based Nauvata Energy Transition (NET) Enterprise.
Singapore-based decentralised digital asset exchange DigiFT received [redacted] from its parent company DigiFT Holdings.
Singapore-headquartered digital capital market infrastructure firm HydraX issued shares worth [redacted] to existing shareholder and Hong Kong-based investment firm Zheng He Financial, and new investors including [redacted], Ooi Koe Leong, and H Trading.
Manuva, an Indonesia-based manufacturing and supply chain platform, received [redacted] through the issuance of preference shares to Mega Limited.
Quantified Energy Labs (QE Labs), which develops and commercialises aerial solar solutions for the PV industry, welcomed [redacted] as a shareholder following a $1.75 million investment in the company.
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