Data Vantage | Droom, Ai Palette, RaRa Delivery, UangCermat and Hepmil in focus

Edition #352, 05 March 2024

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Dear Reader,

The Singapore-based parent company of Indian automobile marketplace Droom received $16.8 million from a group of investors, including alternative asset manager 57 Stars and venture capital (VC) firm SevenTrainVentures, last week.

The Indian firm had announced securing an undisclosed amount as part of an up to $200 million pre-IPO round from the two investors and others in 2021. Its regulatory filings show the Singapore entity has received about [redacted] million since the announcement.

The recent capital injections include [redacted] million from 75 Stars, [redacted] million from Japan’s DG Ventures, which is the VC arm of Tokyo-listed internet conglomerate Digital Garage, and [redacted] million from SevenTrainVentures.

Droom is said to be considering relaunching its public listing bid, according to Indian media reports. The company had announced its intention to list on the Nasdaq or in India in 2021 but withdrew the plan in October 2022, without citing any reasons.

Fintech takes a beating in 2023

Fintech, a longstanding investor favourite in Southeast Asia, saw a sharp decline in funding in 2023, despite retaining its top spot in the regional startup funding landscape, according to the latest report by DealStreetAsia — DATA VANTAGE.

Equity investments in fintech startups dropped 40% last year, while the total capital raised by them plummeted by 71% compared to the preceding year. E-payment solutions emerged as the most sought-after segment among dealmakers, but it was fintech lending that secured the highest funding of $503 million during the year.

Wealthtech, which saw a surge in interest from retail investors seeking access to the public market and the emergence of decentralized finance (DeFi) in 2021 and 2022, lost its sheen last year as it registered declines in deal volume and value of 63% and 90%, respectively.

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Other updates from DATA VANTAGE

Singapore-based foodtech startup Ai Palette allotted new shares worth [redacted] million to Tin Men Capital, Exfinity Ventures and others as part of a Series A1 round last week.

East Ventures, [redacted] and some other shareholders have exited Indonesian last-mile delivery startup RaRa Delivery by transferring their shares to its co-founder and CEO Karan Bhardwaj.

Indonesian financial services platform UangCermat allotted shares worth $3.4 million to a group of investors, including Cocoon Capital and Club Capital, last week.

Singapore-based VC firm MSW Ventures has injected an additional [redacted] million into Southeast Asia-focused content producer Hepmil Media Group.

SEEDS Capital, the investment arm of Enterprise Singapore, has sold its stake in regulatory technology company Tookitaki to the latter’s majority shareholder, Thunes.

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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