Data Vantage | Eruditus, Aruna, VIZZIO and PINTAR in focus
Edition #417, 22 October 2024
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Dear Reader,
Indian edtech unicorn Eruditus received $146 million last week from investors, including private equity giant TPG and SoftBank Vision Fund 2.
The funding is part of a recently announced $150 million Series F round led by TPG’s The Rise Fund. The PE major contributed [redacted] million to the financing, according to Eruditus’s regulatory filings in Singapore. TPG Growth principal Simit Batra will join the Indian company’s board of directors as part of the financing.
Other investors in the round include Leeds Illuminate, Accel and Canadian pension fund CPP Investments.
Established in 2010, Eruditus offers short courses, degree programs, professional certificates, and senior executive programs in partnership with more than 80 universities across the US, Europe, Latin America, Southeast Asia, India, and China. It claims to have achieved profitability on a full-year basis last year.
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E-commerce loses sheen
Deal activity in Southeast Asia’s e-commerce sector has remained stagnant for five consecutive quarters, finds the latest report by DealStreetAsia’s DATA VANTAGE.
The third quarter of 2024 saw only 10 deals, totalling a modest sum, according to SE Asia Deal Review: Q3 2024. The deal count remained limited in the first nine months of the year, with most of the proceeds coming from a capital injection into Lazada by parent Alibaba.
The region’s e-commerce hub, Indonesia, experienced a particularly sharp decline, securing limited deals in the first nine months. Lower consumer spending and a shrinking middle class have created additional challenges for the country’s retail sector, further impacting e-commerce growth.
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Other updates from DATA VANTAGE
Indonesian aquatech startup Aruna issued fresh shares to venture capital firms East Ventures, [Redacted] and Vertex Ventures Southeast Asia & India last week. The share allotment is part of a Series B round, which has seen the company’s share price tumble from its previous financing in 2022.
Tech startup VIZZIO Technologies, which produces 3D digital building models using satellite imagery and AI, bagged [redacted] million last week from Dubai-based Selworks Trading and individual investors [Redacted], Kes Visuvalingam and Hiroshi Yoh.
Indonesia-headquartered poultry startup Chickin issued shares worth [redacted] million to ADB Ventures, the venture arm of the Asian Development Bank (ADB), last week. The transaction is part of a Granite Asia-led Series A round.
Indonesian edtech startup PINTAR received fresh capital from investors, including SIG and Havez Capital, last week. The latest transactions brought its Series A round total to [redacted] million.
Singapore-based fintech startup BondbloX doubled its losses in the financial year ended May 31, 2024, despite recording a 40% revenue growth.
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