Data Vantage | Flip, Bazaar and GrabInvest rake in capital, and other updates

3 min readAug 2, 2022

Edition #183, 16 June 2022


Dear Reader,

Indonesian consumer payment platform Flip announced the second close of its Series B round this week at $55 million.

Lead investor Tencent Holdings contributed 430.8 billion rupiah to the round, according to the company’s latest filing with the Indonesian authorities seen by DealStreetAsia — DATA VANTAGE. That translates to $29.4 million if we use Bank Indonesia’s benchmark currency rate on May 24, the day of the company deed filing.

Meanwhile, Block Inc (formerly Square Inc.) and Insight Partners invested 215.4 billion rupiah and 63.6 billion rupiah, respectively, in the round.

The latest transaction brings Flip’s Series B funding to more than $100 million. In December last year, the startup had raised $48 million in the first close of the round that was co-anchored by Sequoia Capital India, Insight Partners and Insignia Ventures.

Shareholders in Flip


In another development, Pakistan-based B2B commerce startup Bazaar secured $1.3 million from local VC Indus Valley Capital last week as part of a $70 million round announced in March. It has so far received $67.8 million from investors in the round, including $30 million each from lead investors Tiger Global and Dragoneer.

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Other updates from DATA VANTAGE

Marketnode, a digital asset joint venture between the Singapore Exchange and Temasek Holdings, received S$9.2 million ($6.6 million) from its two parent entities this week.

GrabInvest, a wholly owned subsidiary of Grab Financial Group that offers investment solutions, received S$2 million ($1.44 million) from its parent this week.

Singapore-based buy now, pay later (BNPL) platform hoolah, which was acquired by ShopBack last year, more than quadrupled its revenue for the financial year ended March 31, 2021. Its losses also ballooned proportionately during the period.

Singapore-based travel tech startup Tripp reported a 57% year-on-year decline in its revenue for the financial year ended November 30, 2021. Its investors include the Gobi MAVCAP Asean Superseed Fund.

Singapore-based influencer marketing platform Affable more than doubled its revenue for the financial year ended December 31, 2021. The startup, whose backers include SGInnovate, Decacorn Capital and Entrepreneur First, posted an over 5x increase in its losses during the period.

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