Data Vantage | IFC beefs up Evermos stake; ZUZU and Chalo bag capital

4 min readMay 30, 2023


Edition #277, 30 May 2023

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Indonesian social commerce firm Evermos allotted new shares worth $36.9 million last week to investors as part of its $39 million Series C round, which was led by the International Finance Corporation (IFC).

IFC, which had invested in the company previously through a joint fund with Jungle Ventures, contributed [redacted] million to the latest round through the IFC Emerging Asia Fund and another [redacted] million directly from its coffers.

Other investors that received new shares last week include Jungle Ventures, which invested [redacted] million, Shunwei Global [redacted], UOB Venture Management and Endeavor Catalyst.

Top shareholders in Evermos


ZUZU Hospitality, a Singapore-based revenue management platform for independent hotels, received $8.9 million last week in Series B funding.

SoftBank Ventures Asia led the round with a [redacted] million investment. It now owns a [redacted] stake in the firm.

Other investors in the round include Atinum Partners, Wooshin Venture Investment, Visor Ventures and JG Digital Equity Ventures.

ZUZU said it will use the proceeds for product improvement and market expansion. It also plans to invest in artificial intelligence to deliver an improved user experience.

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Other updates from DATA VANTAGE

India-based mobility tech company Chalo received [redacted] million in fresh capital from private equity firm Lightrock India last week. The investment is part of Chalo’s Series D round, which comprises $45 million in equity funding and $12 million in debt.

Singapore-based Genesis MedTech, a producer of minimally invasive surgical products, has received a fresh capital infusion from its parent company based in the British Virgin Islands.

Indonesia-based online marketplace brand aggregator Grow Commerce has raised $6.5 million through convertible notes from investors, including an Indonesian venture capital firm.

Health and wellness content startup Hello Health Group recorded a slew of secondary transactions last week as seven shareholders transferred their shares to an existing investor. The latter now owns an over [redacted] stake in the company that operates healthcare platforms in at least eight Asian markets.

Lyte Ventures, the holding company of the Lyte group of companies, received $444k from a shareholder last week. Companies under Lyte Ventures include LytePay, an e-payment firm licensed by the Monetary Authority of Singapore.

Indonesian fintech unicorn Xendit has injected $800,000 in fresh capital into its Singapore-registered digital payments unit. The B2B e-payments company had announced its entry into the Malaysian market in January.

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