Data Vantage | Maya Innovations, Nhi Dong 315, Ailytics and ION Mobility in focus

4 min readApr 9, 2024

Edition #362, 9 April 2024

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Dear Reader,

Philippine fintech giant Maya Innovations received $16 million last week from telecom operator PLDT Communications and Hong Kong-based investment firm First Pacific as part of a recent funding round.

Formerly known as Voyager Innovations, the company had in January disclosed raising $80 million from a group of investors, including PLDT and [redacted], a joint vehicle of private equity major [redacted] and [redacted]. The latest transactions bring the round to a close.

Maya Innovations achieved unicorn status in 2022 after raising $210 million in a funding round led by SIG Venture Capital, SIG’s Asian venture capital arm, and backed by Jumel Holdings.

SE Asia’s listed tech firms eye profitability

After bearing the brunt of investor scepticism in 2022, publicly listed tech giants of Southeast Asia are rationalising their businesses, reducing promotional activities, and cutting operational expenses to accelerate their path to adjusted EBITDA breakeven.

Our latest report tracks their progress on the path to profitability and the public market’s mixed reaction to their efforts. While some companies have managed to maintain relatively stable valuations, others have faced significant declines in their market value, suggesting that investors remain cautious and selective in their approach to the regional technology sector.

Sea Ltd, one of the first regional companies to go public, shed around 40% of its market value between April 2023 and April 2024, despite posting its first annual profit in 2023 and reporting a net profit for three consecutive quarters.

Similarly, property technology firm PropertyGuru has seen its NYSE-listed shares decline by 24% during the same period. In contrast, the market value of super app Grab, which took the SPAC route to list on the Nasdaq in December 2021, has remained more or less flat.

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Other updates from DATA VANTAGE

Nhi Dong 315, a company focused on paediatric healthcare in Vietnam, has received another capital infusion from Singapore’s GIC.

Singapore-based Ailytics, a company leveraging AI for analytics, has raised $2.7 million from a group of investors led by Tin Men Capital.

Indian two-wheeler manufacturer TVS Motor has invested [redacted] million in ION Mobility, an electric vehicle startup with operations in Singapore and Indonesia.

GlobalTix, which offers a digital ticketing platform for the tourism sector, received a capital infusion from investors, including Tin Men Capital and SEEDS Capital, last week.

Kinexcs, a company specialising in wearable technology for the healthcare sector, issued shares worth [redacted] million to investors, including SEEDS Capital and Pure Global Ventures, last week.

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