Data Vantage | Moglix, mClinica and Sayurbox report revenue growth and other updates
Edition #158, 17 March 2022
Dear Reader,
Rapid digitalisation in the wake of the pandemic drove the financial performance of Asian companies across a variety of business verticals, the latest filings reviewed by DealStreetAsia — DATA VANTAGE show.
Moglix, which runs a B2B e-commerce platform for manufacturing goods in India, doubled its revenue in the financial year ended March 31, 2021, according to the company’s latest filings with Singapore’s Accounting and Corporate Regulatory Authority.
The company, which is backed by investors such as Sequoia Capital and Accel, last raised funds in January when it closed a $250 million Series F funding round co-led by Alpha Wave Global and Tiger Global Management.
Funding secured by Moglix over the years
Source: DATA VANTAGE
Separately, Singapore-based healthtech startup mClinica also doubled its revenue in the financial year ended June 31, 2021, over the previous year, its filings show. The startup operates in Indonesia, the Philippines, Vietnam, Thailand, Malaysia and Cambodia.
Shifts in consumption patterns also accelerated the sales performance of Indonesia’s farm-to-table e-commerce startup Sayurbox. The company, which was co-founded by former Gojek executive Rama Notowidigdo, saw its revenue surge nearly five times in 2020.
Online grocery gets pandemic boost
The online grocery segment registered tremendous growth in funding last year. Startups in this category fetched $263 million in equity funding, or 7.8 times higher than that in 2020, according to our latest quarterly review.
Indonesia’s TaniHub raised the largest funding in the online grocery category with its $66 million Series B round, followed by competitor HappyFresh ($65 million) and Philippine firm Metromart ($30 million).
By the end of last year, the overall e-commerce sector had clocked $2.66 billion in total funding. Indonesia remained the most active market in the region with 44 transactions and $1.1 billion in total proceeds.
Other updates from DATA VANTAGE
Gobi Partners has picked up more shares in Malaysia-headquartered online car marketplace Carsome via secondary transactions. In a separate development, Carsome has acquired a 51% stake in used car dealer CarTimes Group.
Singapore-based ProfilePrint, an AI-based food ingredient fingerprint platform, added GEAR Innovation Network to its cap table earlier this week as part of its Series A round. GEAR is the investment arm of Golden Energy and Resources Ltd, a subsidiary of the Indonesian conglomerate Sinar Mas.
The company, which also operates tea marketplace teapasar, had in February announced raising an undisclosed amount in its Series A round.
Vietnamese menswear brand Coolmate has raised an additional $1.1 million in a pre-Series A round led by South Korea’s STIC Ventures. The startup claims to have recorded $6 million in revenue last year and targets to touch $19 million in sales this year.
Thai fashion commerce platform Pomelo has raised $1.9 million from Rich Sport, a distributor of fashion and lifestyle products in the local market. The funding is part of Pomelo’s Series C round, in which it has collected $13.1 million to date.
Saudi Arabia-based Vision Invest and Black Bull Capital have acquired shares in Zipmex, a Singapore-based crypto exchange platform, through secondary transactions.
Startups founded or co-founded by women in Southeast Asia bagged $4.4 billion in funding in 2021, or about 17.2% of all private capital raised during the year. Our latest report captures the top dealmakers, the countries and verticals that accounted for the highest deal count and capital raised among these startups, and the founders’ views on their challenges and the progress made so far. Learn more DealStreetAsia — Professional
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