Data Vantage | More Alibaba largesse for Lazada, GoTo’s SG unit reports revenue drop

Edition #230, 6 Dec 2022


Dear Reader,

China’s tech giant Alibaba has put in more capital into Lazada Group as the overall business climate in Southeast Asia becomes more challenging.

The Singapore-based entity of the group, Lazada South East Asia Pte Ltd, allotted nearly 200 million new ordinary shares worth $342.5 million to its parent, Alibaba Singapore, last week. The latest allotment pushed the total capital received by the company so far this year to $1.68 billion and its valuation to $11.3 billion.

Amid strong competition from Shopee in the region and Tokopedia in Indonesia, Lazada has been busy forging new partnerships. It recently teamed up with Indonesian conglomerate Sinar Mas to invest $550 million in local e-payments firm DANA.

Other funding updates from DATA VANTAGE

Singapore-headquartered blockchain remittance company Lightnet allotted shares worth $31 million last week to its co-founder Chatchaval Jiaravanon.

The company, which aims to build a blockchain-based fintech network, had announced raising $50 million in August from US-based alternative investments group LDA Capital.

Indonesian beauty brand ESQA has raised $6.1 million in a Series A round led by Unilever Ventures, the investment arm of global FMCG giant Unilever. East Ventures and Indonesian beauty startup Sociolla contributed $2.5 million and $555,000, respectively, to the round.

Razer Fintech, the financial technology arm of gaming hardware maker Razer, has welcomed Malaysia-based e-commerce solutions provider NetBuilder as a shareholder. Razer allotted 38890 ordinary shares, equivalent to a 1% stake in the company, to the investor.

Vietnam-based gaming studio Box Vietnam received $1 million from Do Ventures last week, bringing its total funding to date to $2 million. Check out our latest report on venture capital trends in Southeast Asia’s gaming landscape.

MyPetGo, a startup that offers health and location monitors for pets, received $630,000 in funding from a group of investors. The company has raised more than $2 million so far, our data shows.

Latest financial updates from DV

Velox Digital Singapore, the operator of GoTo’s ride-hailing services in Singapore, recorded a 72.5% year-on-year drop in total revenue in 2021. This contributed to a fourfold surge in its net loss during the period.

AMILI, a Singapore-based gut microbiome company, registered a 6.5x growth in revenue in the financial year ended April 30, 2022. Its investors include Vulcan Capital and SEEDS Capital.

Singapore-based Sustenir Agriculture, which grows plant-based superfood in a controlled environment, reported a 142.6% growth in revenue in the financial year ended December 31, 2021.

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