Data Vantage | Nium, Morning, Knight FinTech, JALA Tech and Durapower in focus

Edition #379, 6 June 2024

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Dear Reader,

The Brunei Investment Agency has secured a [redacted]% stake in Singapore-based B2B payments unicorn Nium after a $50 million equity investment, according to DealStreetAsia — DATA VANTAGE.

Following the capital injection, the sovereign wealth fund has become one of the fintech firm’s top 10 shareholders. In the latest round, Nium’s shares were priced [redacted]% lower than its previous round in 2021, when the company had raised $200 million and surpassed $1 billion in valuation for the first time.

According to filings with Singapore’s Accounting and Corporate Regulatory Authority (ACRA), Nium reported a 24.3% increase in its net loss to [redacted] million in 2022, while its revenue went up by 158.4%.

In a statement on Wednesday, the company claimed to have recorded over 50% revenue growth in 2023 and said it plans to use the latest capital injection for overseas expansion.

Increasing take rates counter declining GMV

Southeast Asian online platforms are focusing on boosting take rates to enhance actual revenues, especially as gross merchandise value (GMV) growth has decelerated in a post-pandemic period, with consumers reverting to offline shopping habits.

Even though take rates were already on an upward trajectory during the COVID-19 period, the trend has accelerated following the funding winter as investors have started emphasising profitability, according to our latest research report.

Consumer tech companies in Southeast Asia now face challenges as their take rates rise while GMV growth remains sluggish (see table below). These companies are also pressured to achieve better profitability in a more competitive market.

Additionally, take rates vary across different sectors; e-commerce and food delivery typically have lower take rates compared to mobility, which tends to be closer to sustainable long-term levels.

Take rates and GMV of major e-commerce platforms in SE Asia

Source: DATA VANTAGE Executives at top investment firms, financial services majors, and leading private companies use DATA VANTAGE to make smarter investment decisions in Asia. (See how)

Other updates from DATA VANTAGE

Singapore-based coffee technology startup Morning issued new shares worth [redacted] million this week, bringing its total paid-up capital to [redacted] million. Recipients include early backer [redacted] and Singapore businessman Simon Ong Chin Sim.

India-based banking technology provider Knight FinTech has raised fresh funding from [redacted] and existing shareholder Prime Venture Partners.

Indonesian aquatech startup JALA Tech officially welcomed agritech impact fund The Yield Lab Asia Pacific as a shareholder following an investment worth over $200,000 this week.

Rider Dome, a Singapore-based safety solutions provider for motorcycle riders and fleets, has issued new shares worth $200,000 to [redacted].

Singapore-based lithium-ion battery manufacturer Durapower Holdings made a small profit in the financial year ending December 31, 2023.

INTELLEX, a legal tech platform based in Singapore, turned a profit in the 12 months ended October 31, 2023, despite recording a 44% drop in net revenue.

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