Data Vantage | Noovoleum, Savii, and TouchTen Games in focus
Edition #444, 13 February 2025
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Dear Reader,
Indonesian greentech startup Noovoleum recently secured a [redacted] round led by Singapore-based venture capital firm Rigel Capital to accelerate its recycling ecosystem.
The latest funding is yet to reflect on the cap tables of its Indonesia or Singapore entities, as per regulatory filings.
Founded by Philippe Micone, Olivier Biot, and Egis Rimkus, Noovolem was launched in Bandung, Indonesia, in 2023 with a focus on environmental protection and the biofuel circular economy.
Through its UCOllect solution, the company incentivises households and small producers to recycle used cooking oil (UCO) via a revenue-sharing model. Noovoleum claims to have installed 100 UCOllect boxes and aims to scale it up to 1,000 units across Indonesia and expand into three other Asian markets by 2025.
In a statement, Micone stated that Noovoleum’s primary goal is to develop a used cooking oil recycling solution focused on sustainability and community empowerment.
E-commerce tops India’s startup funding charts
E-commerce and fintech emerged as the leading verticals for private equity (PE) and venture capital (VC) investments in India from January to December 2024.
The India Deal Review: Q4 2024 revealed that the two verticals led the deal volume rankings, with e-commerce collecting 244 transactions and fintech 131. Software-as-a-Service (SaaS) followed in third place with 93 deals.
Source: DealStreetAsia’s DATA VANTAGE
Philippine fintech company SAVii, formerly known as Uploan, achieved a 70% growth in revenue to [redacted] for the 12-month period ended December 2023. The company also reversed its [redacted] net loss to a profit of $607,000 during the period.
Indonesian mobile game company TouchTen Games reported a 62% decline in revenue to $365,000 for the 12-month period ended December 2023, with its net profit also dropping 62% to [redacted].
Singapore-based regtech company Cynopsis Solutions saw a 14% decline in revenue to [redacted] for the financial year ended February 2024, according to its filings. However, its net loss significantly narrowed to $80,000.
Radarr Technologies, a Singapore-based AI-driven SaaS platform, reported a revenue of $1.1 million and a net loss of [redacted] for the financial year ended December 2023. The company was acquired by global cloud firm Genesys last year.
Indonesian direct-to-customer beauty brand Rosé All Day Cosmetics (RADC) posted [redacted] in revenue for the 12-month period ended December 2023, while its net loss stood at $426,000 during the period.
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Other updates from DATA VANTAGE
Singapore’s sovereign wealth fund GIC has committed an additional $135 million to Vietnam-based paediatric and maternity clinic operator Nhi Dong 315, bringing its total investment in the company to $194 million.
[Redacted], a Singapore-based food upcycling company, significantly reduced its losses for the 12-month period ended March 2024, despite a modest revenue growth of just 2%, indicating improved operational efficiency.
Singapore-based energy management startup [redacted] has secured fresh funding from Clime Capital via its Southeast Asia Clean Energy Fund to accelerate the development of its AI-driven energy monitoring solutions and expand its market reach across Southeast Asia.
Indian online gaming platform BuyStars posted an 80% revenue surge for the 12-month period ended March 2024, though losses continued to mount, highlighting the platform’s aggressive growth strategy amid rising operational costs.
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