DATA VANTAGE | OnlinePajak, The Parentinc, and Populix in focus
Edition #461, 17th April 2025
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Dear Reader,
Indonesia-based tax compliance solutions provider OnlinePajak has secured [redacted] through a new allotment of preference shares to existing investors, led by [redacted] with participation from Alto Ventures; Tencent Holdings; and Evialia France, a company owned by a serial entrepreneur who finances transformational projects.
OnlinePajak previously secured about $12 million in a Series C round in July 2021 led by Tencent and Alto Ventures. This was followed by another $5 million from American financial services giant Visa, as part of an extended Series C round in the same year.
Before the latest investment, the company had raised more than [redacted] in funding since its inception in 2014 and was valued at [redacted], according to DealStreetAsia’s DATA VANTAGE.
According to the most recent filings available with DATA VANTAGE, OnlinePajak recorded $274,759 in subscription revenue for the 12-month period March 2022. Its losses stood slightly higher at $9.23 million in FY2022 against $8.36 million in FY2021.
A Message from DealStreetAsia and FT Professional
Launched in 2015 by Charles Guinot, the startup streamlines tax processes for individuals and businesses in Indonesia. Its platform offers solutions that facilitate invoicing and compliance automation, credit collection, audit readiness and reconciliation, as well as working capital optimisation.
The latest funding indicates a growing demand for tax solutions in Indonesia, particularly to streamline tax processes and address complexities, as digital adoption rapidly increases within the country.
According to its website, the company has over 3 million registered users on its platform.
SE Asia’s regtech shows signs of recovery
Despite growing demand for regulatory technology (regtech) amid faster digital adoption, funding activity in the sector across Southeast Asia has remained relatively sluggish over the past five years.
However, recent data from DealStreetAsia’s DATA VANTAGE show that regtech startups in the region closed six deals throughout 2024, suggesting a potential rebound for the sector after a sharp decline to just two deals in 2023.
Source: DealStreetAsia’s DATA VANTAGE
This uptick includes a notable funding round completed by Xcelerate, an integrated ESGRC (environmental, social, governance, risk, compliance) platform, which secured over $25 million. The round was led by US-based investment manager Federated Hermes Private Equity.
This brings the total value of disclosed deals secured by regtech startups in the region to $25.6 million in 2024, marking the second-highest annual value for the sector in the past five years — following the peak in 2021 at $109 million.
The values of only three out of six deals recorded by regtech startups in 2024 were disclosed.
The data and information in this newsletter comes from DATA VANTAGE, which tracks regulatory filings to provide you with the latest information on startup fundraising, shareholding and financials. Find out how it can aid you in your decision-making — book a demo today or write to us at subs@dealstreetasia.com
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Other updates from DATA VANTAGE
Singapore-based digital parenting platform The Parentinc has raised nearly [redacted] through the allotment of ordinary shares to existing individual investors, including Phoong Sharon Choa Pheng.
INEX Innovate, a healthtech company focusing on molecular diagnostics for women, raised [redacted] through the allotment of ordinary shares to existing investors, including Genting Bio Cellular, SNS Holdings, and several individual investors.
Indonesian research startup Populix recently announced a $4.3-million first close of its ongoing Series B round to support its AI development. The latest investment was anchored by Singapore-based MSW Ventures.
Singapore-headquartered trade compliance platform Dutycast recently received an undisclosed amount of funding from GTR Ventures and a group of logistics-focused angel investors. The capital will be used to boost its international growth.
Singapore-based hospitality firm K Hotel recorded a slight 4% drop in revenue to [redacted] for the financial year ended June 2024. Meanwhile, its net profit declined significantly by 29% during the period.
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