DATA VANTAGE | Quest Global, Pentagreen Capital, HistoIndex, and others in focus
Edition #467, 8th May 2025
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Dear Reader,
As part of its strategic merger with US-based digital transformation firm People Tech Group, Singapore-based Quest Global has issued [redacted] worth of new ordinary shares to People Tech’s Singapore subsidiary.
Valued at [redacted] per share, the issuance raises Quest Global’s valuation by 28.9%, from [redacted] to [redacted], based on our calculation of official filing data. The transaction gives People Tech a [redacted] stake in the company, making it the eighth-largest shareholder.
The strategic merger was designed to strengthen Quest Global’s digital engineering capabilities, particularly in the automotive and hi-tech sectors. By integrating People Tech’s expertise in infotainment systems, digital cockpits, and advanced driver-assistance systems (ADAS), Quest gains deeper domain knowledge that complements its existing engineering services.
In addition, People Tech’s strong track record in cloud platforms such as AWS, Azure, and Salesforce enhances Quest’s enterprise software and digital transformation offerings, creating a more comprehensive and competitive service portfolio.
Citing anonymous sources, The Economic Times reported in December that the Carlyle Group, which acquired a significant minority stake in Quest Global in 2023, is considering an initial public offering of Quest Global Services in India.
The proposed share sale is expected to raise $1 billion, potentially valuing the company at over $5 billion. To facilitate this, Quest Global may redomicile from Singapore to India. The IPO could take place as early as 2025, although plans remain in the preliminary stages and are subject to change.
Following the merger with People Tech Group, Carlyle remains the second-largest shareholder in Quest Global with a 23.4% stake, behind only Bequest Inc, the holding entity of Quest’s co-founder and CEO, Ajit Prabhu.
Top 10 largest shareholders in Quest Global
Source: DealStreetAsia’s DATA VANTAGE
India startup funding surges
India’s startup ecosystem posted a strong recovery in Q1 2025, with funding reaching $4.18 billion — up nearly 61% from $2.6 billion a year earlier. The number of PE-VC deals rose to 338, marking a 16.5% increase year on year. The rebound signals renewed investor confidence, following a funding slowdown in 2023 and a turnaround that began in late 2024.
On a sequential basis, funding was largely flat compared to $4.16 billion in Q4 2024, though deal count rose 12.3% from the previous quarter. Software and financial services dominated the landscape, together accounting for close to 44% of the total capital deployed in the first quarter.
However, the quarter saw a pullback in megadeals, with transactions over $100 million dropping to $1.34 billion across seven deals — down 29.5% from $1.9 billion across just three deals in Q4. That said, the figure still represents a sharp rise from $323 million in megadeals during Q1 2024.
Among the top-funded startups in the quarter were Impetus Technologies, Innovaccer, Zolve, Darwinbox, Infra.Market, Aragen, and Leap Finance — reflecting strong LP interest in enterprise tech, healthtech, infra, and fintech models with clear paths to scale and monetisation.
Source: DealStreetAsia’s DATA VANTAGE
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Other updates from DATA VANTAGE
Temasek and HSBC have injected an additional [redacted] into Pentagreen Capital, their joint venture focused on sustainable infrastructure debt financing, doubling its total capital raised to date. The investment is part of a broader commitment of up to $150 million.
German multinational automotive parts manufacturer Continental AG, through its Netherlands- based subsidiary, has increased its investment in Singapore-based mobility tech company [redacted] by $8.2 million.
HistoIndex, a healthtech company based in Singapore that develops AI-powered tissue imaging solutions for diagnosing and monitoring fibrosis and cancer, has received a fresh capital worth [redacted] from a group of investors, including OCBC, SEEDS Capital, and ZIG Ventures.
Singapore-based biotech startup [redacted], which develops therapeutics for chronic diseases, has secured $3 million from Citicorp North America Inc., a wholly owned subsidiary of US financial giant Citigroup. The investment appears to be part of a larger ongoing funding round.
SquareX, the Singapore startup that seeks to fight cyber threats with a disposable browser, issued new preference shares last week worth [redacted] as part of a $20-million Series A round, led by SYN Ventures, announced in April.
Kyan Therapeutics, a Singapore-based precision oncology startup that develops personalised cancer treatment optimisation platforms, has issued new shares worth [redacted] to existing shareholders, pushing its total paid-up capital to date to $11.5 million.
Another Singaporean startup, [redacted], issued $1.1 million in new preference shares last week, bringing its total funding to $6.2 million to date. The company offers an AI-driven restaurant management platform for F&B businesses across Southeast Asia.
A Message from DealStreetAsia and FT Professional
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