Data Vantage | Ralali, iFarmer, Filmplace in focus and more
Edition #437, 21 January 2025
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Dear Reader,
The financial performance of Ralali Pte. Ltd, the Singapore-based parent company of Indonesian B2B e-commerce platform Ralali, remained subdued in 2023 due to ongoing impairment losses tied to its subsidiary.
Corporate filings with Singapore’s Accounting and Corporate Regulatory Authority (ACRA) show the company posted [redacted] in losses for the year, slightly higher than the [redacted] reported in 2022.
Impairment losses from the subsidiary accounted for 90% of the annual losses in 2023, amounting to [redacted], an improvement from [redacted] in the previous year. Cumulatively, the Singapore-based entity has absorbed [redacted] in impairment losses since incorporation.
The company’s financial trajectory marks a significant departure from its $3-million net profit in 2021. Previously, in an interview with DealStreetAsia in May 2023, Ralali stated it was prioritising profitability as it sought to raise up to $50 million in a Series D funding round and worked towards a potential IPO.
Top 10 largest shareholders in Ralali Pte. Ltd.
Source: DealStreetAsia’s DATA VANTAGE
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The company last issued new shares in October 2022 in return for a [redacted] investment from Tokyo-based [redacted]. This brought its fundraising in 2022 to [redacted]. However, it remains unclear if the Series D round has since been completed.
Since its incorporation in 2014, Ralali Pte. Ltd has raised [redacted] in total paid-up capital, of which [redacted] has been injected into the Indonesian subsidiary, ACRA filings show.
Indonesia’s funding retreat
Indonesia’s startup ecosystem is grappling with a prolonged downturn, as equity deal activity has now slowed for 11 consecutive quarters, according to DealStreetAsia’s latest DATA VANTAGE report, Mapping SEA & Indonesia’s 2024 Journey.
In Q4 2024, Indonesian startups secured just 13 deals, marking the lowest quarterly deal count in over six years. The total capital raised during the quarter stood at $59.2 million, the second-lowest level in the same period.
For the full year, the ecosystem saw 85 equity deals, a 34% decline compared to 2023, while the total deal value plummeted 66% year-on-year to $437.8 million. This sharp contraction made Indonesia the worst performer among the six largest venture markets in Southeast Asia in 2024.
Traditionally the top sector in Indonesia, e-commerce recorded only six deals worth $34.6 million. This is a sharp departure from 2021 when Indonesian e-commerce startups sealed 47 equity rounds. It subsequently fell to 41 in 2022 and 22 in 2023.
Other updates from DATA VANTAGE
[Redacted] issued new shares last week, the company’s corporate filing shows. This follows a $10.5-million Series A funding in December from B Capital, Airbus Ventures, Maruka Corp and more.
Bangladesh-based agritech startup [redacted] has updated its cap table as it continues to collaborate with financial institutions to boost lending to farmers. The company netted a profit for the 12-month period ended November 2023, driven by a 41.3% year-on-year increase in revenue.
Singapore-based creator marketplace [redacted] has filed its financial report on ACRA, revealing $923,000 in total revenue in 2023 and a net profit worth $32,700. Founded in 2019, the company has only raised $350,000 to date.
Water treatment solutions provider [redacted] achieved a 21.4% year-on-year increase in revenue in 2023, reaching $6.2 million. This follows a relatively stable growth in 2022, highlighting the company’s upward revenue trajectory.
Singapore-based food waste management startup [redacted] posted a 22.1% year-on-year increase in revenue to $531,500 in 2023. Despite the topline growth, the company remains loss-making, as rising costs continue to weigh on its financial performance.
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