Data Vantage | Sinbad-Tjufoo merger, e-commerce slips, and other updates
Edition #504, 16th Sept 2025
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Andi Haswidi
Head of Data Research
Sept 16, 2025
Dear Reader,
Indonesian B2B commerce platform Sinbad has finalised its merger with Jakarta-based brand aggregator Tjufoo through a series of transactions between their Singapore-incorporated holding entities, completed last week, according to corporate filings reviewed by DealStreetAsia’s DATA VANTAGE.
As part of the merger, Sinbad issued a combination of new ordinary and preference shares valued at [redacted] to Tjufoo’s shareholders in exchange for an [redacted] stake in the company. The equity transaction lifted Sinbad’s post-deal valuation to …
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E-commerce further slips
E-commerce has fallen to fourth place by equity deal volume in Southeast Asia, marking a steady loss of momentum as investors pivot to other sectors. In H1 2025, deal count slid by a third year on year to 14, while proceeds declined 13.9% to $237 million, according to DealStreetAsia DATA VANTAGE’s latest report.
B2C commerce services remained the most active subsector, ahead of enablers and solutions. Singapore’s Cinch Tech stood out with a $28.8-million Series A, the second-largest raise in the category. Investor focus is tilting towards models with clearer unit economics rather than broad-based bets.
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Other updates from DATA VANTAGE
Indonesian quick commerce startup Astro has raised $51.9 million in a round led by Amazon, confirming DealStreetAsia’s earlier report in June. New investors Endeavor Catalyst and Gemini Investments joined the round, alongside existing backers Accel, Lightspeed, Peak XV, SBI Ventures, and Citius.
Vietnamese agritech startup [redacted] issued new shares worth [redacted] to existing shareholders, likely as part of the company’s Series A round announced in December. The latest equity transaction brings the company’s total paid-up capital to [redacted], of which $17.6 million was received this year.
Singapore-based [redacted] received [redacted] in additional funding last week from …
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