Data Vantage | SIRCLO, Arival Bank, Tjufoo and BeeX update cap table

Edition #319, 24 October 2023

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Indonesian e-commerce enabler SIRCLO allotted shares worth [redacted] million last week to investors in Warung Pintar as part of its acquisition of the latter. Recipients include Vertex Ventures Southeast Asia and India, East Ventures and SMDV.

Following the acquisition announced last year, SIRCLO owns [redacted]% of Warung Pintar. It plans to purchase the rest of the retail company from other shareholders, which include Pavilion Capital, Bumi Cakrawala Perkasa (e-wallet OVO’s parent company), Z Venture Capital and DG Ventures.

According to SIRCLO’s regulatory filings, the total consideration for the 100% acquisition is estimated at [redacted] million and will be paid entirely in stock.

The Singapore entity of Puerto Rico-headquartered digital lender Arival Bank allocated new shares worth $20.7 million to existing and new shareholders last week.

Abu Dhabi-based Polyvalent Capital, which acquired shares from Arival co-founders last year, received the largest share allotment worth [redacted] million.

Powered by open APIs, the licensed digital lender provides integrated third-party fintech solutions targeted specifically at SMEs, including services such as bank accounts, money transfers, debit cards and SME loans.

Arival Pte Ltd is valued at nearly [redacted] million, per our calculations.

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Other updates from DATA VANTAGE

Indonesia-based DTC brand aggregator Tjufoo issued new shares to investors, including TNB Aura, last week. The share price indicates that the transaction could be a mix of new funding and the conversion of previously issued SAFE notes.

Singapore-based BeeX, a company that produces autonomous underwater robots, has received new funding from Earth Venture Capital, SEEDS Capital, ShipsFocus Ventures, National University of Singapore and Infinita Fund.

GuardRails, a Singapore-based company that provides tools for cyber security system developers, received $1.2 million from investors, including Singtel Innov8, Cocoon Capital and Peak XV’s Surge.

Indonesian raw material procurement startup Bababos added Accion Venture Lab to its cap table last week after a new cash infusion. The funding is part of the startup’s $3 million seed round led by East Ventures.

Thai online car rental marketplace Drivehub has allotted new shares worth [redacted] to investors, including KK Fund.

Singapore-based HR tech startup Swingvy has issued new shares worth $250,000 to existing shareholder Shiftee, a US-based company operating a workforce management platform.

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