Data Vantage | SWAT Mobility, Prep, Canopy, OPALai and Smartlane in focus

4 min readApr 18, 2024

Edition #365, 18 April 2024

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Dear Reader,

Singapore-based mobility startup SWAT Mobility received [redacted] million this week from NX Global Innovation Fund, a venture capital fund established by Nippon Express; [redacted]; and utilities firm [redacted].

It had earlier received $509k from IMC Ventures in February, and $2.2 million in October last year from UTEC, GK Goh Ventures and iGlobe Partners.

SWAT Mobility had last announced raising an undisclosed amount in a round led by Global Brain in 2021 to expand into Japan.

The company offers AI-powered vehicle-routing technology to aid companies, transport operators and government agencies in solving complex transportation challenges. It has operations in Singapore, Japan, the Philippines, Thailand, Vietnam, Indonesia and Australia.

Private funding for Indian startups declines 22% YoY in Q1 2024

Private equity and venture capital investments in Indian startups stood at a mere $2.61 billion in Q1 2024, registering a drop of 11% from $2.94 billion in the previous quarter, according to the latest report from DealStreetAsia — DATA VANTAGE.

On a year-on-year basis, fundraising value was down 22%, per India Deal Review: Q1 2024.

Deal volume jumped 22% to 290 in the first quarter from 237 in Q4 2023 on the back of an increase in early-stage deals. In contrast, late-stage dealmaking was muted as investors shied away from writing large cheques.

Startup funding in India has been subdued since the second half of 2022, shows our data. The month of March offered signs of hope as startups in the country raised over $1 billion for the first time this year.

Startup funding in India has been subdued since Q2 2002

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Other updates from DATA VANTAGE

Prep, a Vietnam-based standardised language test preparation platform, has issued shares worth [redacted] million to an existing investor.

Singapore-based wealthtech startup Canopy secured around $1 million this week from investors, including Blowfish Ventures, LionRock Capital and Pureland Global Venture.

Singapore-based fintech firm OPALai received [redacted] from parent OpalCrest, [redacted] and Tony Kettinger this week.

Pakistan-based B2B SaaS startup Smartlane bagged $200k from investors, including Hi2 Global (Haitou Global), this week.

Indonesia-based mobile coffee operator Jago Coffee secured $70k this week from D Global Ventures as part of a new funding round.

Indonesia-based fintech lender KoinWorks saw its losses mount over 580% in the financial year ended December 31, 2022, as its revenue surged 1.7x.

Indonesia-based logistics startup Waresix reported a net loss of $26 million for the financial year ended December 31, 2022.

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