Data Vantage | Telio may have depleted runway and other updates

Edition #440, 30 January 2025

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Dear Reader,

Mounting losses are likely to have depleted Telio’s runway, leading to the downfall of one of Vietnam’s first B2B commerce startups to digitalise mom-and-pop stores, according to corporate filings in Singapore.

Telio last secured equity funding in June 2022, closing a [redacted] venture round led by Vietnamese Internet giant VNG, with participation from Tiger Global and Granite Asia (formerly GGV Capital). This brought the company’s total paid-up capital to [redacted] since its Singapore-incorporated holding entity was established in 2019.

Telio’s financials indicate that its total capital may have been exhausted. In 2022, the company reported [redacted] in losses, bringing its cumulative losses since inception to [redacted]. By the end of the year, Telio had just [redacted] in cash and cash equivalents.

Top 10 largest shareholders in Telio

Source: DealStreetAsia’s DATA VANTAGE

While reports suggested that the company may have secured another $15 million from London-based investment firm Granite Oak in 2023, the funding is not reflected in the company’s cap table.

The company appears to have struggled to improve its financial performance, ultimately leading to its shutdown last year, as indicated by an inactive website and mobile applications, along with the termination of its company tax code in December, DealStreetAsia reported.

E-commerce in distress

Southeast Asia’s e-commerce sector continues to lose momentum as investor interest wanes. Following a peak in 2021–22, deal activity has steadily declined, reflecting a broader pullback in capital deployment.

E-commerce deal volume fell 29% year-on-year to 44 in 2024, deepening the 50.4% decline seen in 2023. Total equity funding in the sector plummeted to $415 million, a sharp drop from the $2.33 billion raised in 2023, according to DealStreetAsia DATA VANTAGE’s latest report.

Source: DealStreetAsia’s DATA VANTAGE

Indonesia, the region’s e-commerce leader, saw its lowest deal volume and value in five years, with just six deals securing $30 million.

The downturn reflects macroeconomic pressures and market consolidation, with investors shifting focus from rapid growth to sustainability and profitability as mature startups struggle to prove viable business models.

The data and information in this newsletter comes from DATA VANTAGE, which tracks regulatory filings to provide you with the latest information on startup fundraising, shareholding and financials. Find out how it can aid you in your decision-making — book a demo today or write to us at subs@dealstreetasia.com

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Other updates from DATA VANTAGE

[Redacted], a VC-backed Singapore-based cloud communications provider, generated $28.8 million in revenue in 2022, marking a 34% year-on-year increase. However, the company remained loss-making during the period.

[Redacted], a healthtech company leveraging 3D printing to create personalised, all-in-one medication solutions, tripled its revenue for the 12-month period ended April 2024, reflecting strong commercial momentum.

Singapore-registered crowdsourced sales referral and lead generation startup [redacted] posted a 15% revenue growth year-on-year for the 12-month period ending March 2024, signalling continued expansion.

Malaysia-based software solutions provider [redacted] recorded $8.7 million in revenue in 2023, marking an 18% year-on-year increase and improving its bottom-line performance.

[Redacted], the creator of a cloud-based 3D design software for interior designers and real estate professionals, saw its revenue for the 12-month period ended March 2024 rising 9% year-on-year.

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