Data Vantage | Thai insurtech firm Sunday issues additional shares to its largest shareholder and other updates
Edition #366, 23 April 2024
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Dear Reader,
Thai insurtech firm Sunday Ins has issued new shares worth [redacted] to its largest shareholder [redacted], the corporate venture capital arm of Malaysian investment holding company [redacted].
The share issuance, carried out last week, was done after Sunday completed the acquisition of KSK Insurance Indonesia in March, according to filings with Singapore’s Accounting and Corporate Regulatory Authority (ACRA). The Indonesian firm was previously controlled by the KSK Group.
As the shares issued to [redacted] were priced at 83.5 cents a piece, Sunday’s valuation has increased to $314 million post the transaction from $170 million previously. [redacted] shareholding in the insurtech company also increased to [redacted] from 34.7%.
Other shareholders, including Vertex Ventures Southeast Asia & India, Vertex Growth, Quona Capital, Tencent, SCB 10X, Aflac Ventures and Z Venture Capital, diluted their shareholding.
Founded in Bangkok in August 2015 by Cindy Kua and Joanne Ying Fei Kua, Sunday last raised venture funding in September 2021 when Tencent led a $45 million round. The two founders were former executives at KSK Group.
The company reported $0.3 million in losses before interest and tax in 2022, an improvement from $0.96 million losses in the previous year, according to ACRA.
Source: DATA VANTAGE
Crunch time for fintech
Insurtech startups in Southeast Asia raised $361 million in venture funding last year from 15 transactions — the fourth most popular fintech category after e-payment, fintech lending, and wealthtech.
While the e-payment segment attracted the highest number of deals in 2023, it was fintech lending that bagged the lion’s share of funding, raking in $503 million, or nearly 32% of the total investments in the fintech domain.
Source: DATA VANTAGE
Overall, fintech experienced a significant downturn in 2023. Despite maintaining its position as the most active vertical, the quantum of deals and capital raised in the fintech space saw a substantial decline compared to the previous year.
DealStreetAsia DATA VANTAGE’s annual review of startup funding in Southeast Asia found a 40% year-on year drop in the number of fintech transactions to 141 in 2023. The total capital raised by these companies plummeted even further, by a whopping 71%, to $1.59 billion.
This sharp decline in fintech funding can be attributed to several factors, including global economic uncertainties, tightening of investment capital, and increased scrutiny from regulators. Nevertheless, industry experts remain optimistic about the long-term prospects of the fintech industry, citing its potential to drive financial inclusion and innovation in the region.
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Other updates from DATA VANTAGE
Food and beverage startup [redacted], which is backed by Indonesian VC major [redacted], has issued new shares worth $2.3 million to existing and new shareholders. The latter include Atlas Pacific Capital Limited, Choo Weng Kin, and PT Minum Enak Makan Enak.
Blockchain solutions provider [redacted] saw two of its shareholders Juzar Motiwalla and MRX Investments Pte. Ltd. make a complete exit from the company last week, transferring all of their shares to Srichakra DMCC.
Singapore-based building materials supplier [redacted] has issued new shares worth $1 million to a new investor, Keshav Power Limited. The capital allotment is part of a previous round that we had reported earlier this month.
[Redacted], a biotech company that specialises in stem exosome development, has issued new ordinary shares valued at $1.5 million to Bristow Holdings and a number of individuals.
[Redacted], a ticketing platform that utilises blockchain technology, has secured an additional $459,000 in funding, elevating the total amount raised in its latest funding round to $809,000.
Insurtech firm [redacted] reported a 209% increase in net profit despite revenue falling by 13% year-on-year for the 12-month financial period ending in June 2023, the company’s financial report shows.
Following a profitable year, [redacted] experienced a downturn, recording losses for the 12-month financial period ending in September 2023, with total revenue declining by 94% compared to the previous year.
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