Data Vantage | Udaan, Ayoconnect, BroilerX, Mekari and ServiceQUIK bag capital

Edition #338, 11 January 2024

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Indian B2B e-commerce unicorn Udaan issued shares worth $377.1 million this week to a group of investors, per regulatory filings.

The share allotment follows the company’s announcement of a $340 million financing in December. The round was a combination of fresh equity funding and conversion of previously issued notes.

Recipients of the new shares include the investment arm of the UK retail lender M&G, which led the latest round, as well as Lightspeed Venture Partners, DST Global, [redacted], [redacted] and Tencent Cloud. Udaan’s share price in the latest round is down [redacted]% from its last financing in 2021.

With the latest funding, the company said its business is fully funded and on course to becoming profitable in the next 12–18 months. Udaan trimmed its net loss by 33% to [redacted] million in the financial year ended March 31, 2023, as its revenue fell 43%.

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Other updates from DATA VANTAGE

Jakarta-based open finance API platform Ayoconnect received [redacted] million from Mandiri Capital this week. The ordinary share allotment comes after the Indonesian firm bagged funding from Mastercard in December.

Indonesia’s virtual multi-brand restaurant chain Dailybox is conducting a share buyback from Vertex Ventures Southeast Asia and India, per regulatory filings. The company will issue convertible notes worth [redacted] million to complete the transaction.

Jakarta-headquartered software-as-a-service (SaaS) firm Mekari received $2.5 million from an investor this week, while poultry tech startup BroilerX bagged fresh capital from investors, including Saison Capital and Insignia Ventures Partners.

Yanolja Cloud, a South Korean firm that offers SaaS solutions to hospitality and leisure businesses, has transferred its 100% interest in Southeast Asian budget hotel chain ZEN Rooms to Israeli travel tech firm Go Global Travel. The Korean firm acquired Go Global last year.

Dubai-based [redacted] and US-based OM DAO have bought shares in Singapore-headquartered distributed private key management solution provider Web3Auth from another shareholder.

Vietcetera co-founder Guy Truong has trimmed his stake in the digital media startup by transferring some of his shares to other shareholders, including his co-founder Hao Tran and venture capital firms such as Genesia Ventures, North Base Media, [redacted], Hustle Fund and [redacted].

Indonesian healthtech firm Klinik Pintar issued shares worth $893.6k to investors, including Golden Gate Ventures and Skystar Capital, this week.

ServiceQUIK, a SaaS software company that works with small businesses to digitise their operations, received [redacted] million from various investors, including Telane Pty and Australian businessman Kel MacCulloch, this week.

Circular, a tech subscription service focused on high-end consumer electronics, received $3 million from Australian venture capital firm AirTree Ventures.

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