Data Vantage | wagely, Eywa Pharma, Jago Coffee, Hishab and Satu Dental in focus

Edition #364, 16 April 2024

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Dear Reader,

Indonesian earned wage access startup wagely witnessed a slew of secondary transactions last week.

The startup’s co-founder and CEO, Tobias Fischer, sold some of his shares to investors, including [redacted], Blauwpark Partners and [redacted], show regulatory filings. Fischer remains wagely’s largest shareholder after the recent transactions.

In addition, family office Blauwpark Partners acquired shares in the company from [redacted], Rocket Internet, ANR Ventures and Alexander Krefft, to become one of its top 10 shareholders.

Wagely had announced raising $23 million in debt and equity funding backed by Capria Ventures in March. The company enables workers in Indonesia and Bangladesh to access their pay after each work day. It claims to have disbursed over $25 million in salaries and processed nearly a million transactions in 2023.

Top shareholders in wagely

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Generic drug maker Eywa Pharma received additional capital from Eight Roads and an entity owned by the Palepu family of India’s Palepu Pharma last week. The latest funding brings its ongoing round total to [redacted] million.

The company, which is majority owned by Eight Roads, had last announced raising $30 million in 2016.

Established in 2015, Singapore-headquartered Eywa Pharma makes affordable generic pharmaceuticals for patients. It has set up subsidiaries in India, the US and the UK. In September 2023, it sold its US-based oral solid dosage manufacturing facility to India’s Biocon for $7.7 million.

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Other updates from DATA VANTAGE

Indonesian mobile cafe operator Jago Coffee received a fresh capital infusion from investors, including [redacted] and ORZON Ventures, last week.

Bangladesh-based Hishab, which provides telephony-based conversational AI solutions, has issued preference shares worth $1.3 million to investors, including Naoya Usuba, Sota Horiuchi and Qunel Private Limited, last week. The startup had raised financing from these investors via convertible notes earlier, per its regulatory filings.

Jakarta-headquartered dental clinic chain Satu Dental received [redacted] million from Susquehanna Asia Venture Capital (SIG) and Alpha JWC Ventures last week.

Restaurant and franchise management solutions provider Runchise bagged capital from [redacted] and Genesia Ventures last week. The startup’s share price in the latest transactions is [redacted] its seed round in 2022.

Singapore-based thermal imaging sensors maker Meridian Innovation has secured $500k in fresh funding from local optics engineering and fabrication solutions firm Moveon Technologies.

MassMutual Ventures-backed Indian cybersecurity firm CloudSEK received $500k from angel investors last week.

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