Data Vantage | WWRC, Kargo, Mushroom Material and Qxpress in focus

Edition #403, 29 August 2024

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Dear Reader,

Singapore-headquartered specialty chemicals distributor WWRC Holding received [redacted] million from private equity firm Tower Capital Asia this week.

The PE firm also bought shares in WWRC from other shareholders, including the founding Teng family and Teoh Weng Chai, the chemicals firm’s Southeast Asia CEO. After the transactions, Tower Capital Asia holds a [redacted]% stake in the chemical solutions provider. Its founder and CEO, Danny Koh, has joined the WWRC board.

Established in 1980 as Fu Yuan Enterprise by CJ Teng, WWRC provides services including sourcing, logistics, R&D and technical support to businesses in industries such as oil, gas, plastics, and personal care. It operates in eight countries and 12 cities and considers Singapore, Malaysia, Indonesia, Taiwan, and Vietnam its key markets.

WWRC reported a profit of [redacted] million on revenue of $147.1 million for the financial year ended December 31, 2023.

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Other updates from DATA VANTAGE

Indonesia-based B2B trucking company Kargo Technologies received fresh capital this week from US-based early-stage VC firm Alter Global, bringing its current funding round total to [redacted] million. It had earlier secured capital as part of the round from investors, including AC Ventures, SiteGround Capital, Peak XV Partners, and Silicon Valley-based Tenaya Capital.

Mushroom Material, a startup that seeks to replace styrofoam with a sustainable alternative derived from mushrooms, issued shares worth $3.2 million this week to investors, including Wavemaker Partners, SEEDS Capital, Icehouse Ventures, K1W1 and Black Kite Capital. The allotment follows the close of its $5.2 million seed round.

Used car marketplace Carro has bought back shares worth [redacted] million from investors, including Simon James Moran and Aldama Investments.

Indian quick commerce unicorn Zepto received $132 million from Glade Brook this week as part of a $655 million round announced in June.

PE firm [redacted] has bought shares in logistics company Qxpress from its parent Qoo10. Former CFO Mark Lee, who took over as Qxpress CEO from Ku Young-bae, also joined its board this week.

VC firm [redacted] has increased its stake in Indonesian logistics platform Waresix by buying shares from other shareholders, including Triputra Group.

First Degree Global Asset Management has bought shares in multi-country digital banking group Tyme from African Fig Tree, a ring-fenced vehicle established by Tyme founders and key individuals.

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