Data Vantage | Zepto, Tyme, Silicon Box, Jendela and KosmodeHealth in focus
Edition #399, 15 August 2024
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Dear Reader,
India-based quick commerce company Zepto received $45.4 million this week as part of a $665 million Series F round announced in June. The latest capital injection came from US-based [redacted].
According to media reports this week, Zepto has now finalised a $340 million Series G round co-led by General Catalyst and Mars Growth Capital. After the latest financing, the company is expected to be valued at $5 billion, up from $3.6 billion in June. With the latest round, it would have raised nearly $1 billion in a year.
Zepto delivers everything from grocery and personal care items to electronic gadgets in minutes. It currently operates in large Indian cities and aims to expand to a few smaller cities soon. The company’s top shareholders include Nexus Venture Partners, [redacted] and Y Combinator, according to DealStreetAsia — DATA VANTAGE.
The rise of quick-commerce companies in India has posed a serious threat to the dominance of e-commerce majors such as Amazon and Walmart-owned Flipkart.
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E-commerce funding dries up
The funding woes of Southeast Asia’s e-commerce sector continued unabated in the first half of the year as deal value plunged 61% to $275 million and deal volume more than halved to 19 transactions, finds a recent DATA VANTAGE report.
Funding for e-commerce startups in Southeast Asia
Indonesia, once the leading e-commerce investment hub in the region, has seen a dramatic change in fortune, according to SE Asia Deal Review: Q2 2024. E-commerce startups in the archipelago raised a mere $10 million from three deals in H1 this year, compared to the peaks of [redacted] million (H1 2021) and [redacted] deals (H2 2021).
Singapore, the region’s other major e-commerce hub, also witnessed a decline in both deal value and volume. The city-state, which is home to Alibaba-owned Lazada, saw e-commerce funding proceeds nosedive 85% in H1.
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Other updates from DATA VANTAGE
Multi-country digital banking group Tyme allotted shares worth [redacted] million to investors, including Lavender Hill Capital Partners, Tencent Holdings and British International Investment (BII), this week.
Singapore-based semiconductor design and device integration services company Silicon Box received fresh capital from UMC Capital, the corporate venture capital arm of Taiwan-based semiconductor maker United Microelectronics Corp, this week.
Indonesia-based proptech company Jendela received [redacted] million from Skystar Capital, OCBC Ventura, Sinar Mas Land’s Living Lab Ventures and other investors this week.
Singapore-based foodtech company KosmodeHealth, which extracts nutrients from agri-food waste to create functional foods such as its zero-starch W0W noodles, bagged $147k this week from Rapzo Capital and other investors.
Indonesian fintech company BukuWarung, which focuses on micro, small and medium enterprises, reduced its losses by 75% in 2023 as it curbed expenses and introduced new offerings in the payment and lending space.
Singapore-headquartered auto concierge platform Motorist became profitable in 2023 after recording an over 46% revenue growth.
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