The most read story of the month across our core markets was an analytical piece on the exit potential of India’s healthcare sector, which has provided private equity and venture capital investors with significantly better liquidation opportunities than the broader market.
PE major KKR’s acquisition of a 54% stake in India-listed HealthCare Global Enterprises, facilitating an exit for CVC Capital, is the most recent case.
February also saw our team bring you comprehensive followup stories on the eFishery saga, the state of warung tech in SE Asia and India, the problems plaguing Koinworks and the impact of Telio’s shutdown and Tiki’s losses on Vietnamese tech giant VNG’s e-commerce dream.
From Greater China, our most-read stories featured interviews of top leaders at placement agency Asante Capital and Web3 investment powerhouse Animoca Brands.
Southeast Asia
Grab and GoTo said to have revived merger talks with 2025 deal in sight
The on-and-off merger discussions between SE Asia’s two largest tech giants, Nasdaq-listed Grab Holdings and Indonesia-listed GoTo, have resurfaced, and gained momentum.
eFishery co-founders could face SG police investigation over alleged $253m losses
There are plans to file a new police report in Singapore against the co-founders and former directors of embattled aquaculture startup eFishery.
After layoffs and India shutdown, eFishery eyes PE funding
The company hopes to attract PE investors by pitching its feeder unit—the only division with a proven revenue-generating product—as a central selling point.
GIC invests $135m more in Vietnamese paediatric chain Nhi Dong 315
This additional investment brings GIC’s total capital invested in the clinic chain operator so far to $194 million.
Argor Capital terminates eFishery continuation vehicle
The continuation vehicle was designed to acquire Argor Capital’s existing stake in eFishery and purchase stakes from other investors who had agreed to sell.
Indonesia’s Ula winds down, offers partial investor payout
Ula’s backers have been given the option to either redeem their investments or roll them into founder Nipun Mehra’s next venture.
What went wrong with B2B commerce in SE Asia and India?
B2B commerce startups, which raised big funding and experienced rapid growth are facing an existential crisis today across Southeast Asia and India.
Can Indonesian P2P lender KoinWorks survive its borrower default crisis?
While the company is looking to raise fresh capital to tide over the crisis, convincing investors will not be easy, which may even force a downround.
TPG emerges as lead backer for Navis’s continuation fund
The possible structure of the new fund will allow Navis to extend its holdings in education assets in Thailand, Vietnam, and Cambodia and release liquidity to some of its existing backers.
Telio shuts, Tiki stumbles: Is VNG’s e-commerce dream unravelling?
The recent shutdown of Telio and Tiki’s piling losses and IPO setbacks now cast doubts on the soundness of the Vietnamese tech giant’s e-commerce strategy.
Greater China
Regional LPs leverage market downturn to secure better terms: Asante Capital
LPs in Asia are in a position to negotiate better terms and score attractive deals with GPs, as the region’s private equity market struggles with recovery.
Animoca Brands open to US as one of IPO venues, says co-founder Yat Siu
As of Q3 2024, the firm has made minority investments in over 530 portfolio companies across blockchain gaming, esports, guild, metaverse, DeFi, infrastructure, and crypto wallet.
India
KKR-HCG deal highlights healthcare’s edge in India’s PE-VC exit market
The KKR-HCG deal was the biggest among the five healthcare exits recorded in India so far this year, and also the third largest exit overall.
Why are Indian GPs hooked to continuation funds?
As many as three firms floated continuation funds last year—ChrysCapital, and Anicut Capital in the PE space, and early-stage consumer firm Sauce.VC.
Healthcare-focused Indian PE firm Somerset Indus exits Hexagon Nutrition
Somerset has cashed out from all the investments from its first fund, barring one that is being built out and could be rolled over to a continuation vehicle.
