We closed 2024 with an exclusive news break that shook up the Indonesian startup industry — eFishery’s board had suspended its co-founders Gibran Huzaifah and Chrisna Aditya following an investigation into alleged financial irregularities at the company.
We followed up with yet another explosive news break on Jan 16 about the alleged fraud that is understood to date back to 2018 when the aquatech startup was raising its Series A round. The unraveling of Indonesia’s coveted unicorn formed a core part of our exclusive coverage in January.
Our most-read story also featured one of Southeast Asia’s oldest private equity firms, Northstar Group, which is in discussions to sell its business to Wall Street behemoth Ares Management, the leading contender in a potential merger deal.
From India, we looked at PE-VC fundraising trends amid market shifts and we brought you a feature on 10 Greater China startups that entered the unicorn club despite all odds.
We also launched our private equity-focused newsletter – Beyond the Buyout – in January. The first edition of the newsletter looked at what industry executives are thinking about 2025, and what could help GPs generate DPIs in the year ahead.
Here are the top stories that our readers and subscribers loved in January 2025:
Southeast Asia
The unravelling of a unicorn: What went wrong at eFishery
Initial findings reveal a complex scheme of alleged financial manipulation involving dual financial reporting, setting up of nominee companies, and fabricated transactions.
Forensic audit alleges Temasek-backed eFishery inflated revenue nearly 5x
The findings show that the company’s top management—before it was reshuffled in December—had inflated its revenue for the first nine months of 2024 by nearly fivefold.
eFishery may have a long runway, but investors debate whether to save or let go
Not all shareholders are convinced that the startup is worth reviving as there are doubts about the scalability of the business. eFishery reportedly holds about $55 million in cash.
eFishery’s governance woes compound recent scandals in Indian startup scene
eFishery commercially launched in India in March 2023. In September last year, the company claimed that its local operations turned EBITDA positive.
Northstar Group said to be in merger talks with Ares Management
Lead contender Ares acquired GLP’s $44-billion overseas real asset fund business last year after purchasing Asia-focused Crescent Point in 2023 and Asian credit shop SSG in 2020.
TPG said to have closed investment in Asian flower business Hasfarm Holdings
The deal will pave the way for Hasfarm’s existing sponsor Lombard Asia, a Bangkok-based private equity firm, to exit its 25% ownership after holding onto the portfolio for over five years.
Indonesia too big to ignore despite startup challenges: Patrick Walujo
Indonesia’s tech ecosystem continues to be a key focus for investors and industry players despite recent challenges, Northstar co-managing partner and GoTo CEO Patrick Walujo, said at the Indonesia PE-VC Summit.
Shrinking middle class prompts Indonesian VCs to rework strategies
The declining purchasing power of Indonesia’s middle class, coupled with uncertainty over the new VAT regime, has prompted local VCs to double down on premium markets while others pivot towards mass-market solutions..
KKR said to seek exit from Vietnamese education group EQuest
KKR’s first investment in EQuest in June 2021 was said to be in the region of $100 million. In May 2023, it pumped another $120 million into the company in a debt and equity round.
Growtheum mulls plan to raise $600m for next fund
Founded by former GIC executives Amit Kunal and Koon Po Choo in 2021, Growtheum closed its debut fund at $567 million, lower than its initial target of $600-800 million, in August 2023.
India
India’s PE-VC firms brace for tough fundraising year amid market shifts
A storm of challenges awaits fund managers on the road raising capital in 2025—a glut of dry powder; the outperformance of India’s public markets, which makes buying listed companies attractive; and the trend of family offices bypassing venture funds to invest directly in startups.
India’s IPO market shatters records in 2024; mainland China, SE Asia falter
In a year when global IPO volumes and proceeds declined by 10% and 4%, respectively, India’s BSE and NSE hosted 327 initial share sales that cumulatively raised $19.9 billion.
Greater China
PAG defies market trends with major exits, deployment in challenging times
One of Asia’s largest alternative investment firms, PAG, put $2.8 billion in capital to work and delivered over $3 billion in liquidity to its LPs last year.
10 startups that beat all odds to enter unicorn club in China in 2024
China’s VC and PE industry has navigated through a tough environment. Despite the gloomy climate, the market continued to generate unicorns.
