Our scoop on an investment pause by MDI Ventures, the corporate venture capital arm of Indonesian state-owned telecom firm Telkom, was the most-read story of the month.
MDI acknowledged the delay in fresh investments and attributed it to a decision by the parent company to postpone new investments pending “internal checks”. DealStreetAsia further learnt that the review was prompted by its losses in key investments such as Tanihub, Fabelio, and Zenius.
We followed up on the development, which is being watched closely in the Indonesian startup ecosystem, with yet another exclusive last week. Saudi Arabian venture capitalist Beta Lab is said to be in discussions to buy over 80% of the portfolio in MDI Ventures, in what could be one of the largest selloffs in the country’s startup sector.
In the VC and startup space, IFC’s likely investment in Jungle Ventures’s fifth fund, Vietnamese social commerce startup Mio shutting down operations, and AC Ventures’s investment in Oatside dominated top headlines in September.
From Greater China, our story on the deeper role universities are playing in the world of private capital investing was among the most-read during the month.
In September, we also concluded the ninth edition of the Asia PE-VC Summit in Singapore—an oversubscribed event that saw 1000+ delegates in attendance, 125+ speakers, 30+ riveting sessions, and four thematic tracks.
The September edition of top stories also included summit coverage that deep-dived into valuation trends in SE Asia, China’s deep tech supremacy, and growth-stage deals on the rise in India’s healthcare space. Continue reading DealStreetAsia for coverage from the summit.
We have also announced the dates for our Indonesia PE-VC Summit 2025 on January 16, at The St. Regis Jakarta. Kickstart 2025 with the go-to conference to navigate SE Asia’s top market. Get your ticket now.
If you missed these stories, here is a curated list of trending scoops and analytical takes from September 2024.
Top stories of September 2024
Stories from SE Asia
MDI Ventures takes an investment break amid parent Telkom’s strategic review
Owing to the internal review, startups like Beleaf Farm, Pitik, and Good Doctor reportedly have not received the funds they were expecting from MDI.
Indonesia’s AC Ventures invests in Temasek-backed Oatside
Singapore-based alternative milk brand Oatside counts Temasek, Granite Asia (formerly GGV Capital) and TR Capital among its backers.
SE Asian family offices are slowly warming up to private equity
The interest in private assets is ratcheting among family offices so that they can diversify their investment portfolios and combat geopolitical risks.
Dymon Asia PE said to be in talks to invest up to $40m in Playtopia
Indonesia, with its large and young population, has emerged as a fertile ground for children’s recreational facilities, driven by rising disposable incomes and increasing focus on family-centric activities.
Jungle-backed Vietnamese social commerce startup Mio ceases operations
Following its pivot from a group buying platform for groceries and fresh produce to a meat business, the company could not maintain its momentum.
65 Equity Partners in talks to back SG home appliances startup PRISM+
The startup closed its first institutional fundraising of $32 million (S$45 million) in a seed round led by TNB Aura in 2022.
Thai PE firm 9Basil expands investment horizon to Philippines, Indonesia, Vietnam
9Basil, which currently has staff based in Singapore and Thailand, plans to build local teams across its new markets if each provides enough viable deals.
Asia’s family-owned businesses put faith in PE as heirs step aside
The pandemic years put a lot of pressure on families to draw up succession plans, with some realising the need for private investors to either buy out or acquire a minority stake in their businesses.
Venture capital fuels the rise of Vietnam’s young coffee startups
The market is becoming increasingly crowded as established giants vie with younger startups for a share of the lucrative pie.
Federated Hermes achieves competitive DPI with strategic exits in SE Asia
Two of the exits for the Pittsburg-based investment manager were in Southeast Asia, Federated Hermes head of APAC private equity Sean Yoo said in an interview.
Reasonable valuations make emerging SE Asia markets attractive
The region’s emerging markets are becoming increasingly attractive to investors looking for alternatives to China.
IFC mulls $30m investment in SG’s Jungle Ventures’s fifth fund
Jungle Ventures is targeting to raise $500 million for its fifth fund focused on investing in companies in Southeast Asia and India, per the IFC disclosure.
Greater China stories
China’s deep tech opportunities still open for global investors
China’s VC/PE ecosystem is seeing a paradigm shift with government-affiliated LPs emerging as the dominant investors in the local market amid the backdrop of geopolitical tensions between the world’s two largest economies.
Chinese GPs tap flexible fund terms to lure insurers
The favourable terms offered to Chinese insurers come against the backdrop that has seen investors retreating from China-focused funds.
Universities in Greater China emerge as new force in startup incubation
Chinese universities have become savvier to the private-market universe, bankrolling the country’s homegrown technologies as foreign investors grow more cautious.
Stories from India
Family office GreenBear Group to remain committed to SE Asia, India
With the private markets entering a new phase of maturity in India, both established and emerging fund managers are gaining traction, thereby creating compelling opportunities for investors.
TPG Growth-backed Asia Healthcare eyes Indian diagnostics deal
Healthcare investment platform Asia Healthcare Holdings, which is also backed by Singapore’s GIC, is in talks to invest in India’s Dr. Dangs Lab.
Investor cheque sizes for growth-stage deals in healthcare are on the rise
With the contours of the healthcare sector changing in India and SE Asia and the ‘unbundling’ of services in multi-specialty hospitals, several new themes are emerging with the promise of a long-term growth story.
