The Weekly

The Weekly by CapitalNetwork delivers a recap of the latest news in Southeast Asia's private equity, venture capital, and M&A markets. Join us to make sure you don’t miss our next briefing.

M&A Deals

• Indonesian fintech firm Kredivo has acquired a 100% stake in earned wage access startup GajiGesa in a share swap deal valued at approximately $5-6 million, significantly below GajiGesa's previous $30 million valuation. The acquisition will allow Kredivo to diversify beyond its Buy Now, Pay Later services while giving GajiGesa access to cheaper bank capital through Kredivo's digital banking subsidiary, Krom Bank. Industry experts note that while the deal creates opportunities for product ecosystem expansion, GajiGesa's B2B model targeting employers has faced adoption challenges in Indonesia, where earned wage access remains an underutilized service. The Jakarta Post has more here.
• Philippine business technology provider Mosaic Solutions has acquired commerce enablement platform HelixPay and partnered with payments startup PayMongo to create the Philippines' first unified commerce platform for businesses. The integrated platform combines point-of-sale, payments, and digital commerce functionality, allowing businesses to manage both in-store and online operations through a single system that accepts any payment method. Mosaic Solutions, backed by ACTIVE Fund, Gentree Fund, and Foxmont Capital Partners, is establishing an advisory board featuring fintech and software executives, including PayMongo CEO Jojo Malolos and HelixPay co-founder Andrew Koger. TechNode Global has more here.
• Navis Capital Partners is selling its entire stake in Malaysia’s Everrise supermarket operator, Eastern Grocer Sdn Bhd, to three entities controlled by Grab Holdings for an undisclosed amount. Navis, which invested in Everrise in 2019, helped the grocery chain expand its store network and improve operations. This acquisition aligns with Grab’s push into the grocery delivery business, following its majority stake purchase in Jaya Grocer in 2022. The deal is part of Navis’s broader exit strategy, as the private equity firm raises funds for its ninth buyout fund and second continuation fund. The Edge Malaysia has more here.

Private Equity

• Singapore-based private equity firm Ikhlas Capital has invested 74 million ringgit ($16.6 million) in Malaysia's PMG Healthcare Group to support its nationwide expansion, particularly in underserved communities. Founded in 2012, PMG has grown into one of Malaysia's largest integrated primary healthcare providers with 188 outlets including 152 pharmacies, 28 medical clinics, and 8 dental clinics. The investment will enable PMG to expand its healthcare services model, upgrade facilities, implement new technologies, and make treatments more affordable through improved procurement strategies. Sarawak's deputy premier noted that this public-private partnership aligns with the state's goals to improve access to primary care, enhance health education, and strengthen public health programs. The Edge Malaysia has more here.
• Hong Kong-based Gaw Capital Partners has acquired a majority stake in Vietnam's NPX Point Avenue, a K-12 education company, through its Education Platform for an undisclosed amount. NPX operates True North International School in Hanoi and after-school centre Point Avenue, offering English enrichment, test preparation, and admissions consulting. This investment follows Gaw Capital's $12-million Series A funding in NPX in 2021, reflecting growing private equity interest in Vietnam's education sector. The country's education market is seeing increased consolidation as companies seek capital for expansion and face challenges securing land for new schools. The Asset has more here.

Venture Capital

• Vietnam's agritech platform TECHCOOP has secured a $70 million Series A funding round, including $28 million in equity and $42 million in debt financing. The company offers a B2B platform that provides end-to-end solutions for export-oriented agricultural supply chains, focusing on high-value crops like cashew nuts, coconut, and coffee. TECHCOOP plans to use the funding to enhance its technology infrastructure, expand export capabilities, and strengthen its position in international markets. Since launching in late 2022, the company has achieved profitability with 10% month-on-month growth and projects revenues to reach $250 million by 2025. AsiaTechDaily has more here.
• Vietnam-based healthcare clinic chain FDcare has secured $2.5 million in Series A funding led by Cercano Management and Golden Gate Ventures, with participation from existing investors including Center Back Capital and AiViet Venture. The investment will fuel FDcare's expansion beyond its current locations in District 7 and Thu Duc City, with multiple new clinics planned for 2025. FDcare, which focuses on primary and preventive care, plans to extend its services to the corporate healthcare segment in addition to individual and family care. Healthcare remains an attractive investment sector in Vietnam, with other recent significant investments including GIC's additional $135 million into Nhi Dong 315 clinic chain. DealStreetAsia has more here.
• Indonesia-based healthcare company Bumame has secured a pre-Series A funding round led by Alpha JWC Ventures, with participation from 500 Global and Kopital Ventures, to accelerate its digital transformation and expand healthcare offerings beyond its initial COVID-19 testing services. Meanwhile, India-based education loan provider Lorien Finance has raised $2.25 million in pre-Series A funding led by FlatIronX, with plans to expand its student loan services to Tier 2 and Tier 3 cities in India and Southeast Asian countries. Founded by Nikhil Mudgal, Lorien Finance has served over 1,000 Indian students studying abroad in 195 countries, partnering with more than 15 Indian and global lenders to offer loans with interest rates starting at 3.47%. The number of Indian students studying abroad has significantly increased from 260,000 in FY2021 to 750,000 in FY2023, with over 90% of education loans in India being used for international education. AsiaTechDaily has more here.
• Lorien Finance raised $2.25 million in a pre-Series A funding round led by US-based FlatIronX, with participation from Seedstars International Ventures, Ahimsa Capital, and Play Holdings. The company plans to use the funds to expand its student loan services to Tier 2 and Tier 3 cities in India and Southeast Asia next year. Lorien provides education loans to Indian students for studying abroad, partnering with over 15 lenders to offer secured and unsecured loans at interest rates starting at 3.47%. The funding comes amid rising demand for education loans, as the number of Indian students studying abroad surged to 7.5 lakh in FY2023 from 2.6 lakh in FY2021. DealStreetAsia has more here.

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