PE/VC dealmaking in China, India and SE Asia in May
DealStreetAsia
Financial Deal News & Intelligence Platform for the Asian Private Capital Ecosystem.
DealStreetAsia’s Deals Barometer, the winner of the Digital Media Asia 2023 award for Best Native Advertising/Sponsored Content Campaign, captures the latest trends in the world of private capital in Asia.
Subscribe to this monthly newsletter to stay abreast of the latest trends in private equity and venture capital investing. Here’s May’s startup fundraising trends in a nutshell.
Big-ticket transactions, which had dried up over the last seven quarters in India, made a comeback in May. Six megadeals, or transactions worth at least $100 million, lifted deal value to $1.9 billion—the highest in nearly two years. At 128, the deal volume in May was also the highest since November 2022.
E-commerce companies Flipkart and Meesho, insurtech startup Go Digit General Insurance, data collaboration software startup Atlan, dialysis chain NephroPlus, and deep tech enterprise startup SEDEMAC raised megadeals, cumulatively raking in $1 billion or 53% of the total deal value in the month.
Top 10 deals in India (May 2024)
Startup fundraising in Southeast Asia reached $878 million in May, a five-month high and a nearly four-fold increase from the previous month, as Princeton Digital Group, Lazada, and Atlan clinched megadeals. However, the deal value was 16% lower than the $1.05 billion that Southeast Asian startups raised from 73 deals a year earlier. There were 55 deals in the month, one less than in April.
So far this year, four mega have been registered in Southeast Asia. In March, Indonesian fintech company Akulaku had raised $100 million debt financing from London-based HSBC.
领英推荐
In Greater China, meanwhile, venture capital funding plunged 32% to $2.5 billion in May. This was the lowest amount raised by Chinese startups since DealStreetAsia started tracking deals of all sizes in April 2020. The number of venture deals stood at 173, down 11.3% from April as China’s uneven economic growth and ongoing geopolitical tensions weighed on investor sentiment.
There were only four megadeals amounting to $1.3 billion in May, compared with seven megadeals in April. The largest venture deal in May was raised by Moonshot AI, one of the most sought-after startups developing generative AI in China, which secured the only billion-dollar investment in the month.?
Link to the full reports