Private Markets Analyst, pvtIQ

Beier Luo

Private Markets Analyst

Private Markets Research and Data, Reimagined

pvtIQ

pvtIQ leverages Smartkarma’s technology and distribution to deliver high-quality research and data on Asian private markets.

Private Capital Markets

<h2>Executive Summary</h2><ul><li><strong>Vertically Integrated Regional Challenger:</strong> Oatside operates as a premium plant-based beverage brand that has scaled its oat milk portfolio across 19 international markets and, in March 2026, extended into soya milk in Singapore and Malaysia under the Nobo brand. The company differentiates itself through a full-stack manufacturing model, utilising proprietary extraction technology at its owned facility in Bandung, Indonesia, to cater specifically to Asian taste profiles.</li><li><strong>High-Velocity Revenue Scaling:</strong> The business demonstrates strong commercial traction, with operating revenue nearly doubling year-on-year to reach US$74.9m in FY24 and expanding further to US$113.2m in FY25. This top-line expansion is supported by a top-tier institutional investor base that has provided at least US$171.9m across six disclosed primary transactions, with a reported implied post-money valuation of US$704.7m following its August 2025 preference share issue.</li><li><strong>Supply Chain Vulnerability:</strong> The company relies on the cross-border importation of specific raw materials, including Canadian soya beans and Australian oats, to supply its centralised manufacturing facility in Bandung, Indonesia. Any disruption to these international agricultural supply chains or a prolonged mechanical failure at this single production site would trigger immediate stockouts across its 19 active markets.</li></ul>

Executive SummaryVertically Integrated Regional Challenger: Oatside operates as a premium plant-based beverage brand that has scaled its oat milk portfolio across 19 international markets and, in March 2026, extended into soya milk in Singapore and Malaysia under the Nobo brand. The company differentiates itself through a full-stack manufacturing model, utilising proprietary extraction technology at its owned facility in Bandung, Indonesia, to cater specifically to Asian taste profiles.High-Velocity Revenue Scaling: The business demonstrates strong commercial traction, with operating revenue nearly doubling year-on-year to reach US$74.9m in FY24 and expanding further to US$113.2m in FY25. This top-line expansion is supported by a top-tier institutional investor base that has provided at least US$171.9m across six disclosed primary transactions, with a reported implied post-money valuation of US$704.7m following its August 2025 preference share issue.Supply Chain Vulnerability: The company relies on the cross-border importation of specific raw materials, including Canadian soya beans and Australian oats, to supply its centralised manufacturing facility in Bandung, Indonesia. Any disruption to these international agricultural supply chains or a prolonged mechanical failure at this single production site would trigger immediate stockouts across its 19 active markets.

Oatside: Vertically Integrated Plant-Milk Brand Scales Towards Profitability (Initiation)

Singapore

Oatside is a Singapore-founded plant-based milk brand known for its creamy, malty, and rich oat milk

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Oatside (OATSIDE SP)

Oatside: Vertically Integrated Plant-Milk Brand Scales Towards Profitability (Initiation)

Executive Summary Vertically Integrated Regional Challenger: Oatside operates as a premium plant-based beverage brand that has scaled its oat and...

pvtIQ

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