Private Markets

Executive Summary

• Regional Infrastructure Leadership: Charge+ operates one of the two largest electric vehicle charging networks in Singapore, with over 4,000 points locally and more than 6,000 across Southeast Asia, and is currently executing a cross-border expansion to complete a 5,000-kilometre charging highway to Vietnam. The company leverages proprietary ultra-slim hardware and a centralised smart software platform to secure exclusive, long-term contracts across high-density residential and commercial real estate.
• Favourable Regulatory Tailwinds: The investment case is anchored by state-mandated decarbonisation targets across Southeast Asia, which provide a highly visible and durable demand curve for charging infrastructure. By capturing early market share through strategic partnerships with major property developers and fleet operators, the company establishes high switching costs and secures a captive user base that drives recurring revenue.
• Heavy Capital Intensity Exposure: The business model requires continuous, substantial capital expenditure to manufacture and deploy physical hardware across multiple jurisdictions, structurally constraining near-term profitability and widening pre-tax losses to US$1.6m in FY24. This asset-heavy approach leaves the company highly dependent on external financing rounds and exposes gross margins to volatile wholesale energy prices.

• Advanced Packaging Foundry Scale-Up: Silicon Box operates as a dedicated semiconductor packaging provider, transitioning from concept to commercialisation through its US$2.0b manufacturing facility in Singapore. The company leverages proprietary panel-level chiplet integration technology to address critical supply chain bottlenecks, having commenced mass production and secured early enterprise customer shipments within three years of its founding.
• Institutional Capitalisation And Backing: The investment case is anchored by strong capital generation velocity, evidenced by a US$302.5m Series B round that propelled the company to a valuation exceeding US$1.5b. Backed by a syndicate of top-tier institutional investors and corporate venture arms of major semiconductor incumbents, the firm possesses the deep funding capacity and ecosystem integration required to scale its operations globally.
• Capital Intensity and Execution Risk: The fundamentally asset-heavy manufacturing model imposes a heavy depreciation burden and structural margin compression during the ongoing facility ramp-up phase. Any construction delays, equipment supply chain disruptions, or yield degradation across its multibillion-dollar expansion projects in Singapore and Italy will directly threaten liquidity and force dilutive emergency equity raises.

Executive Summary

• Validation of Margin Resilience and ASEAN Expansion: The baseline theses are broadly tracking as expected, evidenced by a strategic pivot toward higher-value enterprise solutions that drove expansion in gross profit margin to 54.2% despite a 28% top-line contraction, although operational efficiency has lagged as pre-tax losses widened to US$11.9m. This transition toward higher-quality, institutional-grade earnings is further supported by the integration of Vietnamese payment rails and the rollout of advanced foreign exchange capabilities.

• Accelerated Regional Integration and Margin Expansion: The group reported full-year 2025 revenue of US$30.1m and gross profit of US$16.3m, reflecting a deliberate shedding of low-margin transaction volume that lifted gross profit margin by 11.9 percentage points. Concurrently, the company deepened its regional infrastructure by signing definitive agreements to integrate with METech, securing direct Vietnamese Dong collection and payout rails, and operationalising its Capital Markets Services licence.

• Qualitative Evolution of Fundamental and Alternative Metrics: The pvtIQ Fundamental SmartScore© maintains a solid standing, anchored by strong Governance, Unit Economics and Moat dimensions alongside a stable Management rating, though the Growth category remains constrained by the strategic moderation in revenue. The pvtIQ Alt-Data SmartScore© reflects a specialised enterprise footprint, supported by improving Human Capital and steady Socials momentum but limited by a lower Authority standing due to a reliance on direct institutional partnerships.

Executive Summary

• Localised Enterprise Artificial Intelligence: WIZ.AI operates a B2B generative AI voice agent platform that automates high-volume customer communications, primarily across Southeast Asia, with expansion into Latin America, the Middle East, and the US. The company differentiates itself through native fluency in complex regional dialects, although this edge is likely to narrow as general-purpose foundation models improve, and it processes over 100.0m automated calls per month for more than 300 enterprise customers, mainly in regulated sectors. In May 2026, it extended into multi-agent inbound customer service with the launch of Wizlynn.
• Growth Recovery With a Fragile Profit Base: Revenue grew by 82% to US$23.5m in FY25, and the company recorded its first pre-tax profit of US$4.5m. However, the turnaround came as much from cost reductions as from revenue growth, and the October 2025 Series B was raised at a flat valuation, so the durability of this momentum is still to be proven.
• Executive Leadership Transition Risk: Co-founder Jennifer Zhang’s departure from her President role in July 2026 to launch a new venture leaves strategic and technical leadership concentrated in CEO Jianfeng Lu, creating material key-person risk. With a relatively thin executive bench below the CEO, this tests management depth as the company faces intense competition from well-capitalised global conversational platforms.

• Regional AI Infrastructure Pivot: Racks Central is transitioning from a single-site Singapore colocation provider into a multinational digital infrastructure platform targeting artificial intelligence workloads. The company is developing a pipeline of around 600 megawatts of liquid-cooled capacity in Johor and Batam, extending its Singapore base into a corridor designed to serve hyperscale and cloud customers.
• Institutional Capital Backing: Institutional Capital Backing: In June 2026, the company secured a strategic investment of an undisclosed amount from the US$1.0b China-ASEAN Investment Cooperation Fund II, with ESR acting as sub-investment adviser. This backing validates the platform and supports its early Johor phases, although the scale of the build-out will require further project financing.
• Cross-Border Execution Complexity: Managing concurrent large-scale projects across three distinct sovereign markets introduces material regulatory, construction, and operational vulnerabilities for a relatively lean workforce. The aggressive development pipeline remains highly exposed to grid energisation delays, supply-chain bottlenecks, and a strict dependency on utility partners to deliver contracted power on schedule.

• In 102 posts about Muse and competing tools, OpenAI was named most often (32 posts), followed by Google / Gemini (28) and Claude (15).
• The posts show different levels of switching: 24 claimed a direct switch or reduced use of another tool, 6 expressed intent to switch, and 60 compared Muse with another tool on a task.
• Some of those comparisons described choosing Muse for that task, even without claiming a broader switch. 

Executive Summary

• Accelerating Growth and Margin Optimisation Thesis Validated: The baseline thesis of accelerating top-line growth via disciplined market consolidation is tracking ahead of expectations, evidenced by the company outpacing its core markets in the first half of 2026. The shift towards automated, direct-to-consumer channels is yielding operating leverage, though the group must balance this organic expansion against its regional acquisition strategy and an active strategic review.
• Aggressive Regional Expansion Amidst Sharply Improving Profitability: Oona Insurance has transitioned into a period of aggressive regional expansion, driven by strong first-half financial performance that defied broader macroeconomic headwinds. The firm recorded rising net income and premium growth that outpaced the wider industry, allowing management to actively evaluate acquisition targets across Southeast Asia while deepening its retail presence through embedded digital partnerships.
• Fundamental Strengthening and Elevated Exit Readiness: The pvtIQ Fundamental SmartScore© maintains a strong standing, with Growth and Unit Economics acting as positive catalysts following profitable underwriting execution. The pvtIQ Alt-Data SmartScore© presents a bifurcated profile where strong Product Affinity is offset by drags in Human Capital, while the pvtIQ Exit Indicator SmartScore© remains elevated, keeping a near-term liquidity event a live possibility even as the firm prioritises further scale.

• Regional Duopoly Positioning: 99 Group (or 99.co in this report) operates as one of two leading digital property marketplaces across Singapore and Indonesia, leveraging a multi-sided platform to connect home seekers, agents, and developers. The company has consolidated its regional footprint through strategic acquisitions, including the integration of SRX and Rumah123, establishing a duopoly alongside the market leader.
• Asset-Light Strategic Value: The core investment thesis rests on the platform’s highly scalable digital model and its backing by a premier syndicate of institutional investors, including Peak XV Partners and Gaw Capital Partners. Furthermore, the presence of a major global strategic shareholder provides a highly credible, direct pathway for a future trade sale.
• Top-Line Growth Has Stalled: After three years of rapid expansion, revenue plateaued in FY24, easing 3.5% to US$15.8m from US$16.4m in FY23, following growth of 146% in FY21 and 73% in FY22. Losses have narrowed sharply, with the loss before tax falling to US$7.5m in FY24 from US$21.8m in FY22, but the group remains loss-making and dependent on shareholder funding to bridge to breakeven.

Executive Summary

• Accelerating AI and improving unit economics: The baseline investment theses are accelerating as the company deploys its autonomous artificial intelligence travel assistant in Indonesia and acquires Eazy Digital to strengthen its regional enterprise software suite. Furthermore, the strategic expansion into life insurance distribution diversifies the product mix, supporting the structural margin expansion needed to bring the company within reach of earnings breakeven.
• Strategic acquisitions and life insurance expansion: The company executed aggressive horizontal and vertical expansion to capitalise on structural insurance reforms across Southeast Asia.
  The acquisition of Eazy Digital, a Singapore-headquartered agency management platform with a strong Thai footprint, and the deployment of an autonomous sales agent in Indonesia address legacy distribution friction, while a strategic partnership with Chubb Life in Vietnam and Indonesia begins to diversify the revenue base beyond general microinsurance.
• Margin catalysts support fundamental standing: The pvtIQ Fundamental SmartScore© maintains a top-tier standing, anchored by strength in Growth and Capital Raising, with the push into higher-margin life insurance providing a catalyst to ease historical unit economic pressures. Concurrently, the pvtIQ Alt-Data SmartScore© retains a mid-ranked position, as strong Product Affinity and Socials offset weaker Authority and Human Capital readings.

Executive Summary

• Ecosystem Expansion and AI Integration Accelerate: The baseline investment theses remain intact, with ecosystem integration driving scale through new embedded protection partnerships with ING and Stellantis Financial Services. Artificial intelligence initiatives are advancing via a risk-detection collaboration with LG Electronics, while regional leadership restructurings and brand consolidations preserve the structural readiness for an eventual liquidity event.
• Global Consolidation and Enterprise Partnership Expansion: Bolttech deepened its enterprise distribution channels by securing a major European agreement with ING and launching a US programme with Stellantis Financial Services. To support this geographic scaling, the company consolidated its international acquisitions under a unified brand and executed a coordinated leadership rotation across its core operating regions.
• Fundamental and Alternative Data Trajectories: The pvtIQ Fundamental SmartScore© maintains a strong profile, with Unit Economics the primary upward driver offsetting slight normalisation in the Growth and Market Opportunity dimensions, though Governance remains the lowest-scoring dimension despite a marginal improvement. The pvtIQ Alt-Data SmartScore© exhibits a mid-ranked profile, with relatively stronger Human Capital and Authority components offset by a lagging Socials dimension, while the pvtIQ Exit Indicator SmartScore© reflects a highly capitalised business tempered by low immediate exit pressure.

• Regional Superapp Transition: Traveloka has successfully evolved from a pure-play online travel agency into a comprehensive Southeast Asian lifestyle superapp, integrating transportation, accommodation, and local services. This strategic pivot has secured a dominant regional footprint with over 40 million monthly active users and 140 million application downloads across multiple Asia-Pacific markets.
• Structural Profitability and Scale: The platform demonstrates favourable unit economics driven by an asset-light brokerage model and the integration of high-margin embedded financial services such as buy-now-pay-later products. This operational leverage enabled a successful transition to structural profitability, evidenced by PBT of US$41.1m on revenue of US$344.4m in FY24, up from US$11.9m on US$286.0m in FY23.
• Intense Sector Rivalry: The company operates in a highly contested digital travel market against well-capitalised global incumbents and regional platforms, necessitating elevated sales and marketing expenditures to defend market share. This sustained competitive pressure compounds existing balance sheet vulnerabilities, highlighted by a US$48.9m net liability position and structural accumulated losses at the end of FY23.

• Dominant Regional Medical Network: Docquity has established a verified digital community of healthcare professionals across Southeast Asia and the Middle East, scaling to over 500,000 users. By providing essential continuing medical education and peer collaboration tools, the platform has secured a highly engaged digital community of healthcare professionals across Southeast Asia, North Asia and the Middle East, scaling to over 500,000 users.
• Enterprise Monetisation Engine: The core investment case rests on the company’s transition from a pure networking utility to an artificial intelligence-driven intelligence layer for life sciences companies. By monetising physician engagement signals through its data and insights offering, formalised in January 2026 as the Docquity Engage™ intelligence engine, Docquity captures recurring revenue from multinational pharmaceutical clients, having grown operating revenue by 29.7% year-on-year to US$5.2m in FY24.
• Escalating Financial Losses: The company remains loss-making at the operating level and reported a pre-tax loss of US$61.1m in FY24, although this figure is dominated by non-cash revaluations of preference shares classified as debt. The same revaluations lifted total liabilities to US$96.6m, while cash more than halved during FY24 as operations continued to consume funds, leaving the business reliant on further external capital

Executive Summary

• Omnichannel Recommerce Transition: Carousell has successfully evolved from an asset-light classifieds application into a managed omnichannel recommerce platform across Greater Southeast Asia. This strategic shift is anchored by the rollout of 29 physical stores and integrated authentication services, which enabled the group to achieve positive full-year EBITDA in the FY25 financial year.
• High-Margin Transaction Growth: The primary growth driver is the rapid expansion of the managed recommerce division, which grew 40.0% year-on-year to account for 45.0% of the US$140.6m total revenue in FY25. By internalising the transaction flow through proprietary payment gateways and physical inspection infrastructure, the company captures more value per transaction than traditional peer-to-peer listings, albeit at a lower percentage margin than its classifieds advertising base.
• Regulatory Fraud Compliance Burden: The platform faces intense regulatory scrutiny from regional authorities regarding elevated peer-to-peer scam activity across its digital classifieds ecosystem. Compliance frameworks such as Singapore’s E-Commerce Code, under which Carousell has piloted enhanced identity verification for high-risk sellers, add operational overhead, and regulators have warned that a broader mandate covering all sellers would introduce onboarding friction that could threaten listing liquidity.

Executive Summary

• Validation of Capital-Efficient Payment Infrastructure: The baseline investment theses are tracking as expected or better, with the product-led acquisition and retention thesis tracking ahead of expectations following the rollout of complementary software bundles like the CFO Stack. The company continues to monetise alternative payment shifts and scale its regional footprint efficiently, managing triple-digit growth in emerging markets with a lean headcount, though it continues to navigate a highly contested sector.
• Expansion into B2B Workflows and AI Integration: The company expanded its product suite beyond consumer checkouts to capture digitising business-to-business payments through the launch of fixed-fee corporate collections. This strategic pivot, combined with artificial intelligence partnerships and a newly secured Philippine payment licence, strengthens its competitive positioning against global gateways and local digital wallets.

• Strengthening Growth Profile Against Persistent Margin Pressures: The pvtIQ Fundamental SmartScore© profile is anchored by top-tier ratings in the Growth and Market Opportunity dimensions, though Unit Economics and Competition (both 3.0) remain the principal drags, the former reflecting a low blended take-rate that is expected to hold broadly flat across the forecast period. The pvtIQ Alt-Data SmartScore© reflects strong Product Affinity and Socials, offset by a mid-ranked Authority dimension, while the pvtIQ Exit Indicator SmartScore© suggests a trade sale has become the most probable long-term (beyond three years) liquidity pathway, with remaining private still the most likely near-term outcome.

Executive Summary

• Pan-Regional Automotive Ecosystem: Carro has grown from a pure-play digital used-car marketplace into a full-stack mobility platform spanning eight Asia-Pacific markets. It pairs proprietary AI-driven pricing and inspection with a physical network of showrooms and workshops, and has recently pushed into mature markets such as Australia while securing direct distribution agreements with emerging electric vehicle manufacturers, extending its reach from used-car trading into new-vehicle retail.
• High-Margin Ancillary Monetisation: The central value driver is Carro’s ability to cross-sell financing, extended warranties, and motor insurance, which together generate over 55.0% of total gross profit and steadily lift group margins even as the low-margin car trade scales. Volume growth in the core car trade carried revenue to a record US$898.0m (S$1.2b) in FY25, while this mix shift lifted EBITDA to US$32.0m (S$43.0m), its fourth consecutive year of positive EBITDA, and underpins a potential Nasdaq IPO raising up to US$500.0m, with a possible secondary listing in Singapore.

  Auto Financing Credit Exposure: Through its Genie Financial Services arm, Carro carries an auto-financing book of around US$500.0m, which makes the group part marketplace and part lender and exposes it directly to consumer default risk. A regional downturn or a sustained high-interest-rate environment across core Southeast Asian markets would drive higher non-performing loan provisions and erode the earnings base, though the book’s sub-0.5% NPL rate and the collateral value of the underlying vehicles provide some cushion, albeit one that would narrow if used-car prices soften in the same downturn.

• Daiso is unlisted but dominates the listed competitors in the 100 Yen sector like Seria Co Ltd (2782 JP) and Can Do Co Ltd (2698 JP).
• Daiso posted its 15th consecutive year of record sales in FY2025 and store count reaching 6,000, driven by rapid expansion of its multi-banner format.
• This is alongside a growing proprietary IP business and fandom marketing that is beginning to feed directly into product development.

• Hark raised more than $700M in a Series A round in May 2026 at a $6B post-money valuation.
• Hark has built account, payment, and transaction infrastructure to undergird its commercial and general availability launches.
• Handoff currently covers commerce, food delivery, reservations, recruiting, research, and travel.