Private Markets

• 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.

Executive Summary

• Dominant Asia-Pacific Micromobility Platform: The September 2025 merger of Neuron Mobility and Beam Mobility created the clear regional market leader, with a combined fleet of roughly 100,000 shared e-scooters and e-bikes at completion. Following the UK and Canada exits in mid-2026, the retained footprint spans the Asia-Pacific and Turkey. By pooling Neuron’s tender-based strength in Australia and New Zealand with Beam’s permit-based presence in South Korea and Southeast Asia, and by exiting the United Kingdom and Canada in mid-2026, the combined group has built regional operating density and a permit-based moat that is structurally difficult for Western rivals to penetrate.
• Proven Pivot from Growth to Profitability: Both companies decisively shifted from cash-burning expansion toward disciplined unit economics, with the pre-merger Beam division reaching adjusted EBITDA profitability in the second half of 2023 on the back of a 25.0% cut in group overheads. This template for cost discipline, combined with the scale of the merged fleet, positions the company to negotiate stronger municipal tenders and drive down per-vehicle costs, underpinning a credible path to sustainable free cash flow.
• Acute Regulatory Exposure as the Central Risk: The business remains highly vulnerable to sudden municipal rule changes, which can contract its addressable market overnight. Proposed 2026 Queensland legislation mandating footpath speed limits, a minimum rider age, and a valid driver’s licence could cut the regional user base by an estimated 50.0% and force a complete withdrawal from those cities, illustrating the local legislative dependence that governs every market the company operates in.

• Unified Regional Merchant Platform: Qashier operates an integrated hardware and software ecosystem tailored for small and medium-sized enterprises across four Southeast Asian markets. The company processes US$1.0b in annualised payment volume for over 20,000 merchants, anchored by a Major Payment Institution licence in Singapore that enables direct payment processing and cross-border transfers.
• Proven Unit Economic Leverage: The business model demonstrates clear operational leverage, transitioning to sustained profitability across its active markets on a lean capital base of under US$22.0m raised to date. High switching costs embedded in its proprietary point-of-sale terminals and cloud software ensure sticky recurring revenues that insulate the core transaction engine.
• Structural Balance Sheet Fragility: The company operates with a technically insolvent balance sheet, reporting a negative equity position in FY24 driven by S$24.0m in accumulated losses against S$22.1m in share capital. A sudden working capital squeeze or call on short-term obligations could trigger a liquidity crisis, forcing a distressed capital raise or halting operations.

Executive Summary

• Validation of Alternative Payment and South-South Expansion Strategies: The baseline theses are tracking positively, driven by the rollout of Pix-based credit in Brazil and Capitec Pay recurring billing in South Africa to monetise uncarded populations. Furthermore, the operational expansion into Asian markets via the Asia-Pacific headquarters in Singapore supports the South-South trade strategy,  while artificial intelligence fraud and approval engines sustain high-margin enterprise revenue.
• Accelerated Asian Rollout and Localised Product Innovation: The company rapidly expanded its geographic footprint into four new Asian markets plus Turkey while decentralising its executive leadership across key global hubs to embed decision-making closer to local merchants. Product innovation advanced through a Pix instalment partnership in Brazil and cardless subscriptions in South Africa, though managing this multi-continental scale requires continuous operational stabilisation.

• Scaling Momentum Underpins a Resilient Fundamental Profile: The pvtIQ Fundamental SmartScore© holds firm on top-tier growth and market-opportunity ratings, with structural profitability improving as the mix shifted to higher-margin recurring billing and credit solutions, though management eased slightly as the executive suite broadened. The pvtIQ Alt-Data SmartScore© declined, however, with steady authority and improving organisational sentiment outweighed by a sharp drop in product perception after a review-platform change surfaced weak B2B sentiment.

Executive Summary

• Hybrid Hospitality Platform Transition: RedDoorz operates a technology-enabled accommodation network spanning more than 4,400 properties across 257 cities in Southeast Asia. The business is currently shifting from a purely asset-light franchise model towards direct operational control, targeting up to 150 company-operated hotels in Indonesia by 2027 to standardise quality and improve unit-level economics.
• Proprietary Technology and Consolidation: The company leverages its in-house artificial intelligence system, RedPilot, to automate dynamic pricing and operational oversight for independent budget hotels. Having achieved pre-tax earnings of US$9.6m in FY24, management is preparing for a 2027 mainboard listing on the Singapore Exchange to raise up to US$100.0m for regional acquisitions.
• Data Privacy Compliance Exposure: The platform’s reliance on centralised artificial intelligence and cross-border data flows exposes the business to strict regional data protection frameworks. Following a historical breach affecting 5.9 million users, future cybersecurity incidents or regulatory failures risk statutory penalties of up to 10.0% of annual turnover under updated Singaporean legislation.

Executive Summary

• Validation of Stablecoin and Infrastructure Theses: The baseline investment theses regarding localised payment infrastructure and stablecoin utility, set out in our April 2026 Initiation report, are tracking positively, validated by an acquisition agreement that integrates the company into a global digital asset ecosystem. Furthermore, compounding financial growth is accelerating, with annualised payment volume expanding from the ~US$10.0b noted at Initiation to over US$25.0b while maintaining a capital-efficient operational model.

• Strategic Acquisition by Circle: Circle has agreed to acquire the company in an all-stock transaction valued at US$400.0m, which is expected to close in 2027 subject to regulatory clearance.
  While this provides a clear liquidity pathway, the deal introduces execution risk, as completion is conditional on Tazapay retaining at least 75% of identified employees and certain members of senior management.

• Fundamental Drivers Now Point Up Post-Acquisition: The pvtIQ Fundamental SmartScore© improved to 4.4 from 4.0, driven by robust positioning in Growth and Capital Raising, with the acquisition easing the historical drags on Competition and Unit Economics. Concurrently, the pvtIQ Alt-Data SmartScore© exhibits a solid operational footprint, with recent corporate developments already lifting Human Capital, while Domain Rating remains the lone laggard.

Executive Summary

• Strategic K-12 Market Consolidation: Cialfo operates a B2B SaaS platform that centralises international university discovery and application workflows for high schools globally. This report focuses on Cialfo as the core operating business, but values its parent company, Manifest Global, as the relevant valuation entity following the January 2025 corporate reorganisation under the Manifest Global umbrella. The group has since organised its operations across distinct brands, with Cialfo focused on the K-12 segment while sister entities manage university outreach and other international education services.
• Defensible Enterprise Workflow Moat: The investment thesis is anchored by high institutional switching costs, as the platform embeds deeply into school administrative workflows and student information systems. This structural stickiness is reinforced by a multi-sided network effect generated through integrations with over 1,000 global universities, supported by over US$75.0m in cumulative institutional capital, as publicly announced.
• Cross-Border Data Compliance Exposure: The platform processes sensitive personal and academic records for K-12 minors across multiple international jurisdictions, creating direct exposure to fragmented data protection frameworks. A compliance breach or mishandling incident regarding cross-border data transfers would trigger material regulatory fines and mandate the immediate suspension of enterprise contracts in key markets.

• Regional Caregiving Marketplace Integration: Homage operates an asset-light digital health platform that matches licensed care professionals with seniors and adults across Singapore and Australia. By aggregating fragmented independent caregivers and digitising the service workflow, the company serves both direct consumer demand and institutional healthcare providers seeking supplementary staffing.
• Demographic Tailwinds And Margin Improvement: The business benefits from durable structural demand driven by an ageing population and rising public healthcare expenditure across the ASEAN region. Supported by top-tier institutional capital including Temasek-backed Sheares Healthcare Group, the company has demonstrated clear operational discipline by narrowing its earnings before tax deficit to US$3.1m in FY24.
• Top-Line Revenue Contraction: The company faces sustained top-line pressure, with operating revenue contracting consecutively from a peak of US$14.0m in FY22 down to US$10.1m in FY24. This absolute decline in revenue indicates a loss of relative market share within an expanding sector and compounds the financial strain of operating at a structural loss.