Top ten highlights from the APAC PE, VC, and startup ecosystem this week:
- Indian startup investments more than doubled in December, reaching $1.1 billion compared to $483.6 million in November. This marked a positive end to the year for the Indian startup ecosystem.
- VC investments in India remained subdued for most of 2023 due to a funding crunch and uncertain market conditions. However, funding started to recover in September, reaching a peak in May with $1.55 billion raised across 89 transactions.
- Greater China saw a surge in dealmaking activity in December, with a total of 248 deals sealed, a 13.2% increase from November. However, the funds raised in December were down 9% compared to the previous month, largely due to a scarcity of big-sized transactions.
- In 2023, startups in Asia concluded a total of 2,589 deals, a 13.1% increase from the previous year. However, the total capital raised, at $52.1 billion, was 2% lower than in 2022 and significantly below the record-breaking year of 2021.
- Southeast Asia also experienced a positive end to the year, with startup fundraising reaching a five-month high of $1.16 billion in December. This marked an over 200% increase from November’s funding of $382 million.
- The increase in overall startup funding in December was largely driven by e-commerce giant Lazada, which pocketed $634 million from its parent company Alibaba.
- Pristyn Care, an Indian health tech unicorn, faced a valuation markdown and challenges to its business model. Its valuation dropped by over 50% in the past two years amidst complaints of unethical medical practices and legal tussles.
- Indonesian fintech lending company Investree is grappling with a surge in bad loans and lawsuits from lenders, despite announcing a fresh investment of over $200 million a few months ago.
- Several prominent private equity and venture capital firms in Asia, including PAG, ACA Investments, and Asia Partners, closed significant fundraising rounds for various sectors, highlighting the continued interest and investment in the region.
- Looking ahead to 2024, experts expect a slow start to IPO activity in Southeast Asia due to factors such as upcoming presidential elections in Indonesia and global macroeconomic uncertainties. However, the second half of the year is anticipated to see an improvement in IPO activity.
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