FB Pixel no scriptDeals in brief: J&T Express makes HKEX debut, Gentari and GIC invest in AM Green Ammonia Holdings, multiple China and India deals, and more | KrASIA

Deals in brief: J&T Express makes HKEX debut, Gentari and GIC invest in AM Green Ammonia Holdings, multiple China and India deals, and more

Written by Gideon Ng Published on   8 mins read

Bringing you the latest news briefs on fundraising activities in the Asia Pacific.

J&T Express raises USD 450 million in Hong Kong Stock Exchange debut

The logistics service provider made its debut on the Hong Kong Stock Exchange last Friday, revealing a public offer price of HKD 12 (USD 1.53) per share, resulting in net proceeds of HKD 3.53 billion (USD 450 million) from the global offering.

The company intends to utilize the funds raised through the IPO for various purposes, including expanding its logistics network, enhancing existing infrastructure, and strengthening sorting and warehousing capabilities, primarily in Southeast Asia and other key markets. Additionally, it plans to use the capital to enter new markets, diversify its service offerings, and allocate resources for R&D.

Since its inception in Indonesia in 2015, J&T Express has rapidly expanded globally. In 2017, it ventured into Malaysia and Vietnam before initiating operations in the Philippines and Thailand a year later. The company entered Singapore and Cambodia in 2019 before expanding into China’s trillion-dollar logistics industry the following year.

“Hong Kong is a leading international financial center, and host to Asia’s most dynamic capital market. We take immense pride in listing on the Hong Kong Stock Exchange, which gathers issuers and investors from around the world,” said Dylan Tey, CFO of J&T Express.

Gentari and GIC to invest USD 1.75 billion in AM Green Ammonia Holdings

According to Livemint, Petronas-owned energy solutions company Gentari and Singapore state-owned investor GIC will jointly invest USD 1.75 billion in AM Green Ammonia Holdings, a company owned by Greenko Group founders Mahesh Kolli and Anil Kumar Chalamalasetty.

Gentari will contribute USD 1.5 billion for a 30% stake in the entity, valuing the company at USD 5 billion. The remaining 70% of ownership will be held by the founders along with GIC, which will invest USD 250 million.

The deal is part of a broader plan to invest a total of USD 5.5 billion in the production of 5 million tonnes of green ammonia annually in various regions of India, including Tamil Nadu, Karnataka, Andhra Pradesh, Himachal Pradesh, and Gujarat. The plan also includes the export of green ammonia to South Korea, Japan, Singapore, and Germany.

“As Gentari expands our portfolio of clean energy solutions in Malaysia, [the] Asia Pacific and beyond, we believe in the critical importance of industry-level collaborations that combine complementary strengths and unlock synergies. This partnership with AM Green and GIC is a testament to our commitment in accelerating green hydrogen adoption globally, to make an impact in the pursuit of a net zero future,” said Sushil Purohit, CEO of Gentari.

Mandiri Capital Indonesia and Investible set to launch climate tech fund

Mandiri Capital Indonesia (MCI), the corporate venture capital subsidiary of Bank Mandiri, and Investible, an early-stage venture capital firm headquartered in Sydney and Singapore, have signed a term sheet for the establishment of an early-stage climate tech fund.

Known as the Mandiri-Investible Global Climate Tech Fund, the fund will be jointly managed by both firms, leverage their respective expertise and resources to identify, invest, and provide support to climate tech startups in Southeast Asia, Oceania, and beyond, with up to 30% of its investments directed toward the Indonesian market, Southeast Asia’s largest economy.

“Investible is pleased to be working with the MCI team, and the wider Bank Mandiri group, on the Mandiri Investible Global Climate Tech Fund. MCI recognized the unique opportunity presented by Investible’s proprietary early-stage investment process, methodology, global networks, and experience as an early-stage climate tech investor,” said Rod Bristow, CEO of Investible.

Citigroup leads USD 260 million asset-backed financing for WeLab

The multinational financial services company has entered into an agreement to lead a USD 260 million financing arrangement for WeLab, a Hong Kong-based consumer credit platform operator. Citigroup is the exclusive senior underwriter for this deal.

WeLab enjoys support from a range of notable investors, including venture capital firm Sequoia Capital and business magnate Li Ka-shing. —Bloomberg

Kenanga Investors launches APAC-focused fund

The Malaysian investment firm has launched the Kenanga Islamic Asia Pacific (Ex Japan) Total Return Fund, a Sharifah-compliant equity fund focused on the Asia Pacific region, excluding Japan.

This fund targets businesses with sustainable returns on Shariah-compliant equity and is designed to offer investors long-term capital growth, making it suitable for those open to accepting Shariah-compliant equity risk in exchange for potentially higher returns.

KIPSEA closes USD 60 million fund to invest in Southeast Asian startups

Korea Investment Partners Southeast Asia (KIPSEA), the Singapore-based unit of Korea Investment Partners, has closed a USD 60 million fund to invest in Southeast Asian startups. The fund attracted contributions from institutional investors in South Korea, Hong Kong, and Singapore, including Samsung Life Insurance, the Korea Development Bank, Korea Growth Investment Corporation, D·Camp, Woomi Global, Mirana Ventures, and Korea Investment & Securities Asia.

KIPSEA’s new fund will focus on investing in funding rounds spanning from the seed stage to Series B, targeting sectors of interest such as fintech, prop tech, enterprise software, and more. —The Business Times

Recent deals completed in China:

  • Eventec, a Chengdu-based robotics company, has secured an eight-figure RMB sum in a Series B funding round led by Tian Tu Capital. Existing investor Cheetah Mobile also participated in the round. Eventec will allocate the funds toward the optimization and market launch of its technology products. 36Kr
  • Sinoits, an artificial intelligence technology company, has completed a pre-Series B+ round of financing, raising an eight-figure RMB sum. CCCC Capital and Soaring Capital were among the investors. Sinoits will use the funds for R&D of AI models and training platforms, as well as to facilitate its expansion into new markets. 36Kr
  • Future Box, a company specializing in prefabricated interior decoration and furnishing, has secured an eight-figure RMB sum through two funding rounds. These rounds encompass an angel extension round and a pre-Series A round of financing, both of which were led by SkyChee and Peakview Capital. The funds obtained by Future Box will be allocated to R&D in fast-installed products, building information modeling (BIM) software, and generative AI applications. 36Kr
  • Chenlu Technology, a Shanghai-based intelligent steering technology developer, has secured nearly RMB 100 million (USD 13.6 million) in a Series A funding round led by Harvest Capital. Thunder Software Technology participated in the round while Lakeside Capital acted as the exclusive financial advisor. The company plans to utilize the funds to expand its team and production capacity. 36Kr
  • Xinmao New Energy, a Shenzhen-based lithium-ion battery materials developer, has raised RMB 100 million (USD 13.6 million) in a Series C funding round from a fund managed by China Chengtong Holdings Group. It will use the freshly raised funds to construct its production lines and enhance its product R&D capabilities. 36Kr

Latest venture capital deals in India:

  • Ola Electric, one of India’s leading electric vehicle manufacturers, has raised INR 32 billion (USD 384.37 million) in an equity and debt funding round from Temasek-led investors and the State Bank of India. The funds will be utilized to expand the company’s electric vehicle business and set up a lithium-ion cell manufacturing facility in Krishnagiri, Tamil Nadu. —Entrackr
  • Manastu Space, a Mumbai-based space technology company, has raised INR 250 million (USD 3 million) in a pre-Series A funding round led by Indian Angel Network. The round also saw participation from various angel investors including KRS Jamwal (Tata Industries), Jaideep Mehta, Sanjiv Bajaj, and Nitin Zamre, amongst others. Manastu Space will use the funds to enhance its technology systems and further develop its R&D initiatives. —VCCircle
  • Datoms, an industrial internet-of-things platform operated by Phoenix Robotix, has secured INR 100 million (USD 1.2 million) in a pre-Series A funding round from YourNest Venture Capital. These funds will be allocated to strengthening its product offerings and capabilities, as well as expanding its presence in both India and the Middle East. —VCCircle
  • UrbanMatrix Technologies, an industrial drone manufacturer and software developer, has raised INR 60 million (USD 721,000) in a pre-Series A funding round led by Inflection Point Ventures. The round also saw participation from O2 Angels. The company will utilize the funds to develop its products, expand its team, and enter new markets. —VCCircle
  • Qdesq, a workspace marketplace platform, has raised an undisclosed amount of investment from Gruhas. The company intends to use these funds to enhance its team’s strength and capabilities, with the goal of driving growth and expanding its business. —VCCircle
  • The Indian Garage Co, a fast fashion company, has secured an investment of INR 1.55 billion (USD 18.62 million) from TMRW, a wholly-owned venture of Aditya Birla Fashion and Retail. With this new partnership, the company is poised to expand its sub-brands and product categories, while pursuing growth opportunities across various channels. —VCCircle
  • Inc.5 Shoes, a Mumbai-based footwear company, has raised around INR 820 million (USD 9.85 million) in a Series A funding round led by Carpediam Capital. Param Capital participated in this round. The company will use the funds for several strategic purposes, including expanding its presence in urban areas as well as in India’s tier-two and tier-three cities, enhancing its technology infrastructure, bolstering its online visibility, diversifying its product offerings, and reinforcing its senior leadership team. —VCCircle
  • Blubirch, a Bengaluru-based logistics startup, has raised INR 530 million (USD 6.37 million) in a Series A funding round. The investors in this round include Cornerstone Venture Partners and Capital2B. Blubirch plans to utilize these funds to expand its footprint across different online marketplaces and manufacturer networks while also extending its reach in India and international markets. —VCCircle
  • Garuda Aerospace, a Chennai-based agriculture-focused drone manufacturer, has raised INR 250 million (USD 3 million) in a bridge funding round co-led by Venture Catalysts and WeFoundeCircle. The round also saw participation from Hems Angels, San Angels, Peaceful Progress Funds, among other angel investors. The company intends to utilize the funds to address working capital needs, fulfill pre-booked orders, and execute its strategic partnership with the Indian Farmers Fertiliser Cooperative. —VCCircle
  • Proost69, a beer production company, has closed its pre-Series A funding round, securing INR 250 million (USD 3 million). The round constituted a mix of equity and debt financing, drawing investments from new and existing investors including Chimes Group, Dev Punj, The Chennai Angels, Finvolve, India Accelerator, Hyderabad Angels, Mumbai Angels, AngelList India, and Agility Ventures. Proost69 will utilize the funds to improve its production capabilities and expand into new markets. —VCCircle
  • Olive Gaea, a climate tech platform, has raised INR 83 million (USD 990,000) from Cornerstone Ventures. The platform offers a variety of consultancy services related to greenhouse gas emissions accounting and reduction, carbon offsetting, life cycle assessments, and more. It will use the capital to launch Zero, its software-as-a-service platform. —VCCircle
  • Rapid, an employee management platform, has raised INR 22 million (USD 264,000) in an ongoing pre-seed funding round. Angel investors who have committed to this round include Aswin Choudhury, Deepak Panda, Ashok Padhy, and Hemanth Kavuluru. Rapid will use the funds to develop its products and acquire new customers. —VCCircle

Drive Lah, Heidi Health, Flourish Ventures, and more led last week’s headlines:

  • Drive Lah, a Singapore-based peer-to-peer car sharing startup, raised USD 5 million with ComfortDelGro as the lead investor. As part of the deal, ComfortDelGro will become the preferred fleet partner for Drive Lah as well as Drive Mate, the startup’s Australian brand.
  • Heidi Health, an Australia-based health tech startup, secured USD 6.3 million in a Series A funding round led by Blackbird Ventures. The round also saw participation from Hostplus, Hesta, Wormhole Capital, Archangel Ventures, Possible Ventures, and Saniel Ventures.
  • Flourish Ventures, an early-stage venture capital firm, secured USD 350 million in new capital, bringing its total assets under management to USD 850 million. The firm has backed numerous startups since its inception, with notable exits including Grab’s SPAC deal and the sale of Ruma to Gojek.

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