A US$2 billion injection for a recovering industry

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Hello readers,

This week was a relatively big one for the Asian startup scene. A total of 146 deals worth over US$2.1 billion were made, and 69 of those transactions were of undisclosed amounts.

Weeks like these often remind me of the early days of the pandemic, when Sequoia Capital called Covid-19 a “black swan” event and other investors braced for the inevitable deal flow slowdown in the months to come. In a Tech in Asia industry survey, it was clear that the pockets of most businesses were hit as well.

So it’s nice to see that the investment landscape is recovering – enough to have a US$2 billion week, at least. Even if we aren’t completely back on our feet, at least we’re coping.

You can find all other important investment deals that happened in the last few days in our weekly funding news wrap-up.

Let’s dive into the biggest deals and M&As that recently took place.

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BIGGEST DEALS BY COUNTRY

🇨🇳 Dmall (多点): The China-based online-to-offline life services platform bagged US$412 million from IDG Capital, Industrial Bank, Shenzhen Investment Holdings, and Tencent Investment.

🇮🇩 Bukalapak: The Indonesian ecommerce major secured US$100 million from US tech titan Microsoft.

🇮🇳 Rivigo (Trucksfirst): Previously known as TruckFirst, this tech-enabled logistics startup landed US$11.4 million from private equity firm SAIF Partners, which is known in India as Elevation Capital.

🇸🇬 Beautiful.me: A premiere e-shopping platform designed for women, Beautiful.me got US$7.35 million from Synagie.

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Food tech is fascinating

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Lists of most active investors in the region

List of top-funded startups in Asia

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