Earnings and Results
The firm had posted profits for three straight years in 2019-21.
1
Ant Group-owned payments firm 2C2P trims losses by 83% in 2023
2
SE Asian IPO fundraising plunges 60% in first half as Indonesia slumps
3
Thai auto sector reels under subsidies for Chinese EV makers
4
Shanghai launches $14b funds to ramp up IC, AI, biomedicine sectors
5
Private equity giant Apollo pumps $700 million into Sony Music
More Stories
L Catterton’s Asia chairman Chinta Bhagat steps down from role
Indosat’s potential sale of submarine cable and fibre assets may attract local bidders
SE Asian startups left thirsting as funding drought persists into Q2
Indonesia’s Volta plans to roll out EV scooters in more SE Asian markets
Indonesia’s eFishery, Singapore’s MoneyHero Group lay off staff
The higher losses were mainly on account of a 162% rise in expenses last year.
People
It’s the latest in a series of changes at the firm’s South and SE Asia offices in the last 18 months.
Deals
The companies have notified Singapore’s competition commission of the move.
Renewable companies and assets have become increasingly attractive as investors look to tap growth in the sector.
Quick commerce unicorn Zepto received $470 million this week from StepStone Group, Nexus Venture Partners and others.
Analysis
Capital raised by startups in the region fell 36% YoY in H1 2024.
Venture Capital
The round was co-anchored by Franklin Templeton and crypto-focused venture capital investor ABCDE.
The pace of growth was the slowest since its 2.7% investment return in 2020.
The bank’s net income reached S$22.2 million, while its loss for the year increased to S$29.8 million.