Startup fundraising and stake sale headlines from Southeast Asia dominated our most-read list during the month of May.
We reported on potential fundraising initiatives at Vietnam’s Pharmacity and Malaysia’s Avisena, and a funding round in Singapore-based Little Farms.
The possible merger between Indonesia’s Sayurbox and HappyFresh was among the most-read stories, while the eFishery scandal exposing weak spots in the country’s startup ecosystem was a significant feature we did in May.
From Greater China, we featured the Q1 fundraising scorecard, which showed that the number of investments surged to a record 714, the highest in at least six years. The quarter’s funding value was close to $20.1 billion, marking the fourth consecutive quarter of growth and a two-year high since Q1 2024, per DealStreetAsia DATA VANTAGE’s latest report, Greater China Deal Review: Q1 2026.
From India, our story on Premji Invest’s potential investment in travel products firm Escape Plan topped the list of stories.
In case you missed these, here are the stories our readers and subscribers loved in May 2026:
Southeast Asia
Asia Partners leads funding in SG’s Little Farms; Heliconia exits
Heliconia focuses on SMEs in Singapore. Its funds under management span growth equity, mezzanine capital, buyouts, and fund-of-funds strategies.
Vietnam’s Pharmacity in talks with Leapfrog to raise fresh funding
Pharmacity has previously raised funding from Mekong Capital, SK Group, TR Capital, and US distressed asset investment firm Avenue Capital Group.
eFishery scandal exposes weak spots in Indonesia’s startup funding model
Investors are reassessing how they evaluate startups in Indonesia, with governance, operational verification, and financial transparency coming into sharper focus.
CVC set to become significant investor in Indo retailer MAPI
The deal has attracted market attention as it hands control of Indonesia’s largest lifestyle retailer to a Singapore-based holding company.
Malaysia’s Avisena explores fundraise as healthcare deals flood market
Bringing in a PE partner could support its next phase of expansion, while laying the groundwork for a future liquidity event.
Intudo co-founder Eddy Chan steps back from active role
The move marks a significant shift at one of the most prominent early-stage venture firms focused on Indonesia, which backs around 30 companies including Xendit and Pintu.
Indonesia digital banks face monetisation test as deposits outpace loans
Ecosystem-backed banks continue to expand aggressively, while more mature operators appear to prioritise profitability discipline and liquidity management.
Shareholder reshuffle looms at Hermina Hospital as minority investor explores exit
Quadria Capital, which first invested in Hermina in 2020, is understood to be in talks with the hospital’s management exploring the sale of its stake.
Advantage Partners to make two investments from Asia Fund II this year
Asia Fund II is focused on taking controlling stakes in businesses in the industrials, manufacturing, and food processing in the midmarket space.
Indonesia’s Sayurbox weighs merger with HappyFresh amid leadership shakeup
The potential combination is notable given the investors backing both. HappyFresh counts Grab among its backers, while Sayurbox has been associated with Tokopedia (part of GoTo Group).
Greater China
APAC shows uneven AI, private credit activity: Adams Street
The ecosystem of AI in Asia is still concentrated in China and India, with emerging markets in Southeast Asia yet to produce a mass of AI-centric opportunities.
Greater China dealmaking hits new high in Q1 on 2025 momentum
Startup investments in Q1 surged to a record 714, the highest in at least six years. Funding value was close to $20.1 billion, marking a two-year high since Q1 2024.
India
JALA Tech backer seeks $30m for new aquatech roll-up platform
Irish investor Hatch Blue’s portfolio – India’s Aquaconnect and Indonesia’s JALA Tech – are among the target companies likely to be consolidated under the platform.
Premji Invest in deal talks with travel products firm Escape Plan
The recent discussions come shortly after Escape Plan raised $25 million in its Series A round led by Jungle Ventures in February this year.
