Let’s start with the most significant development of the week. Indonesian tech giant GoTo Group hit a milestone as it reported its first quarterly profit. The group booked a net profit of 171 billion rupiah ($9.9 million) in Q1 2026, marking a sharp turnaround from a net loss of 367 billion rupiah ($21.2 million) in the same period last year. The profitability milestone is the result of a series of cuts, recalibrations, and strategic pivots over the past five years, as GoTo reworked a business model long reliant on subsidies and scale. Net revenue also rose 26% year-on-year to 5.3 trillion rupiah ($307.3 million), while core gross transaction value (GTV) jumped 65% to 138 trillion rupiah ($8 billion). Annual transacting users increased 22% to 69 million, representing around one-third of Indonesia’s adult population.
E-commerce giant Bukalapak also reported a solid start to 2026, with first-quarter revenue rising sharply and the company delivering a positive adjusted EBITDA. However, it recorded a net loss of 423.5 billion rupiah ($24.52 million) in the quarter, reversing a net profit of 111.8 billion rupiah ($6.47 million) in Q1 2025, largely due to investment-related losses.
Meanwhile, Indian online delivery firm Eternal beat quarterly profit estimates, aided by continued strong performance of its quick-commerce business and steady growth of its core food delivery unit. Eternal posted a consolidated net profit of Rs 1.74 billion ($18.40 million) for the quarter ended March, above analysts’ estimates of Rs 1.21 billion.
Moving onto the other major headlines of the week!
LP-GP updates
Allianz Global Investors has raised $270 million in the first close for its Asia Pacific Infrastructure Credit Fund, marking the launch of a new private credit strategy targeting infrastructure opportunities across South and Southeast Asia.
Swiss impact asset manager responsAbility Investments is exiting its direct private equity strategy as part of a broader reset under parent M&G plc. The firm’s direct private equity investment strategy was said to be facing challenges, including its exposure to Indonesia’s troubled aquaculture startup eFishery.
Malaysia-based Navis Capital Partners is raising a $300-million private equity fund dedicated to Southeast Asia’s decarbonisation journey.
Neo Alternative Asset Managers has raised Rs 1,500 crore ($158 million) in the first close of its Neo Infra Income Opportunities Fund II, which has a total target corpus of Rs 5,000 crore.
Deal news
The Abu Dhabi Investment Authority has emerged as the lead contender in La Caisse’s secondary sale process, holding largely stakes in China PE funds or funds with high exposure to China.
Private equity firm Singularity Growth, also known as Singularity AMC, is in advanced talks to invest in Bengaluru-based Bodycraft Salon Spa and Clinic to support its expansion plans.
Temasek-backed Manipal Health and Morgan Stanley’s private equity arm are looking to exit HealthMaP Diagnostics, a venture they set up to make diagnostic scans affordable and accessible in India.
500 Global and Iterative-backed Seedflex is foraying into Thailand via a joint venture with fintech platform DeeAlpha, marking a shift to a capital-light strategy for its expansion outside its core market, Malaysia.
Axis Finance Limited, a non-banking financial company and wholly owned subsidiary of Axis Bank, has raised $79.6 million (Rs 750 crore) in primary capital from Kedaara Capital through a preferential issuance.
Southeast Asia-focused market intelligence company Cube has secured up to $3.5 million in a Series A funding round led by Hong Kong-based Betatron Venture Group.
Singapore-based fintech player PvX Partners has raised a $10.5 million Series A funding round led by T-Accelerate Capital.
Snabbit, a quick home services platform in India, has raised $56 million in its Series D funding round co-led by Susquehanna Venture Capital, Mirae Asset Venture Investments’ Unicorn Growth Fund; and Bertelsmann India Investments.
Siguler Guff, a multi-strategy private equity firm, has invested in Trimex Foods, the exclusive Indian franchise partner for global food brands including Chili’s Grill & Bar, PAUL, and Cinnabon.
ESR, an Asia-Pacific-focused real asset owner and manager, has sold a majority interest in two logistics assets in Japan to TPG Asia Real Estate.
The International Finance Corporation has proposed a senior loan of up to $15 million to Pakistan-based ASA Microfinance Bank Limited to enhance lending to women microfinance borrowers.
Kimbal, an energy engineering company in India, has raised $22 million in its Series B funding, led by private equity major GEF Capital Partners.
Bay Area-based venture capital firm Raisewell Ventures closed its debut fund in April at $50 million, positioning itself as a cross-border investor targeting deeptech opportunities in the US and Southeast Asia while aiming to bridge startups in the two regions.
Sahi, an Indian stockbroking platform established by former Swiggy CTO Dale Vaz and ex-Kotak Securities executive Manish Jain, has secured as much as $33 million in Series B funding.
DealStreetAsia’s Asia Private Equity Leadership Summit is coming up in Hong Kong on May 20. Check out the stellar list of speakers and agenda for the summit here. Grab your seat now!
Interviews & analyses
A supply-demand imbalance is evident in the secondaries market, with growing deal flow outpacing the capital available to execute transactions at scale. “The real constraint is on the buy side. Secondary fundraising has been robust over the past several years, but the growth of the opportunity set has been even stronger,” said Victor Ko, Managing Director at Neuberger.
As Vietnam’s private sector matures, there is a pressing need for structures to address family businesses’ wealth transfer and asset diversification. “Typically, it is only by the third or fourth generation that asset diversification becomes a priority. A critical initial step, therefore, is helping families distinguish between business wealth and family wealth,” said Vy Le, Chairwoman of the Vietnam Private Capital Agency.
Manila-based Kickstart Ventures is tightening its investment criteria as it evaluates new deals. “We have a very clear mandate. We’re working more closely in tandem with Globe (their LP) and trying to understand what their innovation needs and objectives are, and trying to meet those needs through our sourcing,” said general partner Joan Yao.
At a time when ultra-fast deliveries have revolutionised grocery shopping in countries like India and China, quick commerce in Indonesia is driven less by speed and more by a mix of access, reliability, and user experience. Meanwhile, established retail players are quietly redefining the landscape with their extensive minimart networks.
European startups are showing a growing interest in Southeast Asia as US trade barriers make it harder for early-stage companies to enter their traditional next growth market.
Gibran Huzaifah, co-founder and former CEO of eFishery, along with Angga Hadrian Raditya, former vice president of corporate finance and investor relations, have been sentenced to nine years in prison in a fraud case related to the embattled aquaculture startup.
Wellness and home care featured among the top five private equity deals in India’s healthcare sector in the first quarter of the year, per a report by Grant Thornton Bharat, pointing to a shift in strategy as investors look at more scalable and less capital-intensive businesses.
