Apr 14, 2025

Fore Coffee pops on IDX debut after massive IPO oversubscription Fore Coffee, one of Indonesia’s rising coffee chains, made a splashy entrance on the Indonesia Stock Exchange, pulling in IDR 353.44 billion (USD 21 million) through an IPO that was oversubscribed by more than 200 times. Investor enthusiasm drove the stock up roughly 34% on its first day, touching the exchange’s upper auto-reject limit. The company issued 1.88 billion new shares, accounting for just over a fifth of its expanded share base. Founded in 2018, Fore Coffee now operates 216 outlets across 43 Indonesian cities, plus one in Singapore. Fresh capital from the IPO will fuel Fore Coffee’s nationwide expansion, with plans to open 140 new stores, launch a new donut-focused business line, and strengthen working capital. East Ventures, an early backer, remains in Fore Coffee’s corner as it bets on a swelling appetite for coffee across the archipelago. Accenture backs GoUpscale to elevate digital client engagement GoUpscale , a Singapore-based startup, has landed an undisclosed investment from Accenture Ventures, the corporate venture capital arm of the global consulting giant. The startup operates a platform that transforms static content—think fact sheets, market briefs, and brochures—into interactive digital experiences designed to boost client retention and engagement. With Accenture’s backing, GoUpscale plans to deepen its artificial intelligence capabilities, scale operations, and expand its presence in new markets. The deal also grants GoUpscale access to Accenture’s accelerator program and its pool of generative AI expertise and domain insights. GXS Bank acquires Validus Capital to expand SME offerings GXS Bank, the Singapore-based digital bank backed by Grab and Singtel, has acquired Validus Capital, the Singapore lending arm of fintech group Validus, in an all-cash deal. The deal is expected to close on April 15 and marks the first acquisition of a local fintech firm by a digital bank in Singapore. Founded in 2015, Validus has reportedly disbursed more than USD 1 billion in loans, primarily for supply chain and working capital financing. Once the acquisition is complete, Validus will become a wholly owned subsidiary of GXS Bank, bolstering its capabilities in serving small and medium enterprises. Meanwhile, Validus Group will retain and grow its regional operations in Indonesia and Thailand. Photo courtesy of GXS Bank. HKIC invests in WeLab to scale AI-powered financial services across Asia WeLab, a fintech outfit based in Hong Kong, has received an investment from the Hong Kong Investment Corporation (HKIC). The financial terms were not disclosed. The funding supports a broader partnership aimed at pushing fintech innovation, financial inclusion, and talent development in Hong Kong and Southeast Asia. WeLab plans to channel the capital into building AI-powered banking tools, including virtual agents that adapt to individual customer behaviors. The company also has its sights set on Thailand, where it’s preparing to roll out its third digital bank. It currently operates two—one in Hong Kong and another in Indonesia. Recent deals completed in China: Anta Sports, one of China’s leading sportswear companies, has announced plans to acquire German outdoor brand Jack Wolfskin for USD 290 million . The acquisition, expected to close in late Q2 or early Q3 of 2025, is part of Anta’s ongoing multi-brand strategy and reinforces its push into the mass outdoor segment. Narwal , a company specializing in domestic robots, has raised USD 100 million in a new funding round co-led by Tencent Investment and the Beijing Robot Industry Development Investment Fund. The round also saw participation from the Science and Fantasy Growth Foundation and Future Capital, with Glacier Capital China advising. The company plans to develop embodied AI products and expand its market and product lines. A pre-IPO fundraising round is already underway. — 36Kr iRegene , a biotechnology company focused on cell therapy, has closed a Series B+ funding round, raising over RMB 100 million (USD 14 million). The round was led by Fontus Capital and backed by Lotus Lake Capital. CEC Capital served as the financial advisor. The company will use the funds to accelerate clinical trials and expand R&D and clinical infrastructure. — 36Kr Latest deals in India: Eloelo, a social entertainment startup, has secured USD 13.5 million in a Series B round of financing led by Play Ventures. Other backers include Kalaari Capital, MIXI Global Investments, Gameskraft Technologies, Griffin Gaming Partners, Waterbridge Ventures, Courtside Ventures, and Rocket Capital. The startup plans to scale its revenue, deepen use of generative AI, and expand internationally. Aurionpro Solutions, a fintech firm based in Mumbai, has acquired Fintra Software to bolster its trade finance offerings. The acquisition includes Fintra’s IP and staff, integrating its backend solutions into Aurionpro’s transaction banking suite. The move is aimed at building a more robust trade platform for banks across India, Southeast Asia, and the Middle East. RELATED ARTICLE