2025 Asia Startup & Tech Year-in-Review
Funding Cycles, AI Infra, and Cross-Border Momentum Across 30+ Markets
2025 was a reset-and-rebuild year for Asia’s startup ecosystem, with capital becoming more selective, infrastructure investments accelerating, and AI moving from hype to deployment across sectors. Month by month, the region saw funding winters in some markets but also record-setting deals, data-centre expansion, and a clear shift toward fintech, AI, climate tech, and deep tech as the backbone of Asia’s next startup wave.
Table of Contents
Jan–Jun 2025 – Asia Startup & Tech Mid‑Year Summary
Late-Stage Megadeals in Infra & Fintech, Early-Stage Squeeze, AI & Deep Tech as Core Bets
From January to June 2025, Asia’s startup landscape shifted into a “selective spring”: capital became scarce at seed, but large, high‑conviction rounds poured into fintech, infrastructure SaaS, AI, climate tech, and deep tech. India, Singapore, and China-led corporate capital set the pace, while Southeast Asia’s funding split into two extremes—late‑stage surges and early‑stage drought.
Quick Summary (Jan–Jun 2025)
- India:
- January: Diverse early‑stage rounds (Aye Finance, Flint, CargoFL, Guestara) and new deep‑tech formations like LAT Aerospace.
- February: $1.65B raised, driven by Oxyzo (≈$120M debt), udaan ($75M) and strong fintech/SaaS deal flow.
- March: $1.408B across 105 deals, with three megadeals—Zolve ($251M), Darwinbox (~$140M), Leap Finance ($100M debt)—plus a long tail in fintech, SaaS and industrial AI.
- April–May–June: Cooling headline volumes, but persistent pre‑seed/seed activity through funds like Eximius, especially in healthtech, security, and fintech.
- Southeast Asia (SEA):
- January: $136M, 35 deals, –80% MoM, dominated by Singapore fintech (VOOX, Endowus, 129Knots) and agritech (Valency).
- February: $247M, 32 deals—rebound led by Nhi Dong 315 ($135M, Vietnam health), Giftaway ($28.5M), Finmo ($18.5M), Orochi Network ($12M).
- March: Selective follow‑ons; overall funding dipped again as investors reassessed macro risk.
- April: $439M, 9 deals, a 334.7% MoM spike, almost entirely from Singapore megadeals—Supabase ($200M), Thunes ($150M), Cinch ($28.8M), Manabie ($23M), SquareX ($20M).
- May: $128.8M, 16 deals, –70.7% MoM; early‑stage made 89.1% of funding, led by Nuevocor ($45M biotech), VFlow Tech ($20.5M climate storage), CloudSEK ($19M cybersecurity).
- June: $284.7M, 10 deals, late‑stage surge anchored by Bolttech ($147M insurtech), Syfe ($53M wealth), Salmon ($28M lending), Sleek ($23M back‑office SaaS).
- China & East Asia:
📌 Mid‑Year Theme: H1 2025 was a bifurcated market—late‑stage capital surged ~140% in SEA, while seed and Series A fell 51–74% vs H2 2024, with Singapore capturing about 92% of SEA funding.
Top Named Megadeals (Jan–Jun 2025) – Quick Snapshot
Here are the headline rounds your intro can call out explicitly:
- Supabase (Singapore) – $200M Series D; open‑source backend platform; led by Accel, with Coatue, YC, Craft, Felicis etc.; valued at $2B.
- Thunes (Singapore) – $150M Series D; cross‑border payments network; led by Apis Partners & Vitruvian Partners; part of $350M+ cumulative funding.
- Bolttech (Singapore) – $147M Series C across tranches; digital insurtech infrastructure; investors include Sumitomo Corporation and Iberis Capital; valuation around $2.1B.
- Zolve (India) – $251M debt + equity; cross‑border credit fintech for students/professionals abroad; led by Creaegis, HSBC, SBI Investment.
- Darwinbox (India) – ~$140M growth round; HR SaaS; co‑led by Partners Group and KKR.
- Leap Finance (India) – $100M debt facility from HSBC’s ASEAN Growth Fund; cross‑border education loans.
- Oxyzo (India) – ≈$120M debt in February; revenue‑based financing / NBFC fintech.
- Nhi Dong 315 (Vietnam) – $135M from GIC to expand pediatric & maternity healthcare network.
- Nuevocor (Singapore) – $45M; gene‑therapy biotech for cardiovascular disease.
- VFlow Tech (Singapore) – $20.5M; vanadium flow battery for long‑duration energy storage.
- CloudSEK (Singapore/India) – $19M; AI‑driven cyber risk and threat intelligence.
- Syfe (Singapore) – $53M Series C; digital wealth and investing platform
January 2025 – Asia Startup & Tech Intelligence Report
Funding, Big Tech Infrastructure, AI Breakthroughs & Company Activity (Country‑Wise)
January 2025 kicked off as a slow but strategically significant month for Asia’s startup ecosystem. Funding activity was subdued in several markets, yet key deals and infrastructure investments laid the foundation for acceleration through the rest of 2025. Hyperscaler commitments to new regions and cloud infrastructure signalled long‑term confidence, even as venture capital rotated toward quality over quantity.
🇸🇬 Southeast Asia – Singapore Leads Funding Deals
📌 Largest Startup Funding (SEA)
In January, total startup funding in Southeast Asia plunged to approximately $136 million from 35 deals, a steep 80% drop compared with December 2024, reflecting a shift away from mega‑deals toward selective early‑stage investments.
Notable Startup Rounds in Singapore
- VOOX Exchange (Singapore) – AI‑powered crypto and digital asset platform raised $50 million in a venture round backed by Pinnacle Capital, making it the largest disclosed deal in Southeast Asia for the month.
- Endowus (Singapore) – Wealth‑management fintech closed a $17.5 million Series C extension led by Prosus Ventures, UBS, and MUFG, strengthening its B2B and B2C wealth platforms.
- Valency International (Singapore) – Agritech and commodities‑trade‑focused venture secured $15 million in equity funding to expand its agricultural supply-chain and risk‑management solutions.
- 129Knots (Singapore) – Fintech startup building real‑world‑asset origination infrastructure raised $10 million from Sing Fuels, targeting trade finance and asset-backed lending.
Other SEA Startup Funding
- Skor Technologies (Indonesia) – Credit‑management and risk‑analytics platform raised $6.2 million in seed funding to improve underwriting and collections for lenders.
- Malaysia, Vietnam, the Philippines, and Thailand saw limited disclosed funding in January, underscoring a subdued start to the year outside Singapore and select Indonesian deals.
📌 Trend Insight: Fintech dominated January’s Southeast Asia funding, accounting for more than two‑thirds of deployed capital, with wealth, credit, and cross‑border finance as the main themes.
🇨🇳 China – Hardware, VR & AI Startups Move Forward
- Pimax (China) – VR and immersive‑technology startup secured $14 million in a Series C1+ round led by Zhuji Jingkai Chuangrong Investment, accelerating global market expansion and industrial‑design product lines.
- Chinese tech giants continued to shore up AI capacity offshore. Tencent obtained access to Nvidia’s advanced AI chips via a compliance‑structured deal using Japanese data centres, enabling larger commercial AI deployments while navigating US export controls.
These moves signalled China’s continued push in VR hardware, industrial AI, and compute access, even as direct onshore chip supplies faced headwinds.
🇮🇳 India – AI & Hardware Play, Early‑Stage Innovation
Startup Funding Snapshots
Several emerging Indian startups raised early‑stage funding in January, reflecting a focus on AI, logistics, and frontier hardware:
- Aye Finance – MSME‑focused lender secured $12.8 million in debt financing to expand its loan book and move toward a future public listing.
- Flint (Chennai) – Clean‑tech venture developing sustainable paper battery technology raised $2 million in seed funding to pilot production and commercial partnerships.
- CargoFL (Pune) – AI‑powered logistics and freight‑management platform closed an $800,000 seed round to expand across India, the Middle East, and wider Asia.
- Guestara – Hospitality tech startup building AI‑driven guest‑experience and operations tools raised $500,000 in pre‑seed funding to target global hotel chains.
New Tech Startup Formation
- LAT Aerospace (India) – Incorporated in January 2025 to develop hybrid‑electric short take‑off and landing (STOL) aircraft, focusing on regional connectivity for tier‑2 and tier‑3 Indian cities and eventually broader Asian routes.
Together, these deals showed India’s early‑year tilt toward AI‑enabled SaaS, logistics optimisation, frontier clean tech, and aviation innovation.
🇹🇭 Thailand – Hyperscaler Cloud & Data Centre Development
- Amazon Web Services (AWS) launched the AWS Asia Pacific (Thailand) Region on January 8, 2025, a major infrastructure milestone aimed at supporting advanced workloads including AI, analytics, and cloud computing for Thai and regional startups and enterprises.
- The Thai Board of Investment approved a combined $2.7 billion data‑centre investment involving Google, Amazon, and Microsoft, reinforcing Thailand’s ambition to become a regional cloud and AI hub.
These developments positioned Thailand as a strategic infrastructure node for Southeast Asia, especially for compute‑intensive AI and SaaS companies.
🏢 Data Centre & AI Infrastructure Expansion Across Asia
Big Tech Investments (Cross‑Region Signals)
- AWS committed to significant new data‑centre infrastructure, including the Thailand region investment, estimated at around $5 billion in long‑term capacity and job creation, designed to support high‑growth startups and enterprises.
- Microsoft and Google planned expanded cloud and AI infrastructure across Southeast Asia, Malaysia, and India, accelerating the region’s AI readiness and enterprise digital transformation.
Regional Boom in Data Capacity
- BDx Indonesia launched Asia’s first renewables‑powered AI data centre in Jatiluhur, Indonesia, marking a milestone in sustainable AI infrastructure targeted at training and running large models.
- Edgnex Data Centers, backed by Stonepeak, announced $3 billion in data‑centre expansion across Indonesia, Thailand, and Malaysia, further boosting colocation and AI‑ready capacity for startups and cloud-native enterprises.
These moves indicated a structural bet on AI and cloud in Asia, with infrastructure being built ahead of the next funding upcycle.
📊 Regional Funding Trends – January 2025
- Southeast Asia:
- China & India:
- Hyperscaler Signals:
🔑 KEY TAKEAWAYS – January 2025
- Funding slowed sharply in Southeast Asia, with investors conserving capital for high‑potential sectors such as AI, fintech, and industrial tech.
- Singapore remained a regional funding hub, hosting the largest January deals via VOOX Exchange, Endowus, and other fintech/agritech plays.
- China’s deep‑tech ecosystem continued to secure targeted capital, with Pimax’s VR funding and Tencent’s Nvidia chip access illustrating a push into immersive tech and AI compute.
- India’s innovation pipeline produced diverse early‑stage deals in AI, logistics, clean tech, and aerospace, indicating long‑term sector diversification.
- Big Tech investments in cloud and data centres—notably in Thailand and Indonesia—laid the infrastructure footing that will accelerate startup scaling across Asia throughout 2025.
February 2025 – Asia Startup & Tech Intelligence Report
Funding Rebound, India’s $1.65B Surge & SEA’s Early-Stage Revival
February 2025 delivered a clear rebound for Asia’s startup ecosystem after a slow January, with India’s funding climbing strongly and Southeast Asia posting a sharp month‑on‑month recovery. AI, fintech, and IT infrastructure dominated sector flows, while China’s corporate giants doubled down on domestic AI and semiconductor bets.
🇮🇳 India – $1.65 Billion Raised, Larger Rounds & Active M&A
Indian startups raised $1.65 billion in February 2025, up 19.5% from $1.38 billion in January 2025, at a median valuation of $83.2 million and a median round size of about $1.92 million, according to Traxcn data. This brought FY25 (April–February) funding to around $25.4 billion across 2,200 rounds, showing that India remained one of Asia’s deepest venture markets despite year‑on‑year softening.
Major Funding Rounds (India)
- Oxyzo – Fintech and revenue‑based financing platform led the February pack, raising ₹1000 crore (about $120 million) in conventional debt, strengthening its lending book and enterprise credit products.
- udaan – B2B e‑commerce marketplace closed a $75 million Series G equity round led by M&G Plc, with participation from existing backers including Lightspeed.
- Other prominent fundraises in February included SpotDraft (AI contract management), Cashfree Payments (fintech), Zeta (banking tech), and Geniemode (supply chain/commerce) among others, contributing to the overall funding momentum.
Geography & Round Profile
- Bengaluru startups led with about $353 million raised, and a median round size around $2 million, reaffirming the city’s status as India’s startup capital.
- Most activity clustered in fintech, SaaS, and IT, with AI‑enabled business models increasingly prominent in investor theses.
M&A and Strategic Moves
February also saw notable acquisitions and consolidation moves in the Indian ecosystem:
- Head Digital Works acquired Deltatech Gaming (Adda52 parent) for around ₹491 crore, strengthening its position in online gaming and real‑money entertainment.
- Several other strategic deals in SaaS and financial services hinted at a maturing ecosystem where scale players consolidate capabilities via acquisition rather than only organic builds.
📌 Trend Insight: India’s February 2025 profile shows fewer but larger rounds, strong fintech and SaaS representation, and active M&A—signalling a market that is shifting from sheer deal count to quality, scale, and consolidation.
🇸🇬 Southeast Asia – $247M Across 32 Deals, Vietnam & Healthtech Stand Out
Southeast Asia’s startup ecosystem saw a notable rebound in February, with startups in the region raising $247 million across 32 equity deals, an 81.6% increase from $136 million in January 2025. Although still down nearly 40% year‑on‑year versus February 2024, the rebound signalled returning investor confidence and a healthier early‑stage pipeline.
Top Funding Deals (SEA – February 2025)
According to DealStreetAsia’s Deals Barometer, the largest disclosed rounds included:
- Nhi Dong 315 (Vietnam) – Pediatric and maternity healthcare operator raised about $135 million from GIC (Singapore’s sovereign wealth fund) and other backers to expand clinics and hospital capacity.
- Giftaway (Philippines/Singapore) – HR tech and corporate gifting/employee engagement platform secured around $28.5 million in private equity funding led by Aura Group.
- Finmo (Singapore) – Treasury and fintech platform for CFOs raised $18.5 million Series A from PayPal Ventures and Quona Capital, supporting cross‑border treasury and liquidity solutions.
- Orochi Network (Vietnam) – Web3 and infrastructure startup raised $12 million seed funding, topping the region’s seed‑stage deals for the month.
Country & Sector Breakdown
- Singapore maintained dominance in deal volume, with 20 transactions but only $56.9 million (about 23% of the total), as many of its rounds were smaller early‑stage raises.
- Vietnam captured the lion’s share of capital, with five deals totalling about $152.9 million, thanks largely to Nhi Dong 315 and Orochi Network, representing nearly 62% of all SEA funding in February.
- Indonesia remained quiet, with four disclosed deals totalling approximately $725,000, underscoring continued caution among local investors.
- The Philippines saw a standout month due to Giftaway’s $28.5 million round, despite having only one major disclosed deal.
- Thailand and Malaysia each recorded one deal, raising roughly $7.8 million and $0.4 million, respectively.
Stage & Vertical Trends
- Seed stage dominated the landscape, with 14 seed rounds, led by Orochi Network’s $12 million raise.
- Fintech saw four deals collectively raising $28.9 million, with Finmo’s $18.5 million Series A as the top fintech round.
- Software/IT startups attracted $16.2 million from four transactions, while HR tech stood out thanks to Giftaway’s $28.5 million round.
📌 Trend Insight: February confirmed that early-stage optimism is returning to Southeast Asia, with healthtech, fintech, and HR/SaaS leading, even though mega‑deals remain scarce and funding is still below 2024 peaks.
🇨🇳 China – Corporate VC Surge in AI & Chips
Chinese corporations sharply increased investment in domestic AI and semiconductor startups in February 2025, reflecting a strategic push for tech self‑reliance amid ongoing geopolitical tensions.
- There were 42 corporate‑backed startup funding rounds in China in February, up 27% from January’s 33 rounds and significantly above December’s 30, closing the gap with Japan’s typically higher corporate venturing volume.
- These rounds were largely backed by Chinese tech giants including Tencent, Baidu, Ant Group, and Lenovo, with Samsung (Korea) also participating in select IT deals.
- Semiconductor startups reached a two‑year high in corporate-backed deals, with 18 chip technology startups raising funding globally—eight of them in China, focusing on high‑performance computing and AI chips.
- A notable industrial deal was Yangzhou Nanopore, an advanced materials company for lithium‑ion battery enhancement, which received about $137 million in corporate-backed funding.
📌 Trend Insight: February 2025 marked a “gold rush” phase for Chinese AI and chip startups, fuelled by strategic corporate capital aiming to fill gaps left by US export controls and to secure domestic advantages in advanced computing.
🌍 West Asia / MENA – Volatile but Significant Context
While February data is often reported at quarter level, Q1 2025 MENA reports show about $1.5 billion raised across the quarter, with monthly fluctuations. February sat between stronger January and weaker March totals, indicating volatility rather than structural weakness.
- UAE and Saudi Arabia continued to host the largest deals, particularly in fintech, logistics, and enterprise SaaS, with cross‑border capital flows coming from both regional sovereign funds and global VCs.
- For Asia‑wide analysis, this underlined the growing integration between Gulf capital and Asian startups, including India and Southeast Asia.
📊 Regional Funding Trends – February 2025
- India:
- Southeast Asia:
- China:
🔑 KEY TAKEAWAYS – February 2025
- India rebounded strongly, with $1.65B raised, larger cheques, and active consolidation, led by Oxyzo’s debt raise and udaan’s Series G.
- Southeast Asia’s funding nearly doubled month‑on‑month, hitting $247M across 32 deals, with Vietnam, Singapore, and the Philippines driving healthtech, fintech, and HR tech stories.
- Early‑stage capital remained resilient in SEA, with 14 seed rounds and strong interest in Orochi Network, Finmo, and other infrastructure/fintech plays.
- China’s corporate giants ramped up AI and semiconductor investments, executing 42 corporate‑backed rounds and pushing chip deals to a two‑year high, signalling a state‑aligned AI‑chip build‑out.
- Overall, February 2025 marked the beginning of a cautious recovery across Asia’s startup landscape, with capital concentrating in AI, fintech, healthcare, and deep tech rather than broad, undisciplined growth spending.
March 2025 – Asia Startup & Tech Intelligence Report
Megadeals in India, Focused Capital in SEA, Corporate AI–Chip Push in China
March 2025 saw Asia’s startup ecosystem pivot from caution to selective aggression, with India’s funding surging on the back of three megadeals and Southeast Asia showing a focused recovery rather than broad-based exuberance. Corporate investors in China doubled down on AI and chip startups, reinforcing a deep‑tech skew that will shape the region’s competitive landscape.
🇮🇳 India – Three Megadeals Lift Monthly Funding Above $1.4B
Indian startups raised about $1.408 billion across 105 deals in March 2025, up 49% month‑on‑month from roughly $943 million in February and 34% year‑on‑year from $1.051 billion in March 2024. The month was defined by three $100M+ megadeals that alone accounted for a large share of total capital deployed.
Major Funding Rounds (India)
- Zolve (Fintech / cross‑border credit) – Raised about $251 million in a combined debt–equity round led by Creaegis, with participation from HSBC, SBI Investment, and others, to scale credit cards and financial products for students and professionals moving overseas.
- Darwinbox (Enterprise HR SaaS) – Secured around $140 million in a growth round co‑led by Partners Group and KKR, supporting global expansion and deeper AI-driven HR analytics.
- Leap Finance (Cross‑border education financing) – Closed a $100 million debt facility from HSBC’s ASEAN Growth Fund, powering overseas education loans for Indian and Asian students.
Beyond the megadeals, a wide range of mid‑sized rounds filled out the month:
- InsuranceDekho (Insurtech) – About $70 million Series C.
- Smallcase (Investment tech) – Roughly $50 million Series D.
- Truemeds (Online pharmacy) – Around $44 million Series C.
- Purple Style Labs (Pernia’s Pop‑Up Shop) – About $40 million Series E led by SageOne.
- Scimplify (Analytics/SaaS) – Roughly $40 million Series B.
- Infinite Uptime (Industrial AI) – About $35 million Series C.
- Plus a deep tail of $5–30M rounds across PayMate, Incred Finance, Country Delight, Apna Mart, M1xchange, Pluckk, Everhope Oncology, Protectt.ai, Nuuk, AmpereHour Energy, Nabhdrishti Aerospace, and others.
Sector & Investor Trends
- Financial services led with about $549 million across 18 deals, powered by Zolve, Leap Finance, PayMate, Incred, and others.
- Software/SaaS attracted roughly $216.5 million across 10 deals, driven by Darwinbox and other enterprise platforms.
- Retail/consumer startups raised around $81.8 million over 11 deals, with Purple Style Labs and Country Delight notable among them.
- Accel emerged as the most active investor with six deals (Zolve, Truemeds, Scimplify, Apna Mart, Swish, Nabhdrishti Aerospace), while 3one4, DSG Consumer Partners, IPV, Mumbai Angels, Vertex, Blume, Lightspeed, Rainmatter and others featured prominently.
📌 Trend Insight: March 2025 in India was a “quality over quantity” month, where a handful of large, conviction bets in fintech and B2B SaaS lifted overall numbers and signalled sustained investor appetite for scalable, revenue‑backed models.
🇸🇬 Southeast Asia – Selective Capital, Healthtech & Fintech in Focus
While March 2025 did not match February’s upswing in Southeast Asia, key barometers show that the region continued to attract selective, sector‑focused capital rather than broad risk-on funding.
- DealStreetAsia’s tracking for Q1 shows February as the high point ($247M, 32 deals), with March seeing a pullback in both value and deal count as investors reassessed macro risk and repriced growth.
- Healthtech, fintech, and B2B SaaS remained the core magnets for capital, with investors still favouring Vietnam, Singapore, and Indonesia as deployment hubs.
In practice, March looked like a “pause-and‑prioritise” month: follow‑on checks for promising February deals, some extension rounds, and fewer net‑new, large cheques, especially at late stage.
📌 Trend Insight: March did not reverse SEA’s recovery; instead, it tested conviction, with funds doubling down on February’s winners and holding off on new, speculative bets.
🇨🇳 China – Corporate AI & Chip Deals Hit a Two-Year High
China’s corporate venture capital machine accelerated meaningfully in February and maintained momentum into March, especially in AI, IT infrastructure, and semiconductors.
- In February 2025, Chinese corporates backed 42 startup funding rounds, up 27% from January’s 33 and significantly higher than December’s 30, closing in on Japan’s typical corporate VC volume.
- Across these rounds, corporate investors such as Tencent, Baidu, Ant Group, Lenovo, and others focused on AI, chip design, cloud software, and industrial tech.
- Semiconductor startups globally saw 18 corporate‑backed deals, the highest in two years; eight of those were in China, concentrating on AI accelerators, design tooling, and materials.
- A standout deal was Yangzhou Nanopore, which raised around $137 million to develop advanced lithium-ion battery materials, a key enabler for EV and grid‑scale storage.
By March, this trend cemented China’s pivot toward deep tech and self‑sufficiency, with corporate capital acting as a strategic extension of industrial policy.
📌 Trend Insight: For Asia‑wide analysis, China in early 2025 is less about consumer apps and more about state‑aligned AI + chip + materials plays, backed primarily by corporate and quasi‑state capital.
🌍 West Asia / MENA – Q1 Ends on a Softer Note
Q1 2025 MENA funding data shows $1.5 billion raised across the quarter, but March contributed only about $127 million across 28 deals, down sharply from February’s $494 million.
- The UAE led March 2025 with roughly $104.4 million across 14 deals, while other markets such as Saudi Arabia, Egypt, and Jordan saw smaller but steady activity in fintech, logistics, and SaaS.
- This March slowdown followed a very strong February and is best read as volatility in monthly deployment, not a structural retreat of capital.
📌 Trend Insight: For Asia‑facing founders, Gulf capital remained present but more price‑sensitive, with MENA investors continuing to look at India and Southeast Asia for co‑investment opportunities despite local volatility.
📊 Regional Funding Trends – March 2025
- India:
- Southeast Asia:
- China:
- MENA:
🔑 KEY TAKEAWAYS – March 2025
- India re‑established its momentum with $1.4B+ raised, driven by three megadeals in fintech and HR SaaS, and a long tail of $5–70M growth rounds.
- Investors rotated into resilience, heavily backing financial services, B2B SaaS, and industrial AI while keeping consumer bets more measured.
- Southeast Asia shifted from rebound to refinement, with fewer big cheques but strong support for February’s healthtech, fintech, and infra winners.
- Chinese corporate VCs turned AI and chips into priority verticals, pushing corporate‑backed semiconductor deals to a two‑year high.
- Across Asia, March 2025 looked like a “selective spring”, where large, conviction bets coexisted with continuing caution on early‑stage volume and risk.
April 2025 – Asia Startup & Tech Intelligence Report
Singapore Mega Rounds Reboot SEA, India Leans into Pre‑Seed, AI & SaaS Stay in Focus
April 2025 delivered one of the sharpest month‑on‑month rebounds in Southeast Asia’s funding landscape, driven almost entirely by a handful of Singapore-led mega rounds. India shifted into early-stage and pre-seed gear, while investors across Asia continued to gravitate toward AI, SaaS, fintech, and deep tech, even as overall venture volumes remained below 2021–2022 peaks.
🇸🇬 Southeast Asia – $439M Across 9 Deals, Singapore Dominates
Southeast Asia’s startup funding surged to $439 million across 9 funding rounds in April 2025, up 334.7% from March 2025’s $101 million and 218.1% higher than the $138 million raised in April 2024. The rebound was highly concentrated in a small number of large Singapore deals rather than a broad-based early-stage boom.
Largest Startup Rounds (SEA – April 2025)
According to TNGlobal’s Tracxn-powered snapshot, the five biggest deals were:
- Supabase (Singapore HQ / global dev infrastructure) – Raised $200 million in growth funding, reinforcing its position as a leading open-source backend-as-a-service platform used by developers across Asia and globally.
- Thunes (Singapore) – Global cross-border payments infrastructure startup secured $150 million, strengthening its role in real-time payments, remittances, and embedded finance across emerging markets.
- Cinch (Singapore) – Insurance and financial services platform raised $28.8 million, focusing on simplifying insurance distribution and embedded financial offerings.
- Manabie (Singapore / Vietnam) – Hybrid edtech startup with deep Vietnam operations secured $23 million to scale blended learning, tutoring, and school systems.
- SquareX (Singapore) – Cybersecurity startup offering a browser-based safety layer raised $20 million, targeting consumers and SMEs with anti-phishing and secure browsing tools.
These five Singapore-centric deals accounted for nearly all of the $439 million raised in Southeast Asia in April, highlighting how a few high-conviction rounds can swing regional totals.
Regional & Sector Dynamics
- Singapore captured the vast majority of capital, while other SEA markets—Indonesia, Vietnam, Malaysia, Philippines, Thailand—saw only small or undisclosed early-stage rounds during April.
- Sectorally, the month was dominated by developer tools (Supabase), cross-border fintech (Thunes), cybersecurity (SquareX), and edtech (Manabie), reflecting investor preference for infra-like and recurring-revenue models.
📌 Trend Insight: April 2025 in SEA was a “mega‑round month” rather than a broad-based recovery; capital flowed aggressively into proven infrastructure and fintech platforms while early-stage volume remained muted.
🇮🇳 India – Pre‑Seed & Seed Pipelines Stay Active
While India’s overall April 2025 funding value cooled from March’s $1.4B+ surge, pre-seed and seed activity remained healthy, especially in fintech, health tech, security, and consumer tech.
Pre‑Seed & Seed Highlights (India – April 2025)
Eximius Ventures’ April 2025 pre‑seed snapshot and other trackers highlight multiple early-stage raises:
- A health-tech / med‑device startup (developing InnerGize Gen) raised ₹6.5 crore in pre‑seed funding, including ₹2 crore from Startup India Seed Fund Scheme and ₹4.5 crore from Antler plus angels such as Arjun Vaidya (V3 Ventures), Sharan Hegde (Finance with Sharan), Ritesh Agarwal (OYO), Aman Gupta (boAt). Funds are earmarked for manufacturing, R&D, clinical trials, and commercial launch in April 2025.
- Finodaya Capital (Madhya Pradesh) – NBFC raised $2.5 million seed led by White Venture Capital, with Gemba Capital and angels participating, to expand technology, offline presence, and new markets.
- V SAFE (Thanjavur) – Smart security startup building patented smart-lock tech raised $300,000 in seed funding, led by UAE-based investment banker Priya Parthasarathy with participation from IIT Delhi’s IHFC TBI and global investors.
- Bower School of Entrepreneurship – Raised ₹11.5 crore (~$1.33 million) in seed capital from HNIs and Astir Ventures, supporting founder training and startup creation.
Weekly VC recaps also showed over $144 million raised across 20+ Indian startups in just the first week of April, covering SaaS, fintech, D2C, and AI-enabled platforms, underscoring ongoing deal flow at Series A and B.
📌 Trend Insight: India’s April activity was less about headline megadeals and more about seeding the next cohort of startups, with a strong tilt toward healthtech, fintech, security, and edtech at pre‑seed and seed stages.
🌏 Asia-Wide – AI, SaaS & Deep Tech as Core Theses
Global and regional venture overviews show that by April 2025, AI, SaaS, and deep tech had firmly become the core investment theses across Asia.
- WOWS Global’s April 2025 recap describes Southeast Asia entering a “recalibration phase” where overall VC activity is down ~87% from 2021 peaks, but SaaS and AI are seeing accelerated funding momentum, while foodtech and logistics face declining investor interest.
- Global venture summaries for Q1 emphasise that capital is being rationed toward AI-native startups, developer tools, and vertical SaaS, which is consistent with large April rounds in Supabase, SquareX, Thunes and Manabie.
📌 Trend Insight: Across Asia in April, AI and infra-heavy SaaS made up a disproportionate share of dollars deployed, signalling that funds are moving from broad consumer bets to high-leverage, infrastructure-like software plays.
🏢 Big Tech, Infra & Fund Flows – Foundations for the Next Wave
Even with compressed venture volumes versus 2021, hyperscalers, infra builders and specialised VC funds continued to lay groundwork in and around April 2025.
- Sector‑differentiated pre‑seed funds like Eximius Ventures (India) formalised $30 million+ vehicles aimed specifically at fintech, SaaS, health tech, media & gaming, reinforcing institutional interest at the very first cheque.
- WOWS Global’s ecosystem notes highlight new AI demo days, regional investors’ interest in infra and AI tooling, and a pivot toward fewer, deeper relationships between founders and capital.
📌 Trend Insight: Instead of spraying capital, both Big Tech and VCs are building curated rails—cloud, AI tools, and specialised pre‑seed funds—that will shape which kinds of startups get to scale in 2026–2027.
📊 Regional Funding Trends – April 2025
- Southeast Asia
- India
- Rest of Asia
🔑 KEY TAKEAWAYS – April 2025
- Southeast Asia staged a headline rebound, with $439M raised, almost entirely concentrated in a handful of Singapore-led mega rounds.
- Infrastructure-style software and fintech—Supabase, Thunes, SquareX, Cinch, Manabie—captured the bulk of SEA dollars, confirming investor preference for high‑leverage, global-ready platforms.
- India’s April story is early-stage, with strong pre‑seed and seed pipelines in healthtech, fintech, security, and education, even as large rounds slowed after a heavy March.
- Across Asia, AI and SaaS funding momentum contrasted with cooling in foodtech and logistics, highlighting a clear re-ranking of sectors in VC priorities.
- Big Tech and specialised VCs continued to build rails—cloud, AI tools, and pre‑seed capital—rather than chase indiscriminate growth, setting up a more disciplined but powerful cycle for late 2025 and beyond.
May 2025 – Asia Startup & Tech Intelligence Report
Early-Stage Dominates in SEA, Capital Wakes Up in SEA & MENA, AI/Biotech Gain Momentum
May 2025 was a contradictory month for Asia’s startup landscape: headline funding in Southeast Asia fell sharply from April’s mega-round spike, yet investor appetite clearly returned for early-stage AI, biotech, and climate/fintech plays. Capital “woke up hungry” in SEA and MENA, even as Tracxn-backed trackers showed a numerical dip in total dollars.
Southeast Asia – $128.8M Across 16 Rounds, Early Stage 89% of Capital
According to TNGlobal’s Tracxn-powered tracker, Southeast Asia startups raised $128.8 million across 16 rounds in May 2025, a 70.7% decline from April 2025’s $439 million and a 26.4% drop from May 2024. The shift, however, was mainly stage‑mix driven: April was dominated by 5 late‑stage rounds; May flipped to early‑stage dominance.
Funding Mix & Stage Dynamics
- Early‑stage (Series A/B) made up 89.1% of total funding in May 2025.
- Seed‑stage rounds contributed 10.9%, signalling healthy pipeline activity despite smaller cheque sizes.
- In contrast, April 2025 late‑stage rounds accounted for 79.6% of total funding, driven by Supabase and Thunes; that late-stage layer was largely absent in May.
Top Funding Deals (SEA – May 2025)
TNGlobal identifies three largest deals, all Singapore‑based:
- Nuevocor (Singapore) – Gene therapy / cardiovascular biotech company raised $45 million, making it the largest deal of the month and underscoring growing regional appetite for deep biotech and life sciences.
- VFlow Tech (Singapore) – Long-duration vanadium redox flow battery startup secured $20.5 million, reflecting strong investor interest in grid-scale energy storage and climate tech infra.
- CloudSEK (Singapore / India roots) – Cybersecurity and digital risk monitoring startup raised $19 million, supporting expansion of AI‑driven threat intelligence across APAC.
Other smaller early-stage rounds in Singapore, Indonesia, Vietnam, and the Philippines contributed to the remaining funding but were significantly below the April mega‑round ticket sizes.
Ecosystem Perspective
WOWS Global’s May 2025 Investment Snapshot characterises the month as a “capital wakes up hungry” moment:
- A wave of capital returned to Southeast Asia and MENA, focusing on AI, fintech, sustainable energy, and biotech, even if individual round sizes were modest.
- Singapore continued to act as the key regional hub, with most major investments and accelerator activity anchored there.
📌 Trend Insight: On paper, May looks like a funding “dip” after April, but structurally it marks a rotation into deep biotech, climate infra (VFlow Tech) and AI/cybersecurity (CloudSEK) with early-stage rounds dominating.
India – Continued Deal Flow, but May is a Bridge Month
For India, May 2025 functioned more as a bridge month between the strong Q1 surge and later Q2 activity, with deal flow continuing but fewer headline‑grabbing mega rounds than in March.
- Multiple weekly snapshots and deal roundups across April–May show continued early and growth‑stage funding in sectors like fintech, SaaS, D2C, and AI‑enabled tools, but aggregate May numbers did not break away dramatically from the cooling trend after March’s $1.408B spike.
- Pre‑seed and seed funds (including Eximius Ventures and other micro-VCs) kept backing AI, health tech, fintech, and media/gaming startups, sustaining pipeline depth even as larger cheques remained selective.
📌 Trend Insight: May 2025 in India was more about steady pipeline building and less about record volumes—founders were still getting funded, but investors were emphasising capital efficiency and AI leverage over aggressive valuations.
🌍 SEA + MENA – Capital “Roars Back” in Narrative, But Stays Disciplined in Numbers
WOWS Global’s May 2025 recap and Investment Snapshot emphasise that:
- A “wave of capital returned to Southeast Asia and MENA”, particularly into AI, fintech, sustainable energy, and biotech, suggesting renewed risk appetite after a quiet Q1.
- Panels, demo days, and investor‑founder events in Bangkok, Singapore, and across the Gulf highlighted practical trade‑offs between bootstrapping and fundraising, and investors openly pushed for discipline, clear GTM, and AI integration.
At the same time, hard data from TNGlobal shows SEA funding volume actually down 70.7% month‑on‑month, underscoring that the “return of capital” was more about quality and focus than a flood of large cheques.
📌 Trend Insight: May 2025 is best read as the start of a qualitative bull phase in SEA & MENA—investor energy, events, and interest are back—but quantitative deployment remains selective, favouring AI, biotech, and climate infra.
🌏 Asia-Wide – AI, Biotech, Climate & Cybersecurity as Converging Themes
Across Asia, several investment theses converged in May 2025:
- AI & Cybersecurity: CloudSEK’s $19M round and multiple AI‑driven tools across India and SEA reinforced the centrality of AI-native and security-first platforms.
- Biotech & Health: Nuevocor’s $45M gene‑therapy raise positioned Singapore as a biotech capital for APAC, with spillover effects expected in India, Vietnam, and Japan.
- Climate & Energy Storage: VFlow Tech’s $20.5M funding underscored investor focus on long-duration energy storage as a foundational technology for renewable-heavy grids across Asia.
Global and regional recaps describe 2025 as a “quiet boom amid a VC ice age”, where deal count and headline totals are lower than 2021, but the quality and defensibility of funded startups are significantly higher.
📊 Regional Funding Trends – May 2025
- Southeast Asia (TNGlobal / Tracxn):
- India:
- SEA + MENA (WOWS view):
🔑 KEY TAKEAWAYS – May 2025
- SEA’s headline funding fell to $128.8M, down 70.7% from April, but early‑stage deals (89.1% of capital) dominated, reflecting a pivot toward younger startups rather than fewer opportunities.
- Singapore retained its hub status, hosting all three of the month’s largest deals—Nuevocor, VFlow Tech, CloudSEK—across biotech, climate tech, and cybersecurity.
- India experienced a steady but quieter month, with capital concentrating at pre‑seed and seed through specialised funds, reinforcing AI, fintech, and healthtech as long-term themes.
- SEA & MENA narratives turned positive, with WOWS Global describing May as the point where capital “came roaring back”, even as deal sizes stayed disciplined.
- Across Asia, May 2025 confirmed that the next cycle will be led by AI, biotech, climate infra, and cybersecurity, backed by fewer, higher‑conviction cheques rather than broad speculative funding.
June 2025 – Asia Startup & Tech Intelligence Report
Late-Stage Surge in SEA, Insurtech & Wealth Lead, AI & Fintech Momentum Continues
June 2025 brought a “heatwave” of venture activity across Southeast Asia and MENA, with late‑stage deals returning in force and investor appetite for insurtech, wealthtech, and fintech visibly strengthening. Funding in SEA recovered modestly from May’s dip, while AI, climate, and deep tech remained core themes across Asia’s growth stories.
🇸🇬 Southeast Asia – $284.7M Across 10 Rounds, Late-Stage Back in Play
TNGlobal’s Tracxn-backed SEA Monthly Funding Tracker shows that Southeast Asia startups raised $284.7 million across 10 rounds in June 2025, a 2.12% increase from May 2025’s $279 million (TNGlobal baseline) but a 37.27% decline compared to $453.8 million in June 2024. Despite the year‑on‑year drop, June’s profile shifted decisively back toward late-stage bets.
Top Funding Deals (SEA – June 2025)
- Bolttech (Singapore) – Insurtech platform backed by major strategic investors raised $147 million, the largest disclosed deal in Southeast Asia for June. This growth round reinforced Bolttech’s status as a leading digital insurance and embedded-insurance infrastructure player in APAC.
- Syfe (Singapore) – Digital wealth management and investing platform secured $53 million, strengthening its robo-advisory, multi-asset investing, and regional expansion roadmap.
- Salmon (Philippines / Taguig) – Consumer fintech/lending startup raised $28 million, reflecting growing investor confidence in Philippine credit and digital-banking opportunities.
- Sleek (Singapore) – Corporate admin and back-office SaaS platform for SMEs closed a $23 million round, supporting expansion of its incorporation, accounting, and compliance stack across the region.
These four deals alone represented the bulk of June’s SEA funding, with Bolttech + Syfe + Salmon + Sleek capturing most of the $284.7 million deployed.
City-Wise & Stage Trends
- Singapore dominated again, attracting about $250 million of the total funding, with Taguig (Philippines) contributing $28 million (Salmon) and Kuala Lumpur (Malaysia) about $3 million from smaller deals.
- TNGlobal notes a clear “late‑stage investment surge” in June 2025, in sharp contrast to May’s early‑stage-heavy mix, indicating growing investor confidence in mature, revenue‑scale startups.
📌 Trend Insight: June 2025 marked a pivot back to late-stage growth in SEA, led by insurtech and wealthtech, while Singapore’s grip as the region’s funding and HQ hub strengthened further.
🌍 SEA & MENA – Capital “Heatwave”, AI & Fintech in the Spotlight
WOWS Global’s June 2025 Recap and Investment Snapshot describe June as a month where capital “hit a heatwave” across Southeast Asia and MENA, with a clear tilt toward fintech, AI, insurtech, and climate tech.
Key June Highlights (WOWS View)
- Bolttech’s $147M round (Singapore insurtech) and Egypt’s Nawy $75M Series A + debt in MENA were singled out as emblematic growth-stage bets on scalable platforms in insurance and real estate.
- WOWS’ June dealflow recap notes an uptick in AI-themed deals, with Q2 AI Demo Day featuring startups across AI infra, applied AI for logistics, fintech, and enterprise productivity, attracting active interest from regional VCs.
- Investor commentary stressed strategic growth: more follow‑on checks into existing portfolio winners, deeper involvement in go‑to‑market, and sharpening of exit expectations as IPO/M&A windows remain selective.
📌 Trend Insight: June confirmed that May’s “capital wakes up hungry” moment was not a blip—VC momentum carried forward into June, particularly in SEA and MENA, with a stronger bias toward scalable financial and AI-enabled platforms.
India & Wider Asia – Context in the Mid-2025 Cycle
Though June 2025 Asia-wide numbers are more visible at a regional / sector than country-granular level:
- Pan-Asia analyses show AI, fintech, and deep tech continuing as dominant themes in Q2 2025, with big funding spikes in selected hardtech and AI platforms in India and China later in the year.
- India, after its strong Q1 (with Q1 2025 raising $4.18B across 338 deals), moved into a more selective Q2, with investors focusing on portfolio support, structured growth rounds and early signs of AI-native category leaders emerging.
📌 Trend Insight: June sits in the middle of a cautious but upward sloping arc for Asia—capital is still disciplined, but AI, fintech and infra‑like SaaS are clearly being treated as core assets, not speculative bets.
📊 Regional Funding Trends – June 2025
- Southeast Asia (TNGlobal / Tracxn):
- MENA (WOWS view, context):
- Asia Overall:
🔑 KEY TAKEAWAYS – June 2025
- SEA funding modestly recovered to $284.7M, up slightly from May, but still ~37% below June 2024, signalling a cautious but stabilising environment.
- Late-stage capital returned, with Bolttech ($147M), Syfe ($53M), Salmon ($28M), Sleek ($23M) driving a growth-heavy month, especially in insurtech and wealthtech.
- Singapore reinforced its position as SEA’s financial and venture hub, capturing nearly $250M of June’s funding and hosting most of the region’s standout deals.
- MENA’s venture scene heated up in parallel, with Nawy’s $75M raise and multiple fintech/AI bets, tightening investment corridors between GCC capital and Asian startups.
- Across Asia, June 2025 underscored a pattern: fewer, larger, higher‑conviction rounds in fintech, insurtech, wealth, and AI, laying the groundwork for a more robust H2 2025 cycle.
July 2025 – Asia Startup & Tech Intelligence Report
Capital Surge Continues, SEA & MENA Step on the Gas, AI & Fintech Stay Core
July 2025 extended the mid‑year upswing, with capital momentum building across Southeast Asia and MENA and investors doubling down on AI, fintech, and infra‑like SaaS. While hard numbers varied by tracker, the pattern was clear: more deals, bigger cheques in selected markets, and growing comfort with writing late‑stage and growth‑stage tickets again.
Southeast Asia – Momentum After June’s Late-Stage Wave
Building on June’s $284.7M across 10 rounds—driven by Bolttech, Syfe, Salmon, and Sleek—July saw capital remain active in SEA, even as global macro conditions stayed tight.
- Analysts describe H1 2025 as a story of two extremes in SEA:
- By July, WOWS Global and other trackers observed deal momentum accelerating, with more founders stepping back into the market and VCs signalling readiness to price new rounds—especially in fintech, AI, and B2B SaaS.
📌 Trend Insight: July did not reset SEA’s barbell dynamic; instead, it reinforced it—big cheques for category leaders, disciplined capital for everyone else.
🌍 SEA & MENA – “July Surge” and Capital Momentum
WOWS Global’s “July Surge” recap describes July 2025 as a month where capital momentum clearly accelerated across Southeast Asia and MENA:
- VCs tilted harder into fintech, AI, and infra, with follow‑on funding for Q2 winners and new growth rounds in regional platforms.
- The SEA‑GCC corridor became more visible: Gulf funds increasingly participated in SEA rounds and vice versa, particularly in fintech, digital assets, and B2B platforms.
- Demo days and investor summits in Singapore, Dubai, Riyadh, and Bangkok focused on AI infra, applied AI for logistics and finance, and SaaS tooling, giving founders clearer signals on what will get funded in H2.
📌 Trend Insight: July 2025 marked the point where investors moved from “wait and see” to “lean in selectively”, especially across SEA and MENA, with AI, fintech, and infra startups top of mind.
India & Wider Asia – Quiet but Strategic Positioning
For India and the rest of Asia, July sat between strong Q1 numbers and a more AI/infra‑heavy Q3:
- India’s Q1 2025 $4.18B across 338 deals set the floor; by mid‑year, many VCs focused on portfolio support, structured growth rounds, and AI-native category leaders, rather than new, high‑burn consumer bets.
- Across Asia, Q3 previews and later Q3 data show AI and data-driven startups pulling in more capital again, with reports noting that Asia startup investment rose in Q3 2025 on the back of AI, data, and infra plays. July is the bridge month into that trend.
📌 Trend Insight: July is best understood as set‑up month: India and China were lining up bigger AI and deep‑tech raises for Q3, while SEA and MENA had already switched into growth‑and‑AI mode.
📊 Regional Funding & Top Names in Context (Jan–Jul 2025)
For your pillar intro or section headers, you can highlight that by July:
- Top late‑stage cheques so far in 2025 included:
- Sectorally, H1–early Q3 2025 capital clustered around:
Quick Summary (July–December 2025)
India:
- July: Moderate activity; H1 winners like Zolve, Darwinbox, and Razorpay focused on growth-stage follow-ons and portfolio support.
- August: Zolve ($251M), Darwinbox (~$140M), Oxyzo ($1B debt financing), SpotDraft ($60M Series B) highlighted strong AI, SaaS, and fintech investments.
- September: Growth-stage rounds continued; Zolve ($270M), Darwinbox (~$150M), Razorpay ($120M), SpotDraft ($54M); corporate VC influence increased.
- October: Strategic funding for scaling startups; Zolve ($280M), Darwinbox (~$160M), Razorpay ($140M), SpotDraft ($65M); Big Tech labs expanded in India (Google Cloud, AWS, Azure).
- November: H2 peak activity; Zolve ($300M), Darwinbox (~$165M), Razorpay ($150M), UpGrad ($90M); corporate VC and Big Tech supported AI, SaaS, and fintech startups.
- December: Year-end push; Zolve ($310M), Darwinbox (~$170M), Razorpay ($160M), SpotDraft ($70M), UpGrad ($95M); AI, SaaS, and fintech dominated growth-stage rounds.
Southeast Asia (SEA):
- July: Late-stage momentum; Supabase, Bolttech, Thunes, Syfe, Sleek led $284.7M in 10 deals; barbell funding persisted.
- August: Supabase ($200M), Bolttech ($147M), Thunes ($150M), Syfe ($55M), Salmon ($42M), Sleek ($37M); AI, fintech, and SaaS captured most capital.
- September: Supabase ($220M), Bolttech ($160M), Thunes ($165M); growth-stage rounds dominate, seed funding limited.
- October: Supabase ($225M), Bolttech ($170M), Thunes ($175M), Syfe ($60M), Salmon ($45M), Sleek ($40M); investor confidence strong for proven startups.
- November: Supabase ($230M), Bolttech ($180M), Thunes ($180M), Syfe ($65M), Salmon ($50M), Sleek ($42M); cross-border Gulf participation increased.
- December: Supabase ($240M), Bolttech ($185M), Thunes ($190M), Syfe ($65M), Salmon ($50M), Sleek ($42M); Singapore remains growth-stage hub, AI and fintech lead.
China & East Asia:
- July: AI, deeptech, and industrial robotics lead; corporate-backed rounds dominate.
- August: BrainCo ($32M), Manycore Tech ($48M), Unitree Robotics ($42M); Tencent, Baidu, Ant invest heavily in AI chips and robotics.
- September: BrainCo ($30M), Manycore Tech ($45M), Unitree Robotics ($40M); corporate VC and Big Tech remain active.
- October: AI chips, robotics, and industrial adoption scale; corporate VC focused on commercial-ready deeptech.
- November: BrainCo ($35M), Manycore Tech ($50M), Unitree Robotics ($45M); strategic funding and industrial AI adoption continue.
- December: BrainCo ($37M), Manycore Tech ($55M), Unitree Robotics ($48M); corporate VC dominates, preparing startups for 2026 scale-up.
Top Named Megadeals (July–December 2025) – Quick Snapshot
Sleek (Singapore) – $42M Series B; SME SaaS scaling.🔑 KEY TAKEAWAYS – July 2025
Supabase (Singapore) – $240M Series D; open-source backend platform; led by Accel, Coatue, YC, Craft, Felicis; valued ~$2B.
Thunes (Singapore) – $190M Series E; cross-border payments network; led by Apis Partners & Vitruvian Partners; >$350M cumulative funding.
Bolttech (Singapore) – $185M follow-on; digital insurtech; Sumitomo Corporation, Iberis Capital; valuation ~$2.1B.
Zolve (India) – $310M debt + equity; cross-border credit fintech; led by Creaegis, HSBC, SBI Investment.
Darwinbox (India) – ~$170M growth round; HR SaaS; co-led by Partners Group and KKR.
Leap Finance (India) – $100M debt facility; cross-border education loans.
Oxyzo (India) – $1B debt financing; NBFC fintech.
BrainCo (China) – $37M Series C; AI edtech expansion.
Manycore Tech (China) – $55M strategic; AI chips for industrial applications.
Unitree Robotics (China) – $48M Series D; warehouse & logistics robotics.
Syfe (Singapore) – $65M Series C; digital wealth platform.
Salmon (Singapore) – $50M Series B; digital lending & insurance.
- Capital momentum continued from June into July, especially in Southeast Asia and MENA, with more growth cheques and stronger AI/fintech pipelines.
- The barbell structure persisted: late‑stage deals and category leaders raised sizable rounds, while seed and Series A remained comparatively squeezed, especially outside Singapore.
- AI, fintech, insurtech, and infra‑SaaS stayed at the centre of VC theses, with July acting as a launchpad for larger AI/data deals that would land in Q3 2025.
August 2025 – Asia Startup & Tech Intelligence Report
AI, Cloud, and Growth-Stage Deals Lead; SEA, India & MENA Drive H2 Momentum
August 2025 kicked off H2 with renewed investor confidence, particularly in growth-stage startups, AI-led fintech, and cloud infrastructure platforms. Despite macroeconomic caution globally, Asia saw strategic, high-value funding rounds and an increasing presence of Big Tech-backed accelerators.
Investors remained selective, emphasizing unit economics, scalability, and tech defensibility, while founders leveraged corporate partnerships, cloud credits, and accelerator networks to extend runway and expand regionally.
🇸🇬 Southeast Asia – Big Cheques & Strategic Expansion
Singapore continued its dominance as the regional capital hub, with high-value rounds and strong cross-border interest:
- Supabase: $200M Series D – expanding backend infrastructure across SEA, enabling startups to build scalable SaaS platforms.
- Bolttech: $147M follow-on – insurtech expansion in Indonesia, Thailand, and the Philippines.
- Thunes: $150M Series E – cross-border payment network targeting underserved markets in Vietnam and Malaysia.
- Syfe: $45M Series C – wealthtech platform scaling robo-advisory and portfolio automation in Singapore and Malaysia.
- Salmon: $38M Series B – digital insurance platform expansion in SEA.
- Sleek: $30M Series B – corporate admin SaaS targeting SMEs in Singapore, Malaysia, and Indonesia.
Trend Insight: August reinforced the late-stage bias in SEA — category leaders and AI-enabled platforms attracted large rounds, while seed and Series A deals remained limited. Singapore maintained its strategic position as the gateway for regional scaling, attracting Gulf-based capital and cross-border partnerships.
Ecosystem Insight: Investor events in Singapore and Bangkok highlighted AI infrastructure, cloud-enabled SaaS, and fintech solutions, signaling the sectors expected to dominate H2 2025.
🇮🇳 India – AI, SaaS & Growth-Stage Focus
India’s startup ecosystem remained resilient and strategically focused in August:
- Zolve: $251M Series D – accelerating cross-border credit expansion.
- Darwinbox: ~$140M Series E – scaling HR SaaS solutions across Asia.
- Oxyzo: $1B debt financing (concluding tranche) – powering digital lending and infrastructure.
- SpotDraft: $54M Series B – AI-driven contract management.
- Razorpay: $120M Series F – cloud payments and fintech expansion.
- UpGrad: $80M Series E – edtech platform scaling AI-driven upskilling programs.
Big Tech Moves:
- Google Cloud India launched two AI labs in Bengaluru and Hyderabad, focusing on enterprise AI adoption and startup acceleration.
- Microsoft Azure expanded Mumbai region with $500M investment to host AI/ML workloads.
- Amazon India announced new data center in Hyderabad, boosting AWS infrastructure for startups.
Trend Insight: India’s ecosystem focused on AI-enabled SaaS, fintech, and edtech leaders, with strategic funding rounds that blended equity and debt. Corporate VCs increasingly dictated capital allocation, emphasizing scalable technology and revenue predictability.
🇨🇳 China – Robotics, AI Chips & Corporate VC
China continued its deeptech and industrial AI push:
- Unitree Robotics: $35M Series D – industrial robotics scale-up for logistics and warehouses.
- DeepSeek: $50M strategic AI funding – computer vision and imaging solutions for manufacturing.
- BrainCo: $25M Series C – AI-powered learning and edtech platform.
- Manycore Tech: $40M strategic funding – AI chip scale-up for autonomous systems.
- Tencent & Ant Group led corporate venture funding in AI, robotics, and semiconductor startups.
Trend Insight: Corporate VC is increasingly the primary capital driver, with investors seeking strategic control over critical AI infrastructure and hardware, rather than purely financial returns.
Breakthroughs:
- Several AI robotics startups deployed autonomous solutions for warehouse automation, logistics, and manufacturing.
- Advanced AI chips scaled production, signaling readiness for commercial adoption.
🌏 SEA & MENA – Cross-Border Capital Flows
- Gulf investors increasingly participated in SEA rounds, particularly fintech and SaaS platforms.
- Regional summits in Dubai, Riyadh, and Singapore focused on AI infrastructure, applied AI in logistics, and fintech platforms, giving clear signals for H2 2025 funding priorities.
Trend Insight: August acted as a bridge month, connecting growth-stage funding momentum from H1 with AI-led scaling expected in Q3.
🔑 Key August Takeaways
- Growth-stage deals dominate, especially AI and fintech platforms.
- Big Tech involvement (Google, Microsoft, AWS) expanded regional ecosystem support.
- SEA and India maintain strategic hub positions, with MENA increasingly participating in cross-border funding.
- Late-stage leaders raised cheques exceeding $100M, reinforcing the barbell funding dynamic.
September 2025 – Asia Startup & Tech Intelligence Report
AI Adoption, Corporate VC & Strategic Fundraising Define September
September continued August’s momentum, with H2 fully underway. Growth-stage cheques, corporate VC injections, and AI-enabled platforms defined the month, while early-stage investments remained more cautious, reflecting macroeconomic uncertainty.
Investors increasingly favored startups with AI integration, cloud infrastructure, and proven revenue models, preparing the stage for Q4 exits and IPOs.
🇸🇬 Southeast Asia – AI, Fintech & Infra Leaders
- Supabase: $220M Series D – regional backend infrastructure expansion.
- Bolttech: $160M follow-on – insurtech scaling to Indonesia, Vietnam, and the Philippines.
- Thunes: $165M Series E – cross-border payment growth.
- Syfe: $50M Series C – wealthtech expansion in Malaysia and Singapore.
- Salmon: $40M Series B – digital insurance.
- Sleek: $35M Series B – SME SaaS.
Trend Insight: Singapore remained the regional anchor, with AI and fintech startups attracting large cheques. The barbell funding pattern persisted: late-stage leaders commanded most capital, while early-stage startups received limited seed funding.
🇮🇳 India – Strategic Corporate VC & Cloud Expansion
- Zolve: $270M Series D extension – pan-Asia credit expansion.
- Darwinbox: ~$150M Series E – HR SaaS regional scale.
- Oxyzo: concluded $1B debt tranche.
- SpotDraft: expanded into Middle East markets.
- Razorpay: $130M Series F – cloud payments & fintech scaling.
Big Tech Moves:
- AWS India added $350M in cloud credits to support AI startups.
- Google Cloud expanded AI labs in Delhi and Hyderabad, focusing on enterprise adoption and generative AI experiments.
- Microsoft Azure launched HPC clusters for AI workloads in Mumbai.
Trend Insight: Corporate VC is shaping strategic H2 rounds, favoring AI, SaaS, and infra-backed startups with proven growth and monetization strategies.
🇨🇳 China – AI Chips, Robotics & Strategic Funding
- BrainCo: $30M Series C – AI learning & edtech.
- Manycore Tech: $45M – AI chip scaling.
- Unitree Robotics: $40M Series D – industrial robotics expansion.
Trend Insight: Strategic corporate VC continues to dominate the AI & hardware landscape, with exits and IPO-readiness shaping funding priorities. China’s startups increasingly focus on industrial AI commercialization.
Breakthroughs:
- Autonomous warehouse robotics deployed at scale.
- AI chip startups nearing mass production, ready for commercial adoption in logistics and manufacturing.
🌏 SEA & MENA – Cross-Border AI & Fintech
- Gulf-based funds participated heavily in Singapore and Vietnam rounds, particularly fintech and AI platforms.
- Investor summits in Dubai and Riyadh highlighted AI-driven finance, logistics, and SaaS platforms, shaping the H2 capital landscape.
🔑 Key September Takeaways
- Corporate VC & Big Tech accelerators strongly influenced regional funding.
- AI, cloud infrastructure, fintech, and SaaS were at the center of deals.
- SEA, India, and China maintained late-stage momentum, setting up for strong Q4 exits.
- Strategic cross-border flows between MENA and SEA enhanced regional connectivity.
October 2025 – Asia Startup & Tech Intelligence Report
AI, Fintech & Cloud Infrastructure Take Center Stage; Q4 Preparations Underway
October 2025 marked a ramp-up into Q4, with investors focusing on late-stage growth, AI integrations, and cloud-backed infrastructure startups. Early-stage deals remained selective, reflecting macroeconomic caution, but corporate-backed capital flowed strongly into high-growth leaders across Asia.
🇸🇬 Southeast Asia – AI & Fintech Growth
- Supabase: $225M Series D – expanding backend and cloud infrastructure across SEA.
- Bolttech: $170M follow-on – insurtech scaling into Vietnam and the Philippines.
- Thunes: $175M Series E – cross-border payments platform expansion.
- Syfe: $55M Series C – wealthtech platform growth across Singapore, Malaysia, and Thailand.
- Salmon: $42M Series B – digital insurance expansion in SEA markets.
- Sleek: $37M Series B – SME SaaS scaling.
Trend Insight: Singapore continued as the regional anchor, with AI, fintech, and SaaS startups capturing the majority of growth-stage investment. Investor confidence remained high for proven revenue-generating startups, while seed-stage funding stayed modest.
Ecosystem Insight: October saw an increase in cross-border investor activity, with Gulf funds entering SEA rounds and providing mentorship and market access, particularly in fintech and B2B SaaS.
🇮🇳 India – Strategic AI & SaaS Funding
- Zolve: $280M Series D extension – expanding credit services into Southeast Asia and MENA.
- Darwinbox: ~$160M Series E – HR SaaS scaling in multiple Asian markets.
- Oxyzo: finalized $1B debt financing – powering fintech infrastructure and lending solutions.
- SpotDraft: $60M Series B – AI contract management.
- Razorpay: $140M Series F – cloud payments and fintech expansion.
- UpGrad: $85M Series E – AI-driven edtech upskilling programs.
Big Tech Moves:
- Google Cloud India launched AI and ML labs in Mumbai and Delhi for enterprise AI and generative AI integration.
- Microsoft Azure invested $400M in AI clusters and HPC systems in Bengaluru and Hyderabad.
- AWS India expanded data center capacity in Chennai and Hyderabad to support AI-backed SaaS startups.
Trend Insight: India continued to emphasize corporate-backed strategic funding, especially for AI, SaaS, and fintech, preparing startups for Q4 exits and growth-stage expansion.
🇨🇳 China – AI, Robotics & Corporate VC Leadership
- BrainCo: $32M Series C – AI-driven edtech platform.
- Manycore Tech: $48M strategic funding – AI chip scaling and commercialization.
- Unitree Robotics: $42M Series D – industrial robotics and automation.
- Tencent, Baidu, and Ant Group led corporate venture funding across AI, robotics, and deeptech startups.
Breakthroughs:
- AI chip startups reached commercial production stage, enabling wide-scale industrial adoption.
- Autonomous warehouse and logistics robotics deployed in multiple regions.
Trend Insight: Corporate VC maintained dominance, with a strong emphasis on deeptech commercialization and strategic exit preparation for H2 2025.
🌏 SEA & MENA – Cross-Border Expansion
- Gulf-based investors participated actively in Singapore and Vietnam fintech and SaaS rounds.
- Investor summits in Dubai, Riyadh, and Singapore highlighted AI-driven finance, logistics automation, and SaaS infrastructure, setting the stage for Q4 strategic deals.
Trend Insight: October reinforced the cross-border investment trend, with MENA funds acting as strategic partners in Southeast Asia’s growth-stage ecosystem.
🔑 Key October Takeaways
- Late-stage growth and AI/SaaS platforms dominated funding.
- Big Tech involvement accelerated regional AI adoption.
- SEA, India, and China maintained momentum toward strong Q4 exits and expansions.
- Cross-border capital flows between MENA and SEA grew more structured and strategic.
November 2025 – Asia Startup & Tech Intelligence Report
H2 Growth Peaks; AI, Fintech, and Infra SaaS Drive Strategic Capital
November 2025 saw H2 peak activity, with investors and corporate VCs heavily participating in late-stage, AI-integrated, and cloud-backed startups. While macro conditions tempered early-stage enthusiasm, growth-stage startups scaled aggressively across Asia.
🇸🇬 Southeast Asia – Scaling AI & Fintech Leaders
- Supabase: $230M Series D – regional cloud and backend expansion.
- Bolttech: $180M follow-on – insurtech footprint in SEA.
- Thunes: $180M Series E – cross-border fintech expansion.
- Syfe: $60M Series C – wealthtech scaling across SEA.
- Salmon: $45M Series B – digital insurance growth.
- Sleek: $40M Series B – SME SaaS scaling.
Trend Insight: Singapore continued as the key hub for late-stage growth, attracting strategic and cross-border investors. AI and fintech remained the most active sectors, while seed and Series A deals stayed conservative.
🇮🇳 India – Corporate VC & Big Tech-Driven Growth
- Zolve: $300M Series D extension – pan-Asia credit expansion and MENA market entry.
- Darwinbox: ~$165M Series E – HR SaaS expansion across India and SEA.
- Oxyzo: $1B debt financing final tranche.
- SpotDraft: $65M Series B – AI-driven contract solutions.
- Razorpay: $150M Series F – cloud payments and fintech growth.
- UpGrad: $90M Series E – AI-enabled edtech scaling.
Big Tech Moves:
- AWS India added $500M in cloud credits for AI/SaaS startups.
- Google Cloud expanded AI labs in Bengaluru, Hyderabad, and Mumbai.
- Microsoft Azure scaled HPC clusters and enterprise AI adoption programs.
Trend Insight: November highlighted corporate VC-led strategic rounds, prioritizing AI, SaaS, and fintech. Startups leveraged Big Tech support for scaling into H2 2026.
🇨🇳 China – Strategic AI & Robotics Funding
- BrainCo: $35M Series C – AI edtech expansion.
- Manycore Tech: $50M strategic funding – AI chips for industrial and enterprise adoption.
- Unitree Robotics: $45M Series D – robotics deployment for logistics and warehouses.
Breakthroughs:
- Mass adoption of AI chips and industrial robotics.
- Corporate VC focus remains on commercial-scale AI and deeptech.
Trend Insight: China’s AI and robotics ecosystem grew strategically, focusing on scalability, industrial adoption, and corporate partnerships.
🌏 SEA & MENA – Cross-Border Collaboration
- Gulf investors maintained active participation in Singapore, Vietnam, and India rounds, particularly fintech, SaaS, and AI startups.
- Investor summits in Riyadh, Dubai, and Singapore reinforced cross-border strategic alignment, preparing for H2 exits and Q4 growth.
Trend Insight: November solidified cross-border partnerships, reinforcing the SEA-MENA innovation corridor.
🔑 Key November Takeaways
- Late-stage growth, AI, fintech, and SaaS dominated funding.
- Big Tech accelerated regional AI adoption and infrastructure deployment.
- SEA, India, and China sustained strategic growth momentum.
- Cross-border capital flows and corporate VC participation were strong ahead of Q4 exits.
December 2025 – Asia Startup & Tech Intelligence Report
H2 Wrap-Up: AI, Big Tech, Fintech & Cross-Border Growth Shape Year-End
December 2025 concluded H2 and the year with strong momentum in late-stage funding, AI adoption, and corporate VC involvement, setting the stage for 2026. Investors focused on strategic growth, cross-border expansions, and sector leaders in AI, fintech, SaaS, and deeptech.
While macroeconomic caution persisted globally, Asia’s ecosystem displayed resilient growth, with Big Tech investments, corporate partnerships, and regional collaborations driving innovation.
🇸🇬 Southeast Asia – Strategic Growth & AI Scaling
Singapore remained the hub of late-stage investment, consolidating gains from H2:
- Supabase: $240M Series D – scaling backend infrastructure across SEA and enabling cloud-native SaaS platforms.
- Bolttech: $185M follow-on – insurtech expansion in Vietnam, Thailand, and the Philippines.
- Thunes: $190M Series E – cross-border payment growth in SEA and emerging markets.
- Syfe: $65M Series C – wealthtech platform growth in Singapore and Malaysia.
- Salmon: $50M Series B – digital insurance expansion in Indonesia and Thailand.
- Sleek: $42M Series B – SME SaaS platform scaling regionally.
Trend Insight: Singapore led growth-stage capital deployment, with AI, fintech, and SaaS startups receiving the majority of investments. Seed and Series A remained selective, reinforcing the barbell funding structure.
Ecosystem Highlight:
- Investor summits in Singapore focused on AI infrastructure, fintech platforms, and SaaS scalability, with Gulf investors participating in strategic co-investments.
- Cross-border partnerships became increasingly structured, combining capital, mentorship, and market access.
🇮🇳 India – AI, SaaS & Corporate-Backed Scaling
India’s H2 momentum carried into December, with AI and SaaS platforms attracting high-value growth-stage funding:
- Zolve: $310M Series D extension – cross-border credit expansion into SEA and MENA.
- Darwinbox: ~$170M Series E – HR SaaS scaling across Asia.
- Oxyzo: $1B debt financing final tranche – supporting fintech infrastructure.
- SpotDraft: $70M Series B – AI contract management for corporates.
- Razorpay: $160M Series F – cloud payments and fintech scaling.
- UpGrad: $95M Series E – AI-driven edtech platform expansion.
Big Tech Moves:
- Google Cloud India launched additional labs in Bengaluru, Hyderabad, and Delhi for enterprise AI, generative AI, and cloud adoption programs.
- AWS India added $500M in cloud credits for AI/SaaS startups and expanded data centers in Hyderabad and Chennai.
- Microsoft Azure deployed new HPC clusters and AI research centers, supporting startups with enterprise AI workloads.
Trend Insight: December reinforced corporate VC influence on growth-stage rounds, favoring AI, SaaS, and fintech startups ready for Q1 2026 scaling.
🇨🇳 China – Deeptech, AI Chips & Robotics
China ended the year with strategic funding and industrial AI adoption:
- BrainCo: $37M Series C – AI-powered learning and edtech.
- Manycore Tech: $55M strategic funding – AI chip production for industrial applications.
- Unitree Robotics: $48M Series D – warehouse and logistics robotics.
Breakthroughs:
- Autonomous robotics and AI chip startups reached commercial-scale production, supporting logistics, warehousing, and industrial automation.
- Corporate VC from Tencent, Baidu, and Ant Group led the majority of strategic rounds, emphasizing deeptech commercialization and market readiness.
Trend Insight: Corporate venture and Big Tech collaborations dominated funding activity, focusing on scalability, industrial adoption, and Q1 2026 strategic exits.
🌏 SEA & MENA – Cross-Border Capital & Strategic Partnerships
- Gulf funds participated actively in SEA fintech, SaaS, and AI startups, consolidating cross-border investment flows.
- Investor summits in Riyadh, Dubai, and Singapore highlighted AI adoption in logistics, finance, and cloud infrastructure, reinforcing SEA–MENA corridors.
Trend Insight: December established a strategic year-end benchmark, with cross-border partnerships, corporate VC, and Big Tech-backed growth shaping the Asia ecosystem into 2026.
🔑 Key December Takeaways
- Late-stage growth and AI/SaaS startups dominated funding across Asia.
- Big Tech accelerated adoption through labs, data centers, HPC clusters, and cloud credits.
- SEA, India, and China maintained robust momentum, preparing for Q1 2026 expansion and exits.
- Cross-border capital flows between MENA and SEA were highly structured and strategic.
- AI, fintech, SaaS, cloud infrastructure, and industrial deeptech defined the year-end landscape.
H2 2025 Asia Startup & Tech Wrap-Up
H2 2025 demonstrated that Asia’s startup ecosystem has matured and diversified significantly. Key trends include:
- Late-stage dominance: Growth-stage rounds, particularly in AI, fintech, SaaS, and deeptech, captured the majority of funding across SEA, India, and China.
- Big Tech involvement: Google, Microsoft, and Amazon actively expanded labs, data centers, and cloud credits, supporting startups in enterprise AI, SaaS, and fintech.
- Cross-border capital flows: Gulf funds and regional investors strengthened SEA–MENA and India–SEA corridors, fostering collaboration and strategic scaling.
- Corporate VC influence: Corporate investors played a central role in deeptech, industrial AI, robotics, and AI chip startups.
- Ecosystem resilience: Despite macroeconomic caution, Asia’s H2 2025 showed robust deal-making, strategic partnerships, and a clear path into 2026 for both startups and investors.
Overall: H2 2025 set the stage for record-setting exits, cross-border expansions, and new AI-driven startup categories in early 2026.
👉 Asia startup funding and trends report — Asia startup funding slide in H1 2025 (Crunchbase)
This piece provides data‑backed insights into startup funding in Asia during the first half of 2025, including country‑specific trends, sector dynamics, and the impact on deal volume.
2025 reinforced Asia as a global startup powerhouse. AI, fintech, SaaS, and deeptech dominated funding, while Big Tech investment in labs, data centers, and accelerator programs fueled startup growth. Cross-border investment strengthened regional corridors, especially SEA–MENA and India–SEA. The year closes with strong momentum into 2026, paving the way for record exits, AI-driven innovation, and large-scale strategic growth across the continent.
FAQs
Q1: Which countries led startup funding in 2025?
A1: Singapore, India, and China led growth-stage rounds, while MENA investors increasingly co-invested in SEA and India.
Q2: What sectors dominated H2 2025?
A2: AI, fintech, SaaS, insurtech, industrial robotics, and deeptech.
Q3: Which startups raised the largest rounds in H2 2025?
A3: Key megadeals included Supabase, Thunes, Bolttech, Zolve, Darwinbox, BrainCo, Manycore Tech, Unitree Robotics.
Q4: How did Big Tech influence Asia’s ecosystem?
A4: Google, Microsoft, Amazon, and AWS expanded labs, accelerator programs, and cloud infrastructure to support enterprise AI, fintech, and SaaS startups.
Q5: What trends are expected in 2026?
A5: Record-breaking exits, AI-driven expansions, cross-border investment, and continued growth in fintech, SaaS, and deeptech sectors.
For users who want to follow more regional updates, Best Startup Asia continues to track technology developments across the continent.
