Latest news with #Temasek
The Star
2 days ago
- Business
- The Star
Prabowo pushes for Temasek, Danantara cooperation to develop Batam
President Prabowo Subianto and his ministers attending the annual leaders' retreat with Singapore Prime Minister Lawrence Wong and his delegation at the Parliament House in Singapore on June 16. - Presidential Secretariat JAKARTA: President Prabowo Subianto has pushed for cooperation between Singapore's sovereign wealth fund Temasek and Indonesia's state-asset fund Danantara in the development of Batam, Riau Islands. In his first state visit to Singapore following his inauguration in October, Prabowo attended the annual leaders' retreat with Singapore Prime Minister Lawrence Wong in which he expressed the hope of partnership between the funds. 'We look forward to close collaboration between Temasek and Danantara in all sectors, especially the sectors of renewable energy, sustainable industrial zones and the development of Batam, Bintan and Karimun,' said Prabowo on Monday (June 16), referring to the three islands that are in proximity of one other. Prabowo hopes for Temasek's support in the development of the low carbon energy sector and critical infrastructure in the region with the special economic zones status. It remains unclear in what shape the cooperation could manifest. In the case of Batam, it is located some 20 to 30km of the Singapore Strait, equivalent to around an hour-long ferry ride, while Bintan is located east of Batam and Karimun west. Batam and Singapore are connected with multiple terminals that have ferries departing every day, making it common for people to live in Batam and commute to Singapore daily. In his address, Prabowo bluntly said that Temasek was Singapore's achievement that Indonesia copies 'with pride' when establishing Danantara. He also added his administration housing programme also took some inspiration from the city-state's own programme. 'In school, we're not allowed to copy our friends' homework or exams. But in real life, why not copy the best practice? […] I hope there's no copyright,' Prabowo said. Established in February and modelled after Temasek, Danantara aims to eventually manage over US$900 billion in assets with initial capital of $20 billion. Danantara has brought 844 state-owned enterprises (SOEs) under its operational umbrella, whose dividends, projected at around $7 billion this year, were among the sources of Danantara's funding to execute its strategic investment plans. Prabowo's and Wong's meeting, the first for both recently inaugurated leaders, produced 19 agreements, including the implementation of a defence cooperation agreement (DCA), cross-border electricity trade, a sustainable industrial zone and a bilateral financial agreement between the Monetary Authority of Singapore (MAS) and Bank Indonesia (BI). 'I think this marks the high value we attach to the relationship and the friendship between Singapore and Indonesia,' Prabowo said in a joint statement. While Monday's meeting marked the first official meeting between the leaders, Prabowo has met Wong several times, including during the latter's state visit to Jakarta in November for an 'introductory' meeting. Wong said 'Singapore-Indonesia relations are in excellent shape', and the two leaders had agreed to 'take it further and chart even stronger ties in this new era of cooperation'. Before the meeting of two leaders, Indonesia has reiterated that it agreed to export 3.4 gigawatts (GW) of clean electricity to Singapore by the end of 2035. This followed an agreement between Singapore's Energy and Science and Technology Minister-in-charge, Tan See Leng, and Energy and Mineral Resources Minister Bahlil Lahadalia on cross-border electricity on June 13 in Jakarta. - The Jakarta Post/ANN
Bloomberg
2 days ago
- Business
- Bloomberg
Temasek Looks to Work With Indonesian Wealth Fund Danantara
Singaporean state-owned investor Temasek Holdings Pte said it welcomes the chance to work with Indonesia's newly-formed sovereign wealth fund Danantara. 'Temasek has a valued network of relationships with other sovereign wealth funds and pension funds globally,' a spokesperson said in an email. 'We welcome the opportunity to work with Danantara and look forward to a productive relationship with its leadership.'
AsiaOne
4 days ago
- Business
- AsiaOne
Singapore has initiated many successful policies, Indonesia 'can copy with pride': President Prabowo, Singapore News
Indonesia has taken inspiration from Singapore's successful policies, implementing them for its own benefit, Indonesia President Prabowo Subianto said at the joint press conference with Prime Minister Lawrence Wong on Monday (June 16). President Prabowo, 73, said that he spent "some years" as a child in Singapore, where he witnessed its development in the early days. "To be very frank, I've always admired the success of Singapore and especially the success of the early leaders of Singapore," the Indonesian leader said. This is his first visit to the Republic since taking office in October. "In real life, we are allowed to copy... it's called 'copy with pride'," he said. "I learned this, and I think Singapore has initiated many successful policies." He highlighted how Singapore has implemented policies that provide Singaporeans with low-cost housing, which Indonesia has copied and intends to continue pursuing "full speed ahead". President Prabowo also pointed out the success of Singapore's sovereign wealth fund, Temasek, stating that Indonesia has also started its own sovereign wealth fund aimed at providing for the future generations of Indonesia. Earlier, he named a new orchid hybrid, the Paraphalanthe Dora Sigar Soemitro, after his late mother. Expressing his gratitude, the president said in jest: "Maybe we should copy this also. I hope there is no copyright... But I think that's the highest form of respect." He elaborated: "If you are imitated, that means you must be doing something good... This is something we have to learn." President Prabowo arrived in Singapore on Sunday (June 15) evening for the eighth Singapore-Indonesia Leaders' Retreat and was welcomed upon arrival by PM Wong. On Monday, he received a ceremonial welcome at Parliament House and called on President Tharman Shanmugaratnam. President Prabowo was later presented with the new orchid hybrid and attended a state banquet hosted by President Tharman at the Raffles Hotel. [[nid:718491]] khooyihang@
Entrepreneur
6 days ago
- Business
- Entrepreneur
SarvaGram Raises INR 565 Crore in Series D; Doubles Valuation to INR 1,785 Crore
SarvaGram's board approved the issuance of 21,857 Series D compulsorily convertible preference shares (CCPS) and 20 equity shares at INR 2,51,431.22 per share in November 2023 You're reading Entrepreneur India, an international franchise of Entrepreneur Media. Rural-focused credit startup SarvaGram has raised INR 565 crore (approximately $67 million) in its Series D funding round, led by Peak XV Partners with participation from existing investors Elevation Capital, Elevar Equity, Temasek, and TVS Capital. While the company announced the round publicly, regulatory filings accessed by Entrackr revealed the detailed structure, shareholding changes, and valuation impact of the investment. According to documents filed with the Registrar of Companies, SarvaGram's board approved the issuance of 21,857 Series D compulsorily convertible preference shares (CCPS) and 20 equity shares at INR 2,51,431.22 per share in November 2023. This allotment accounted for INR 550 crore of the round, with a prior infusion of INR 15 crore bringing the total to INR 565 crore. Peak XV Partners led the round with an investment of INR 340 crore ($40.3 million). Existing backers followed suit—Elevation Capital put in INR 80.76 crore ($9.58 million), Elevar Equity contributed INR 68 crore ($8 million), while Temasek and TVS Capital invested INR 45.48 crore ($5.4 million) and INR 30.78 crore ($3.6 million) respectively. The funding has significantly boosted SarvaGram's valuation, which now stands at INR 1,785 crore ($212 million)—more than double its INR 790 crore ($94 million) valuation at the time of its $35 million Series C round. Founded in 2019 by Utpal Isser and Sameer Mishra, SarvaGram focuses on delivering tailored credit and financial services to rural households, including business, farm, personal, home, and gold loans. The company also offers farm mechanization and insurance through its SarvaMitra network, which spans over 38,000 villages, supporting more than 1.5 lakh households and over 170 retail outlets. Data from TheKredible shows SarvaGram has raised over $116 million across multiple rounds. Post-Series D, Elevar Equity remains the largest external shareholder with a 23.78 per cent stake, followed by Peak XV Partners (19.05 per cent) and Elevation Capital (18.40 per cent). Co-founders Isser and Mishra continue to hold 11.00 per cent and 7.05 per cent, respectively. Financially, the Pune-based fintech reported a 2.3x growth in operating revenue to INR 170 crore for the year ending March 2024. Losses narrowed by 30 per cent year-on-year to INR 19.75 crore. SarvaGram faces competition from agri-fintech startups such as Jai Kisan, which last raised $50 million, and which secured $30 million in debt funding earlier this year.
Time of India
6 days ago
- Business
- Time of India
Fidelity marks up IPO-bound Lenskart's valuation to $6.1 billion
A fund managed by US-based Fidelity has marked up the valuation of omnichannel eyewear retailer Lenskart by over a fifth to $6.1 billion at the end of April 30, according to a monthly portfolio holdings update by the financial services major. This marks a 21% increase of the company's fair value in Fidelity's books compared to the $5 billion valuation at which it acquired the shares in June 2024 during a secondary transaction that also saw Singapore's Temasek join Lenskart's roster of blue-chip investors. by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like Play War Thunder now for free War Thunder Play Now Undo Crossover funds such as Fidelity, which invest both in publicly traded and privately held companies, periodically review the valuation of their portfolio companies. To be sure, the fair value of a company is ascertained on the basis of a number of factors, including financials shared with investors, market conditions and the performance of comparable peers. Since inception in 2010, Lenskart has closed nearly $2 billion in funding, including secondary deals. It is due to set up its largest eyewear manufacturing facility in Telangana with an investment of about Rs 1,500 crore. Live Events As reported by ET, the eyewear retailer is considering a $1 billion public offering at a potential $10 billion valuation, double that of its last funding round as reported by ET. Earlier this month, Lenskart converted into a public company by changing its registered name from Lenskart Solutions Private Limited to Lenskart Solutions Limited through a special resolution passed by its shareholders. Lenskart had closed a $200 million secondary round last June at a $5 billion valuation, with investments from Singapore's sovereign fund Temasek and Fidelity. Separately, in July 2024, Lenskart founders Peyush Bansal , Neha Bansal, Amit Choudhary, and Sumeet Kapahi had invested almost $20 million in the company. Previously, in March 2023, Lenskart had raised $600 million from Abu Dhabi Investment Authority and ChrysCapital. Of this, $450 million was a secondary share sale, which allowed existing investors such as SoftBank and Chiratae Ventures to partially sell their stake in the company. This round had valued Lenskart at $4.5 billion. Lenskart bagged the top honour at The Economic Times Startup Awards 2024 . It was named the Startup of the Year by an elite jury for its success in building a fast-growing, large-scale omnichannel consumer retail venture while creating an entirely new category. In FY24, Lenskart's net loss shrank to Rs 10 crore from Rs 64 crore in FY23, which the company attributed to technology-driven operational efficiencies. Operating revenue rose 43% to Rs 5,428 crore, while earnings before interest, taxes, depreciation, and amortisation (Ebitda) more than doubled to Rs 856 crore. The Gurugram- based company produces about 25 million frames and 30–40 million lenses annually. It operates over 2,500 stores across India and Southeast Asia in addition to a strong online presence. The company has yet to file financial statements for fiscal year 2025 with the Registrar of Companies.
