We’re pleased to have advised KFit, one of Southeast Asia’s exciting tech startups on its acquisition of Groupon’s Malaysian business.  This follows the acquisition of the Indonesian part of the Groupon group which was announced in June. KFit CEO Joel Neoh previously headed up Groupon Asia-Pacific before founding the Sequoia Capital backed startup in 2015. The acquisitions are part of KFit’s strategy to become a leading online-to-offline (O2O) player in Southeast Asia.  Both Groupon businesses will be incorporated into Fave – KFit’s deals app.

Kindrik Partners is already well regarded in Southeast Asia for its VC financing practice – we are advising on around 15-20 series A and B deals per year. Helping our tech clients grow through M&A transactions is also in our sweet spot.  Particularly working across the different jurisdictions in the region.

The Southeast Asia tech ecosystem may face a shake-out in 2017 following a lot of VC investment in the last 5 years.  We therefore expect to see more M&A deals.  This may include more exits, business consolidations and buy-and-build transactions.  With our Singapore branch launching in early 2017, we look forward to supporting more Southeast Asian tech businesses on these kind of deals.

The deal was led by Lee Bagshaw and Chris Wilson.