Top ten highlights from the APAC PE, VC, and startup ecosystem this week:
- **Global Elections:** Nearly 60 countries are set to hold elections in 2024, making it a significant election year with almost half of the world’s population participating in electing new leaders.
- **Indonesia’s Festival of Democracy:** In Indonesia, the election process is considered a celebration known as pesta demokrasi, where citizens not only cast their votes but also celebrate the essence of democracy.
- **Presidential Candidates:** Indonesia’s presidential election featured prominent candidates like Anies Baswedan, Prabowo Subianto, and Ganjar Pranowo, whose debates sparked discussions in various settings.
- **Defence Minister’s Declaration:** Defence Minister Prabowo Subianto claimed victory in the presidential race based on unofficial vote counts, awaiting the official results.
- **IPO Delay:** Major companies are postponing their IPO plans until there is clarity on policy directions from the new administration in Indonesia.
- **January Startup Funding:** Southeast Asian startup funding hit a 12-month low of $246 million in January, down 78% from the previous month, despite a rise in deal count.
- **Startup Troubles:** Indonesian startups like Ula and Mapan faced challenges, with Ula likely to close its office and Mapan experiencing difficulties amid layoffs and declining volumes.
- **Investment Shifts:** Singtel Innov8 exited its investment in tech startup Vizzio, while Blue Planet Environmental Solutions acquired Mahindra Waste to Energy Solutions Limited in India.
- **Leadership Changes:** Several startups announced top deck changes, with significant figures like SiCepat Ekspres, Modalku, and Octopus witnessing transitions in leadership roles.
- **Investment Updates:** Private equity firms like COPE Private Equity and InCred Alternative Investments, and pension funds like KWAP and CPP Investments, made notable investment moves in various sectors across Asian markets.
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