Summary
Temasek-backed 65 Equity Partners bought 13% stake in Tuya Inc. (NYSE:TUYA), implying a total investment of US$100 million (or S$134M). The fund's mandate is to support high growth, mid-cap companies seeking a listing on the Singapore Exchange (SGX). The listing will benefit Tuya Inc. by providing easy access to capital and liquidity. Tuya Inc. will be able to use stock as a currency to fund its expansion plans in Southeast Asia.
The Company is a leading provider of IoT platform services which enables businesses to make their devices ‘smart'. Tuya offers a one-stop platform including PaaS, SaaS and smart solutions for brands and developers to develop, launch, manage, and monetize smart devices and services. Tuya's recent Q3 results showed strong momentum in the business, with revenue up 33.6% Y/Y. The revenue from IoT Platform as a Service (PaaS) experienced an increase exceeding 26% Y/Y, indicating a consistent trend of recovery. The smart solutions sector recorded a remarkable Y/Y revenue growth of over 100%, whereas the Software as a Service (SaaS) and other segments witnessed an approximate growth of 17% Y/Y.
