At least u noticed the super valuation of a startup company without any proven track record.

Profit or loss in the venture is part of the risk of investment but value a unknown startup and pump in almost 50m to cash roll it as minority shareholders is bad investment

looking back now their real reason revealed, they wanted to support bumi clothing biz that projected growth like a tech company, genius

https://www.asiatechreview.com/p/fashionval...ommerce-pioneer

FashionValet’s Series C round closed in 2019 and was to be worth $12 million, according to MalayMail—that was a considerable amount at the time, especially for a startup based in Malaysia

Based on 2021 filings, revenue grew 34% to RM113.52 million (US$23.8 million), while losses were slashed to RM9.6 million (US$2 million), 22% better than the previous year. However, term loans grew 125% to RM6.3 million (US$1.32 million), as the company likely turned to loans to weather the downturn of the Covid pandemic.