BFM 89.9

HIGHLIGHTS 
Podcast  >  Enterprise  >  Open For Business  >  ASCARO’s RM91M Valuation: Bold Bet or Financial Fantasy?

ASCARO’s RM91M Valuation: Bold Bet or Financial Fantasy?

Daniel Liljekvist, Managing Director and Partner, ASCARO | Nicholas Caoile, Co-founder and COO, ASCARO

26-Mar-25 10:00

ASCARO’s RM91M Valuation: Bold Bet or Financial Fantasy?

How does one padel club with big dreams justify a RM91 million valuation?

Founded in Stockholm and now trying to make waves in Southeast Asia, ASCARO claims it’s not your average padel club. Launched in Malaysia in 2023, the company became profitable in its first year at 1 Utama and now has bold expansion plans. In this episode of Open For Business, we speak with Managing Director Daniel Liljekvist and COO Nicholas Caoile to unpack ASCARO’s journey from padel apparel brand to premium club concept.

With projections of RM90.8 million in revenue and RM41.4 million in net profit by 2027, ASCARO is raising up to RM20 million via equity crowdfunding to fund four new locations across Kuala Lumpur and Jakarta. But with a pre-money valuation of RM91 million and ambitions for a future IPO or acquisition, the big question is: is this too big a swing?

The duo shares their multi-revenue model, expansion playbook, and how ASCARO aims to build a new kind of inclusive country club for Southeast Asia, while navigating execution risk, scalability, and investor scrutiny.

AI generated Key Highlights:

  • Origins & Evolution: Started as a premium padel apparel brand in Stockholm (2021) before evolving into a padel and social club concept.

  • Malaysia Expansion: Launched in 1 Utama in 2023 and turned a profit within the first year.

  • Business Model: Combines B2C (court rentals, coaching, merchandise) with a strong B2B focus (events, corporate partnerships, sponsorships).

  • Financials: 2024: RM5.4M revenue, RM1.1M pre-tax profit – 2025 (projected): RM36.9M revenue, RM15.7M net profit – 2027 (projected): RM90.8M revenue, RM41.4M net profit

  • Funding Strategy: Raising up to RM20M via equity crowdfunding at a RM91M pre-money valuation to fund four new clubs (3 in KL, 1 in Jakarta).

  • Scalability: Targeting 15 clubs by 2027, leveraging modular concepts, shared cost structures, and strong location selection near corporate hubs.

  • Strategic Partnerships: Incentivising key partners and talent with equity; exploring landlord co-investment models and international collaborations.

  • Risks & Challenges: Execution risk across multiple markets – High construction and fit-out costs – Market still in early-stage adoption in Southeast Asia

  • Exit Plans: Aiming for IPO or acquisition within four years; positioning for regional scale and investor appeal through expansion and digital offerings.

Produced by: Kishan Sivaswamy

Presented by: Roshan Kanesan


This and more than 60,000 other podcasts in your hand. Download the all new BFM mobile app.

Categories:  marketssportsinvestments

Tags:  lifestyleequity crowdfundingsportsentrepreneurshipsoutheast asiamarket expansion strategyfundraising





Play / Pause

Listen now : Bar None: We speak to Jeffrey Ross, the General Manager of Fresh...

Today’s Shows



6:00 AM

The 6AM Stretch

Thought-provoking discussions on ideas, people and events shaping our lives.

7:00 AM

World Market Watch

Tim Mulholland, President, TJM Limited, Chicago, tells us where international markets are heading.

7:15 AM

Morning Brief

We recap global and local headlines from today's papers and portals.

7:30 AM

Morning Brief

Kathleen Chen, Associate Director of Asia-Pacific Sovereigns, Fitch Ratings on impact to Malaysia's fiscal position post populist measures.

7:45 AM

Morning Brief

Datuk Shamsuddin Bardan of the Malaysian Employers Federation weighs in on how the designation of September 15th as a public holiday may disrupt businesses.

8:00 AM

The Breakfast Grille

Megat Zariman, President of Velesto Energy Berhad, shares his outlook on the oil and gas industry.

8:30 AM

Morning Brief

Faisal Aziz, Bersih Chairman joins us to discuss our civil liberties when it comes to peaceful assemblies.

8:45 AM

Morning Brief

Dr. Surachanee Sriyai of ISEAS–Yusof Ishak Institute discusses the root causes driving scam centre operations and explores potential policy solutions.

9:00 AM

Opening Bell

(REPEAT) Tim Mulholland, President, TJM Limited, Chicago, tells us where international markets are heading.

9:15 AM

Opening Bell

(REPEAT) We take a look at the FBM KLCI as well as regional capital markets.

9:35 AM

What's The Focus

We wrap up the week’s biggest conversations to keep you in the know.

10:05 AM

Open For Business

Pure Mylk’s Marcus Khoo on the tech behind clean-label plant-based drinks, filling Malaysia’s food-tech gaps, and why The Mylky Way may be Southeast Asia’s next innovation hub for sustainable F&B.

11:00 AM

Mattsplained

Matt Armitage, Founder, Kulturpop

12:00 PM

Enterprise Explores

CyberArk’s Serene Lee on machine identity breaches, AI-powered threats, and why human-centric security strategies are no longer enough.

1:00 PM

The Breakfast Grille Repeat

Megat Zariman, President of Velesto Energy Berhad, shares his outlook on the oil and gas industry.

2:05 PM

Discovery Hour

3:05 PM

Front Row

Material scientist Lyne Ismail, trained in chemistry and nanotechnology, presents "Cat Town: Energy, Matter, and the Art of Becoming," a solo exhibition exploring energy, matter, and abstraction.

3:20 PM

Front Row

Singer Janet Lee marks two decades on stage with "Lucky Lee - The 20-Year Journey On Stage," a theatrical concert experience. She's joined by musical collaborator Tay Cher Siang to discuss her career, from Taiping to sold-out stages nationwide.

4:05 PM

Health & Living

Are the increasingly popular ceramic cookware actually “non-toxic”? We look at what they’re made of and what are the effects in the human body.

5:00 PM

Top 5 at 5

6:00 PM

Popcorn Culture

A review of The Fantastic Four’s arrival in the MCU, followed by a discussion about characters that have been played by different actors.

7:00 PM

BBC World Service

This week on Science in Action, scientists have detected the largest black hole merger ever observed with LIGO picking up signals from two black holes colliding in a ‘violent’ spacetime event.

8:00 PM

Bar None

We speak to Jeffrey Ross, the General Manager of Fresh Events Asia, ahead of the Redline Fitness Games, happening this weekend.

9:00 PM

The Selector

Covering all styles of music from indie, dubstep, folk, soul, electro and everything in between, from some of the most exciting artists in the UK.