Since having only three unicorns in Southeast Asia in 2014, the ecosystem is now brimming with more billion dollar startups in the region
Back in 2014, Southeast Asia had only three unicorns: VNG, Garena (now ‘Sea’), and Razer.
Fast forward to today, the region has more than 20 unicorns. This stupendous growth can partly be attributed to the region’s growing number of internet users. It also demonstrates a tremendous opportunity — evident from the fact that US$19 billion was invested into tech startups in the region in H1 2021.
According to a report by Google, Temasek, and Bain, the digital economy in Southeast Asia is projected to hit US$300 billion by 2025. This could also mean the region is going to add more companies into the billion-dollar club.
As a tribute to entrepreneurs who put Southeast Asia on the map, e27 has compiled a list of all the 29 unicorns that are an inspiration for millions of to-be entrepreneurs.
Ajaib
It is an online stock-trading platform in Indonesia. As per a new Bloomberg report, the company has achieved a valuation of US$1 billion following a US$153 million funding led by DST.
Founding year: 2019
Headquarters: Indonesia
Total funding raised: Over US$240M
Unicorn date: October 4, 2021
Also Read: 9Unicorns announces 3rd Edition of DDay on April 18th 2023!
Ascend Money
Ascend Money operates the digital payment and financial service platform TrueMoney, aiming to drive regional financial access and inclusion for those financially excluded and SMEs around the region.
The firm claims TrueMoney serves more than 50 million users through its e-wallet application and 88,000 TrueMoney agents.
In September 2021, the company secured US$150 million funding from Bow Wave Capital Management, Ant Group and others at US$1.5 billion to become Thailand’s first fintech unicorn.
Founding year: 2013
Headquarters: Thailand
Total funding raised: Undisclosed
Bitkub
Bitkub is a digital asset and cryptocurrency exchange Bitkub based in Bangkok, Thailand. Bitkub offers services, including cryptocurrency and digital assets exchange, blockchain solution and ICO advisory service, education, and investment firms. The startup aims to push forward the cryptocurrency and blockchain ecosystem toward mass adoption in Thailand.
The company became a unicorn after SCB Securities (owned by Siam Commercial Bank) acquired 51 per cent of its total shares for US$536 million.
Founding year: 2018
Total funding: Undisclosed
Headquarters: Thailand
Unicorn date: Nov 03, 2021
Blibli
While the company has not made a public announcement, the CEO of Blibli has Kusumo Martanto has said that the company achieved unicorn status.
Blibli.com was one of the first online malls in Indonesia.
Founding year: 2010
Headquarters: Indonesia
Total funding raised: Undisclosed
Unicorn date: August 6, 2021
Bukalapak
Founded by three friends, Bukalapak is one of the biggest success startup stories from Indonesia. Bukalapak, which means ‘open a stall’ in Bahasa Indonesia, helps millions of local small mom-and-pop stores to sell their goods online.
The e-commerce unicorn plans to get listed on the Indonesian Stock Exchange on August 6. The firm, which counts the likes of GIC and Microsoft among its backers, is now set to create history by launching the biggest local listing in 13 years and the largest ever by a startup in the region.
Founding year: 2010
Headquarters: Indonesia
Total funding raised: US$784 million
Unicorn date: Jan 10, 2018
Also Read: SEA needs to grow together and produce more quality unicorns: Vertex Ventures’s Carmen Yuen
Carousell
Singapore-based classifieds company Carosell Group entered the unicorn club by bagging a US$100M financing. The company’s announcement came only hours after Indonesia-based Xendit announced their unicorn status.
The round, led by Korean PE firm STIC Investments, takes Carousell’s valuation to US$1.1 billion.
Founding year: 2012
Headquarters: Singapore
Total funding raised: US$277 million +
Unicorn date: September 15, 2021.
Carro
Started originally as an online marketplace for cars, Carro has registered significant growth. In 2021 alone, the firm posted a 2.5x revenue growth and it continues to be EBITDA-positive for the second year running. The startup also has plans to launch an initial public offering (IPO) in the next 18-24 months.
Carro is a subscription-based service that allows customers to drive a car without the hassle of owning it. It also provides a range of services that offer car owners everything they need, including an in-house financing solution, after-sales services, and a flexible car ownership experience with Singapore’s car subscription service.
Founding year: 2015
Headquarters: Singapore
Total funding raised: US$589.5 million
Unicorn date: June 15, 2021
Carsome
Carsome is the only unicorn that emerged from Malaysian so far and is valued at over US$1 billion. With operations across Indonesia, Thailand, and Singapore, besides Malaysia, the firm claims to have an annualised revenue of US$800 million with plans to achieve US$1 billion this year.
The company provides end-to-end solutions to consumers and used car dealers — from car inspection to ownership transfer to financing. Every car that transacts on the platform goes through a comprehensive 175-point inspection, and every car purchase is backed up with an extended warranty and a money-back guarantee, it said in a statement.
Founding year: 2015
Headquarters: Malaysia
Total funding raised: US$107.4 million
Unicorn date: July 13, 2021
eFishery
Indonesia-based eFishery builds eFishery Feeder, an IoT device that enables automated feeding in fish and shrimp farms.
Founding year: 2013
Headquarters: Bandung, Indonesia
Total funding raised: US$250 million
Unicorn date: May 2023
Flash Group
After recently raising US$150 million from a slew of investors, Flash Group is the first Thai company to make it into the billion-dollar club. Already placed in a competitive market, Flash Group is confident to dominate and intends to increase its domestic market share to over US$16 billion.
FlashGroup provides e-commerce logistics services and delivery services to Southeast Asian e-commerce platforms.
Founding year: 2017
Headquarters: Thailand
Total funding raised: Undisclosed
Unicorn date: Jan 2, 2021
Also Read: The next generation of unicorns will be from greentech: Wavemaker Impact’s Steve Melhuish
The only company to have the status of a decacorn in Indonesia, Gojek has reached a position which many startups can only dream of.
Started as a ride-hailing service with only 20 motorcycle riders, called “ojek”, Gojek has now grown to a fleet of over one million drivers today. The company has also widened its products and services, from courier delivery, food, and shopping services, to fintech. Its app is also deemed by many to be the most popular and most used in the region.
Founding year: 2010
Headquarters: Indonesia
Total funding raised: US$5.3 billion
Unicorn date: August 5, 2016
Grab
Grab is one of Singapore’s most-valued super apps that offers not just ride-hailing services but also food delivery and logistics services through its app.
As of now, Grab has a footprint across Malaysia, Indonesia, the Philippines, Vietnam, Thailand, Myanmar, and Cambodia, and is valued at US$40 billion in 2020 following its SPAC deal.
Founding year: 2012
Headquarters: Singapore
Total funding raised: US$10 billion
Unicorn date: May, 2015
J&T Express
Valued at US$7.8 billion, J&T Express has grown massively and is predicted by some to have the potential to compete with Chinese logistics companies.
A logistics delivery company, it is also the shipping partner for many notable brands, including OPPO, Tokopedia, Lazada, Shopee, and Bukalapak.
Founding year: 2015
Headquarters: Indonesia
Total funding raised: US$2.2 billion
Unicorn date: April 16, 2021
Kopi Kenangan
Indonesian new retail F&B chain Kopi Kenangan became a unicorn after closing a US$96 million Series C financing round, led by US-based Tybourne Capital Management. Existing investors, including Horizons Ventures, Kunlun, and B Capital, besides new investor Falcon Edge Capital, also participated.
Founding year: 2017
Headquarters: Indonesia
Total funding raised: US$240 million
Unicorn date: December 27, 2021
Lazada
Lazada is a company that reached its unicorn status only after it was bought by Chinese e-commerce giant Alibaba for US$1 billion.
As of today, it is a major player in online shopping and selling. Lazada has a presence in six countries in the Southeast Asia region including Indonesia, Malaysia, the Philippines, Singapore, Thailand, and Vietnam.
Headquarters: Singapore
Total funding raised: US$4.2 billion
Unicorn date: April 12, 2016
Founding year: 2012
Also Read: For Indonesia’s 2nd generation unicorns, international expansion is the name of the game
MoMo
M_Service JSC, the owner of the Vietnamese payment app MoMo, scored US$200 million Series E funding led by Japanese global bank Mizuho. Mizuho invested US$170 million in return for a 7.5 per cent stake, according to a Nikkei Asia report.
Ward Ferry Management, Goodwater Capital, and Kora Management also contributed to the funding round.
Headquarters: Vietnam
Total funding raised: US$433.8 million
Unicorn date: December 21, 2021
Founding year: 2007
Mynt
It is a leading digital financial solutions company and the owner of the mobile payments GCash in the Philippines. GCash is Mynt’s flagship product. Through this app, customers can purchase prepaid airtime, pay bills at over 600 partner billers nationwide, send and receive money anywhere in the Philippines, purchase from over 3 million partner merchants and social sellers. Customers can also get access to savings, credit, insurance and invest money.
Mynt has just announced a US$300 million funding led by Warburg Pincus, with participation from Insight Partners, Itai Tsiddon, Amplo Ventures, Globe Telecom, and Ayala Corporation, besides existing backer Bow Wave Capital.
Founding year: 2015
Headquarters: Philippines
Total funding raised: Undisclosed
Unicorn date: November 02, 2021
Nium
It is the latest to enter the unicorn club. Nium achieved US$1 billion+ valuation following a recent US$200 million Series D investment round led by US-based Riverwood Capital.
Nium is a global payments platform that enables businesses to send, spend, and receive money from anywhere in the world, in addition to empowering them to develop their own products that simplify cross-border payments. The firm issues approximately 30 million physical and virtual cards today and is licensed in 11 jurisdictions, including direct card issuing capabilities in 24 countries and in 40 currencies.
Founding year: 2015
Headquarters: Singapore
Total funding raised: US$280 million
Unicorn date: May 12, 2020
OVO
OVO is Indonesia’s fifth unicorn and is currently valued at over US$2.9 billion. It serves over 110 million people spread across 300 Indonesian cities and claims to serve 98 per cent of the adult population in the region.
Through OVO users can get access to payments, transfers, cash-in/out, rewards, asset management, and investments.
Founding year: 2017
Headquarters: Indonesia
Total funding raised: Undisclosed
Unicorn date: October 8, 2019
Also Read: Synergizing a corporate, a tech unicorn and startups with a corporate-backed accelerator programme
Patsnap
PatSnap began in 2007 as a patents analytics startup in Singapore and grew rapidly after it set up base in China through the NUS Suzhou Research Institute (NUSRI) and BLOCK71 by NUS Enterprise (the entrepreneurial arm of NUS). It currently provides R&D intelligence and IP intelligence platforms for brands and enterprises
The company raised Series E financing from the likes of Tencent and Softbank placing it into the unicorn club, with a valuation of US$1.35 billion.
Founding year: 2007
Headquarters: Singapore
Total funding raised: US$351.6 million
Unicorn date: March 17, 2021
Razer
Founded 16 years ago, Razer is one of the oldest unicorns in SEA. Dually headquartered in Singapore and the US, it is also one of the first to sponsor professional e-sports players in the world. Razer is the only Southeast Asian company to be publically listed in Hong Kong.
Its early business was the production of gaming devices (such as mice and keyboards) but since then has expanded into mobile phones as well as payments.
Founding year: 2005
Headquarters: Singapore/US
Total funding raised: US$200 million
Unicorn date: October 2014
Revolution Precrafted
Revolution Precrafted made headlines when it became the first unicorn company to emerge from the Philippines. However, the startup recently faced allegations of hooking several businessmen into schemes and running away with PHP150 million (US$3.1 million) in suspicious deals.
Founded six years ago, the company is a developer of prefabricated designer homes.
Founding year: 2015
Headquarters: Philippines
Total funding raised: Undisclosed
Unicorn date: October 23, 2017
Sea
Formerly known as Garena, Sea is a leading Singaporean gaming and e-commerce company known for launching one of the most successful IPOs in the US. The company also owns Shopee, one of the region’s largest and most popular e-commerce platforms, and AirPay, a digital payment service with a presence in three countries
Founding year: 2009
Headquarters: Singapore
Total funding raised: US$2.6 billion
Unicorn date: Unidentified date, 2014
Also Read: Why HR tech will make Asia’s next unicorns
Tiket
Tiket is also Indonesia’s second travel unicorn company and has been exploring a merger with a special purpose acquisition company as it seeks to expand its business.
The company is one of the largest OTA (Online Travel Agent) in Indonesia that provides and facilitates online ticket ordering and purchasing systems.
Founding year: 2011
Headquarters: Indonesia
Total funding raised: Undisclosed
Unicorn date: May 18, 2021
Tokopedia
One of the earliest unicorns from Indonesia, the company is now merging with Gojek to create a multi-billion dollar tech company called GoTo.
Tokopedia is an e-commerce giant that aims to build a super ecosystem where anyone can start and discover anything. Today it works with various marketplaces, logistics, payments, and financial technology businesses, while also providing more than 500,000 payment points across Indonesia.
Founding year: 2009
Headquarters: Indonesia
Total funding raised: US$2.8 billion
Unicorn date: November 22, 2018
Traveloka
Founded by ex-Silicon Valley engineers, Traveloka provides access for users to discover and purchase a wide range of transportation, accommodation, lifestyle, and financial services products. The company claims that its app has been downloaded more than 60 million times.
As of July last year, Traveloka has a total of US$1.2 billion in its pocket.
Founding year: 2012
Headquarters: Indonesia
Total funding raised: US$12 billion
Unicorn date: March 16, 2018
Trax
With customers in over 90 countries, Trax provides customers with data science solutions that transform how in-store retail data is being collected, viewed, and analysed. With Trax, manufacturers and retailers can improve product availability, reduce distribution gaps, identify category opportunities and increase their sales.
Founding year: 2010
Headquarters: Singapore
Total funding raised: US$1 billion
Unicorn date: July 22, 2019
VNG
VNG is Vietnam’s first unicorn with a valuation that has surged more than 50 percent since it gained its unicorn status.
Its products and services are categorised into four business units — online games, payment, Zalo (video call), and VNG Cloud.
Founding year: 2004
Headquarters: Vietnam
Total funding raised: Undisclosed
Unicorn date: Unidentified date, 2014
Also Read: Insurtech unicorn bolttech invests in digital insurance advisory Sherpa
VNPay has recently joined the ranks of VN Corp to become the second unicorn to be valued at US$1 billion. The company was given the title under a report known as e-Conomy SEA 2020 by tech giant Google and its partners. The report further stated that VNPay was one of the startups that attracted the highest investments in the Southeast Asian fintech industry last year.
The payment company has over 15 million monthly users who access its app to transfer money, pay utility bills and buy bus tickets.
Founding year: 2007
Headquarters: Vietnam
Total funding raised: US$300 million
Unicorn date: December 7, 2020
Voyager Innovations
Philippine-based Voyager Innovations, the company behind end-to-end money platform PayMaya and neobank Maya Bank, announced on Tuesday, April 12, that it has raised US$210 million in funding.
Led by SIG Venture Capital, this funding round included EDBI and First Pacific Company Ltd, telco company PLDT, global investment firm KKR, Tencent, IFC, and two funds managed by IFC divisions IFC Emerging Asia Fund and IFC Financial Institutions Growth Fund.
Founding year: 2013
Headquarter: The Philippines
Total funding raised: US$330 million+
Unicorn date: April 12, 2021.
Xendit
Payments infrastructure company Xendit secured its unicorn status by closing a US$150 million Series C funding led by Tiger Global. Besides existing backer Accel Partners, new investors Singapore- and US-based Amasia and Goat Capital (a VC firm owned by Justin Kan, co-founder of Twitch) also participated in the round.
This deal follows a US$64.6 million Series B round led by Accel that the company has raised in March this year.
Founding year: 2015
Headquarter: Indonesia
Total funding raised: US$238 million
Unicorn date: September 22, 2021.
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