Since there were just three unicorns in Southeast Asia in 2014, the market is now teeming with billion-dollar businesses.
Southeast Asia had only three unicorns in 2014: VNG, Garena (now ‘Sea,' and Razer. Today, the region is home to 20 unicorns.
This phenomenal rise can be ascribed in part to the region's rising number of internet users. It also represents a huge chance, as seen by the fact that US$19 billion was invested in tech companies within the area in the first half of 2021.
The digital economy in Southeast Asia is expected to reach US$300 billion by 2025, according to research by Google, Temasek, and Bain. Simply put, the region is going to have more companies joining together into the billion-dollar club as well.
With much pride and tribute, FinFan has grouped together a list of all the 20 unicorns that would act as a huge inspiration for millions of soon-to-be entrepreneurs.
Bukalapak, launched by three friends, is one of Indonesia's most successful startup tales. Bukalapak, which translates to "establish a booth" in Bahasa Indonesia, assists millions of local tiny mom-and-pop shops in offering their products online.
On August 6, the e-commerce unicorn intends to float on the Indonesian Stock Exchange. The business, which has received funding from GIC and Microsoft, is now determined to make history by unveiling the largest local listing in 13 years and the largest ever by a startup in the area.
Founding year: 2010
Headquarters: Indonesia
Total funding raised: US$784 million
Unicorn date: Jan 10, 2018
Started originally as an online marketplace for cars, Carro has successfully grown into the most well-known subscription-based service that allows customers to drive a car without the hassle of owning it.
In 2021 alone, the firm witnessed a 2.5x growth in revenue and it keeps on being EBITDA-positive for the second year running. Moreover, the startup also intends to launch an initial public offering (IPO) in the next 18-24 months.
Additionally, Carro provides a wide range of services that present car owners with 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 is the only unicorn to have risen from Malaysia, and it is worth more than $1 billion. With operations in Indonesia, Thailand, and Singapore, in addition to Malaysia, the company claims an annualised revenue of US$800 million, with aspirations to exceed US$1 billion this year.
Consumers and used vehicle dealers may get end-to-end solutions from the firm, which includes everything from automobile inspection to ownership transfer and finance. Every automobile sold on the platform is subjected to a rigorous 175-point examination, and every car transaction is backed by an extended warranty and a money-back guarantee, according to a statement.
Founding year: 2015
Headquarters: Malaysia
Total funding raised: US$107.4 million
Unicorn date: July 13, 2021
After a recent US$150 million deal with a board of investors, Flash Group becomes the only Thai company among other companies within the billion-dollar club. Fighting in a competitive market, Flash Group is deemed confident to dominate and intends to increase its domestic market share to over US$16 billion.
Essentially, FlashGroup offers 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
Gojek, Indonesia's only decacorn firm, has achieved a great level of success that many companies might definitely dream of.
Gojek kickstarted as a ride-hailing service with only 20 motorbike riders, dubbed "ojek," and has now expanded to a fleet of over one million drivers. The company's goods and services have also expanded, from courier delivery to food and shopping services to finance. Many consider its app to be the most popular and widely utilized in the region.
Founding year: 2010
Headquarters: Indonesia
Total funding raised: US$5.3 billion
Unicorn date: August 5, 2016
Grab is one of Singapore's most valuable mega apps, providing not just ride-hailing but also delivery service and logistical services via its app.
Until now, Grab leaves its footprints 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 $7.8 billion, has developed rapidly and is expected to compete with Chinese logistics businesses, according to some.
It is a logistics delivery firm that also serves as a shipping partner for several well-known companies such as OPPO, Tokopedia, Lazada, Shopee, and Bukalapak.
Founding year: 2015
Headquarters: Indonesia
Total funding raised: US$2.2 billion
Unicorn date: April 16, 2021
Lazada is a startup that only achieved unicorn status after being purchased for $1 billion by Chinese e-commerce behemoth Alibaba.
It is now a key player in online purchasing and selling. Lazada operates in six Southeast Asian nations, 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
As a late-comer of the billion-dollar club, Nium achieved US$1 billion+ valuation following a recent US$200 million Series D investment round led by US-based Riverwood Capital.
Nium provides a holistic global payments platform that facilitates 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
The Jakarta-based business has a valuation of US$1.7 billion and is backed by many major investors, including Sequoia Capital India, Warburg Pincus, and Altos Ventures.
The firm was created to challenge Indonesia's laborious tax system. To make things easier, our platform incorporates web-based data that taxpayers may utilize to compute, deposit, and report taxes all in one place. Users may also handle taxes for free, with premium capabilities such as invoicing and payroll available for a fee.
Companies that employ its services include Tokopedia, Gojek, Garuda Indonesia, PT Astra Otoparts Tbk, Huawei Tech Investment, Jasa Marga, and others.
Founding year: 2015
Headquarters: Indonesia
Total funding raised: US$41 million
Unicorn date: July 15, 2021
OVO is Indonesia's fifth unicorn, with a current valuation of more than US$2.9 billion. It claims to cover 98 percent of the adult population in the region and serves over 110 million people scattered throughout 300 Indonesian cities.
Payments, transfers, cash-in/out, rewards, asset management, and investments are all available with OVO.
Founding year: 2017
Headquarters: Indonesia
Total funding raised: Undisclosed
Unicorn date: October 8, 2019
PatSnap originated in Singapore in 2007 as a patent analytics business and quickly expanded after establishing a foundation in China through the NUS Suzhou Research Institute (NUSRI) and BLOCK71 by NUS Enterprise (the entrepreneurial arm of NUS). It presently delivers platforms for R&D intelligence and IP intelligence to brands and companies.
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
Established 16 years ago, Razer is among the oldest unicorns in SEA. Simultaneously headquartered in Singapore and the US, it is also one of the first sponsors for professional e-sports players in the world. Razer is the only Southeast Asian company to be publicly listed in Hong Kong.
It started as a gaming device (such as mice and keyboards) producer but since then has successfully 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 made news when it became the Philippines' first unicorn startup. However, the startup was lately accused of duping numerous businesses into scams and fleeing with PHP150 million (US$3.1 million) in questionable agreements.
The firm, which was founded six years ago, is a producer of prefabricated designer homes.
Founding year: 2015
Headquarters: Philippines
Total funding raised: Undisclosed
Unicorn date: October 23, 2017
Sea, formerly known as Garena, is a major Singaporean gaming and e-commerce business best recognized for conducting one of the most successful initial public offerings (IPOs) in the United States. Shopee, one of the region's largest and most popular e-commerce platforms, and AirPay, digital payment service with a presence in three countries, are both owned by the business.
Founding year: 2009
Headquarters: Singapore
Total funding raised: US$2.6 billion
Unicorn date: Unidentified date, 2014
As one of the earliest unicorns coming from Indonesia, the company is now acquired with Gojek to pave its path for a multi-billion dollar tech company called GoTo.
Tokopedia is an e-commerce behemoth with the goal of creating a mega ecosystem in which anybody may start and find anything. It now collaborates with a variety of marketplaces, logistics, payments, and financial technology companies, as well as offering over 500,000 payment terminals throughout 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, allows customers to find and purchase a wide range of transportation, lodging, lifestyle, and financial services items. According to the firm, 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
Attracting a host of customers coming from more than 90 countries, Trax offers customers data science solutions that reform the way in-store retail data is being collected, viewed, and processed. With Trax, manufacturers and retailers can enhance product availability, bridge distribution gaps, identify category opportunities and boost their sales.
Founding year: 2010
Headquarters: Singapore
Total funding raised: US$1 billion
Unicorn date: July 22, 2019
VNG is Vietnam's first unicorn, with a valuation that has increased by more than 50% since achieving unicorn status.
It divides its products and services into four business units.
Founding year: 2004
Headquarters: Vietnam
Total funding raised: Undisclosed
Unicorn date: Unidentified date, 2014
VNPay has just joined the ranks of VN Corp as the second unicorn valued at $1 billion. The designation was bestowed upon the firm in a study titled e-Conomy SEA 2020 by internet giant Google and its partners. According to the study, VNPay was one of the firms that received the most funding in the Southeast Asian fintech market last year.
The payment company's app is used by approximately 15 million people each month 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