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Catcha Group's 8 Predictions for the Southeast Asian Tech Scene over the next 24 Months

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In this new report, we analyse the next stages in the evolution of the regions tech ecosystem as we see it. The timing was a poignant one for us, as it marked 10 years since we had founded iProperty, a company we sold in 2016 in one of the largest exits in SEA internet history.

Here, we review the predictions that we made in 2017 on the regional tech scene and make 8 new predictions on the direction of the SEA tech scene over the next 24 months, as we run up to Catcha’s 20th anniversary of creating internet businesses in SEA.

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Catcha Group's 8 Predictions for the Southeast Asian Tech Scene over the next 24 Months

  1. 1. 8 Predictions for the Southeast Asian Tech Scene over the next 24 Months Feb 2018
  2. 2. Foreword 2 If you have any questions on the report, please reach out via enquiries@catchagroup.com. Opinions expressed are solely perspective of Catcha Group. Neither Catcha Group or any of its respective affiliates or employees makes any representation or warranty, express or implied, as to the accuracy or completeness of the information contained in this document. All figures as in USD. Dear readers, Since 1999, I have been very fortunate to be part of the Southeast Asia (SEA) tech scene as an entrepreneur and investor, witnessing its explosive growth from nothing to its booming state today. Luke and I cofounded Catcha Group to build disruptive tech businesses from SEA, and our journey has been one where even our sometimes crazy expectations have been exceeded. There are now tens of thousands of people working in businesses like those we imagined, including 3,000 in our own companies, and SEA has become an emerging markets benchmark and test bed, enabling the lessons learned in this part of the world to be deployed in developing nations globally. The innovation of companies in SEA has become something to emulate and admire. In 2017, we decided to put together a report to analyse the next stages in the evolution of the SEA tech ecosystem as we saw it. That time was a poignant one for us, as it marked 10 years since we had founded iProperty, a company we sold in 2016 in one of the largest exits in SEA internet history. In this new report, we review the predictions that we made in 2017 and make 8 new predictions on the direction of the SEA tech scene over the next 24 months as we run up to Catcha’s 20th anniversary of creating internet businesses in SEA. Hope you find this interesting and we can’t wait to see what excitement the future brings. Patrick Grove
  3. 3. Review of our 7 predictions for the SEA tech scene made in Jan 2017 3 Source: Google-Temasek e-Conomy SEA Spotlight 2017, Pitchbook, Crunchbase, UOB State of Fintech in ASEAN, Tracxn. 1. SEA will become a bigger internet market than the USA 2. Funding will be harder to get 3. At least three companies will raise $100m+ rounds 4. There will be another exit (IPO/M&A) in excess of $500m 5. The year of China 6. There will be a widespread embrace of fintech 7. A different startup will run out of money every week ✓ ✓ ✓ ✓ ✓ ? By the end of 2017, the region attained 330m active internet users, overtaking the USA Number of deals fell by 34% from 2016-2017 Grab, Go-Jek, Tokopedia, Traveloka, iflix and OneChampionship all raised $100m+ rounds Sea Group IPO-ed on the NYSE at $4.9bn and Razer IPO-ed on the SEHK at $4.4bn Alibaba, Tencent and Didi led three investments into Tokopedia, Go-Jek and Grab respectively – representing the three biggest tech deals, worth $4.3bn in total, i.e 72% of total deal value in 2017 Total fintech funding increased by 40%. There are more payment apps than ever before in SEA … this is a tricky one – we have yet to find any evidence to either prove or disprove this ✓
  4. 4. 8 predictions for the SEA tech scene over the next 24 months 4 1. By the end of 2019, SEA will have 460m internet users and $10bn raised in private tech funding 2. First Decacorn ($10bn+ valuation) will emerge from SEA 3. A new Unicorn will be built in less than 3 years from launch 4. Chinese companies remain the largest source of tech funding 5. At least 2 more IPOs in excess of $500m 6. Consolidation of the SEA tech landscape – there will be 2 acquisitions in excess of $500m 7. Corporates and governments in SEA will invest at least $1bn in the startup ecosystem 8. At least one SEA country will accept/issue a virtual currency as a legal tender 1 2 3 4 5 6 7 8
  5. 5. Snapshot of the SEA tech ecosystem from 2001 to 2017 5 * Funding figures are only based on publicly available data, we acknowledge that data might be incomplete during this period. Internet and Mobile Infrastructure Boom 2007-14: Internet users and speed increased by 5x and 10x respectively 2012-14:Smartphone sales increased by 4x, and avg device price dropped by 2x; mobile internet speed increased by 2x Foreign Tech Companies Entrance Entrance of foreign tech companies created more tech jobs. Rocket Internet attracted talent and capital into SEA Influx of Early Stage Funding AWS’s entrance lowered the cost of capital, making it cheaper than ever to start a tech business. 2010-13: Number of private tech deals increased 95% on average annually, with majority of funding concentrated in early-stage startup Unicorn Era 6 unicorns were founded between 2009-2012, all took 4.7 years on avg to achieve unicorn status More Local Corporate Involvement Than Ever SEA-based corporates are actively engaging with startups via partnerships/investments, but yet to engage in significant M&A Private Tech Funding Explosion More Foreign Interest Than Ever Active Government Support 2014-2017: Funding Value grew at a 94% CAGR, but 90% of total funding in 2017 went to 10 startups. Unicorns are using these funds to grow via M&A 2014-15: Two of the biggest SEA Tech acquisitions (JobStreet and iProperty) by Australian corporates. 2017: Chinese tech giants were involved in the 3 biggest tech deals Governments are actively pushing digital agendas and introducing more startup-friendly policies, from tax incentives to immigration law GrowthVentureSeed 2007 20142001 Lack of Funding Poor Internet Infrastructure Little Government Support Few Tech Entrepreneurs and Talent $11m raised in 14 private tech fundraising rounds.* Dotcom bust made raising public money for tech businesses harder in SEA 10% Internet Penetration; 0.6% broadband penetration Only SG and MY had formal govt agencies to support tech ecosystem Small handful of tech businesses with limited success at the time
  6. 6. Number of internet users in SEA increased by ~17x since 2001 – overtaking major developed countries 6 Source: World Bank, Google-Temasek Report, Internet Live Stats SEA # Internet Users (2001-2017) 19m 24m 29m 37m 48m 58m 68m 75m 80m 111m 127m 148m 166m 186m 219m 246m 330m ,000 - ,000 ,000 ,000 ,000 ,000 ,000 ,000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 Overtook USA # Internet Users Overtook Japan # Internet Users Overtook combined # Internet Users of Germany, UK and France
  7. 7. Fixed broadband speed increased by 10x since 2007, improving user experience for internet-based products 7 Source: Akamai 1.1Mbps 1.2Mbps 1.5Mbps 1.6Mbps 1.9Mbps 2.3Mbps 2.9Mbps 3.9Mbps 5.5Mbps 7.8Mbps 11.2Mbps Mbps Mbps Mbps Mbps Mbps Mbps Mbps Mbps Mbps Mbps Mbps Mbps Mbps Mbps 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 SEA Fixed Broadband Speed (2007-2017) 10x
  8. 8. SEA private tech funding increased exponentially from 2010 once the region had more than 100m internet users 8 Source: Crunchbase, Pitchbook; Figures are as at 31 Dec 2017. Only disclosed deals from startups that are backed by angels, accelerator/incubator, seed funds, and VC/PE funds are included. Funding figures from 2001 to 2006 are based on publicly available data and we acknowledge that data might be incomplete during that period. $0.0m $0.0m $0.3m $0.0m $6.9m $4.0m $6.0m $4.7m $5.2m $90.8m $213.3m $128.6m $507.0m $811.0m $1,271.0m $2,285.4m $5,954.3m 0 1000 2000 3000 4000 5000 6000 7000 8000 0 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 SEA Private Tech Funding (2001-2017) 1646% increase in funding as # internet users exceeded 100m 160% increase in funding as # internet users exceeded 250m Smartphone sales increased by 4x, average price per smartphone dropped by ~2x, funding increased by 531%
  9. 9. 68m 75m 80m 111m 127m 148m 166m 186m 219m 246m 330m 0,000 - 0,000 0,000 0,000 0,000 0,000 0,000 0,000 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 Larger internet population and better internet speed led to exponential growth in SEA private tech funding $6.0m $4.7m $5.2m $90.8m $213.3m $128.6m $507.0m $811.0m $1,271.0m $2,285.4m $5,954.3m 0 1000 2000 3000 4000 5000 6000 7000 8000 0 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 9 Source: World Bank, Google-Temasek Report, Internet Live Stats, Akamai, Crunchbase, Pitchbook; Figures are as at 31 Dec 2017. Only disclosed deals from startups that are backed by angels, accelerator/incubator, seed funds, and VC/PE funds are included. 1.1Mbps 1.2Mbps 1.5Mbps 1.6Mbps 1.9Mbps 2.3Mbps 2.9Mbps 3.9Mbps 5.5Mbps 7.8Mbps 11.2Mbps Mbps Mbps Mbps Mbps Mbps Mbps Mbps Mbps Mbps Mbps Mbps Mbps Mbps Mbps 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 SEA Private Tech Funding, # Internet Users, Fixed Broadband Speed (2007-2017) Internet Speed  37% Funding  60% Internet Users  39% Funding  1646% Internet Users  17% Internet Speed  44% Funding  161% In 2014, SEA dominated the top 3 on the list of countries with most app downloads per user globally, with Malaysia topping the chart at 4.84 app downloads per user, followed by Indonesia of 4.15 and Philippines of 2.74
  10. 10. 1.1 Mbps 1.2 Mbps 1.5 Mbps 1.6 Mbps 1.9 Mbps 2.3 Mbps 2.9 Mbps 3.9 Mbps 5.5 Mbps 7.8 Mbps 11.2 Mbps 16.0 Mbps 22.8 Mbps Mbps Mbps Mbps Mbps Mbps Mbps Mbps Mbps Mbps Mbps Mbps Mbps Mbps Mbps Mbps Mbps Mbps Mbps Mbps Mbps Mbps Mbps Mbps Mbps Mbps Mbps 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018E 2019E 68m 75m 80m 111m 127m 148m 166m 186m 219m 246m 330m 386m 460m 0,000 0,000 0,000 0,000 0,000 0,000 0,000 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018E 2019E Prediction: By the end of 2019, SEA will have 460m internet users and $10bn raised in private tech funding 10Source: World Bank, Google-Temasek Report, Internet Live Stats, Akamai, Crunchbase, Pitchbook; Figures are as at 31 Dec 2017. Only disclosed deals from startups that are backed by angels, accelerator/incubator, seed funds, and VC/PE funds are included. SEA Private Tech Funding, # Internet Users, Fixed Broadband Speed (2007-2019E) $0.0bn $0.0bn $0.0bn $0.1bn $0.2bn $0.1bn $0.5bn $0.8bn $1.3bn $2.3bn $6.0bn $8.5bn $10.0bn 0 2000 4000 6000 8000 10000 12000 14000 0 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018E 2019E 1 ▪ The 2018E and 2019E estimates for the # internet users assumes that 2017 # internet users continue to grow at the average annual growth rate between 2009 and 2017. 2009 was the year that # internet users started to grow massively – between 2009 and 2010, the # internet users increased by 39%, highest YoY growth since 2001 ▪ The 2018E and 2019E estimates for fixed broadband speed assumes that the 2017 speed continues to grow at the average annual growth rate between 2014 and 2017. 2014 was the year that internet speed saw a massive improvement – between 2014 and 2015, internet speed improved by more than 40% YoY for the first time
  11. 11. The SEA tech ecosystem in 2017 is like China in 2008 11 Source: World Bank, Internet Live Stats, Crunchbase, Company Annual Report, Press Releases 300m Tencent: $13bn Baidu: $6.6bn 330m Internet Population China in 2008 SEA in 2017 Tencent: $13bn Baidu: $6.6bn Combined Market Capitalisation of Market Leaders ~ $22bn ~ $22bn =
  12. 12. Prediction: First Decacorn ($10bn+ valuation) will emerge from SEA 12 Source: World Bank, Internet Live Stats, Crunchbase, Company Annual Report, Press Releases. *Estimation is based on extrapolation from SEA market capitalisation in 2017, assuming SEA between 2017 and 2019 achieve the same growth rate of market capitalisation per internet user as China between 2008 and 2010 459m Tencent: $13bn Baidu: $6.6bn 460m Internet Population Average SEA unicorn valuation could reach up to $12.4bn China in 2010 SEA in 2019E Tencent: $13bn Baidu: $6.6bn $94.5bn $86.5bn* 2 = Combined Market Capitalisation of Market Leaders
  13. 13. Global internet companies entered SEA via organic expansion, investments and acquisitions 13 68m 75m 80m 111m 127m 148m 166m 186m 219m 246m 330m 00,000 00,000 00,000 00,000 00,000 00,000 00,000 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 Source: World Bank, Google-Temasek Report, Internet Live Stats The entrance of Rocket Internet and AWS kickstarted the SEA startup scene’s flywheel SEA # Internet Users (2007-2017) Influx of USA tech companies into SEA
  14. 14. Investors Entrepreneurs Rocket Internet brought capital and talent into SEA whilst AWS lowered the cost of starting up a tech business 14 Source: a16z, Press Releases, LinkedIn, Company Websites Talent Capital ▪ AWS expanded to SEA in 2010, creating price competitiveness with local cloud computing providers ▪ AWS lowered the cloud computing cost by almost 100x compared to the early 2000s ▪ This made it cheaper than ever to start a tech startup Infrastructure Talent, capital and infrastructure combined to create a powerful tech startup ecosystem, creating a SEA Unicorn era Unicorns founded 2009-2012 + + = Thriving Startup Ecosystem
  15. 15. Private funding increased exponentially since 2010, but was highly concentrated in late-stage startups in 2017 15 Source: Pitchbook, Crunchbase; Figures are as at 31 Dec 2017. Only disclosed deals from startups that are backed by angels, accelerator/incubator, seed funds, and VC/PE funds are included. Late-Stage funding includes deals that are larger than $20m. 22 57 88 151 231 347 347 230 -200 -100 0 100 200 300 400 2010 2011 2012 2013 2014 2015 2016 2017 Early-Stage Late-Stage Number of Deals SEA Private Tech Funding (2010-2017) $5bn to five startups $6.0bn $2.3bn $1.3bn $0.8bn $0.5bn $0.1bn$0.2bn$0.1bn Concentration of Late-stage FundingEarly-stage Capital Influx Number of deals fell by 34% while total deal value increased by 2.6x
  16. 16. Largest SEA private funding rounds in 2017 - Indonesia and Singapore tops the list 16 Source: Crunchbase, Pitchbook, LinkedIn; Data is as at 31 Dec 2017. Only disclosed deals from startups that are backed by angels, accelerator/incubator, seed funds, and VC/PE funds are included. SG IDN IDN IDN MY SG TH SG SG SG 2012 / 8,300+ 2010 / 2,600+ 2009 / 1,410+ 2012 / 1,460+ 2014 / 603+ 2011 / 95+ 2013 / 710+ 2010 / 236+ 2014 / 20+ 2016 / 100+ Transportation Transportation E-commerce Online Travel Media Media E-Commerce Retail Finance Transportation Jul 2017 May 2017 Aug 2017 Jul 2017 Aug 2017 Jul 2017 Nov 2017 Jun 2017 Apr 2017 Aug 2017 HQ Founded / # Employees Industry Latest Round Date Recent Investors $3,440m $1,750m $1,348m $500m $303m $100m $101m $161m $50m $45m $2,000m $1,200m $1,100m $500m $223m $100m $65m $84m $50m $45m - 500 1,000 1,500 2,000 2,500 3,000 3,500 4,000 Grab GO-JEK Tokopedia Traveloka iflix One Championship aCommerce Trax Image Recognition Singapore Life Obike Total Raised to-date Total Raised in 2017 90% of total funding in 2017 went to 10 startups Super concentrated: 90% of funding went to 4% of deals  90/4, not even 80/20
  17. 17. Companies Year Founded Year achieving Unicorn (or $500m+ Valuation*) Years Taken JobStreet 1995 2014 19 iProperty 2007 2015 8 Garena 2009 2015 6 Tokopedia 2009 2014 5 Go-Jek 2010 2016 6 Lazada 2011 2014 3 Traveloka 2012 2017 5 Grab 2012 2015 3 Company X 2018/2019 2021 < 3 years Prediction: A new Unicorn will be built in less than 3 years from launch 17 Source: Crunchbase, Press Release, Company Website. It is becoming faster than ever to become a Unicorn – it took 4.7 years on average for the Unicorns above to attain $1bn+ valuation * * 3
  18. 18. Prediction: Chinese companies remain the largest source of tech funding 18 Source: Pitchbook, Crunchbase. Data as at 31 Dec 2017. Only deals with disclosed investors and size of more than $100m are included. $0.5bn $0.8bn $1.3bn $2.3bn $6.0bn 0 1000 2000 3000 4000 5000 6000 7000 0 2013 2014 2015 2016 2017 In 2017, we saw unprecedented participation from Chinese companies in late-stage funding – 3 biggest tech deals at $4.3bn in total, i.e 72% of total deal value # of Mega Deals 4 Total SEA Private Tech Funding
  19. 19. Prediction: At least 2 more IPOs in excess of $500m 19 Source: Pitchbook, Crunchbase. Data as at 31 Dec 2017. * Alibaba acquired 51% stake in the deal, later in Jun 2017 acquired another 32% stake at a valuation of $3.13bn $586m Nov 2014 AUS MY Acquired $534m Nov 2015 MY Acquired $1.96bn* Apr 2016 SG Acquired AUS CHN raised $529m in As funding levels increased over the last few years, the size of exits increased as well. We have seen more IPO than M&A as huge exit option in recent years. The successful IPOs of Sea and Razer have boosted investors’ confidence in SEA’s future Tech IPO prospects SG Nov 2017 $200m Sep 2013 SG Acquired JPN 5 @ $4.4bn raised $884m in SG Oct 2017 @ $4.9bn $3.13bn* Jun 2017 SG Acquired CHN $0.5bn $0.8bn $1.3bn $2.3bn $6.0bn 0 1000 2000 3000 4000 5000 6000 7000 0 2013 2014 2015 2016 2017 Total SEA Private Tech Funding
  20. 20. Prediction: Consolidation of SEA tech landscape – there will be 2 acquisitions in excess of $500m 20 Source: Bloomberg ▪ With enormous late-stage funding, tech unicorns will use M&A to expand product offerings. Notably, Grab and Go-Jek are building out their mobile payments capability via M&A ▪ Increased funding and valuations lead to higher expectations by investors for faster and bigger results, which then drive the tech M&A market as companies cant rely on organic growth anymore ▪ With hugely successful startups acquiring more companies, it will help create a stronger M&A ecosystem, thereby generating more liquidity and encouraging more investment in the region ▪ We have seen this done by Google and Facebook in the US and Alibaba and Tencent in China – it will happen here as well 1 2 3 4 $100m Apr 2017 IDN Acquired SG CEO Anthony Tan: “Deals similar to Kudo may be targeted” 2016 2017 The most active Unicorn acquirer in SEA We have seen startup valuations increase dramatically over years. As valuation expectations normalize moving forward, we expect to see more corporates and unicorns using M&A to grow 6
  21. 21. Encouraged by the private sector, governments push hard to improve the startup ecosystem 21 Policies Govt-Driven Initiatives Govt Agencies Malaysia ✓ Tax incentive for startups and investors ✓ Friendly immigration policy for foreign talent ✓ Malaysia Digital Hub ✓ Digital Free Trade Zone ✓ Kuala Lumpur Internet City ✓ $250m allocated to support the startup ecosystem Singapore ✓ Tax incentive for startups and investors ✓ Friendly immigration policy for foreign talent ✓ Smart Nation ✓ Infocomm Media Masterplan ✓ Singapore Fintech Festival Thailand ✓ Tax incentives for investors ✓ Friendly immigration policy for foreign talent ✓ $150m Digital Fund for the Startup Ecosystem ✓ Digital Innovation Park ✓ Digital Govt Plan Vietnam ✓ Tax incentives for startups ✓ $21.5m to build Saigon Silicon City Center ✓ Vietnam Silicon Valley Indonesia N/A ✓ E-Commerce Roadmap ✓ 1000 Startup Digital National Movement Program Philippines N/A ✓ Philippine Roadmap for Digital Startups Tech Scene Love Index
  22. 22. Corporates in SEA are exploring ways to interact with startups – no one-size-fits-all solution 22 Source: Pitchbook, Crunchbase, Press Release, Company Websites. Partnership: Joint Venture (JV) ▪ Strategic partnerships with companies with aligned interests Proof of Concept (PoC) ▪ Partner with large corporates to test innovative solutions in a protected environment ▪ Popular in the financial industry Business Development ▪ Distribution channel partnership with startups with huge user base As a Paying Customer ▪ Pay startups directly for their product or services Accelerator / In-House Lab ▪ Structured program to provide mentorship and/or capital to participating startups Investment: Limited Partner (LP) ▪ Investing in VC funds to tap into the deal pipeline of innovative companies Corporate VC (CVC) ▪ Investing in startups directly for both financial and strategic purposes Acquisition: Corporate Development ▪ Acquiring startups with high synergies to expand product offering or reduce cost base ▪ Still yet to see a major acquisition of a consumer tech company acquired / / For $90m in Dec 2017 /
  23. 23. Prediction: Corporates and governments in SEA will invest at least $1bn in the startup ecosystem 23 Source: Screenshots from the Jakarta Post, The Star Online, Digital News Asia, Straits Times, Deal Street Asia. Bigger Capital Pool  More Opportunities  More Participants - the ecosystem has evolved beyond startup entrepreneurs and investors 7 GovernmentsCorporates
  24. 24. Prediction: At least one SEA country will accept/issue a virtual currency as a legal tender 24 While most governments do not recognize virtual currencies as legal tenders now, governments are becoming more open to virtual currencies’ role in society due to massive public interest 8 Jan 2014 – Central Bank of Malaysia has no plans to regulate bitcoin (Source) Dec 2017 – Central Bank of Malaysia releases draft rules for cryptocurrency exchanges (Source) Jan 2015 – Monetary Authority of Singapore to regulate virtual currency intermediaries for money laundering and terrorist financing risks (Source) Feb 2018 – Monetary Authority of Singapore confirms it will not ban cryptocurrency (Source) Jul 2014 – Thailand approves fully-legal Bitcoin exchanges (Source) Dec 2017 – Thailand Finance Ministry promotes crypto education over its prohibition (Source) March 2014 – Central Bank of Vietnam officially does not support Bitcoin (Source) Jan 2018 – Government of Vietnam is accelerating the adoption of cryptocurrency regulation (Source) Jan 2015 – Central Bank of Indonesia warns against Bitcoin use (source) Jan 2018 – Central Bank of Indonesia studies the use of a central bank digital currency (Source) Mar 2014 – Central Bank of the Philippines issues warning on digital currencies (Source) Jan 2018 – Central Bank of the Philippines grants first cryptocurrency exchange licenses (Source) Then Now
  25. 25. 8 Predictions for the SEA tech scene over the next 24 months 25 1. By the end of 2019, SEA will have 460m internet users and $10bn raised in private tech funding 2. First Decacorn ($10bn+ valuation) will emerge from SEA 3. A new Unicorn will be built in less than 3 years from launch 4. Chinese companies remain the largest source of tech funding 5. At least 2 more IPOs in excess of $500m 6. Consolidation of the SEA tech landscape – there will be 2 acquisitions in excess of $500m 7. Corporates and governments in SEA will invest at least $1bn in the startup ecosystem 8. At least one SEA country will accept/issue a virtual currency as a legal tender 1 2 3 4 5 6 7 8
  26. 26. Catcha Group overview
  27. 27. Catcha Group overview 27 If you have any questions on the report, please reach out via enquiries@catchagroup.com. Opinions expressed are solely perspective of Catcha Group. Neither Catcha Group or any of its respective affiliates or employees makes any representation or warranty, express or implied, as to the accuracy or completeness of the information contained in this document. All figures as in USD. Video on Demand service for emerging markets, currently present in 24 countries with 5m+ monthly users, raised $303m in funding since inception in 2015 SEA’s No. 1 network of online automotive portals with 7 brands across Malaysia, Thailand and Indonesia Our portfolio of companies – past and present Leading operator of online classifieds businesses in emerging markets. Its 17 portfolio companies are present in 19 markets SEA’s leading digital media group. Acquired by Media Prima for $24m in May 2017 Malaysia’s largest coworking space with over 100,000 sqft in total to date Operator of Asia’s no. 1 network of property websites. Acquired by Rupert Murdoch’s REA Group for $534m in Nov 2015 SEA’s leading internet and digital conference, held across 5 cities with 1000+ attendees Purpose-built digital hub for the SEA regional tech ecosystem 18+ Years of enabling disruptive businesses 60+ Investments globally held directly or indirectly 30+ Countries which our portfolio companies are present in 5 IPOs in the last 10 years (4 on ASX, 1 on Bursa Malaysia) $550m+ Combined value of 2 strategic exits over the last 3 years $2bn+ Value creation since inception across portfolio 3,000+ Employees globally across portfolio of companies 10x Average return on investment across major portfolio assets #1 Market leadership across multiple categories

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