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1. TRACXN TOP BUSINESS MODELS REPORT
January 17, 2022
SOUTHEAST ASIA TECH

2. Southeast Asia Tech - Top Business Models Report Copyright © 2021, Tracxn Technologies Limited. All rights reserved.
Contents
Southeast AsiaSoutheast Asia Tech
Funding - Overview
3
Top Funded Business Models 4
One pagers 9
Appendix 59
2

3. Southeast Asia Tech - Top Business Models Report Copyright © 2021, Tracxn Technologies Limited. All rights reserved.
Southeast Asia Tech - Funding in last 1 year
3
Payments $2.4B
Logistics Tech $1.6B
Auto E-Commerce & Content $964M
Brands Tech $816M
Road Transport Tech $756M
Investment Tech $741M
Y-o-Y Funding
Top Investors by Funding Rounds
Seed
Stage
Y Combinator
East Ventures
Global Founders Capital
36
16
13
Early
Stage
East Ventures
ACVentures
Sequoia Capital
16
15
11
Late
Stage
East Ventures
MDI Ventures
SoftBank Vision Fund
6
5
5
Funding by Geography
Top Feeds by $ Funding
Top Funding Rounds
$ Funding # Rounds
EMERITUS
(2010, )
$650M - Series E
Trax
(2010, )
$640M - Series E
Ninja Van
(2014, )
$578M - Series E
Grab
(2012, )
$375M - Series H
CARRO
(2015, )
$360M - Series C
Mynt
(2015, )
$300M - Series D
Gojek
(2010, )
$300M - Series H
Carsome
(2015, )
$300M - Series E
Tiki
(2010, )
$258M - Series E
VNLIFE
(2007, )
$250M - Series B
Acronis
(2003, )
$250M - Series E
VNPAY
(2007, )
$250M - Series B
Singapore (56%)
Jakarta (18%)
Ho Chi Minh City (4%)
Hanoi (4%)
Petaling Jaya (3%)
Others (15%)

4. Copyright © 2021, Tracxn Technologies Limited. All rights reserved.
Southeast Asia Tech - Top Business Models Report
Southeast Asia Tech - Top Funded Business Models - last 1 year (1/5)
4
Rank Business Model $ Funding # Rounds Top Funding Round Details
1▲1 Digital Wallets $998M 9 Grab | $375M | Series H Link
2▲5 Last Mile Ecommerce Delivery Services $748M 2 Ninja Van | $578M | Series E Link
3▼2 B2C Hyperlocal Delivery $675M 4 Grab | $375M | Series H Link
4-- Online Professional Learning Courses $650M 2 EMERITUS | $650M | Series E Link
5-- In-Store Retail Analytics $640M 1 Trax | $640M | Series E Link
6-- CPG Brands Analytics $640M 1 Trax | $640M | Series E Link
7▼1 Multi Products Marketplaces $492M 4 Tiki | $258M | Series E Link
8▲62 P2P Used Cars Marketplaces $483M 4 CARRO | $360M | Series C Link
9▲23 C2B Used Cars Marketplaces $470M 2 Carsome | $300M | Series E Link
10▲77 Business Payments Solutions $465M 4 VNPAY | $250M | Series B Link
* Rank is based on $Invested in last 1 year in the Business Model. ▲- Indicates change in Rank from previous 1 year.

5. Copyright © 2021, Tracxn Technologies Limited. All rights reserved.
Southeast Asia Tech - Top Business Models Report
Southeast Asia Tech - Top Funded Business Models - last 1 year (2/5)
5
Rank Business Model $ Funding # Rounds Top Funding Round Details
11▼7 Car Ride Hailing $392M 4 Grab | $375M | Series H Link
12▼9 Card Linked Digital Wallets $375M 2 Grab | $375M | Series H Link
13▼8 Two Wheeler Ride Hailing $300M 1 Gojek | $300M | Series H Link
14<> 0 P2P Wallet Remittance $300M 1 Mynt | $300M | Series D Link
15▼2 Internet First Lenders $300M 1 Mynt | $300M | Series D Link
16▲24 Commercial Cleaning Robots $288M 2 Gaussian Robo.. | $188M | Series C Link
17▼5 Online Business Payments $274M 7 Voyager Innov.. | $167M | Series E Link
18-- Endpoint Security $250M 1 Acronis | $250M | Series E Link
19-- Backup and Disaster Recovery $250M 1 Acronis | $250M | Series E Link
20-- Data Backup and Recovery $250M 1 Acronis | $250M | Series E Link
* Rank is based on $Invested in last 1 year in the Business Model. ▲- Indicates change in Rank from previous 1 year.

6. Copyright © 2021, Tracxn Technologies Limited. All rights reserved.
Southeast Asia Tech - Top Business Models Report
Southeast Asia Tech - Top Funded Business Models - last 1 year (3/5)
6
Rank Business Model $ Funding # Rounds Top Funding Round Details
21▲7 B2B E-Commerce Software Suite $210M 4 GudangAda | $100M | Series B Link
22▲117 Remittance Softwares for Enterprises $202M 2 NIUM | $200M | Series D Link
23▲12 Web Based Platform for Doctor Consultation $184M 3 Doctor Anywhere | $104M | Series C Link
24▲38 Online K-12 Chinese Tutoring $162M 3 LingoAce | $105M | Series C Link
25▼17 Residential Real Estate Listings $152M 3 PropertyGuru | $147M | Series D Link
26-- Advertisement Based Video On Demand $150M 1 Vidio | $150M | Series D Link
27-- Video Sharing Platforms $150M 4 Vidio | $150M | Series D Link
28-- Online B2B Horizontal Retailers $132M 4 Moglix | $120M | Series E Link
29▼6 B2B Horizontal Marketplaces $130M 5 Ula | $87.0M | Series B Link
30▲31 B2B Grocery Marketplace $130M 4 Ula | $87.0M | Series B Link
* Rank is based on $Invested in last 1 year in the Business Model. ▲- Indicates change in Rank from previous 1 year.

7. Copyright © 2021, Tracxn Technologies Limited. All rights reserved.
Southeast Asia Tech - Top Business Models Report
Southeast Asia Tech - Top Funded Business Models - last 1 year (4/5)
7
Rank Business Model $ Funding # Rounds Top Funding Round Details
31-- Internet First Point of Sale Financing Marketplaces $127M 3 FinAccel | $125M | Series C Link
32▲58 Pan-Cancer Drugs $125M 1 Hummingbird B.. | $125M | Series C Link
33▲118 Cryptocurrency Banking $120M 2 Sygnum | $120M | Series B Link
34▲76 Crypto Financial Services $111M 6 Matrixport | $100M | Series C Link
35▼15 Second Hand $110M 2 Carousell | $100M | Series E Link
36▼15 P2P Second Hand Goods Marketplaces $110M 2 Carousell | $100M | Series E Link
37▲6 White Label Wallet Solutions $102M 2 MatchMove | $100M | Series D Link
38-- Online Gaming Platforms $101M 5 Metaworld | $100M | Series C Link
39-- Mobile Gaming Platforms $100M 3 Metaworld | $100M | Series C Link
40-- Internet First NFC Prepaid Cards $100M 1 BigPay | $100M | Series A Link
* Rank is based on $Invested in last 1 year in the Business Model. ▲- Indicates change in Rank from previous 1 year.

8. Copyright © 2021, Tracxn Technologies Limited. All rights reserved.
Southeast Asia Tech - Top Business Models Report
Southeast Asia Tech - Top Funded Business Models - last 1 year (5/5)
8
Rank Business Model $ Funding # Rounds Top Funding Round Details
41-- Electric Two Wheeler Battery Swapping $100M 2 Oyika | $100M | Series C Link
42▲9 B2B Farm Produce Marketplaces $95.5M 5 TaniHub | $65.5M | Series B Link
43▼28 Bioplastics $95.1M 2 RWDC Industr.. | $95.1M | Series B Link
44▲72 Cryptocurrency Trading Platforms $91.6M 4 AscendEX | $50.0M | Series B Link
45▲20 Marketing Agencies $90.0M 3 ADA | $60.0M | Series B Link
46▲55 OTT Live Streaming Distribution Solutions $88.6M 4 Kumu | $73.6M | Series C Link
47▲45 CPG Brands E-Commerce Software Suite $82.6M 4 SIRCLO | $45.0M | Series B Link
48▲137 Drugs for Multiple Cancer Types $82.0M 2 KGbio | $55.0M | Series C Link
49▲103 Cryptocurrency Mobile Wallets $81.3M 5 Cobo | $40.0M | Series B Link
50▼20 Internet First Invoice Financing Marketplace $77.5M 2 Incomlend | $60.0M | Series B Link
* Rank is based on $Invested in last 1 year in the Business Model. ▲- Indicates change in Rank from previous 1 year.

9. Copyright © 2021, Tracxn Technologies Limited. All rights reserved.
Southeast Asia Tech - Top Business Models Report
Recent Funding Rounds
Grab (2012)
$375M - Series H - Jul 2021
Mynt (2015)
$300M - Series D - Nov 2021
Gojek (2010)
$300M - Series H - May 2021
MoMo (2007)
$200M - Series E - Dec 2021
Ascend Money (2013)
$150M - Series C - Sep 2021
Flip (2016)
$48.0M - Series B - Dec 2021
TNG Digital (2017)
Undisclosed - Seed - Jul 2021
View all 9 Funding Rounds on Tracxn Platform
Digital Wallets - Southeast Asia
01
9
Back to index
Payments (Xendit)
(# Cos: 892 | $19.3B)
Consumer Payments (Gojek)
(# Cos: 387 | $17.1B)
Wallets (Grab)
(# Cos: 169 | $16.8B)
Taxonomy
$ Invested in last 1 year in Southeast
Asia Tech
Key Stats
# Funding Rounds in last 1 year in
Southeast Asia Tech
$998M (▼43.7%)
9(▼55%)
Funded Companies
Companies
Acquisitions
Total $ Invested
IPOs
Soonicorn Club
6
$16.8B
32
-
169
11
Grab
(2012, $10.4B)
Gojek
(2010, $4.9B)
LinkAja
(2019, $100M)
Note: The last node in the Taxonomy represents the Business Model addressed in the title of the slide.

10. Copyright © 2021, Tracxn Technologies Limited. All rights reserved.
Southeast Asia Tech - Top Business Models Report
Recent Funding Rounds
Ninja Van (2014)
$578M - Series E - Sep 2021
SiCepat (2014)
$170M - Series B - Mar 2021
Last Mile Ecommerce Delivery Services -
Southeast Asia
02
10
Back to index
Logistics Tech (Grab)
(# Cos: 1085 | $17.9B)
Ecommerce Logistics (Shipper)
(# Cos: 203 | $2.2B)
Last Mile (Ninja Van)
(# Cos: 33 | $1.4B)
Taxonomy
$ Invested in last 1 year in Southeast
Asia Tech
Key Stats
# Funding Rounds in last 1 year in
Southeast Asia Tech
$748M (▲48.7%)
2(▼50%)
Funded Companies
Companies
Acquisitions
Total $ Invested
IPOs
Soonicorn Club
-
$1.4B
3
-
33
2
Ninja Van
(2014, $1.1B)
SiCepat
(2014, $324M)
Ninja Xpress
Note: The last node in the Taxonomy represents the Business Model addressed in the title of the slide.

11. Copyright © 2021, Tracxn Technologies Limited. All rights reserved.
Southeast Asia Tech - Top Business Models Report
Recent Funding Rounds
B2C Hyperlocal Delivery - Southeast Asia
03
11
Back to index
Taxonomy
$ Invested in last 1 year in Southeast
Asia Tech
Key Stats
# Funding Rounds in last 1 year in
Southeast Asia Tech
$675M (▼75.3%)
4(▼66.7%)
Funded Companies
Companies
Acquisitions
Total $ Invested
IPOs
Soonicorn Club
-
$15.3B
12
-
136
3
Logistics Tech (Shipper)
(# Cos: 1085 | $17.9B)
Parcel (EasyParcel)
(# Cos: 372 | $15.3B)
Hyperlocal Delivery (Gojek)
(# Cos: 231 | $15.3B)
B2C (Grab)
(# Cos: 136 | $15.3B)
Grab
(2012, $10.4B)
Gojek
(2010, $4.9B)
Skootar
Note: The last node in the Taxonomy represents the Business Model addressed in the title of the slide.
Grab (2012)
$375M - Series H - Jul 2021
Gojek (2010)
$300M - Series H - May 2021
Grab (2012)
Undisclosed - Series H - Feb 2021
Lozi.vn (2014)
Undisclosed - Series C - Feb 2021

12. Copyright © 2021, Tracxn Technologies Limited. All rights reserved.
Southeast Asia Tech - Top Business Models Report
Recent Funding Rounds
Online Professional Learning Courses -
Southeast Asia
04
12
Back to index
Taxonomy
$ Invested in last 1 year in Southeast
Asia Tech
Key Stats
# Funding Rounds in last 1 year in
Southeast Asia Tech
$650M ( -- )
2( -- )
Funded Companies
Companies
Acquisitions
Total $ Invested
IPOs
Soonicorn Club
-
$691M
10
-
119
1
Continued Learning (Genius U)
(# Cos: 633 | $726M)
Professional (Hacktiv8)
(# Cos: 289 | $712M)
Online Learning (Mindvalley)
(# Cos: 284 | $701M)
Multi Disciplinary (Kyna.vn)
(# Cos: 130 | $692M)
Online Courses (EMERITUS)
(# Cos: 119 | $691M)
EMERITUS
(2010, $690M)
Kyna.vn SkillLane
Note: The last node in the Taxonomy represents the Business Model addressed in the title of the slide.
EMERITUS (2010)
$650M - Series E - Aug 2021
Mindtera (2021)
Undisclosed - Seed - Aug 2021

13. Copyright © 2021, Tracxn Technologies Limited. All rights reserved.
Southeast Asia Tech - Top Business Models Report
Recent Funding Rounds
In-Store Retail Analytics - Southeast Asia
05
13
Back to index
Taxonomy
$ Invested in last 1 year in Southeast
Asia Tech
Key Stats
# Funding Rounds in last 1 year in
Southeast Asia Tech
$640M ( -- )
1( -- )
Funded Companies
Companies
Acquisitions
Total $ Invested
IPOs
Soonicorn Club
-
$1.0B
2
-
2
1
Big Data Analytics (Crayon Data)
(# Cos: 71 | $1.1B)
Industry Solutions (Abivin)
(# Cos: 19 | $1.0B)
Retail (Tapway)
(# Cos: 4 | $1.0B)
In-Store (Trax)
(# Cos: 2 | $1.0B)
Trax
(2010, $1.0B)
Tapway
(2012, $41.6K)
Note: The last node in the Taxonomy represents the Business Model addressed in the title of the slide.
Trax (2010)
$640M - Series E - Apr 2021

14. Copyright © 2021, Tracxn Technologies Limited. All rights reserved.
Southeast Asia Tech - Top Business Models Report
Recent Funding Rounds
Trax (2010)
$640M - Series E - Apr 2021
CPG Brands Analytics - Southeast Asia
06
14
Back to index
Brands Tech (SIRCLO)
(# Cos: 33 | $1.3B)
Analytics (Ai Palette)
(# Cos: 6 | $1.0B)
Diversified (Trax)
(# Cos: 2 | $1.0B)
Taxonomy
$ Invested in last 1 year in Southeast
Asia Tech
Key Stats
# Funding Rounds in last 1 year in
Southeast Asia Tech
$640M ( -- )
1( -- )
Funded Companies
Companies
Acquisitions
Total $ Invested
IPOs
Soonicorn Club
-
$1.0B
2
-
2
1
Trax
(2010, $1.0B)
Slicer
Note: The last node in the Taxonomy represents the Business Model addressed in the title of the slide.

15. Copyright © 2021, Tracxn Technologies Limited. All rights reserved.
Southeast Asia Tech - Top Business Models Report
Recent Funding Rounds
Multi Products Marketplaces - Southeast
Asia
07
15
Back to index
Horizontal E-Commerce (Lazada)
(# Cos: 543 | $6.5B)
Marketplace (Tokopedia)
(# Cos: 194 | $5.4B)
Taxonomy
$ Invested in last 1 year in Southeast
Asia Tech
Key Stats
# Funding Rounds in last 1 year in
Southeast Asia Tech
$492M (▼61.6%)
4(▼33.3%)
Funded Companies
Companies
Acquisitions
Total $ Invested
IPOs
Soonicorn Club
11
$5.4B
38
1
194
2
Tokopedia
(2009, $3.3B)
Lazada
(2012, $690M)
Bukalapak
(2010, $584M)
Note: The last node in the Taxonomy represents the Business Model addressed in the title of the slide.
Tiki (2010)
$258M - Series E - Nov 2021
Bukalapak (2010)
$234M - Series G - Apr 2021
Poptron (2019)
$120K - Seed - Aug 2021
Atome (2016)
Undisclosed - Seed - Oct 2021

16. Copyright © 2021, Tracxn Technologies Limited. All rights reserved.
Southeast Asia Tech - Top Business Models Report
Recent Funding Rounds
P2P Used Cars Marketplaces - Southeast
Asia
08
16
Back to index
Taxonomy
$ Invested in last 1 year in Southeast
Asia Tech
Key Stats
# Funding Rounds in last 1 year in
Southeast Asia Tech
$483M (▲4287%)
4(▲300%)
Funded Companies
Companies
Acquisitions
Total $ Invested
IPOs
Soonicorn Club
1
$602M
3
-
9
1
Auto E-Commerce & Content (MoneyMax)
(# Cos: 420 | $1.4B)
Second Hand Vehicles (Carmudi)
(# Cos: 153 | $1.3B)
Cars (Carsome)
(# Cos: 125 | $1.2B)
P2P Marketplace (CARRO)
(# Cos: 9 | $602M)
CARRO
(2015, $602M)
Otobro Caramo
Note: The last node in the Taxonomy represents the Business Model addressed in the title of the slide.
CARRO (2015)
$360M - Series C - Jun 2021
CARRO (2015)
$100M - Series C - Nov 2021
CARRO (2015)
$15.6M - Series C - Dec 2021
CARRO (2015)
$7.0M - Series C - Jan 2022

17. Copyright © 2021, Tracxn Technologies Limited. All rights reserved.
Southeast Asia Tech - Top Business Models Report
Recent Funding Rounds
C2B Used Cars Marketplaces - Southeast
Asia
09
17
Back to index
Taxonomy
$ Invested in last 1 year in Southeast
Asia Tech
Key Stats
# Funding Rounds in last 1 year in
Southeast Asia Tech
$470M (▲1464%)
2( <> 0% )
Funded Companies
Companies
Acquisitions
Total $ Invested
IPOs
Soonicorn Club
-
$617M
6
-
16
2
Auto E-Commerce & Content (MoneyMax)
(# Cos: 420 | $1.4B)
Second Hand Vehicles (Carmudi)
(# Cos: 153 | $1.3B)
Cars (CARRO)
(# Cos: 125 | $1.2B)
C2B Marketplace (Carsome)
(# Cos: 16 | $617M)
Carsome
(2015, $586M)
myTukar
(2017, $30.9M)
Carsome
Note: The last node in the Taxonomy represents the Business Model addressed in the title of the slide.
Carsome (2015)
$300M - Series E - Jan 2022
Carsome (2015)
$170M - Series D - Sep 2021

18. Copyright © 2021, Tracxn Technologies Limited. All rights reserved.
Southeast Asia Tech - Top Business Models Report
Recent Funding Rounds
VNPAY (2007)
$250M - Series B - Aug 2021
Xendit (2015)
$150M - Series C - Sep 2021
Xendit (2015)
$64.6M - Series B - Mar 2021
Doku (2007)
$32.0M - PE - Aug 2021
Business Payments Solutions - Southeast
Asia
10
18
Back to index
Payments (Grab)
(# Cos: 892 | $19.3B)
Business Payments (Moka)
(# Cos: 436 | $1.9B)
Diversified (Xendit)
(# Cos: 51 | $948M)
Taxonomy
$ Invested in last 1 year in Southeast
Asia Tech
Key Stats
# Funding Rounds in last 1 year in
Southeast Asia Tech
$465M (▲7489%)
4(▲33.3%)
Funded Companies
Companies
Acquisitions
Total $ Invested
IPOs
Soonicorn Club
7
$948M
14
2
51
7
Xendit
(2015, $238M)
2C2P
(2003, $85.0M)
MC Payment
(2005, $8.0M)
Note: The last node in the Taxonomy represents the Business Model addressed in the title of the slide.

19. Copyright © 2021, Tracxn Technologies Limited. All rights reserved.
Southeast Asia Tech - Top Business Models Report
Recent Funding Rounds
Car Ride Hailing - Southeast Asia
11
19
Back to index
Taxonomy
$ Invested in last 1 year in Southeast
Asia Tech
Key Stats
# Funding Rounds in last 1 year in
Southeast Asia Tech
$392M (▼71.8%)
4(▼55.6%)
Funded Companies
Companies
Acquisitions
Total $ Invested
IPOs
Soonicorn Club
-
$10.4B
13
1
145
2
Road Transport Tech (SOCAR)
(# Cos: 742 | $15.5B)
Ride Hailing (Gojek)
(# Cos: 242 | $15.3B)
Cars (FastGo)
(# Cos: 187 | $10.4B)
Taxi (MVL Foundation)
(# Cos: 173 | $10.4B)
Intracity (TADA)
(# Cos: 161 | $10.4B)
Aggregator (Grab)
(# Cos: 145 | $10.4B)
Grab
(2012, $10.4B)
TADA
(2018, $15.0M)
MVL Foundation
(2018, $25.0M)
Note: The last node in the Taxonomy represents the Business Model addressed in the title of the slide.
Grab (2012)
$375M - Series H - Jul 2021
MVL Foundation (2018)
$15.0M - Series B - Apr 2021
EMDDI (2016)
$2.0M - Series A - Jun 2021
Grab (2012)
Undisclosed - Series H - Feb 2021

20. Copyright © 2021, Tracxn Technologies Limited. All rights reserved.
Southeast Asia Tech - Top Business Models Report
Recent Funding Rounds
Card Linked Digital Wallets - Southeast
Asia
12
20
Back to index
Taxonomy
$ Invested in last 1 year in Southeast
Asia Tech
Key Stats
# Funding Rounds in last 1 year in
Southeast Asia Tech
$375M (▼76%)
2(▼66.7%)
Funded Companies
Companies
Acquisitions
Total $ Invested
IPOs
Soonicorn Club
-
$10.6B
4
-
20
2
Payments (Xendit)
(# Cos: 892 | $19.3B)
Consumer Payments (LinkAja)
(# Cos: 387 | $17.1B)
Wallets (Gojek)
(# Cos: 169 | $16.8B)
Card Linked (Grab)
(# Cos: 20 | $10.6B)
Grab
(2012, $10.4B)
GCash
(2015, $175M)
GT Dollar
Note: The last node in the Taxonomy represents the Business Model addressed in the title of the slide.
Grab (2012)
$375M - Series H - Jul 2021
Grab (2012)
Undisclosed - Series H - Feb 2021

21. Copyright © 2021, Tracxn Technologies Limited. All rights reserved.
Southeast Asia Tech - Top Business Models Report
Recent Funding Rounds
Gojek (2010)
$300M - Series H - May 2021
Two Wheeler Ride Hailing - Southeast
Asia
13
21
Back to index
Road Transport Tech (SOCAR)
(# Cos: 742 | $15.5B)
Ride Hailing (Grab)
(# Cos: 242 | $15.3B)
Motorized Two-Wheelers (Gojek)
(# Cos: 44 | $4.9B)
Taxonomy
$ Invested in last 1 year in Southeast
Asia Tech
Key Stats
# Funding Rounds in last 1 year in
Southeast Asia Tech
$300M (▼77.8%)
1(▼80%)
Funded Companies
Companies
Acquisitions
Total $ Invested
IPOs
Soonicorn Club
-
$4.9B
5
-
44
1
Gojek
(2010, $4.9B)
Angkas Teknojek
Note: The last node in the Taxonomy represents the Business Model addressed in the title of the slide.

22. Copyright © 2021, Tracxn Technologies Limited. All rights reserved.
Southeast Asia Tech - Top Business Models Report
Recent Funding Rounds
P2P Wallet Remittance - Southeast Asia
14
22
Back to index
Taxonomy
$ Invested in last 1 year in Southeast
Asia Tech
Key Stats
# Funding Rounds in last 1 year in
Southeast Asia Tech
$300M (▲71.4%)
1( <> 0% )
Funded Companies
Companies
Acquisitions
Total $ Invested
IPOs
Soonicorn Club
1
$481M
3
-
35
2
Remittance (NIUM)
(# Cos: 152 | $1.1B)
Internet First Platforms (InstaReM)
(# Cos: 127 | $588M)
P2P Remittance (MoneyMatch)
(# Cos: 94 | $516M)
Wallet Transfer (Mynt)
(# Cos: 35 | $481M)
Mynt
(2015, $475M)
Numoni
(2012, $4.8M)
Pay2Home
Note: The last node in the Taxonomy represents the Business Model addressed in the title of the slide.
Mynt (2015)
$300M - Series D - Nov 2021

23. Copyright © 2021, Tracxn Technologies Limited. All rights reserved.
Southeast Asia Tech - Top Business Models Report
Recent Funding Rounds
Internet First Lenders - Southeast Asia
15
23
Back to index
Taxonomy
$ Invested in last 1 year in Southeast
Asia Tech
Key Stats
# Funding Rounds in last 1 year in
Southeast Asia Tech
$300M (▲71.4%)
1(▼50%)
Funded Companies
Companies
Acquisitions
Total $ Invested
IPOs
Soonicorn Club
-
$497M
2
-
32
2
Alternative Lending (Investree)
(# Cos: 702 | $2.1B)
Online Lenders (Kredivo)
(# Cos: 530 | $1.7B)
Diversified (KoinWorks)
(# Cos: 88 | $608M)
Direct Lender (UangTeman)
(# Cos: 32 | $497M)
UangTeman
(2014, $22.0M)
Mynt
(2015, $475M)
Kredito
Note: The last node in the Taxonomy represents the Business Model addressed in the title of the slide.
Mynt (2015)
$300M - Series D - Nov 2021

24. Copyright © 2021, Tracxn Technologies Limited. All rights reserved.
Southeast Asia Tech - Top Business Models Report
Recent Funding Rounds
Gaussian Robotics (2017)
$188M - Series C - Nov 2021
Gaussian Robotics (2017)
$100M - Series B - Apr 2021
Commercial Cleaning Robots - Southeast
Asia
16
24
Back to index
Professional Service Robots (eFishery)
(# Cos: 67 | $461M)
Cleaning (Robotek)
(# Cos: 3 | $325M)
Commercial Maintenance (Gaussian
Robotics)
(# Cos: 3 | $325M)
Taxonomy
$ Invested in last 1 year in Southeast
Asia Tech
Key Stats
# Funding Rounds in last 1 year in
Southeast Asia Tech
$288M (▲1210%)
2(▲100%)
Funded Companies
Companies
Acquisitions
Total $ Invested
IPOs
Soonicorn Club
-
$325M
1
-
3
1
Gaussian Robotics
(2017, $325M)
Robotek Techly
Note: The last node in the Taxonomy represents the Business Model addressed in the title of the slide.

25. Copyright © 2021, Tracxn Technologies Limited. All rights reserved.
Southeast Asia Tech - Top Business Models Report
Recent Funding Rounds
Voyager Innovations (2013)
$167M - Series E - Jun 2021
OY! (2017)
$45.0M - Series A - Jul 2021
Xfers (2014)
$30.0M - Series A - Mar 2021
OY! (2017)
$30.0M - Series A - Sep 2021
Durianpay (2020)
$2.0M - Seed - Aug 2021
9Pay (2018)
Undisclosed - Seed - Apr 2021
Dragonpay (2010)
Undisclosed - Series B - Jul 2021
Online Business Payments - Southeast
Asia
17
25
Back to index
Payments (Grab)
(# Cos: 892 | $19.3B)
Business Payments (Xendit)
(# Cos: 436 | $1.9B)
Online Payments (Coda Payments)
(# Cos: 190 | $791M)
Taxonomy
$ Invested in last 1 year in Southeast
Asia Tech
Key Stats
# Funding Rounds in last 1 year in
Southeast Asia Tech
$274M (▲37%)
7(▲133%)
Funded Companies
Companies
Acquisitions
Total $ Invested
IPOs
Soonicorn Club
5
$791M
27
-
190
7
Coda Payments
(2011, $25.2M)
InstaReM
(2014, $59.5M)
Xfers
(2014, $32.5M)
Note: The last node in the Taxonomy represents the Business Model addressed in the title of the slide.

26. Copyright © 2021, Tracxn Technologies Limited. All rights reserved.
Southeast Asia Tech - Top Business Models Report
Recent Funding Rounds
Acronis (2003)
$250M - Series E - May 2021
Endpoint Security - Southeast Asia
18
26
Back to index
Cybersecurity (Horangi)
(# Cos: 397 | $566M)
Endpoint Security (Bkav)
(# Cos: 14 | $408M)
Endpoint UTM (Acronis)
(# Cos: 2 | $408M)
Taxonomy
$ Invested in last 1 year in Southeast
Asia Tech
Key Stats
# Funding Rounds in last 1 year in
Southeast Asia Tech
$250M ( -- )
1( -- )
Funded Companies
Companies
Acquisitions
Total $ Invested
IPOs
Soonicorn Club
-
$408M
1
-
2
1
Acronis
(2003, $408M)
Infinite Cybersecurity
Note: The last node in the Taxonomy represents the Business Model addressed in the title of the slide.

27. Copyright © 2021, Tracxn Technologies Limited. All rights reserved.
Southeast Asia Tech - Top Business Models Report
Recent Funding Rounds
Backup and Disaster Recovery -
Southeast Asia
19
27
Back to index
Taxonomy
$ Invested in last 1 year in Southeast
Asia Tech
Key Stats
# Funding Rounds in last 1 year in
Southeast Asia Tech
$250M ( -- )
1( -- )
Funded Companies
Companies
Acquisitions
Total $ Invested
IPOs
Soonicorn Club
-
$408M
2
-
23
1
IT Operations (Resolve)
(# Cos: 82 | $427M)
ITSM (IsItUp.com)
(# Cos: 41 | $421M)
Continuity Management (Dropsuite)
(# Cos: 25 | $413M)
Backup and Disaster Recovery
(Acronis)
(# Cos: 23 | $408M)
Acronis
(2003, $408M)
2BrightSparks TechServe
Note: The last node in the Taxonomy represents the Business Model addressed in the title of the slide.
Acronis (2003)
$250M - Series E - May 2021

28. Copyright © 2021, Tracxn Technologies Limited. All rights reserved.
Southeast Asia Tech - Top Business Models Report
Recent Funding Rounds
Acronis (2003)
$250M - Series E - May 2021
Data Backup and Recovery - Southeast
Asia
20
28
Back to index
Enterprise Storage (Dropmysite)
(# Cos: 43 | $422M)
Storage Management (Dropsuite)
(# Cos: 28 | $413M)
Backup & Recovery (Acronis)
(# Cos: 26 | $413M)
Taxonomy
$ Invested in last 1 year in Southeast
Asia Tech
Key Stats
# Funding Rounds in last 1 year in
Southeast Asia Tech
$250M ( -- )
1( -- )
Funded Companies
Companies
Acquisitions
Total $ Invested
IPOs
Soonicorn Club
-
$413M
5
1
26
1
Acronis
(2003, $408M)
Dropsuite
(2012, $5.0M)
Dropmysite
Note: The last node in the Taxonomy represents the Business Model addressed in the title of the slide.

29. Copyright © 2021, Tracxn Technologies Limited. All rights reserved.
Southeast Asia Tech - Top Business Models Report
Recent Funding Rounds
GudangAda (2019)
$100M - Series B - Jul 2021
ShopUp (2016)
$75.0M - Series B - Sep 2021
Zilingo (2015)
$35.0M - Series D - Jun 2021
Techsembly (2019)
$1.4M - Seed - Apr 2021
B2B E-Commerce Software Suite -
Southeast Asia
21
29
Back to index
B2B E-Commerce (Moglix)
(# Cos: 312 | $1.4B)
Technology Enablers (ShopUp)
(# Cos: 41 | $614M)
E Commerce Software Suite (Zilingo)
(# Cos: 18 | $592M)
Taxonomy
$ Invested in last 1 year in Southeast
Asia Tech
Key Stats
# Funding Rounds in last 1 year in
Southeast Asia Tech
$210M (▲319%)
4(▲33.3%)
Funded Companies
Companies
Acquisitions
Total $ Invested
IPOs
Soonicorn Club
-
$592M
8
-
18
3
Zilingo
(2015, $343M)
ShopUp
(2016, $110M)
GudangAda
(2019, $135M)
Note: The last node in the Taxonomy represents the Business Model addressed in the title of the slide.

30. Copyright © 2021, Tracxn Technologies Limited. All rights reserved.
Southeast Asia Tech - Top Business Models Report
Recent Funding Rounds
NIUM (2002)
$200M - Series D - Jul 2021
Wallet Engine (2014)
$2.4M - Seed - Dec 2021
Remittance Softwares for Enterprises -
Southeast Asia
22
30
Back to index
Remittance (InstaReM)
(# Cos: 152 | $1.1B)
Enablers (Thunes)
(# Cos: 15 | $433M)
Software for Enterprises (NIUM)
(# Cos: 11 | $303M)
Taxonomy
$ Invested in last 1 year in Southeast
Asia Tech
Key Stats
# Funding Rounds in last 1 year in
Southeast Asia Tech
$202M (▲9538%)
2( <> 0% )
Funded Companies
Companies
Acquisitions
Total $ Invested
IPOs
Soonicorn Club
-
$303M
5
-
11
1
NIUM
(2002, $300M)
Qwikwire
(2013, $460K)
Wallet Engine
(2014, $2.4M)
Note: The last node in the Taxonomy represents the Business Model addressed in the title of the slide.

31. Copyright © 2021, Tracxn Technologies Limited. All rights reserved.
Southeast Asia Tech - Top Business Models Report
Recent Funding Rounds
Web Based Platform for Doctor
Consultation - Southeast Asia
23
31
Back to index
Taxonomy
$ Invested in last 1 year in Southeast
Asia Tech
Key Stats
# Funding Rounds in last 1 year in
Southeast Asia Tech
$184M (▲567%)
3( <> 0% )
Funded Companies
Companies
Acquisitions
Total $ Invested
IPOs
Soonicorn Club
-
$317M
17
-
123
2
Healthcare Booking Platforms (DocDoc)
(# Cos: 645 | $505M)
Doctors (Alodokter)
(# Cos: 298 | $412M)
Telemedicine (EDoctor)
(# Cos: 170 | $319M)
Teleconsultation (Doctor Anywhere)
(# Cos: 168 | $319M)
Diversified (Halodoc)
(# Cos: 123 | $317M)
Halodoc
(2016, $180M)
Doctor Anywhere
(2015, $135M)
EDoctor
(2014, $1.0M)
Note: The last node in the Taxonomy represents the Business Model addressed in the title of the slide.
Doctor Anywhere (2015)
$104M - Series C - Aug 2021
Halodoc (2016)
$80.0M - Series C - Apr 2021
Medici
Undisclosed - Seed - Aug 2021

32. Copyright © 2021, Tracxn Technologies Limited. All rights reserved.
Southeast Asia Tech - Top Business Models Report
Recent Funding Rounds
Online K-12 Chinese Tutoring -
Southeast Asia
24
32
Back to index
Taxonomy
$ Invested in last 1 year in Southeast
Asia Tech
Key Stats
# Funding Rounds in last 1 year in
Southeast Asia Tech
$162M (▲1143%)
3(▲50%)
Funded Companies
Companies
Acquisitions
Total $ Invested
IPOs
Soonicorn Club
-
$182M
2
-
6
1
K-12 EdTech (Quipper)
(# Cos: 796 | $574M)
B2C Learning Solutions (Ruangguru)
(# Cos: 354 | $482M)
Language Learning (Cakap)
(# Cos: 56 | $197M)
Chinese (T-Lab)
(# Cos: 9 | $182M)
Online Tutoring (LingoAce)
(# Cos: 6 | $182M)
LingoAce
(2013, $180M)
T-Lab
(2020, $1.6M)
KIRIN Mandarin
Note: The last node in the Taxonomy represents the Business Model addressed in the title of the slide.
LingoAce (2013)
$105M - Series C - Dec 2021
LingoAce (2013)
$55.0M - Series B - Oct 2021
T-Lab (2020)
$1.6M - Seed - Sep 2021

33. Copyright © 2021, Tracxn Technologies Limited. All rights reserved.
Southeast Asia Tech - Top Business Models Report
Recent Funding Rounds
Residential Real Estate Listings -
Southeast Asia
25
33
Back to index
Residential Real Estate Tech (99.co)
(# Cos: 394 | $1.4B)
Listings (PropertyGuru)
(# Cos: 282 | $1.3B)
Taxonomy
$ Invested in last 1 year in Southeast
Asia Tech
Key Stats
# Funding Rounds in last 1 year in
Southeast Asia Tech
$152M (▼67.4%)
3(▼57.1%)
Funded Companies
Companies
Acquisitions
Total $ Invested
IPOs
Soonicorn Club
20
$1.3B
44
-
282
6
PropertyGuru
(2007, $642M)
99.co
(2014, $25.5M)
PropertyGuru
(2007, $543M)
Note: The last node in the Taxonomy represents the Business Model addressed in the title of the slide.
PropertyGuru (2007)
$147M - Series D - Aug 2021
Oh My Home (2015)
$5.0M - Series A - Aug 2021
PropertyScout (2019)
Undisclosed - Seed - Jan 2022

34. Copyright © 2021, Tracxn Technologies Limited. All rights reserved.
Southeast Asia Tech - Top Business Models Report
Recent Funding Rounds
Advertisement Based Video On Demand
- Southeast Asia
26
34
Back to index
Taxonomy
$ Invested in last 1 year in Southeast
Asia Tech
Key Stats
# Funding Rounds in last 1 year in
Southeast Asia Tech
$150M ( -- )
1( -- )
Funded Companies
Companies
Acquisitions
Total $ Invested
IPOs
Soonicorn Club
1
$152M
2
-
22
0
OTT Video (Kumu)
(# Cos: 200 | $743M)
OTT Streaming Platforms (Bigo Live)
(# Cos: 116 | $603M)
Video On Demand (VOD) (Vidio)
(# Cos: 64 | $597M)
Film & TV (iflix)
(# Cos: 59 | $596M)
Ad-Supported (AVOD) (Viddsee)
(# Cos: 22 | $152M)
Viddsee
(2013, $2.3M)
Vidio
(2014, $150M)
OTV
Note: The last node in the Taxonomy represents the Business Model addressed in the title of the slide.
Vidio (2014)
$150M - Series D - Nov 2021

35. Copyright © 2021, Tracxn Technologies Limited. All rights reserved.
Southeast Asia Tech - Top Business Models Report
Recent Funding Rounds
Vidio (2014)
$150M - Series D - Nov 2021
Kumu (2017)
$73.6M - Series C - Oct 2021
Kumu (2017)
$15.0M - Series B - Mar 2021
Kumu (2017)
Undisclosed - Series B - Jun 2021
Video Sharing Platforms - Southeast Asia
27
35
Back to index
Social Platforms (Docquity)
(# Cos: 468 | $638M)
Horizontal (Vidio)
(# Cos: 186 | $538M)
Video Sharing (Kumu)
(# Cos: 26 | $523M)
Taxonomy
$ Invested in last 1 year in Southeast
Asia Tech
Key Stats
# Funding Rounds in last 1 year in
Southeast Asia Tech
$150M ( -- )
4( -- )
Funded Companies
Companies
Acquisitions
Total $ Invested
IPOs
Soonicorn Club
2
$523M
8
-
26
1
Kumu
(2017, $100M)
Vidio
(2014, $150M)
BIGO
(2014, $272M)
Note: The last node in the Taxonomy represents the Business Model addressed in the title of the slide.

36. Copyright © 2021, Tracxn Technologies Limited. All rights reserved.
Southeast Asia Tech - Top Business Models Report
Recent Funding Rounds
Moglix (2015)
$120M - Series E - May 2021
Dagangan (2008)
$11.5M - Series A - Sep 2021
EI Industrial (2018)
$670K - Seed - Oct 2021
Dagangan (2008)
Undisclosed - Seed - Jun 2021
Online B2B Horizontal Retailers -
Southeast Asia
28
36
Back to index
B2B E-Commerce (TaniHub)
(# Cos: 312 | $1.4B)
Horizontal (Ula)
(# Cos: 74 | $551M)
E-Distributor (Moglix)
(# Cos: 20 | $255M)
Taxonomy
$ Invested in last 1 year in Southeast
Asia Tech
Key Stats
# Funding Rounds in last 1 year in
Southeast Asia Tech
$132M ( -- )
4( -- )
Funded Companies
Companies
Acquisitions
Total $ Invested
IPOs
Soonicorn Club
-
$255M
6
1
20
2
Moglix
(2015, $221M)
Dagangan
(2008, $11.5M)
Bhinneka
(1993, $22.0M)
Note: The last node in the Taxonomy represents the Business Model addressed in the title of the slide.

37. Copyright © 2021, Tracxn Technologies Limited. All rights reserved.
Southeast Asia Tech - Top Business Models Report
Recent Funding Rounds
Ula (2019)
$87.0M - Series B - Oct 2021
Ula (2019)
$23.1M - Series B - Nov 2021
Ula (2019)
$20.0M - Series A - Jan 2021
Burket (2018)
Undisclosed - Seed - Jun 2021
Eezee (2016)
Undisclosed - Seed - May 2021
B2B Horizontal Marketplaces -
Southeast Asia
29
37
Back to index
B2B E-Commerce (TaniHub)
(# Cos: 312 | $1.4B)
Horizontal (Moglix)
(# Cos: 74 | $551M)
Marketplace (Ula)
(# Cos: 35 | $294M)
Taxonomy
$ Invested in last 1 year in Southeast
Asia Tech
Key Stats
# Funding Rounds in last 1 year in
Southeast Asia Tech
$130M (▲92.2%)
5( <> 0% )
Funded Companies
Companies
Acquisitions
Total $ Invested
IPOs
Soonicorn Club
1
$294M
15
-
35
3
Ula
(2019, $141M)
Ralali
(2015, $22.5M)
GudangAda
(2018, $36.0M)
Note: The last node in the Taxonomy represents the Business Model addressed in the title of the slide.

38. Copyright © 2021, Tracxn Technologies Limited. All rights reserved.
Southeast Asia Tech - Top Business Models Report
Recent Funding Rounds
B2B Grocery Marketplace - Southeast
Asia
30
38
Back to index
Taxonomy
$ Invested in last 1 year in Southeast
Asia Tech
Key Stats
# Funding Rounds in last 1 year in
Southeast Asia Tech
$130M (▲864%)
4( <> 0% )
Funded Companies
Companies
Acquisitions
Total $ Invested
IPOs
Soonicorn Club
-
$181M
7
-
11
3
Online Grocery (HappyFresh)
(# Cos: 659 | $736M)
B2B Ecommerce (TaniHub)
(# Cos: 54 | $353M)
Multi-Category (FreshKet)
(# Cos: 16 | $181M)
Marketplace (Ula)
(# Cos: 11 | $181M)
Ula
(2019, $141M)
FreshKet
(2016, $3.0M)
KlikDaily
Note: The last node in the Taxonomy represents the Business Model addressed in the title of the slide.
Ula (2019)
$87.0M - Series B - Oct 2021
Ula (2019)
$23.1M - Series B - Nov 2021
Ula (2019)
$20.0M - Series A - Jan 2021
Growsari (2016)
Undisclosed - Series B - Jun 2021

39. Copyright © 2021, Tracxn Technologies Limited. All rights reserved.
Southeast Asia Tech - Top Business Models Report
Recent Funding Rounds
Internet First Point of Sale Financing
Marketplaces - Southeast Asia
31
39
Back to index
Taxonomy
$ Invested in last 1 year in Southeast
Asia Tech
Key Stats
# Funding Rounds in last 1 year in
Southeast Asia Tech
$127M ( -- )
3( -- )
Funded Companies
Companies
Acquisitions
Total $ Invested
IPOs
Soonicorn Club
-
$382M
5
-
12
2
Alternative Lending (Modalku)
(# Cos: 702 | $2.1B)
Online Lenders (Investree)
(# Cos: 530 | $1.7B)
Consumer Loans (FinAccel)
(# Cos: 290 | $663M)
Point of Sale Financing (Kredivo)
(# Cos: 37 | $528M)
Marketplace (Akulaku)
(# Cos: 12 | $382M)
Akulaku
(2014, $220M)
FinAccel
(2015, $160M)
Fundiin
(2018, $1.8M)
Note: The last node in the Taxonomy represents the Business Model addressed in the title of the slide.
FinAccel (2015)
$125M - Series C - Sep 2021
Fundiin (2018)
$1.8M - Seed - Sep 2021
Fundiin (2018)
Undisclosed - Seed - Mar 2021

40. Copyright © 2021, Tracxn Technologies Limited. All rights reserved.
Southeast Asia Tech - Top Business Models Report
Recent Funding Rounds
Hummingbird Bioscience (2015)
$125M - Series C - May 2021
Pan-Cancer Drugs - Southeast Asia
32
40
Back to index
Oncology (Eisai)
(# Cos: 35 | $779M)
Drugs (ASLAN Pharmaceuticals)
(# Cos: 21 | $506M)
Pan Cancer (Hummingbird Bioscience)
(# Cos: 3 | $151M)
Taxonomy
$ Invested in last 1 year in Southeast
Asia Tech
Key Stats
# Funding Rounds in last 1 year in
Southeast Asia Tech
$125M (▲1983%)
1( <> 0% )
Funded Companies
Companies
Acquisitions
Total $ Invested
IPOs
Soonicorn Club
-
$151M
2
-
3
1
Hummingbird Bioscience
(2015, $150M)
CytoMed Therapeutics
(2018, $1.1M)
Auxi Therapeutics
Note: The last node in the Taxonomy represents the Business Model addressed in the title of the slide.

41. Copyright © 2021, Tracxn Technologies Limited. All rights reserved.
Southeast Asia Tech - Top Business Models Report
Recent Funding Rounds
Sygnum (2018)
$120M - Series B - Jan 2022
Sygnum (2018)
Undisclosed - Series B - Feb 2021
Cryptocurrency Banking - Southeast Asia
33
41
Back to index
Cryptocurrencies (imToken)
(# Cos: 1159 | $891M)
Financial Services (Matrixport)
(# Cos: 816 | $709M)
Banking (Sygnum)
(# Cos: 14 | $125M)
Taxonomy
$ Invested in last 1 year in Southeast
Asia Tech
Key Stats
# Funding Rounds in last 1 year in
Southeast Asia Tech
$120M (▲5966%)
2(▲100%)
Funded Companies
Companies
Acquisitions
Total $ Invested
IPOs
Soonicorn Club
-
$125M
4
-
14
2
Sygnum
(2018, $120M)
Hodlnaut Arival
(2017, $4.1M)
Note: The last node in the Taxonomy represents the Business Model addressed in the title of the slide.

42. Copyright © 2021, Tracxn Technologies Limited. All rights reserved.
Southeast Asia Tech - Top Business Models Report
Recent Funding Rounds
Matrixport (2019)
$100M - Series C - Aug 2021
CYBAVO (2018)
$4.0M - Seed - Jun 2021
Cabital (2020)
$4.0M - Seed - Sep 2021
AntEx (2019)
$2.5M - Seed - Oct 2021
Carb0n.fi (2021)
$600K - Series A - Jan 2022
hi (1994)
Undisclosed - Seed - Jul 2021
Crypto Financial Services - Southeast
Asia
34
42
Back to index
Cryptocurrencies (imToken)
(# Cos: 1159 | $891M)
Financial Services (Sygnum)
(# Cos: 816 | $709M)
Diversified (Matrixport)
(# Cos: 106 | $160M)
Taxonomy
$ Invested in last 1 year in Southeast
Asia Tech
Key Stats
# Funding Rounds in last 1 year in
Southeast Asia Tech
$111M (▲2903%)
6(▲500%)
Funded Companies
Companies
Acquisitions
Total $ Invested
IPOs
Soonicorn Club
2
$160M
20
-
106
3
Matrixport
(2019, $129M)
Coins.ph
(2014, $10.0M)
CRYPTO
Note: The last node in the Taxonomy represents the Business Model addressed in the title of the slide.

43. Copyright © 2021, Tracxn Technologies Limited. All rights reserved.
Southeast Asia Tech - Top Business Models Report
Recent Funding Rounds
Second Hand - Southeast Asia
35
43
Back to index
Taxonomy
$ Invested in last 1 year in Southeast
Asia Tech
Key Stats
# Funding Rounds in last 1 year in
Southeast Asia Tech
$110M (▲37.5%)
2(▲100%)
Funded Companies
Companies
Acquisitions
Total $ Invested
IPOs
Soonicorn Club
-
$373M
1
-
2
1
Social Commerce (Qoo10)
(# Cos: 75 | $583M)
Community Based Shopping Platforms
(Chilibeli)
(# Cos: 18 | $419M)
Diversified (Storie)
(# Cos: 13 | $373M)
Second Hand (Carousell)
(# Cos: 2 | $373M)
Carousell
(2013, $373M)
SwapSwipe
Note: The last node in the Taxonomy represents the Business Model addressed in the title of the slide.
Carousell (2013)
$100M - Series E - Sep 2021
Carousell (2013)
$10.0M - Series E - Nov 2021

44. Copyright © 2021, Tracxn Technologies Limited. All rights reserved.
Southeast Asia Tech - Top Business Models Report
Recent Funding Rounds
P2P Second Hand Goods Marketplaces -
Southeast Asia
36
44
Back to index
Taxonomy
$ Invested in last 1 year in Southeast
Asia Tech
Key Stats
# Funding Rounds in last 1 year in
Southeast Asia Tech
$110M (▲37.5%)
2(▲100%)
Funded Companies
Companies
Acquisitions
Total $ Invested
IPOs
Soonicorn Club
3
$376M
4
-
16
1
Horizontal E-Commerce (Tokopedia)
(# Cos: 543 | $6.5B)
Second Hand (OLX Indonesia)
(# Cos: 87 | $390M)
Marketplace (Kaskus)
(# Cos: 17 | $376M)
P2P (Carousell)
(# Cos: 16 | $376M)
Carousell
(2013, $373M)
Kaskus Duriana
(2013, $3.3M)
Note: The last node in the Taxonomy represents the Business Model addressed in the title of the slide.
Carousell (2013)
$100M - Series E - Sep 2021
Carousell (2013)
$10.0M - Series E - Nov 2021

45. Copyright © 2021, Tracxn Technologies Limited. All rights reserved.
Southeast Asia Tech - Top Business Models Report
Recent Funding Rounds
White Label Wallet Solutions - Southeast
Asia
37
45
Back to index
Taxonomy
$ Invested in last 1 year in Southeast
Asia Tech
Key Stats
# Funding Rounds in last 1 year in
Southeast Asia Tech
$102M (▲388%)
2(▲100%)
Funded Companies
Companies
Acquisitions
Total $ Invested
IPOs
Soonicorn Club
-
$159M
4
1
11
1
Payments (Grab)
(# Cos: 892 | $19.3B)
Enablers (Tookitaki)
(# Cos: 65 | $225M)
White Label Solutions (Silot)
(# Cos: 25 | $173M)
Wallets (MatchMove)
(# Cos: 11 | $159M)
MatchMove
(2009, $156M)
Wallet Engine
(2014, $2.4M)
Kashmi
(2014, $530K)
Note: The last node in the Taxonomy represents the Business Model addressed in the title of the slide.
MatchMove (2009)
$100M - Series D - Jun 2021
Wallet Engine (2014)
$2.4M - Seed - Dec 2021

46. Copyright © 2021, Tracxn Technologies Limited. All rights reserved.
Southeast Asia Tech - Top Business Models Report
Recent Funding Rounds
Online Gaming Platforms - Southeast
Asia
38
46
Back to index
PC & Console Gaming (IGG)
(# Cos: 195 | $1.1B)
Game Platforms (Garena)
(# Cos: 41 | $835M)
Taxonomy
$ Invested in last 1 year in Southeast
Asia Tech
Key Stats
# Funding Rounds in last 1 year in
Southeast Asia Tech
$101M ( -- )
5( -- )
Funded Companies
Companies
Acquisitions
Total $ Invested
IPOs
Soonicorn Club
2
$835M
7
-
41
3
Garena
(2009, $722M)
Outplay Games
(2018, $8.6M)
X World Games
(2018, $1.2M)
Note: The last node in the Taxonomy represents the Business Model addressed in the title of the slide.
Metaworld (2020)
$100M - Series C - Mar 2021
Outplay Games (2018)
$8.6M - Seed - Oct 2021
PolkaWar (2021)
$1.4M - Seed - Jun 2021
X World Games (2018)
$1.2M - Seed - May 2021
PolkaWar (2021)
$400K - Seed - May 2021

47. Copyright © 2021, Tracxn Technologies Limited. All rights reserved.
Southeast Asia Tech - Top Business Models Report
Recent Funding Rounds
Mobile Gaming Platforms - Southeast
Asia
39
47
Back to index
Mobile Gaming (IGG)
(# Cos: 535 | $877M)
Gaming Platforms (Garena)
(# Cos: 29 | $829M)
Taxonomy
$ Invested in last 1 year in Southeast
Asia Tech
Key Stats
# Funding Rounds in last 1 year in
Southeast Asia Tech
$100M ( -- )
3( -- )
Funded Companies
Companies
Acquisitions
Total $ Invested
IPOs
Soonicorn Club
-
$829M
9
-
29
4
Garena
(2009, $722M)
Storms Enjin
Note: The last node in the Taxonomy represents the Business Model addressed in the title of the slide.
Metaworld (2020)
$100M - Series C - Mar 2021
Jambox Games (2020)
$1.1M - Seed - Apr 2021
Storms (2019)
Undisclosed - Series A - Mar 2021

48. Copyright © 2021, Tracxn Technologies Limited. All rights reserved.
Southeast Asia Tech - Top Business Models Report
Recent Funding Rounds
Internet First NFC Prepaid Cards -
Southeast Asia
40
48
Back to index
Taxonomy
$ Invested in last 1 year in Southeast
Asia Tech
Key Stats
# Funding Rounds in last 1 year in
Southeast Asia Tech
$100M ( -- )
1( -- )
Funded Companies
Companies
Acquisitions
Total $ Invested
IPOs
Soonicorn Club
-
$101M
3
-
7
0
Payments (Gojek)
(# Cos: 892 | $19.3B)
Consumer Payments (Grab)
(# Cos: 387 | $17.1B)
Payment Cards (Volopay)
(# Cos: 56 | $207M)
Prepaid Cards (YouTrip)
(# Cos: 50 | $207M)
General Purpose (T2P)
(# Cos: 34 | $108M)
Reloadable (PayMaya)
(# Cos: 34 | $108M)
NFC (BigPay)
(# Cos: 7 | $101M)
BigPay
(2017, $100M)
FlexM
(2014, $866K)
YoloPay
Note: The last node in the Taxonomy represents the Business Model addressed in the title of the slide.
BigPay (2017)
$100M - Series A - Aug 2021

49. Copyright © 2021, Tracxn Technologies Limited. All rights reserved.
Southeast Asia Tech - Top Business Models Report
Recent Funding Rounds
Electric Two Wheeler Battery Swapping -
Southeast Asia
41
49
Back to index
Taxonomy
$ Invested in last 1 year in Southeast
Asia Tech
Key Stats
# Funding Rounds in last 1 year in
Southeast Asia Tech
$100M ( -- )
2( -- )
Funded Companies
Companies
Acquisitions
Total $ Invested
IPOs
Soonicorn Club
-
$100M
1
-
2
1
Energy Storage Tech (VFlow Tech)
(# Cos: 67 | $103M)
Charging (EA Anywhere)
(# Cos: 36 | $100M)
Station Network (ReCharge)
(# Cos: 22 | $100M)
Electric Vehicle (Swap&Go)
(# Cos: 2 | $100M)
Two Wheelers (Oyika)
(# Cos: 2 | $100M)
Oyika
(2018, $100M)
Swap&Go
Note: The last node in the Taxonomy represents the Business Model addressed in the title of the slide.
Oyika (2018)
$100M - Series C - Apr 2021
Oyika (2018)
Undisclosed - Series C - Jun 2021

50. Copyright © 2021, Tracxn Technologies Limited. All rights reserved.
Southeast Asia Tech - Top Business Models Report
Recent Funding Rounds
B2B Farm Produce Marketplaces -
Southeast Asia
42
50
Back to index
Taxonomy
$ Invested in last 1 year in Southeast
Asia Tech
Key Stats
# Funding Rounds in last 1 year in
Southeast Asia Tech
$95.5M (▲462%)
5(▲66.7%)
Funded Companies
Companies
Acquisitions
Total $ Invested
IPOs
Soonicorn Club
1
$137M
10
-
18
4
B2B E-Commerce (Moglix)
(# Cos: 312 | $1.4B)
Food & Beverages (Glife)
(# Cos: 52 | $213M)
Groceries (FreshKet)
(# Cos: 46 | $213M)
Farm Products (TreeDots)
(# Cos: 28 | $177M)
Marketplace (TaniHub)
(# Cos: 18 | $137M)
TaniHub
(2015, $94.0M)
TreeDots
(2017, $15.0M)
Eden Farm
(2017, $20.8M)
Note: The last node in the Taxonomy represents the Business Model addressed in the title of the slide.
TaniHub (2015)
$65.5M - Series B - May 2021
Eden Farm (2017)
$19.0M - Series A - Nov 2021
TreeDots (2017)
$11.0M - Series A - Nov 2021
Eden Farm (2017)
Undisclosed - Seed - Mar 2021
AgriAku (2021)
Undisclosed - Seed - Dec 2021

51. Copyright © 2021, Tracxn Technologies Limited. All rights reserved.
Southeast Asia Tech - Top Business Models Report
Recent Funding Rounds
Bioplastics - Southeast Asia
43
51
Back to index
Taxonomy
$ Invested in last 1 year in Southeast
Asia Tech
Key Stats
# Funding Rounds in last 1 year in
Southeast Asia Tech
$95.1M (▼28.5%)
2(▲100%)
Funded Companies
Companies
Acquisitions
Total $ Invested
IPOs
Soonicorn Club
-
$263M
2
-
3
1
Advanced Materials (Nodis)
(# Cos: 27 | $264M)
Biomaterials (BIOSTARCH)
(# Cos: 6 | $263M)
Biodegradable Polymers (Osteopore)
(# Cos: 4 | $263M)
Bioplastics (RWDC Industries)
(# Cos: 3 | $263M)
RWDC Industries
(2015, $263M)
BIOSTARCH Global Biopolymers
Note: The last node in the Taxonomy represents the Business Model addressed in the title of the slide.
RWDC Industries (2015)
$95.1M - Series B - Nov 2021
RWDC Industries (2015)
Undisclosed - Series B - Feb 2021

52. Copyright © 2021, Tracxn Technologies Limited. All rights reserved.
Southeast Asia Tech - Top Business Models Report
Recent Funding Rounds
Cryptocurrency Trading Platforms -
Southeast Asia
44
52
Back to index
Taxonomy
$ Invested in last 1 year in Southeast
Asia Tech
Key Stats
# Funding Rounds in last 1 year in
Southeast Asia Tech
$91.6M (▲2517%)
4(▲300%)
Funded Companies
Companies
Acquisitions
Total $ Invested
IPOs
Soonicorn Club
-
$117M
18
-
116
4
Cryptocurrencies (imToken)
(# Cos: 1159 | $891M)
Financial Services (Sygnum)
(# Cos: 816 | $709M)
Investment Industry (Liquid)
(# Cos: 543 | $408M)
Online Trading Platforms (Pintu)
(# Cos: 167 | $154M)
Regular Trading (KuCoin)
(# Cos: 116 | $117M)
KuCoin
(2017, $20.0M)
Pintu
(2016, $41.0M)
AscendEX
(2018, $50.0M)
Note: The last node in the Taxonomy represents the Business Model addressed in the title of the slide.
AscendEX (2018)
$50.0M - Series B - Nov 2021
Pintu (2016)
$35.0M - Series A - Aug 2021
Pintu (2016)
$6.0M - Series A - May 2021
Lever Network (2021)
$600K - Seed - Apr 2021

53. Copyright © 2021, Tracxn Technologies Limited. All rights reserved.
Southeast Asia Tech - Top Business Models Report
Recent Funding Rounds
Marketing Agencies - Southeast Asia
45
53
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Marketing Services (Gushcloud)
(# Cos: 2073 | $233M)
Full Service Marketing Agency (ADA)
(# Cos: 1619 | $182M)
Taxonomy
$ Invested in last 1 year in Southeast
Asia Tech
Key Stats
# Funding Rounds in last 1 year in
Southeast Asia Tech
$90.0M (▲650%)
3(▲200%)
Funded Companies
Companies
Acquisitions
Total $ Invested
IPOs
Soonicorn Club
16
$182M
57
7
1619
2
ADA
(2013, $80.0M)
Great Deals E-Commerce
(2017, $42.0M)
Soda In Mind
Note: The last node in the Taxonomy represents the Business Model addressed in the title of the slide.
ADA (2013)
$60.0M - Series B - May 2021
Great Deals E-Commerce (2017)
$30.0M - Series B - May 2021
Olrange (2013)
Undisclosed - Seed - Sep 2021

54. Copyright © 2021, Tracxn Technologies Limited. All rights reserved.
Southeast Asia Tech - Top Business Models Report
Recent Funding Rounds
Kumu (2017)
$73.6M - Series C - Oct 2021
Kumu (2017)
$15.0M - Series B - Mar 2021
Kumu (2017)
Undisclosed - Series B - Jun 2021
GoStream (2017)
Undisclosed - Seed - Jan 2021
OTT Live Streaming Distribution
Solutions - Southeast Asia
46
54
Back to index
OTT Video (iflix)
(# Cos: 200 | $743M)
Video Distribution (GoStream)
(# Cos: 12 | $103M)
Live Streaming (Kumu)
(# Cos: 6 | $100M)
Taxonomy
$ Invested in last 1 year in Southeast
Asia Tech
Key Stats
# Funding Rounds in last 1 year in
Southeast Asia Tech
$88.6M (▲1672%)
4(▲300%)
Funded Companies
Companies
Acquisitions
Total $ Invested
IPOs
Soonicorn Club
-
$100M
4
-
6
1
Kumu
(2017, $100M)
GoStream J L Stream
Note: The last node in the Taxonomy represents the Business Model addressed in the title of the slide.

55. Copyright © 2021, Tracxn Technologies Limited. All rights reserved.
Southeast Asia Tech - Top Business Models Report
Recent Funding Rounds
CPG Brands E-Commerce Software Suite
- Southeast Asia
47
55
Back to index
Brands Tech (Trax)
(# Cos: 33 | $1.3B)
ECommerce Software (SIRCLO)
(# Cos: 9 | $111M)
Taxonomy
$ Invested in last 1 year in Southeast
Asia Tech
Key Stats
# Funding Rounds in last 1 year in
Southeast Asia Tech
$82.6M (▲1277%)
4(▲100%)
Funded Companies
Companies
Acquisitions
Total $ Invested
IPOs
Soonicorn Club
1
$111M
5
-
9
2
SIRCLO
(2013, $92.0M)
Anchanto
(2011, $16.1M)
CrescoData
Note: The last node in the Taxonomy represents the Business Model addressed in the title of the slide.
SIRCLO (2013)
$45.0M - Series B - May 2021
SIRCLO (2013)
$36.0M - Series B - Sep 2021
etaily (2020)
$1.6M - Seed - Aug 2021
Techsembly (2019)
$1.4M - Seed - Apr 2021

56. Copyright © 2021, Tracxn Technologies Limited. All rights reserved.
Southeast Asia Tech - Top Business Models Report
Recent Funding Rounds
KGbio (2016)
$55.0M - Series C - Jan 2021
AUM Biosciences (2018)
$27.0M - Series A - Oct 2021
Drugs for Multiple Cancer Types -
Southeast Asia
48
56
Back to index
Oncology (ASLAN Pharmaceuticals)
(# Cos: 35 | $779M)
Drugs (Hummingbird Bioscience)
(# Cos: 21 | $506M)
Diversified (Eisai)
(# Cos: 15 | $215M)
Taxonomy
$ Invested in last 1 year in Southeast
Asia Tech
Key Stats
# Funding Rounds in last 1 year in
Southeast Asia Tech
$82.0M (▲8100%)
2(▲100%)
Funded Companies
Companies
Acquisitions
Total $ Invested
IPOs
Soonicorn Club
1
$215M
9
1
15
2
Eisai Tessa
(2011, $130M)
AUM Biosciences
(2018, $28.5M)
Note: The last node in the Taxonomy represents the Business Model addressed in the title of the slide.

57. Copyright © 2021, Tracxn Technologies Limited. All rights reserved.
Southeast Asia Tech - Top Business Models Report
Recent Funding Rounds
Cryptocurrency Mobile Wallets -
Southeast Asia
49
57
Back to index
Taxonomy
$ Invested in last 1 year in Southeast
Asia Tech
Key Stats
# Funding Rounds in last 1 year in
Southeast Asia Tech
$81.3M (▲4292%)
5(▲400%)
Funded Companies
Companies
Acquisitions
Total $ Invested
IPOs
Soonicorn Club
-
$116M
11
-
52
3
Cryptocurrencies (Sygnum)
(# Cos: 1159 | $891M)
Wallet (MathWallet)
(# Cos: 109 | $156M)
Hot Wallets (TRON)
(# Cos: 65 | $116M)
Mobile Wallets (imToken)
(# Cos: 52 | $116M)
imToken
(2016, $40.0M)
TRON Coin98
(2016, $11.3M)
Note: The last node in the Taxonomy represents the Business Model addressed in the title of the slide.
Cobo (2017)
$40.0M - Series B - Sep 2021
imToken (2016)
$30.0M - Series B - Mar 2021
Coin98 (2016)
$11.3M - Series B - Jul 2021
Coin98 (2016)
Undisclosed - Series B - Jan 2022
BitKeep (2018)
Undisclosed - Seed - Mar 2021

58. Copyright © 2021, Tracxn Technologies Limited. All rights reserved.
Southeast Asia Tech - Top Business Models Report
Recent Funding Rounds
Internet First Invoice Financing Marketplace -
Southeast Asia
50
58
Back to index
Taxonomy
$ Invested in last 1 year in Southeast
Asia Tech
Key Stats
# Funding Rounds in last 1 year in
Southeast Asia Tech
$77.5M (▲93.8%)
2( <> 0% )
Funded Companies
Companies
Acquisitions
Total $ Invested
IPOs
Soonicorn Club
1
$136M
13
-
32
4
Alternative Lending (Akulaku)
(# Cos: 702 | $2.1B)
Online Lenders (Kredivo)
(# Cos: 530 | $1.7B)
Business Loans (Investree)
(# Cos: 137 | $433M)
Trade Finance (Incomlend)
(# Cos: 48 | $167M)
Invoice Financing (Alami Sharia)
(# Cos: 37 | $138M)
Marketplace (AwanTunai)
(# Cos: 32 | $136M)
AwanTunai
(2017, $8.6M)
Alami Sharia
(2017, $39.0M)
Incomlend
(2016, $81.0M)
Note: The last node in the Taxonomy represents the Business Model addressed in the title of the slide.
Incomlend (2016)
$60.0M - Series B - Oct 2021
Alami Sharia (2017)
$17.5M - Series A - Aug 2021

59. Southeast Asia Tech - Top Business Models Report Copyright © 2021, Tracxn Technologies Limited. All rights reserved.
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Southeast Asia Tech - Top Business Models Report
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