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1. TRACXN TOP BUSINESS MODELS REPORT
March 17, 2021
SOUTHEAST ASIA TECH

2. Southeast Asia Tech - Top Business Models Report Copyright © 2021, Tracxn Technologies Private 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 Private Limited. All rights reserved.
Southeast Asia Tech - Funding in last 1 year
3
Logistics Tech $1.7B
Payments $1.7B
Horizontal E-Commerce $1.3B
Road Transport Tech $693M
Alternative Lending $469M
Online Travel $278M
Y-o-Y Funding
Top Investors by Funding Rounds
Seed
Stage
ScaleUp Malaysia
Antler
Y Combinator
17
14
11
Early
Stage
Insignia Ventures Partners
Openspace Ventures
ACVentures
9
8
8
Late
Stage
Temasek
Golden Gate Ventures
MDI Ventures
3
3
3
Funding by Geography
Top Feeds by $ Funding
Top Funding Rounds
$ Funding # Rounds
Tokopedia
(2009, )
$500M - Series H
Tokopedia
(2009, )
$350M - Series H
Grab
(2012, )
$300M - Series H
Ninja Van
(2014, )
$279M - Series D
Traveloka
(2012, )
$250M - Series D
PropertyGuru
(2007, )
$220M - Series E
Grab
(2012, )
$200M - Series H
Bukalapak
(2010, )
$200M - Series G
Flash Express
(1998, )
$200M - Series D
GCash
(2015, )
$175M - Series D
Mynt
(2015, )
$175M - Series A
SiCepat
(2014, )
$170M - Series B
Jakarta (42%)
Singapore (36%)
Bangkok (5%)
Ho Chi Minh City (4%)
Taguig (3%)
Others (10%)

4. Copyright © 2021, Tracxn Technologies Private 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-- Online Horizontal Marketplace $1.1B 4 Tokopedia | $500M | Series H Link
2▲2 Card Linked Payment Wallets $675M 4 Grab | $300M | Series H Link
3-- Ecommerce Last Mile Delivery Services $673M 5 Ninja Van | $279M | Series D Link
4▼3 Digital Wallets $571M 16 Grab | $300M | Series H Link
5▼2 Cab Ride-Hailing $505M 7 Grab | $300M | Series H Link
6▼1 Online Travel Agencies $251M 2 Traveloka | $250M | Series D Link
7▲41 Residential Real Estate Listings $245M 6 PropertyGuru | $220M | Series E Link
8▲51 Commercial Real Estate Listings $220M 1 PropertyGuru | $220M | Series E Link
9▼3 Online Business Payments $200M 3 Voyager Innov.. | $120M | Series D Link
10-- P2P Wallet Remittance $175M 1 Mynt | $175M | Series A 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 Private 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--
Alternative Lending > Online Lenders > Diversified >
Direct Lender
$175M 1 Mynt | $175M | Series A Link
12▼10 Bike Taxi $151M 4 Gojek | $150M | Series G Link
13▲6 Online Horizontal Retailer $131M 3 Tiki | $130M | Series D Link
14▲29 On Demand Warehousing Marketplaces $102M 2 Waresix | $100M | Series B Link
15▲50
Alternative Lending > Online Lenders > Business
Loans > Diversified > Marketplace > P2P
$87.7M 9 Funding Soci.. | $40.0M | Series C Link
16▲74 Remittance > Enablers > Software for MTOs $60.0M 1 Thunes | $60.0M | Series B Link
17▲13 Online Beauty Retailer $58.0M 1 Sociolla | $58.0M | Series E Link
18-- Nephrology > Drugs $55.0M 1 KGbio | $55.0M | Series C Link
19▲15 Long Haul Trucking Marketplace $37.1M 5 Kargo | $31.0M | Series A Link
20▲75 Mutual Funds Investment Platforms $33.5M 3 Bibit | $30.0M | Series B Link
* Rank is based on $Invested in last 1 year in the Business Model. ▲- Indicates change in Rank from previous 1 year.

6. Copyright © 2021, Tracxn Technologies Private 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--
B2B E-Commerce > Food & Beverages > Groceries >
Farm Products > Listing Platform
$30.5M 2 Ula | $20.0M | Series A Link
22▲1 Second Hand Car C2B Platform $30.0M 2 Carsome | $30.0M | Series D Link
23▼9 C2B Car Marketplace $30.0M 2 Carsome | $30.0M | Series D Link
24-- Banking-as-a-platform via Open Banking APIs $30.0M 5 Xfers | $30.0M | Series A Link
25-- Open Banking APIs for Payments $30.0M 1 Xfers | $30.0M | Series A Link
26<> 0 Horizontal B2B Marketplaces $26.7M 2 GudangAda | $25.4M | Series A Link
27-- Free Float Electric Kick Scooter Rentals $26.0M 1 Beam | $26.0M | Series A Link
28--
Investment Tech > Online Trading Platforms >
Stocks > Regular Trading > Brokers
$25.0M 1 Ajaib | $25.0M | Series A Link
29-- Plant Based Meat Substitutes $22.2M 4 Next Gen Foods | $10.0M | Seed Link
30--
Professional Service Robots > Cleaning >
Commercial Maintenance
$22.0M 1 Gaussian Rob.. | $22.0M | 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 Private 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--
Biotech R&D > Research Software > Integrative
Bioinformatics Platforms
$21.5M 1 Holmusk | $21.5M | Series A Link
32--
Healthcare IT > Provider > Clinical Operations >
Decision Support > Suite Solutions > Generic
$21.5M 1 Holmusk | $21.5M | Series A Link
33▲76 Digital Native Retail Banks $21.0M 1 TONIK | $21.0M | Series A Link
34▲89
Payments > Enablers > White Label Solutions >
Wallets
$21.0M 1 MatchMove | $21.0M | Series C Link
35-- Cyber Risk Assessment $20.0M 1 Horangi | $20.0M | Series B Link
36▲137
Islamic FinTech > Alternative Lending > Lead
Generation Platforms > Business Loans
$20.0M 1 Alami Sharia | $20.0M | Series A Link
37▲36 Internet First P2P Lender $20.0M 1 KoinWorks | $20.0M | Series C Link
38-- Cryptocurrencies > Wallet > Cold Wallets > Software $19.8M 2 MathWallet | $12.0M | Series B Link
39--
Finance & Accounting Tech > Accounting Solutions >
Record to Report > Bookkeeping > Small Bus..
$19.1M 8 BukuKas | $10.0M | Series A Link
40-- Credit and Risk Scoring Data $19.0M 1 TrustingSocial | $19.0M | Series B Link
* Rank is based on $Invested in last 1 year in the Business Model. ▲- Indicates change in Rank from previous 1 year.

8. Copyright © 2021, Tracxn Technologies Private 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▲47 B2B Farm Produce Marketplace $17.0M 1 TaniHub | $17.0M | Series A Link
42▲49
Online Grocery > B2B Ecommerce > Farm Produce >
Multi-Category > Marketplace
$17.0M 1 TaniHub | $17.0M | Series A Link
43▼28
Payments > Consumer Payments > Credit Card
Comparison Platforms
$17.0M 1 GoBear | $17.0M | Series C Link
44▼28 Banking Tech > Savings Comparison Platform $17.0M 1 GoBear | $17.0M | Series C Link
45▲49
Crop Tech > ECommerce > Farm Produce > B2B >
Fruits and Vegetables > Marketplace
$17.0M 1 TaniHub | $17.0M | Series A Link
46▲94 Cryptocurrency Exchanges $16.7M 5 Zipmex | $6.0M | Series A Link
47▲69
Food Tech > Novel Foods > Food Products >
Alternative Proteins > Meat Substitute > Lab Grown
$15.6M 2 Shiok Meats | $12.6M | Series A Link
48▲14 Fraud Detection Solutions for Banks $15.0M 1 Silent Eight | $15.0M | Series B Link
49▲14 AML Transaction Monitoring in Financial Services $15.0M 1 Silent Eight | $15.0M | Series B Link
50▲53 Cybersecurity > Anti Fraud > Financial Fraud $15.0M 1 Silent Eight | $15.0M | 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 Private Limited. All rights reserved.
Southeast Asia Tech - Top Business Models Report
Recent Funding Rounds
Online Horizontal Marketplace -
Southeast Asia
01
9
Back to index
Horizontal E-Commerce (Lazada)
(# Cos: 383 | $6.0B)
Marketplace (Tokopedia)
(# Cos: 181 | $5.0B)
Taxonomy
$ Invested in last 1 year in Southeast
Asia Tech
Key Stats
# Funding Rounds in last 1 year in
Southeast Asia Tech
$1.1B ( -- )
4( -- )
Funded Companies
Companies
Acquisitions
Total $ Invested
IPOs
Soonicorn Club
10
$5.0B
33
-
181
4
Tokopedia
(2009, $3.3B)
Lazada
(2012, $700M)
Bukalapak
(2010, $350M)
Note: The last node in the Taxonomy represents the Business Model addressed in the title of the slide.
Tokopedia (2009)
$500M - Series H - Jun 2020
Tokopedia (2009)
$350M - Series H - Oct 2020
Bukalapak (2010)
$200M - Series G - Jan 2021
Bukalapak (2010)
$100M - Series G - Nov 2020

10. Copyright © 2021, Tracxn Technologies Private Limited. All rights reserved.
Southeast Asia Tech - Top Business Models Report
Recent Funding Rounds
Card Linked Payment Wallets -
Southeast Asia
02
10
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 (▼43.1%)
4(▼20%)
Funded Companies
Companies
Acquisitions
Total $ Invested
IPOs
Soonicorn Club
-
$10.2B
3
-
16
2
Payments (Moka)
(# Cos: 794 | $16.9B)
Consumer Payments (Wave Money)
(# Cos: 339 | $15.6B)
Wallets (Gojek)
(# Cos: 148 | $15.4B)
Card Linked (Grab)
(# Cos: 16 | $10.2B)
Grab
(2012, $10.0B)
GCash
(2015, $175M)
M-Pay
Note: The last node in the Taxonomy represents the Business Model addressed in the title of the slide.
Grab (2012)
$300M - Series H - Jan 2021
Grab (2012)
$200M - Series H - Aug 2020
GCash (2015)
$175M - Series D - Jan 2021
Grab (2012)
Undisclosed - Series H - Feb 2021

11. Copyright © 2021, Tracxn Technologies Private Limited. All rights reserved.
Southeast Asia Tech - Top Business Models Report
Recent Funding Rounds
Ecommerce Last Mile Delivery Services -
Southeast Asia
03
11
Back to index
E-Commerce Logistics (aCommerce)
(# Cos: 82 | $1.0B)
Last Mile (Ninja Van)
(# Cos: 22 | $846M)
Taxonomy
$ Invested in last 1 year in Southeast
Asia Tech
Key Stats
# Funding Rounds in last 1 year in
Southeast Asia Tech
$673M ( -- )
5( -- )
Funded Companies
Companies
Acquisitions
Total $ Invested
IPOs
Soonicorn Club
-
$846M
3
-
22
2
Ninja Van
(2014, $523M)
SiCepat
(2014, $324M)
Ninja Xpress
Note: The last node in the Taxonomy represents the Business Model addressed in the title of the slide.
Ninja Van (2014)
$279M - Series D - May 2020
SiCepat (2014)
$170M - Series B - Mar 2021
Ninja Van (2014)
$124M - Series D - Apr 2020
SiCepat (2014)
$100M - Series B - Dec 2020
SiCepat (2014)
Undisclosed - Series A - Mar 2020

12. Copyright © 2021, Tracxn Technologies Private Limited. All rights reserved.
Southeast Asia Tech - Top Business Models Report
Recent Funding Rounds
Grab (2012)
$300M - Series H - Jan 2021
Grab (2012)
$200M - Series H - Aug 2020
GCash (2015)
$175M - Series D - Jan 2021
Mynt (2015)
$175M - Series A - Jan 2021
Gojek (2010)
$150M - Series G - Nov 2020
MoMo (2007)
$100M - Series D - Jan 2021
LinkAja (2019)
$100M - Series B - Nov 2020
View all 16 Funding Rounds on Tracxn Platform
Digital Wallets - Southeast Asia
04
12
Back to index
Payments (Moka)
(# Cos: 794 | $16.9B)
Consumer Payments (Gojek)
(# Cos: 339 | $15.6B)
Wallets (Grab)
(# Cos: 148 | $15.4B)
Taxonomy
$ Invested in last 1 year in Southeast
Asia Tech
Key Stats
# Funding Rounds in last 1 year in
Southeast Asia Tech
$571M (▼54.5%)
16(▲23.1%)
Funded Companies
Companies
Acquisitions
Total $ Invested
IPOs
Soonicorn Club
5
$15.4B
29
-
148
11
Grab
(2012, $10.0B)
Gojek
(2010, $4.6B)
Wave Money
(2015, $73.5M)
Note: The last node in the Taxonomy represents the Business Model addressed in the title of the slide.

13. Copyright © 2021, Tracxn Technologies Private Limited. All rights reserved.
Southeast Asia Tech - Top Business Models Report
Recent Funding Rounds
Cab Ride-Hailing - 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
$505M (▼57.6%)
7(▲16.7%)
Funded Companies
Companies
Acquisitions
Total $ Invested
IPOs
Soonicorn Club
-
$10.0B
13
1
112
2
Road Transport Tech (SOCAR)
(# Cos: 595 | $14.8B)
Ride Hailing (Gojek)
(# Cos: 193 | $14.6B)
Cars (Be Group)
(# Cos: 145 | $10.0B)
Taxi (TADA)
(# Cos: 133 | $10.0B)
Intracity (MVL Foundation)
(# Cos: 125 | $10.0B)
Aggregator (Grab)
(# Cos: 112 | $10.0B)
Grab
(2012, $10.0B)
MVL Foundation
(2018, $13.4M)
TADA
(2018, $15.0M)
Note: The last node in the Taxonomy represents the Business Model addressed in the title of the slide.
Grab (2012)
$300M - Series H - Jan 2021
Grab (2012)
$200M - Series H - Aug 2020
MVL Foundation (2018)
$5.0M - Series A - Aug 2020
TADA (2018)
$5.0M - Series A - Aug 2020
TADA (2018)
$5.0M - Series A - May 2020
Grab (2012)
Undisclosed - Series H - Feb 2021
EMDDI (2016)
Undisclosed - Seed - Sep 2020

14. Copyright © 2021, Tracxn Technologies Private Limited. All rights reserved.
Southeast Asia Tech - Top Business Models Report
Recent Funding Rounds
Traveloka (2012)
$250M - Series D - Jul 2020
Travala (2016)
$1.3M - Seed - Oct 2020
Online Travel Agencies - Southeast Asia
06
14
Back to index
Online Travel (RedDoorz)
(# Cos: 1020 | $1.7B)
Horizontal (Trip)
(# Cos: 154 | $1.3B)
Online Agency (Traveloka)
(# Cos: 121 | $1.2B)
Taxonomy
$ Invested in last 1 year in Southeast
Asia Tech
Key Stats
# Funding Rounds in last 1 year in
Southeast Asia Tech
$251M (▼40.2%)
2(▼50%)
Funded Companies
Companies
Acquisitions
Total $ Invested
IPOs
Soonicorn Club
4
$1.2B
13
2
121
3
Traveloka
(2012, $1.0B)
Trip Oway
(2011, $24.7M)
Note: The last node in the Taxonomy represents the Business Model addressed in the title of the slide.

15. Copyright © 2021, Tracxn Technologies Private Limited. All rights reserved.
Southeast Asia Tech - Top Business Models Report
Recent Funding Rounds
Residential Real Estate Listings -
Southeast Asia
07
15
Back to index
Residential Real Estate Tech (PropertyGuru)
(# Cos: 309 | $765M)
Listings (99.co)
(# Cos: 215 | $618M)
Taxonomy
$ Invested in last 1 year in Southeast
Asia Tech
Key Stats
# Funding Rounds in last 1 year in
Southeast Asia Tech
$245M (▲913%)
6(▲50%)
Funded Companies
Companies
Acquisitions
Total $ Invested
IPOs
Soonicorn Club
18
$618M
37
-
215
5
99.co
(2014, $25.5M)
PropertyGuru
(2007, $543M)
PropertyGuru
Note: The last node in the Taxonomy represents the Business Model addressed in the title of the slide.
PropertyGuru (2007)
$220M - Series E - Sep 2020
Propzy (2014)
$25.0M - Series A - Jun 2020
Propzy (2014)
Undisclosed - Series A - May 2020
Hoozing (2015)
Undisclosed - Seed - May 2020
FazWaz (2015)
Undisclosed - Seed - Dec 2020
Z Home (2015)
Undisclosed - Seed - Jun 2020

16. Copyright © 2021, Tracxn Technologies Private Limited. All rights reserved.
Southeast Asia Tech - Top Business Models Report
Recent Funding Rounds
Commercial Real Estate Listings -
Southeast Asia
08
16
Back to index
Commercial Real Estate Tech (PropertyGuru)
(# Cos: 241 | $939M)
Listings (99.co)
(# Cos: 88 | $574M)
Taxonomy
$ Invested in last 1 year in Southeast
Asia Tech
Key Stats
# Funding Rounds in last 1 year in
Southeast Asia Tech
$220M (▲1110%)
1(▼50%)
Funded Companies
Companies
Acquisitions
Total $ Invested
IPOs
Soonicorn Club
8
$574M
12
-
88
3
99.co
(2014, $25.5M)
PropertyGuru
(2007, $543M)
iProperty Group
(2007, $300K)
Note: The last node in the Taxonomy represents the Business Model addressed in the title of the slide.
PropertyGuru (2007)
$220M - Series E - Sep 2020

17. Copyright © 2021, Tracxn Technologies Private Limited. All rights reserved.
Southeast Asia Tech - Top Business Models Report
Recent Funding Rounds
Voyager Innovations (2013)
$120M - Series D - Apr 2020
SYNQA (2015)
$80.0M - Series C - Jun 2020
Wallex (2015)
Undisclosed - Series A - Jun 2020
Online Business Payments - Southeast
Asia
09
17
Back to index
Payments (Grab)
(# Cos: 794 | $16.9B)
Business Payments (Moka)
(# Cos: 389 | $1.1B)
Online Payments (Coda Payments)
(# Cos: 172 | $745M)
Taxonomy
$ Invested in last 1 year in Southeast
Asia Tech
Key Stats
# Funding Rounds in last 1 year in
Southeast Asia Tech
$200M (▼38.5%)
3( <> 0% )
Funded Companies
Companies
Acquisitions
Total $ Invested
IPOs
Soonicorn Club
5
$745M
19
-
172
5
Coda Payments
(2011, $25.2M)
Voyager Innovations
(2013, $325M)
Red Dot Payment
(2011, $6.2M)
Note: The last node in the Taxonomy represents the Business Model addressed in the title of the slide.

18. Copyright © 2021, Tracxn Technologies Private Limited. All rights reserved.
Southeast Asia Tech - Top Business Models Report
Recent Funding Rounds
P2P Wallet Remittance - Southeast Asia
10
18
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
$175M ( -- )
1( -- )
Funded Companies
Companies
Acquisitions
Total $ Invested
IPOs
Soonicorn Club
1
$181M
3
-
31
2
Remittance (NIUM)
(# Cos: 135 | $444M)
Internet First Platforms (InstaReM)
(# Cos: 114 | $282M)
P2P Remittance (Mycash Online)
(# Cos: 84 | $211M)
Wallet Transfer (Mynt)
(# Cos: 31 | $181M)
Mynt
(2015, $175M)
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)
$175M - Series A - Jan 2021

19. Copyright © 2021, Tracxn Technologies Private Limited. All rights reserved.
Southeast Asia Tech - Top Business Models Report
Recent Funding Rounds
Alternative Lending > Online Lenders > Diversified > Direct
Lender - 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
$175M ( -- )
1( -- )
Funded Companies
Companies
Acquisitions
Total $ Invested
IPOs
Soonicorn Club
-
$197M
2
-
12
2
Alternative Lending (Akulaku)
(# Cos: 520 | $1.4B)
Online Lenders (Kredivo)
(# Cos: 376 | $1.0B)
Diversified (KoinWorks)
(# Cos: 45 | $252M)
Direct Lender (UangTeman)
(# Cos: 12 | $197M)
UangTeman
(2014, $22.0M)
Mynt
(2015, $175M)
Cashcepat
Note: The last node in the Taxonomy represents the Business Model addressed in the title of the slide.
Mynt (2015)
$175M - Series A - Jan 2021

20. Copyright © 2021, Tracxn Technologies Private Limited. All rights reserved.
Southeast Asia Tech - Top Business Models Report
Recent Funding Rounds
Gojek (2010)
$150M - Series G - Nov 2020
Gojek (2010)
$947K - Series F - Apr 2020
Gojek (2010)
Undisclosed - Series F - Jun 2020
Gojek (2010)
Undisclosed - Series F - Jun 2020
Bike Taxi - Southeast Asia
12
20
Back to index
Road Transport Tech (SOCAR)
(# Cos: 595 | $14.8B)
Ride Hailing (Grab)
(# Cos: 193 | $14.6B)
Motorized Two-Wheelers (Gojek)
(# Cos: 39 | $4.6B)
Taxonomy
$ Invested in last 1 year in Southeast
Asia Tech
Key Stats
# Funding Rounds in last 1 year in
Southeast Asia Tech
$151M (▼87.9%)
4( <> 0% )
Funded Companies
Companies
Acquisitions
Total $ Invested
IPOs
Soonicorn Club
-
$4.6B
5
-
39
1
Gojek
(2010, $4.6B)
Teknojek GoBike
(2015, $4.8M)
Note: The last node in the Taxonomy represents the Business Model addressed in the title of the slide.

21. Copyright © 2021, Tracxn Technologies Private Limited. All rights reserved.
Southeast Asia Tech - Top Business Models Report
Recent Funding Rounds
Online Horizontal Retailer - Southeast
Asia
13
21
Back to index
Horizontal E-Commerce (Tokopedia)
(# Cos: 383 | $6.0B)
Retailer (Sendo)
(# Cos: 170 | $951M)
Taxonomy
$ Invested in last 1 year in Southeast
Asia Tech
Key Stats
# Funding Rounds in last 1 year in
Southeast Asia Tech
$131M (▲115%)
3( <> 0% )
Funded Companies
Companies
Acquisitions
Total $ Invested
IPOs
Soonicorn Club
1
$951M
20
1
170
4
Sendo
(2012, $130M)
Tiki
(2010, $197M)
MATAHARI
(2006, $600M)
Note: The last node in the Taxonomy represents the Business Model addressed in the title of the slide.
Tiki (2010)
$130M - Series D - Jun 2020
Poptron (2019)
$1.0M - Seed - Jan 2021
Hi-So Mall (2019)
Undisclosed - Seed - Oct 2020

22. Copyright © 2021, Tracxn Technologies Private Limited. All rights reserved.
Southeast Asia Tech - Top Business Models Report
Recent Funding Rounds
On Demand Warehousing Marketplaces
- 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
$102M (▲300%)
2( <> 0% )
Funded Companies
Companies
Acquisitions
Total $ Invested
IPOs
Soonicorn Club
-
$129M
1
-
3
1
Logistics Tech (Grab)
(# Cos: 824 | $16.5B)
Warehousing (TradeGecko)
(# Cos: 59 | $170M)
On Demand Warehousing (Crewdible)
(# Cos: 7 | $131M)
Marketplace (Waresix)
(# Cos: 3 | $129M)
Waresix
(2017, $129M)
Izzy Storage AdaGudang
Note: The last node in the Taxonomy represents the Business Model addressed in the title of the slide.
Waresix (2017)
$100M - Series B - Sep 2020
Waresix (2017)
$1.9M - Series B - Feb 2021

23. Copyright © 2021, Tracxn Technologies Private Limited. All rights reserved.
Southeast Asia Tech - Top Business Models Report
Recent Funding Rounds
Alternative Lending > Online Lenders > Business Loans >
Diversified > Marketplace > P2P - 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
$87.7M (▲463%)
9(▲80%)
Funded Companies
Companies
Acquisitions
Total $ Invested
IPOs
Soonicorn Club
-
$157M
12
-
21
6
Alternative Lending (Akulaku)
(# Cos: 520 | $1.4B)
Online Lenders (Kredivo)
(# Cos: 376 | $1.0B)
Business Loans (Modalku)
(# Cos: 119 | $262M)
Diversified (Validus)
(# Cos: 28 | $161M)
Marketplace (Investree)
(# Cos: 23 | $161M)
P2P (Funding Societies)
(# Cos: 21 | $157M)
Funding Societies
(2015, $72.5M)
Investree
(2015, $23.5M)
Validus
(2015, $40.0M)
Note: The last node in the Taxonomy represents the Business Model addressed in the title of the slide.
Funding Societies (2015)
$40.0M - Series C - Apr 2020
Investree (2015)
$23.5M - Series C - Apr 2020
Validus (2015)
$20.0M - Series B - May 2020
Microleap (2018)
$3.3M - Series A - Jan 2021
Indofund.id (2018)
$485K - Seed - Sep 2020
Microleap (2018)
$460K - Seed - May 2020
PinjamWinwin (2014)
Undisclosed - Seed - Jan 2021
View all 9 Funding Rounds on Tracxn Platform

24. Copyright © 2021, Tracxn Technologies Private Limited. All rights reserved.
Southeast Asia Tech - Top Business Models Report
Recent Funding Rounds
Thunes (2016)
$60.0M - Series B - Sep 2020
Remittance > Enablers > Software for
MTOs - Southeast Asia
16
24
Back to index
Remittance (InstaReM)
(# Cos: 135 | $444M)
Enablers (NIUM)
(# Cos: 14 | $132M)
Software for MTOs (Thunes)
(# Cos: 3 | $70.0M)
Taxonomy
$ Invested in last 1 year in Southeast
Asia Tech
Key Stats
# Funding Rounds in last 1 year in
Southeast Asia Tech
$60.0M (▲500%)
1( <> 0% )
Funded Companies
Companies
Acquisitions
Total $ Invested
IPOs
Soonicorn Club
-
$70.0M
1
-
3
1
Thunes
(2016, $70.0M)
Coalculus Biz4x
Note: The last node in the Taxonomy represents the Business Model addressed in the title of the slide.

25. Copyright © 2021, Tracxn Technologies Private Limited. All rights reserved.
Southeast Asia Tech - Top Business Models Report
Recent Funding Rounds
Online Beauty Retailer - Southeast Asia
17
25
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
$58.0M (▲45%)
1( <> 0% )
Funded Companies
Companies
Acquisitions
Total $ Invested
IPOs
Soonicorn Club
3
$128M
16
-
144
1
Beauty Tech (Vanitee)
(# Cos: 422 | $143M)
Ecommerce (Luxola)
(# Cos: 327 | $135M)
Multi Category (Hermo)
(# Cos: 173 | $128M)
Full Range (BeautyMNL)
(# Cos: 161 | $128M)
Retail (Sociolla)
(# Cos: 144 | $128M)
Sociolla
(2014, $110M)
BeautyMNL Hermo
(2012, $2.1M)
Note: The last node in the Taxonomy represents the Business Model addressed in the title of the slide.
Sociolla (2014)
$58.0M - Series E - Jul 2020

26. Copyright © 2021, Tracxn Technologies Private Limited. All rights reserved.
Southeast Asia Tech - Top Business Models Report
Recent Funding Rounds
Nephrology > Drugs - Southeast Asia
18
26
Back to index
Nephrology (AWAK)
(# Cos: 5 | $117M)
Drugs (KGbio)
(# Cos: 1 | $55.0M)
Taxonomy
$ Invested in last 1 year in Southeast
Asia Tech
Key Stats
# Funding Rounds in last 1 year in
Southeast Asia Tech
$55.0M ( -- )
1( -- )
Funded Companies
Companies
Acquisitions
Total $ Invested
IPOs
Soonicorn Club
-
$55.0M
1
-
1
1
KGbio
(2016, $55.0M)
Note: The last node in the Taxonomy represents the Business Model addressed in the title of the slide.
KGbio (2016)
$55.0M - Series C - Jan 2021

27. Copyright © 2021, Tracxn Technologies Private Limited. All rights reserved.
Southeast Asia Tech - Top Business Models Report
Recent Funding Rounds
Long Haul Trucking Marketplace -
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
$37.1M (▼2.3%)
5(▼16.7%)
Funded Companies
Companies
Acquisitions
Total $ Invested
IPOs
Soonicorn Club
1
$101M
13
-
33
7
Logistics Tech (Grab)
(# Cos: 824 | $16.5B)
Freight (Ritase.com)
(# Cos: 292 | $184M)
Trucking (Deliveree)
(# Cos: 193 | $156M)
Heavy Cargo (LOGIVAN)
(# Cos: 43 | $101M)
Marketplace (Kargo)
(# Cos: 33 | $101M)
Kargo
(2018, $38.6M)
LOGIVAN
(2017, $7.9M)
Ritase.com
(2018, $12.9M)
Note: The last node in the Taxonomy represents the Business Model addressed in the title of the slide.
Kargo (2018)
$31.0M - Series A - Apr 2020
Logisly (2018)
$6.0M - Series A - Nov 2020
load2go (2017)
$61.8K - Seed - Mar 2021
Kargo (2018)
Undisclosed - Seed - Mar 2020
Haulio (2017)
Undisclosed - Seed - Mar 2021

28. Copyright © 2021, Tracxn Technologies Private Limited. All rights reserved.
Southeast Asia Tech - Top Business Models Report
Recent Funding Rounds
Mutual Funds Investment Platforms -
Southeast Asia
20
28
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
$33.5M (▲235%)
3(▲200%)
Funded Companies
Companies
Acquisitions
Total $ Invested
IPOs
Soonicorn Club
3
$63.5M
4
-
11
1
Investment Tech (SGX)
(# Cos: 625 | $569M)
Online Trading Platforms (Stockbit)
(# Cos: 258 | $157M)
Public Market Funds (Bareksa)
(# Cos: 12 | $86.0M)
Mutual Funds (Bibit)
(# Cos: 11 | $63.5M)
Bibit
(2016, $45.0M)
Bareksa
(2013, $3.5M)
FINNOMENA
(2016, $13.5M)
Note: The last node in the Taxonomy represents the Business Model addressed in the title of the slide.
Bibit (2016)
$30.0M - Series B - Jan 2021
Bareksa (2013)
$3.5M - Series A - Dec 2020
Finhay (2017)
Undisclosed - Seed - Apr 2020

29. Copyright © 2021, Tracxn Technologies Private Limited. All rights reserved.
Southeast Asia Tech - Top Business Models Report
Recent Funding Rounds
B2B E-Commerce > Food & Beverages > Groceries > Farm
Products > Listing Platform - Southeast Asia
21
29
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
$30.5M ( -- )
2( -- )
Funded Companies
Companies
Acquisitions
Total $ Invested
IPOs
Soonicorn Club
-
$30.5M
1
-
1
1
B2B E-Commerce (TradeGecko)
(# Cos: 235 | $308M)
Food & Beverages (Telio)
(# Cos: 36 | $91.1M)
Groceries (FreshKet)
(# Cos: 30 | $91.1M)
Farm Products (TaniHub)
(# Cos: 15 | $61.0M)
Listing Platform (Ula)
(# Cos: 1 | $30.5M)
Ula
(2019, $30.5M)
Note: The last node in the Taxonomy represents the Business Model addressed in the title of the slide.
Ula (2019)
$20.0M - Series A - Jan 2021
Ula (2019)
$10.5M - Seed - Jun 2020

30. Copyright © 2021, Tracxn Technologies Private Limited. All rights reserved.
Southeast Asia Tech - Top Business Models Report
Recent Funding Rounds
Second Hand Car C2B Platform -
Southeast Asia
22
30
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
$30.0M (▼39.9%)
2(▲100%)
Funded Companies
Companies
Acquisitions
Total $ Invested
IPOs
Soonicorn Club
-
$116M
2
-
2
1
Second Hand Goods (Carousell)
(# Cos: 244 | $691M)
Auto (Carmudi)
(# Cos: 92 | $329M)
Cars (CARRO)
(# Cos: 73 | $239M)
C2B (Carsome)
(# Cos: 2 | $116M)
Carsome
(2015, $116M)
Auto Craver
(2015, $46.4K)
Note: The last node in the Taxonomy represents the Business Model addressed in the title of the slide.
Carsome (2015)
$30.0M - Series D - Dec 2020
Auto Craver (2015)
$46.4K - Seed - Apr 2020

31. Copyright © 2021, Tracxn Technologies Private Limited. All rights reserved.
Southeast Asia Tech - Top Business Models Report
Recent Funding Rounds
C2B Car Marketplace - 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
$30.0M (▼62.4%)
2( <> 0% )
Funded Companies
Companies
Acquisitions
Total $ Invested
IPOs
Soonicorn Club
-
$161M
7
-
16
3
Auto E-Commerce & Content (Carmudi Indonesia)
(# Cos: 340 | $418M)
Second Hand Vehicles (Carmudi)
(# Cos: 138 | $379M)
Cars (CARRO)
(# Cos: 113 | $284M)
C2B Marketplace (Carsome)
(# Cos: 16 | $161M)
Carsome
(2015, $116M)
BeliMobilGue.co.id
(2017, $13.7M)
myTukar
(2017, $30.9M)
Note: The last node in the Taxonomy represents the Business Model addressed in the title of the slide.
Carsome (2015)
$30.0M - Series D - Dec 2020
Auto Craver (2015)
$46.4K - Seed - Apr 2020

32. Copyright © 2021, Tracxn Technologies Private Limited. All rights reserved.
Southeast Asia Tech - Top Business Models Report
Recent Funding Rounds
Xfers (2014)
$30.0M - Series A - Mar 2021
Decentro (2020)
Undisclosed - Seed - Jul 2020
Finantier (2020)
Undisclosed - Seed - Dec 2020
Finantier (2020)
Undisclosed - Seed - Nov 2020
Decentro (2020)
Undisclosed - Seed - Feb 2021
Banking-as-a-platform via Open Banking
APIs - Southeast Asia
24
32
Back to index
Banking Tech (SOCASH)
(# Cos: 210 | $465M)
Open Banking (Percipient)
(# Cos: 10 | $38.2M)
Banking APIs (Xfers)
(# Cos: 5 | $32.5M)
Taxonomy
$ Invested in last 1 year in Southeast
Asia Tech
Key Stats
# Funding Rounds in last 1 year in
Southeast Asia Tech
$30.0M ( -- )
5( -- )
Funded Companies
Companies
Acquisitions
Total $ Invested
IPOs
Soonicorn Club
-
$32.5M
4
-
5
1
Xfers
(2014, $32.5M)
Decentro Brankas
Note: The last node in the Taxonomy represents the Business Model addressed in the title of the slide.

33. Copyright © 2021, Tracxn Technologies Private Limited. All rights reserved.
Southeast Asia Tech - Top Business Models Report
Recent Funding Rounds
Xfers (2014)
$30.0M - Series A - Mar 2021
Open Banking APIs for Payments -
Southeast Asia
25
33
Back to index
Payments (Grab)
(# Cos: 794 | $16.9B)
Enablers (InstaReM)
(# Cos: 64 | $199M)
Open Banking APIs (Xfers)
(# Cos: 2 | $32.5M)
Taxonomy
$ Invested in last 1 year in Southeast
Asia Tech
Key Stats
# Funding Rounds in last 1 year in
Southeast Asia Tech
$30.0M ( -- )
1( -- )
Funded Companies
Companies
Acquisitions
Total $ Invested
IPOs
Soonicorn Club
-
$32.5M
1
-
2
1
Xfers
(2014, $32.5M)
Finfini
Note: The last node in the Taxonomy represents the Business Model addressed in the title of the slide.

34. Copyright © 2021, Tracxn Technologies Private Limited. All rights reserved.
Southeast Asia Tech - Top Business Models Report
Recent Funding Rounds
GudangAda (2018)
$25.4M - Series A - May 2020
Dropee (2016)
$1.3M - Series A - Jul 2020
Horizontal B2B Marketplaces -
Southeast Asia
26
34
Back to index
B2B E-Commerce (TradeGecko)
(# Cos: 235 | $308M)
Horizontal (Dropee)
(# Cos: 59 | $155M)
Marketplace (Ralali.com)
(# Cos: 28 | $153M)
Taxonomy
$ Invested in last 1 year in Southeast
Asia Tech
Key Stats
# Funding Rounds in last 1 year in
Southeast Asia Tech
$26.7M (▼38.6%)
2(▼50%)
Funded Companies
Companies
Acquisitions
Total $ Invested
IPOs
Soonicorn Club
1
$153M
11
-
28
2
Ralali.com
(2015, $22.5M)
Dropee
(2016, $1.7M)
Mbiz
(2015, $92.0M)
Note: The last node in the Taxonomy represents the Business Model addressed in the title of the slide.

35. Copyright © 2021, Tracxn Technologies Private Limited. All rights reserved.
Southeast Asia Tech - Top Business Models Report
Recent Funding Rounds
Free Float Electric Kick Scooter Rentals -
Southeast Asia
27
35
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
$26.0M ( -- )
1( -- )
Funded Companies
Companies
Acquisitions
Total $ Invested
IPOs
Soonicorn Club
-
$32.4M
1
-
3
1
Electric Vehicles (ION Mobility)
(# Cos: 114 | $88.9M)
Vehicle as a Service (BlueSG)
(# Cos: 22 | $72.3M)
Kick Scooters (Neuron)
(# Cos: 11 | $72.3M)
Free Float (Beam)
(# Cos: 3 | $32.4M)
Beam
(2018, $32.4M)
OoGyaa Scootbee
Note: The last node in the Taxonomy represents the Business Model addressed in the title of the slide.
Beam (2018)
$26.0M - Series A - May 2020

36. Copyright © 2021, Tracxn Technologies Private Limited. All rights reserved.
Southeast Asia Tech - Top Business Models Report
Recent Funding Rounds
Investment Tech > Online Trading Platforms > Stocks >
Regular Trading > Brokers - Southeast Asia
28
36
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
$25.0M ( -- )
1( -- )
Funded Companies
Companies
Acquisitions
Total $ Invested
IPOs
Soonicorn Club
1
$27.2M
7
5
33
1
Investment Tech (SGX)
(# Cos: 625 | $569M)
Online Trading Platforms (Bibit)
(# Cos: 258 | $157M)
Stocks (Stockbit)
(# Cos: 83 | $39.5M)
Regular Trading (TradeHero)
(# Cos: 63 | $37.7M)
Brokers (Ajaib)
(# Cos: 33 | $27.2M)
Ajaib
(2018, $27.2M)
Finansia Syrus Securit.. Trimegah Securities
Note: The last node in the Taxonomy represents the Business Model addressed in the title of the slide.
Ajaib (2018)
$25.0M - Series A - Jan 2021

37. Copyright © 2021, Tracxn Technologies Private Limited. All rights reserved.
Southeast Asia Tech - Top Business Models Report
Recent Funding Rounds
Plant Based Meat Substitutes -
Southeast Asia
29
37
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
$22.2M ( -- )
4( -- )
Funded Companies
Companies
Acquisitions
Total $ Invested
IPOs
Soonicorn Club
-
$22.2M
3
-
4
1
Food Tech (HealthifyMe)
(# Cos: 697 | $359M)
Novel Foods (Alchemy Foodtech)
(# Cos: 24 | $54.7M)
Food Products (TurtleTree Labs)
(# Cos: 22 | $52.3M)
Alternative Proteins (Growthwell)
(# Cos: 12 | $42.9M)
Meat Substitute (Shiok Meats)
(# Cos: 5 | $42.9M)
Plant Based (Next Gen Foods)
(# Cos: 4 | $22.2M)
Next Gen Foods
(2020, $12.2M)
Growthwell
(1989, $8.0M)
Green Butcher
(2020, $2.0M)
Note: The last node in the Taxonomy represents the Business Model addressed in the title of the slide.
Next Gen Foods (2020)
$10.0M - Seed - Feb 2021
Growthwell (1989)
$8.0M - Series A - Apr 2020
Next Gen Foods (2020)
$2.2M - Seed - Oct 2020
Green Butcher (2020)
$2.0M - Seed - Feb 2021

38. Copyright © 2021, Tracxn Technologies Private Limited. All rights reserved.
Southeast Asia Tech - Top Business Models Report
Recent Funding Rounds
Gaussian Robotics (2017)
$22.0M - Series B - Sep 2020
Professional Service Robots > Cleaning >
Commercial Maintenance - Southeast Asia
30
38
Back to index
Professional Service Robots (Botsync)
(# Cos: 51 | $47.7M)
Cleaning (LionsBot)
(# Cos: 4 | $22.0M)
Commercial Maintenance (Gaussian
Robotics)
(# Cos: 4 | $22.0M)
Taxonomy
$ Invested in last 1 year in Southeast
Asia Tech
Key Stats
# Funding Rounds in last 1 year in
Southeast Asia Tech
$22.0M ( -- )
1( -- )
Funded Companies
Companies
Acquisitions
Total $ Invested
IPOs
Soonicorn Club
-
$22.0M
1
-
4
1
Gaussian Robotics
(2017, $22.0M)
LionsBot Robotek
Note: The last node in the Taxonomy represents the Business Model addressed in the title of the slide.

39. Copyright © 2021, Tracxn Technologies Private Limited. All rights reserved.
Southeast Asia Tech - Top Business Models Report
Recent Funding Rounds
Holmusk (2015)
$21.5M - Series A - May 2020
Biotech R&D > Research Software > Integrative
Bioinformatics Platforms - Southeast Asia
31
39
Back to index
Biotech R&D (Curiox)
(# Cos: 19 | $56.8M)
Research Software (Synamatix)
(# Cos: 8 | $34.3M)
Integrative Bioinformatics Platforms
(Holmusk)
(# Cos: 2 | $34.3M)
Taxonomy
$ Invested in last 1 year in Southeast
Asia Tech
Key Stats
# Funding Rounds in last 1 year in
Southeast Asia Tech
$21.5M ( -- )
1( -- )
Funded Companies
Companies
Acquisitions
Total $ Invested
IPOs
Soonicorn Club
-
$34.3M
1
-
2
1
Holmusk
(2015, $34.3M)
NetworkGene
Note: The last node in the Taxonomy represents the Business Model addressed in the title of the slide.

40. Copyright © 2021, Tracxn Technologies Private Limited. All rights reserved.
Southeast Asia Tech - Top Business Models Report
Recent Funding Rounds
Healthcare IT > Provider > Clinical Operations > Decision
Support > Suite Solutions > Generic - Southeast Asia
32
40
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
$21.5M ( -- )
1( -- )
Funded Companies
Companies
Acquisitions
Total $ Invested
IPOs
Soonicorn Club
-
$34.3M
1
-
1
1
Healthcare IT (BookDoc)
(# Cos: 468 | $96.7M)
Provider (Docquity)
(# Cos: 369 | $86.6M)
Clinical Operations (UCARE.AI)
(# Cos: 39 | $63.7M)
Decision Support (eko.ai)
(# Cos: 39 | $63.7M)
Suite Solutions (Adaline)
(# Cos: 3 | $34.3M)
Generic (Holmusk)
(# Cos: 1 | $34.3M)
Holmusk
(2015, $34.3M)
Note: The last node in the Taxonomy represents the Business Model addressed in the title of the slide.
Holmusk (2015)
$21.5M - Series A - May 2020

41. Copyright © 2021, Tracxn Technologies Private Limited. All rights reserved.
Southeast Asia Tech - Top Business Models Report
Recent Funding Rounds
Digital Native Retail Banks - Southeast
Asia
33
41
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
$21.0M (▲250%)
1( <> 0% )
Funded Companies
Companies
Acquisitions
Total $ Invested
IPOs
Soonicorn Club
-
$27.0M
1
-
3
1
Banking Tech (SOCASH)
(# Cos: 210 | $465M)
Internet First Banks (Aspire)
(# Cos: 38 | $76.1M)
Digital Native Banks (Salaam Bank)
(# Cos: 5 | $27.0M)
Retail Banking (TONIK)
(# Cos: 3 | $27.0M)
TONIK
(2018, $27.0M)
Salaam Bank NEEBank
Note: The last node in the Taxonomy represents the Business Model addressed in the title of the slide.
TONIK (2018)
$21.0M - Series A - Jun 2020

42. Copyright © 2021, Tracxn Technologies Private Limited. All rights reserved.
Southeast Asia Tech - Top Business Models Report
Recent Funding Rounds
Payments > Enablers > White Label Solutions >
Wallets - Southeast Asia
34
42
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
$21.0M (▲320%)
1(▼50%)
Funded Companies
Companies
Acquisitions
Total $ Invested
IPOs
Soonicorn Club
-
$56.5M
4
1
11
1
Payments (Grab)
(# Cos: 794 | $16.9B)
Enablers (Tookitaki)
(# Cos: 64 | $199M)
White Label Solutions (InstaReM)
(# Cos: 25 | $130M)
Wallets (MatchMove)
(# Cos: 11 | $56.5M)
MatchMove
(2009, $56.0M)
Kashmi
(2014, $530K)
Wallet Engine
Note: The last node in the Taxonomy represents the Business Model addressed in the title of the slide.
MatchMove (2009)
$21.0M - Series C - Sep 2020

43. Copyright © 2021, Tracxn Technologies Private Limited. All rights reserved.
Southeast Asia Tech - Top Business Models Report
Recent Funding Rounds
Horangi (2016)
$20.0M - Series B - Mar 2020
Cyber Risk Assessment - Southeast Asia
35
43
Back to index
Cybersecurity (Lucideus)
(# Cos: 305 | $145M)
Security Analytics (Right-Hand Cybersecurity)
(# Cos: 16 | $25.6M)
Cyber Risk & Vulnerability Assessment
(Horangi)
(# Cos: 7 | $23.1M)
Taxonomy
$ Invested in last 1 year in Southeast
Asia Tech
Key Stats
# Funding Rounds in last 1 year in
Southeast Asia Tech
$20.0M ( -- )
1( -- )
Funded Companies
Companies
Acquisitions
Total $ Invested
IPOs
Soonicorn Club
-
$23.1M
3
-
7
1
Horangi
(2016, $23.1M)
CyberArmyID BlackScore
Note: The last node in the Taxonomy represents the Business Model addressed in the title of the slide.

44. Copyright © 2021, Tracxn Technologies Private Limited. All rights reserved.
Southeast Asia Tech - Top Business Models Report
Recent Funding Rounds
Islamic FinTech > Alternative Lending > Lead Generation
Platforms > Business Loans - 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
$20.0M (▲1233%)
1(▼50%)
Funded Companies
Companies
Acquisitions
Total $ Invested
IPOs
Soonicorn Club
-
$21.5M
1
-
1
1
Islamic FinTech (Hellogold)
(# Cos: 44 | $45.6M)
Alternative Lending (Investree)
(# Cos: 12 | $45.0M)
Lead Generation Platforms (As-Sidq)
(# Cos: 2 | $21.5M)
Business Loans (Alami Sharia)
(# Cos: 1 | $21.5M)
Alami Sharia
(2017, $21.5M)
Note: The last node in the Taxonomy represents the Business Model addressed in the title of the slide.
Alami Sharia (2017)
$20.0M - Series A - Jan 2021

45. Copyright © 2021, Tracxn Technologies Private Limited. All rights reserved.
Southeast Asia Tech - Top Business Models Report
Recent Funding Rounds
Internet First P2P Lender - 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
$20.0M (▲46.6%)
1(▼66.7%)
Funded Companies
Companies
Acquisitions
Total $ Invested
IPOs
Soonicorn Club
-
$50.1M
3
-
19
1
Alternative Lending (Akulaku)
(# Cos: 520 | $1.4B)
Online Lenders (Kredivo)
(# Cos: 376 | $1.0B)
Diversified (UangTeman)
(# Cos: 45 | $252M)
Marketplace (Komunal)
(# Cos: 33 | $55.1M)
P2P (KoinWorks)
(# Cos: 19 | $50.1M)
KoinWorks
(2015, $50.1M)
Komunal Asetku
Note: The last node in the Taxonomy represents the Business Model addressed in the title of the slide.
KoinWorks (2015)
$20.0M - Series C - Apr 2020

46. Copyright © 2021, Tracxn Technologies Private Limited. All rights reserved.
Southeast Asia Tech - Top Business Models Report
Recent Funding Rounds
Cryptocurrencies > Wallet > Cold Wallets >
Software - Southeast Asia
38
46
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Taxonomy
$ Invested in last 1 year in Southeast
Asia Tech
Key Stats
# Funding Rounds in last 1 year in
Southeast Asia Tech
$19.8M ( -- )
2( -- )
Funded Companies
Companies
Acquisitions
Total $ Invested
IPOs
Soonicorn Club
-
$19.8M
2
-
30
1
Cryptocurrencies (KuCoin)
(# Cos: 924 | $160M)
Wallet (AlphaWallet)
(# Cos: 95 | $21.0M)
Cold Wallets (TokenPocket)
(# Cos: 34 | $19.8M)
Software (MathWallet)
(# Cos: 30 | $19.8M)
MathWallet
(2018, $19.8M)
TokenPocket SIX Network
Note: The last node in the Taxonomy represents the Business Model addressed in the title of the slide.
MathWallet (2018)
$12.0M - Series B - Dec 2020
MathWallet (2018)
$7.8M - Series A - Oct 2020

47. Copyright © 2021, Tracxn Technologies Private Limited. All rights reserved.
Southeast Asia Tech - Top Business Models Report
Recent Funding Rounds
Finance & Accounting Tech > Accounting Solutions > Record
to Report > Bookkeeping > Small Businesses - Southeast Asia
39
47
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Taxonomy
$ Invested in last 1 year in Southeast
Asia Tech
Key Stats
# Funding Rounds in last 1 year in
Southeast Asia Tech
$19.1M ( -- )
8( -- )
Funded Companies
Companies
Acquisitions
Total $ Invested
IPOs
Soonicorn Club
-
$22.1M
2
-
5
1
Finance & Accounting Tech (Osome)
(# Cos: 378 | $243M)
Accounting Solutions (Red Dot Payment)
(# Cos: 271 | $210M)
Record to Report (OnlinePajak)
(# Cos: 35 | $47.1M)
Bookkeeping (BukuWarung)
(# Cos: 12 | $22.1M)
Small Businesses (BukuKas)
(# Cos: 5 | $22.1M)
BukuKas
(2019, $22.0M)
BukuWarung
(2019, $125K)
Bluesheets
Note: The last node in the Taxonomy represents the Business Model addressed in the title of the slide.
BukuKas (2019)
$10.0M - Series A - Jan 2021
BukuKas (2019)
$9.0M - Seed - Aug 2020
BukuWarung (2019)
$125K - Seed - Jul 2020
BukuKas (2019)
Undisclosed - Seed - Apr 2020
BukuWarung (2019)
Undisclosed - Seed - Sep 2020
BukuWarung (2019)
Undisclosed - Seed - Jul 2020
BukuWarung (2019)
Undisclosed - Seed - Apr 2020
View all 8 Funding Rounds on Tracxn Platform

48. Copyright © 2021, Tracxn Technologies Private Limited. All rights reserved.
Southeast Asia Tech - Top Business Models Report
Recent Funding Rounds
TrustingSocial (2013)
$19.0M - Series B - Jun 2020
Credit and Risk Scoring Data - Southeast
Asia
40
48
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Data as a Service (SGX)
(# Cos: 117 | $43.4M)
Individuals (SQREEM)
(# Cos: 9 | $36.0M)
Credit Scoring Data (Lenddo)
(# Cos: 4 | $36.0M)
Taxonomy
$ Invested in last 1 year in Southeast
Asia Tech
Key Stats
# Funding Rounds in last 1 year in
Southeast Asia Tech
$19.0M ( -- )
1( -- )
Funded Companies
Companies
Acquisitions
Total $ Invested
IPOs
Soonicorn Club
-
$36.0M
2
-
4
2
Lenddo
(2011, $17.0M)
TrustingSocial
(2013, $19.0M)
Pefindo Biro Kredit
Note: The last node in the Taxonomy represents the Business Model addressed in the title of the slide.

49. Copyright © 2021, Tracxn Technologies Private Limited. All rights reserved.
Southeast Asia Tech - Top Business Models Report
Recent Funding Rounds
B2B Farm Produce Marketplace -
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
$17.0M (▲70%)
1( <> 0% )
Funded Companies
Companies
Acquisitions
Total $ Invested
IPOs
Soonicorn Club
1
$29.3M
4
-
9
1
B2B E-Commerce (TradeGecko)
(# Cos: 235 | $308M)
Food & Beverages (Telio)
(# Cos: 36 | $91.1M)
Groceries (FreshKet)
(# Cos: 30 | $91.1M)
Farm Products (Ula)
(# Cos: 15 | $61.0M)
Marketplace (TaniHub)
(# Cos: 9 | $29.3M)
TaniHub
(2015, $29.0M)
SupplyBunny
(2016, $300K)
PanenID
Note: The last node in the Taxonomy represents the Business Model addressed in the title of the slide.
TaniHub (2015)
$17.0M - Series A - Apr 2020

50. Copyright © 2021, Tracxn Technologies Private Limited. All rights reserved.
Southeast Asia Tech - Top Business Models Report
Recent Funding Rounds
Online Grocery > B2B Ecommerce > Farm Produce > Multi-
Category > Marketplace - 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
$17.0M (▲70%)
1( <> 0% )
Funded Companies
Companies
Acquisitions
Total $ Invested
IPOs
Soonicorn Club
-
$29.0M
1
-
4
1
Online Grocery (Chaldal)
(# Cos: 556 | $265M)
B2B Ecommerce (KlikDaily)
(# Cos: 37 | $67.3M)
Farm Produce (Glife)
(# Cos: 15 | $30.2M)
Multi-Category (Krops)
(# Cos: 7 | $29.0M)
Marketplace (TaniHub)
(# Cos: 4 | $29.0M)
TaniHub
(2015, $29.0M)
Krops Sikumis
Note: The last node in the Taxonomy represents the Business Model addressed in the title of the slide.
TaniHub (2015)
$17.0M - Series A - Apr 2020

51. Copyright © 2021, Tracxn Technologies Private Limited. All rights reserved.
Southeast Asia Tech - Top Business Models Report
Recent Funding Rounds
GoBear (2014)
$17.0M - Series C - May 2020
Payments > Consumer Payments > Credit Card
Comparison Platforms - Southeast Asia
43
51
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Payments (Gojek)
(# Cos: 794 | $16.9B)
Consumer Payments (Grab)
(# Cos: 339 | $15.6B)
Credit Card Comparison Platforms
(GoBear)
(# Cos: 12 | $118M)
Taxonomy
$ Invested in last 1 year in Southeast
Asia Tech
Key Stats
# Funding Rounds in last 1 year in
Southeast Asia Tech
$17.0M (▼78.8%)
1( <> 0% )
Funded Companies
Companies
Acquisitions
Total $ Invested
IPOs
Soonicorn Club
1
$118M
5
-
12
3
GoBear
(2014, $97.0M)
MoneySmart
(2009, $12.4M)
iMoney
(2012, $6.5M)
Note: The last node in the Taxonomy represents the Business Model addressed in the title of the slide.

52. Copyright © 2021, Tracxn Technologies Private Limited. All rights reserved.
Southeast Asia Tech - Top Business Models Report
Recent Funding Rounds
Banking Tech > Savings Comparison
Platform - Southeast Asia
44
52
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Banking Tech (SOCASH)
(# Cos: 210 | $465M)
Savings Comparison Platform (GoBear)
(# Cos: 20 | $128M)
Taxonomy
$ Invested in last 1 year in Southeast
Asia Tech
Key Stats
# Funding Rounds in last 1 year in
Southeast Asia Tech
$17.0M (▼78.8%)
1( <> 0% )
Funded Companies
Companies
Acquisitions
Total $ Invested
IPOs
Soonicorn Club
2
$128M
11
-
20
4
GoBear
(2014, $97.0M)
MoneySmart
(2009, $12.4M)
Cermati
(2014, $3.5M)
Note: The last node in the Taxonomy represents the Business Model addressed in the title of the slide.
GoBear (2014)
$17.0M - Series C - May 2020

53. Copyright © 2021, Tracxn Technologies Private Limited. All rights reserved.
Southeast Asia Tech - Top Business Models Report
Recent Funding Rounds
Crop Tech > ECommerce > Farm Produce > B2B > Fruits and
Vegetables > Marketplace - Southeast Asia
45
53
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
$17.0M (▲70%)
1( <> 0% )
Funded Companies
Companies
Acquisitions
Total $ Invested
IPOs
Soonicorn Club
1
$29.3M
3
-
11
1
Crop Tech (Proximity Design)
(# Cos: 288 | $60.5M)
ECommerce (Limakilo)
(# Cos: 72 | $39.3M)
Farm Produce (Chilibeli)
(# Cos: 42 | $39.3M)
B2B (Krops)
(# Cos: 18 | $29.3M)
Fruits and Vegetables (SupplyBunny)
(# Cos: 13 | $29.3M)
Marketplace (TaniHub)
(# Cos: 11 | $29.3M)
TaniHub
(2015, $29.0M)
SupplyBunny
(2016, $300K)
Krops
Note: The last node in the Taxonomy represents the Business Model addressed in the title of the slide.
TaniHub (2015)
$17.0M - Series A - Apr 2020

54. Copyright © 2021, Tracxn Technologies Private Limited. All rights reserved.
Southeast Asia Tech - Top Business Models Report
Recent Funding Rounds
Cryptocurrency Exchanges - Southeast
Asia
46
54
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
$16.7M (▲457%)
5(▲66.7%)
Funded Companies
Companies
Acquisitions
Total $ Invested
IPOs
Soonicorn Club
5
$80.8M
27
-
273
4
Cryptocurrencies (imToken)
(# Cos: 924 | $160M)
Financial Services (Coins.ph)
(# Cos: 634 | $136M)
Investment Industry (Kyber Network)
(# Cos: 435 | $117M)
Crypto Exchanges (KuCoin)
(# Cos: 273 | $80.8M)
KuCoin
(2017, $20.0M)
imToken
(2016, $10.0M)
Sparrow Exchange
(2018, $9.2M)
Note: The last node in the Taxonomy represents the Business Model addressed in the title of the slide.
Zipmex (2018)
$6.0M - Series A - Jan 2021
Ecxx (2017)
$6.0M - Series A - Jun 2020
Sparrow Exchange (2018)
$3.5M - Series A - Jun 2020
Switcheo (2017)
$1.2M - Seed - Nov 2020
Tokenize Exchange (2017)
Undisclosed - Seed - Feb 2021

55. Copyright © 2021, Tracxn Technologies Private Limited. All rights reserved.
Southeast Asia Tech - Top Business Models Report
Recent Funding Rounds
Food Tech > Novel Foods > Food Products > Alternative
Proteins > Meat Substitute > Lab Grown - Southeast Asia
47
55
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
$15.6M (▲206%)
2( <> 0% )
Funded Companies
Companies
Acquisitions
Total $ Invested
IPOs
Soonicorn Club
-
$20.7M
1
-
1
1
Food Tech (HealthifyMe)
(# Cos: 697 | $359M)
Novel Foods (Alchemy Foodtech)
(# Cos: 24 | $54.7M)
Food Products (TurtleTree Labs)
(# Cos: 22 | $52.3M)
Alternative Proteins (Growthwell)
(# Cos: 12 | $42.9M)
Meat Substitute (Next Gen Foods)
(# Cos: 5 | $42.9M)
Lab Grown (Shiok Meats)
(# Cos: 1 | $20.7M)
Shiok Meats
(2018, $20.7M)
Note: The last node in the Taxonomy represents the Business Model addressed in the title of the slide.
Shiok Meats (2018)
$12.6M - Series A - Sep 2020
Shiok Meats (2018)
$3.0M - Series A - Jun 2020

56. Copyright © 2021, Tracxn Technologies Private Limited. All rights reserved.
Southeast Asia Tech - Top Business Models Report
Recent Funding Rounds
Silent Eight (2013)
$15.0M - Series B - Oct 2020
Fraud Detection Solutions for Banks -
Southeast Asia
48
56
Back to index
Banking Tech (SOCASH)
(# Cos: 210 | $465M)
RegTech (SQREEM)
(# Cos: 25 | $52.7M)
Fraud Detection (Tookitaki)
(# Cos: 7 | $42.8M)
Taxonomy
$ Invested in last 1 year in Southeast
Asia Tech
Key Stats
# Funding Rounds in last 1 year in
Southeast Asia Tech
$15.0M (▼16.2%)
1(▼50%)
Funded Companies
Companies
Acquisitions
Total $ Invested
IPOs
Soonicorn Club
-
$42.8M
4
-
7
2
Tookitaki
(2014, $20.4M)
SQREEM Silent Eight
(2013, $21.2M)
Note: The last node in the Taxonomy represents the Business Model addressed in the title of the slide.

57. Copyright © 2021, Tracxn Technologies Private Limited. All rights reserved.
Southeast Asia Tech - Top Business Models Report
Recent Funding Rounds
AML Transaction Monitoring in Financial
Services - 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
$15.0M (▼16.2%)
1(▼50%)
Funded Companies
Companies
Acquisitions
Total $ Invested
IPOs
Soonicorn Club
-
$41.6M
2
-
10
2
RegTech (Dathena)
(# Cos: 82 | $67.7M)
Fraud Detection (i-Sprint)
(# Cos: 24 | $51.5M)
Transaction Monitoring (SQREEM)
(# Cos: 20 | $41.6M)
AML (Tookitaki)
(# Cos: 10 | $41.6M)
Tookitaki
(2014, $20.4M)
Silent Eight
(2013, $21.2M)
Ingenique Solutions
Note: The last node in the Taxonomy represents the Business Model addressed in the title of the slide.
Silent Eight (2013)
$15.0M - Series B - Oct 2020

58. Copyright © 2021, Tracxn Technologies Private Limited. All rights reserved.
Southeast Asia Tech - Top Business Models Report
Recent Funding Rounds
Silent Eight (2013)
$15.0M - Series B - Oct 2020
Cybersecurity > Anti Fraud > Financial Fraud -
Southeast Asia
50
58
Back to index
Cybersecurity (Lucideus)
(# Cos: 305 | $145M)
Anti Fraud (SQREEM)
(# Cos: 29 | $42.9M)
Financial Fraud (Tookitaki)
(# Cos: 21 | $42.9M)
Taxonomy
$ Invested in last 1 year in Southeast
Asia Tech
Key Stats
# Funding Rounds in last 1 year in
Southeast Asia Tech
$15.0M (▲142%)
1(▼50%)
Funded Companies
Companies
Acquisitions
Total $ Invested
IPOs
Soonicorn Club
-
$42.9M
7
-
21
2
Tookitaki
(2014, $20.4M)
SQREEM Silent Eight
(2013, $21.2M)
Note: The last node in the Taxonomy represents the Business Model addressed in the title of the slide.

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