Grab clinches the top spot with its $11b market value.
This chart from Bain & Company (Bain & Co) shows that of the 10 unicorns produced in Southeast Asia since 2012, four of these are Singapore-born with Grab taking the lead with a $11b market value.
Combined, the firm noted that Southeast Asia’s unicorns have a total market value of $34b, placing the region in third place across the Asia Pacific (APAC) region behind China and India.
“Grab is the region’s number one ride-hailing business and its biggest start-up success story,” Bain & Co highlighted in its report.
The firm noted how the ride-hailing firm received US$340m in several rounds of venture funding in 2014 after movings its headquarters from Malaysia to Singapore. By adding new services, Grab expanded rapidly across eight ASEAN countries and eventually bought out out rival Uber’s regional business in 2018.
Based on the chart, gaming and e-commerce startup Sea’s market value reached approximately US$4b, whilst Lazada brought in around US$3b. Rounding up Singapore’s unicorns is Razer with a market value at an estimated US$2b.
Bain & Co’s report also highlighted how Southeast Asia is poised to produce at least 10 more unicorns by 2024 given the region’s new phase of growth supported by years of solid economic growth, government support for start ups and private equity fund perseverance.
Do you know more about this story? Contact us anonymously through this link.