Diese Präsentation wurde erfolgreich gemeldet.
Wir verwenden Ihre LinkedIn Profilangaben und Informationen zu Ihren Aktivitäten, um Anzeigen zu personalisieren und Ihnen relevantere Inhalte anzuzeigen. Sie können Ihre Anzeigeneinstellungen jederzeit ändern.
Alice Besomi Yash Sankrityayan
1
The most attractive and untapped opportunity in Asia
for Founders and VCs
South East Asia...
@JungleVenturesPlease refer to end of slides for Disclaimer
Prologue
§ In this note, we look at the key ingredients which...
@JungleVenturesPlease refer to end of slides for Disclaimer
SE Asia is the most attractive and untapped opportunity in Asi...
@JungleVenturesPlease refer to end of slides for Disclaimer
Comparable metro city population with >2x spending power
Note:...
@JungleVenturesPlease refer to end of slides for Disclaimer
190M+ people already discovering & consuming content or
produc...
@JungleVenturesPlease refer to end of slides for Disclaimer
2x better connectivity: internet speed and % of 3G/4G connecti...
@JungleVenturesPlease refer to end of slides for Disclaimer
SEA Card Penetration 2x of India
7
Source: World Bank
2x Debit...
@JungleVenturesPlease refer to end of slides for Disclaimer8
Source: World Bank – June 2015
SE Asian countries ranked bett...
@JungleVenturesPlease refer to end of slides for Disclaimer9
SE Asia countries scoring better on each parameter of the Glo...
@JungleVenturesPlease refer to end of slides for Disclaimer
Robust early stage ecosystem: 100+ early stage institutional
p...
@JungleVenturesPlease refer to end of slides for Disclaimer11
2013 2014 2015
acquires
acquires
acquires
acquires
acquires
...
@JungleVenturesPlease refer to end of slides for Disclaimer12
SEA has lesser competitive intensity: capital and startups
V...
@JungleVenturesPlease refer to end of slides for Disclaimer13
Numerous sectors fundamentally more attractive in SEA…
Trave...
@JungleVenturesPlease refer to end of slides for Disclaimer14
…Shaping Jungle’s investment thesis in the region..
Travel B...
@JungleVenturesPlease refer to end of slides for Disclaimer
Google-Temasek report projects $40-50bn investment required ov...
@JungleVenturesPlease refer to end of slides for Disclaimer16
Jungle Ventures: Highlights
Key Recent Developments
§ AUM o...
@JungleVenturesPlease refer to end of slides for Disclaimer17
§ These Confidential Materials (these “Materials”) are base...
@JungleVentures18
Contact Us
@JungleVentures
www.jungle-ventures.com
alice@jungle-ventures.com yash@jungle-ventures.com
Nächste SlideShare
Wird geladen in …5
×

SE Asia - The most attractive opportunity in the booming Asian Tech Landscape

4.122 Aufrufe

Veröffentlicht am

In this slideshow, we look at the key ingredients which make for good venture ecosystems, and find that South East Asia scores impressively on all fundamental factors, higher than India in almost all categories and even better than China in a few.

We take a deeper look at various data points including addressable population, spending power, infrastructure, technology adoption and usage, business and startup ecosystem quality. Our inference as a result of all these data points is that SE Asian markets present a tremendous opportunity for startups led value creation.

We conclude that there is an extra ordinary opportunity for VCs to back the leading Founders in SE Asia. Given the strong fundamentals, better consumer demographics, the funding gap and the presence of only few local and active VCs, SE Asia presents very attractive dynamics for Venture Capitalists (lower competition for companies and VCs, rational entry valuations, favourable deal timelines, founders’ focus on limited cash burn).

Veröffentlicht in: Internet
  • DOWNLOAD FULL BOOKS, INTO AVAILABLE FORMAT ......................................................................................................................... ......................................................................................................................... 1.DOWNLOAD FULL. PDF EBOOK here { https://tinyurl.com/y3nhqquc } ......................................................................................................................... 1.DOWNLOAD FULL. EPUB Ebook here { https://tinyurl.com/y3nhqquc } ......................................................................................................................... 1.DOWNLOAD FULL. doc Ebook here { https://tinyurl.com/y3nhqquc } ......................................................................................................................... 1.DOWNLOAD FULL. PDF EBOOK here { https://tinyurl.com/y3nhqquc } ......................................................................................................................... 1.DOWNLOAD FULL. EPUB Ebook here { https://tinyurl.com/y3nhqquc } ......................................................................................................................... 1.DOWNLOAD FULL. doc Ebook here { https://tinyurl.com/y3nhqquc } ......................................................................................................................... ......................................................................................................................... ......................................................................................................................... .............. Browse by Genre Available eBooks ......................................................................................................................... Art, Biography, Business, Chick Lit, Children's, Christian, Classics, Comics, Contemporary, Cookbooks, Crime, Ebooks, Fantasy, Fiction, Graphic Novels, Historical Fiction, History, Horror, Humor And Comedy, Manga, Memoir, Music, Mystery, Non Fiction, Paranormal, Philosophy, Poetry, Psychology, Religion, Romance, Science, Science Fiction, Self Help, Suspense, Spirituality, Sports, Thriller, Travel, Young Adult,
       Antworten 
    Sind Sie sicher, dass Sie …  Ja  Nein
    Ihre Nachricht erscheint hier
  • DOWNLOAD FULL BOOKS INTO AVAILABLE FORMAT ......................................................................................................................... ......................................................................................................................... 1.DOWNLOAD FULL PDF EBOOK here { https://tinyurl.com/y8nn3gmc } ......................................................................................................................... 1.DOWNLOAD FULL EPUB Ebook here { https://tinyurl.com/y8nn3gmc } ......................................................................................................................... 1.DOWNLOAD FULL doc Ebook here { https://tinyurl.com/y8nn3gmc } ......................................................................................................................... 1.DOWNLOAD FULL PDF EBOOK here { https://tinyurl.com/y8nn3gmc } ......................................................................................................................... 1.DOWNLOAD FULL EPUB Ebook here { https://tinyurl.com/y8nn3gmc } ......................................................................................................................... 1.DOWNLOAD FULL doc Ebook here { https://tinyurl.com/y8nn3gmc } ......................................................................................................................... ......................................................................................................................... ......................................................................................................................... .............. Browse by Genre Available eBooks ......................................................................................................................... Art, Biography, Business, Chick Lit, Children's, Christian, Classics, Comics, Contemporary, Cookbooks, Crime, Ebooks, Fantasy, Fiction, Graphic Novels, Historical Fiction, History, Horror, Humor And Comedy, Manga, Memoir, Music, Mystery, Non Fiction, Paranormal, Philosophy, Poetry, Psychology, Religion, Romance, Science, Science Fiction, Self Help, Suspense, Spirituality, Sports, Thriller, Travel, Young Adult,
       Antworten 
    Sind Sie sicher, dass Sie …  Ja  Nein
    Ihre Nachricht erscheint hier

SE Asia - The most attractive opportunity in the booming Asian Tech Landscape

  1. 1. Alice Besomi Yash Sankrityayan 1 The most attractive and untapped opportunity in Asia for Founders and VCs South East Asia August 2016
  2. 2. @JungleVenturesPlease refer to end of slides for Disclaimer Prologue § In this note, we look at the key ingredients which make for good venture ecosystems, and find that South East Asia scores impressively on all fundamental factors, higher than India in almost all categories and even better than China in a few. § We take a deeper look at various data points including addressable population, spending power, infrastructure, technology adoption and usage, business and startup ecosystem quality. Our inference as a result of all these data points is that SE Asian markets present a tremendous opportunity for startups led value creation. § The attractiveness of the opportunity as we see it contrasts sharply with the current investment trends: Investors deployed nearly ~$6.4bn into Indian startups in the 12 months ended June’16, versus only $1.6bn in SE Asia i.e <25% of the investment in India. § We conclude that there is an extra ordinary opportunity for VCs to back the leading Founders in SE Asia. Given the strong fundamentals, better consumer demographics, the funding gap and the presence of only few local and active VCs, SE Asia presents very attractive dynamics for Venture Capitalists (lower competition for companies and VCs, rational entry valuations, favorable deal timelines, founders’ focus on limited cash burn). 2
  3. 3. @JungleVenturesPlease refer to end of slides for Disclaimer SE Asia is the most attractive and untapped opportunity in Asia for Founders and VCs 3 1. Comparable addressable population with much >2x consumer spending capacity vs India Most consumer internet startups are based around mega-cities and not countries. India’s 8 metro cities represent 90m inhabitants vs 75m for the top 9 cities in SEA. However, SEA’s cities have >2x higher GDP/capita than India, and so the addressable market in the top 9 cities of SEAis >2x of India’s metros in $ terms 2. Better infrastructure, internet access, mobile/social media usage, credit/debit card availability ~90% social media penetration in SEA vs 39 % in India, with an average of 8h/day spent online and ~3h on social media. The (i) average internet speed, (ii) % of connections which are 3G/4G, and (iii) card penetration, are all >2x of India 3. All SEA countries rank higher than India on Ease of Doing Business, some better than China All key SEA countries ranked better than India (which is ranked 130 out of 189), and some are even ranked better than China on aspects relevant for new businesses 4. Strong innovation environment which scores better on nearly all parameters across countries S.E.Asian countries score better than India across most factors of the Global Innovation Index especially on Human capital & research, University/industry research collaboration, patent filing growth and business sophistication. 5. Better access to angels, accelerators, seed investment, Corporate and Government support One of the best ecosystems globally with the Corporate houses and Government also actively involved in addition to numerous early stage investors 6. Strong history of Tech M&As, and growing rapidly from <10 in 2010 to 45 in 2015 Global marquee tech acquirers already active in the region, and new ones from China, Japan etc. getting active
  4. 4. @JungleVenturesPlease refer to end of slides for Disclaimer Comparable metro city population with >2x spending power Note: GDP per capita numbers are specifically for the city areas. Source: World Bank, Brookings Institution Moody’s Analytics, U.S. Census, Statistics Office Of Vietnam Metro area Population million (2011 Est.) GDP/capita 2014 (PPP) Delhi 22 $12,747 Mumbai 22 $7,005 Kolkata 16 $4,036 Chennai 10 $6,469 Bengaluru 12 $5,051 Hyderabad 6 $5,063 Ahmedabad 5 $7,000 India Total 93 million $6,767 ave Manila 22 $14,222 Jakarta 22 $9,984 Surabaya 16 $7,843 Bandung 10 $4,597 Bangkok 12 $19,705 Kuala Lumpur 6 $28,076 HCMC 5 $8,660 Hanoi 7 $2,885 SEA Total 70 million $11,997 ave Singapore 5 $66,864 SEA with SG 75 million $18,093 ave Most consumer tech businesses are metro-city focused rather than serving whole country populations (atleast in the first 3-5 years of their evolution) GDP/capita is 2.7x higher across the top SEAsian cities and as a result immediately addressable market in $ terms in SEA which is >2x of India $1,362B Total $626B Total Top Indian cities Top SEA cities 4
  5. 5. @JungleVenturesPlease refer to end of slides for Disclaimer 190M+ people already discovering & consuming content or products on their mobiles regularly spending >3hr/day on social media 5 Internet users Internet penetration Mobile internet users Social media users Social media penetration Mobile social media users 350m 18% 300m 136m 39% 116m 250m 49% 200m 222m 89% 190m 0.7x 0.7x 1.6x 1.6x Source: We Are Social – Digital in 2016 SEA/ India: India: SEA:
  6. 6. @JungleVenturesPlease refer to end of slides for Disclaimer 2x better connectivity: internet speed and % of 3G/4G connections 6 Source: Akamai State of the Internet Q4 2015
  7. 7. @JungleVenturesPlease refer to end of slides for Disclaimer SEA Card Penetration 2x of India 7 Source: World Bank 2x Debit and credit card penetration enables more online payments % Penetration Credit Card Debit Card SEA 11% 43% India 4.2% 22% Credit and Debit Card Penetration
  8. 8. @JungleVenturesPlease refer to end of slides for Disclaimer8 Source: World Bank – June 2015 SE Asian countries ranked better than India and China on Ease of Doing Business for startups
  9. 9. @JungleVenturesPlease refer to end of slides for Disclaimer9 SE Asia countries scoring better on each parameter of the Global Innovation Index (GII) Singapore Malaysia Thailand Indonesia Source: Global Innovation Index 2015
  10. 10. @JungleVenturesPlease refer to end of slides for Disclaimer Robust early stage ecosystem: 100+ early stage institutional partners, corporates & highly supportive governments 10 *Of ~85 corporate accelerator programs globally 18 are in Asia, out of which 11 in South East Asia Seed Stage Institutional Investors Incubators/ Accelerators Govt. Agencies Corporate Innov. Hubs*
  11. 11. @JungleVenturesPlease refer to end of slides for Disclaimer11 2013 2014 2015 acquires acquires acquires acquires acquires acquires acquires$30M $200M $84M Invests  in   $450M acquires $48M acquires acquires acquires $30M 2012 acquires acquires $66M acquires acquires 2016 acquires acquires $534M acquires $1.5B Pre-­‐2011 SE Asia Tech M&A’s by Global Majors Source: TechInAsia, Pitchbook, Jungle Research Transactions in dark blue highlights are the 3 exits Jungle Ventures has seen in the last 3 years to Twitter, Rakuten and HomeAway Rapidly increasing trend of tech M&A, up from <10 in 2010 to 45 in 2015 Most M&A in SEA is from developed market buyers unlocking value for earlier investors vs largely stock acquisitions in India. China is also becoming an active acquirer in the region.
  12. 12. @JungleVenturesPlease refer to end of slides for Disclaimer12 SEA has lesser competitive intensity: capital and startups VC Capital Invested in 2015 perInternet User # of Funded Startupsin areasof ConsumerTech We look at VC funding per internet user(which is a broad proxy of how much startups are spending to acquire and service customers) VC funding per internet user in SE Asia was <30% of that in India… …Despite the fact that the spending power of the average metro city citizen is >2.5x of India Sub-­‐sector India  # SEA  # SEA/India Fashion  Tech 104 34 33% Online  Travel 87 41 47% Transport  Tech 61 16 26% Local  Services 90 32 36% Logistics  Tech 86 24 28% B2B  eCommerce 27 13 48% Mobile  commerce 33 14 42% Online  Grocery 20 9 45% Second  Hand  Goods 24 11 46% Online  Rental 22 5 23% Even across 5 countries in SE Asia, the # of funded startups are only ~30-40% of India. On a $ basis, it is even lower Source: TechInAsia, Tracxn, Jungle Research SE Asia still has few verticals where market leaders are already crowned, unlike India where most spaces have atleast 3-5 companies which are funded to a similar and significant level India SE  Asia SEA/  India 2015  VC  Funding  in   US$  million                  7,700                        1,600   Internet  Population   in  millions                        350                                250   VC  funding  per   internet  user  in  2015   in  $                              22                                        6   29% Average  Per  Capita   GDP  for  metro  cities   in  $                  6,767                    18,093   267%
  13. 13. @JungleVenturesPlease refer to end of slides for Disclaimer13 Numerous sectors fundamentally more attractive in SEA… Travel is much bigger in SEA, seen as % of GDP as well as # of outbound trips per capita. Singapore, Thailand and Indonesia are in fact top outbounddestinations of Indians. B2B commerce and trade is an important part of the economy for SEA countries. Retail spend is >2x higher than India.Trend also seen in e- commerce with Average Order Values which are 1.5-2.5x of India average. Source: World Bank Data 2014-15, World Travel Tourism Council 2015, UBS ASEAN Ecommerce Report 2014 Though electronics payments are more used than in India the penetration remains low (vs 65% in the US) and thus a source of Travel B2B Commerce Retail Financial Services Country   Name Manufacturing   as  %  of  GDP Exports   as  %  of  GDP India 17.1 23.2 Indonesia 21.0 23.7 Malaysia 22.9 73.8 Philippines 20.6 28.7 Singapore 18.4 187.6 Thailand 27.7 69.2 Vietnam 17.5 86.4 Country  Name Per  Capita  Annual   Retail  Spend  (US$) India 787                                                                   Singapore 5,585                                                           Malaysia 3,329                                                           Thailand 2,059                                                           Indonesia 1,339                                                           Vietnam 1,227                                                           Philippines 358                                                                   Total  contribution  of   travel  and  tourism As  %  of   GDP India 7% Thailand 19% Malaysia 15% Philippines 11% Singapore 10% Indonesia 9% Vietnam 9% Country %  of  Bank  accounts  used   to  receive  remittance %  people  above  15  years  who   made  electronic  payments India 1.9% 2.0% Indonesia 6.1% 3.1% Malaysia 9.6% 12.6% Singapore 9.7% 41.5% Thailand 17.2% 8.6% Vietnam 2.2% 2.5%
  14. 14. @JungleVenturesPlease refer to end of slides for Disclaimer14 …Shaping Jungle’s investment thesis in the region.. Travel B2B Commerce/ SAAS Retail Financial Services Exited Exited Note: Sample Jungle portfolio companies in the relevant areas Exited
  15. 15. @JungleVenturesPlease refer to end of slides for Disclaimer Google-Temasek report projects $40-50bn investment required over 10 years, to capitalize a $200bn opportunity 15 VC funding in SEAwas only $1.6bn versus $6.4bn in India in 2015 – less than 25% This is despite the attractive fundamentals and market dynamics as we have highlighted in the earlier slides Source: Tech In Asia Research, Jungle Research, Google-Temasek e-conomy SE Asia Report May 2016 (projection is assuming achieving similar VC funding as % of GDP as India, see report for more details) -­‐ 1,000   2,000   3,000   4,000   5,000   6,000   7,000   8,000   9,000   2010 2011 2012 2013 2014 2015 VC  Funding  in  India  and  SEA,  $m  (2010-­‐15) India SEA We therefore see a significant early stage funding gap in a fundamentally strong market
  16. 16. @JungleVenturesPlease refer to end of slides for Disclaimer16 Jungle Ventures: Highlights Key Recent Developments § AUM of >S$160M across multiple funds ; backed by investors such as IFC, Temasek & Accel Partners ‒ Plus highly strategic family offices, prolific angels and industry veterans § 4 exits in 4 years to Twitter, Rakuten, HomeAway and ShopClues ‒ 52% of invested capital from Fund I is now returned with a realized IRR of 368% § David Gowdey, ex TPG, joined as Managing Partner ‒ Wealth of experience in consumer technology, former Head of International M&A at Yahoo! and internet sector lead in Asia at TPG ‒ Launched SeedPlus, a dedicated seed stage platform for highly distruptive startups from Asia ‒ Partnered with Accel Partners, IIPL Singapore and other leading investors § Ratan Tata appointed as a special advisorto the firm ‒ Already co-invested in several companies and been a tremendous strategic connector for the firm and investee companies alike § Strong and increasing support from Singapore Inc with access to several government programs for co-investments ‒ Enabling Jungle Ventures to uniquely deliver outsized returns on several portfolio companies with no additional risks Jungle is a Venture Firm That InvestsAnd Helps Build Tech Category Leaders in Asia since 2012
  17. 17. @JungleVenturesPlease refer to end of slides for Disclaimer17 § These Confidential Materials (these “Materials”) are based on information provided by independent third parties reasonably believed to be reliable and are being shared to a limited number of parties who have expressed interest in the same. These Materials do not constitute an offer or solicitation to sell or purchase any securities or investment advisory services. § By accepting these Materials, the recipient agrees (in addition to any obligations it may have under a Confidentiality Agreement executed with Jungle Ventures) that neither it nor its agents, representatives, directors or employees will copy, reproduce or distribute to others these Materials, in whole or in part, at anytime without the prior written consent of Jungle Ventures and it will keep confidential all information contained herein or otherwise made available by Jungle Ventures. § Neither Jungle Ventures nor any of their respective affiliates, employees or representatives makes any representation or warranty, express or implied, as to the accuracy or completeness of the information contained in these Materials or any other information (whether written or oral) made available in connection with the investigation of investment opportunities by Jungle Ventures. Only those particular representations and warranties, if any, which may be made to a party in a definitive written agreement regarding a transaction involving Jungle Ventures, when, as and if executed, and subject to such limitations and restrictions as may be specified therein, will have any legal effect. § Jungle Ventures and their respective affiliates, employees or representatives expressly disclaim any and all liability relating to or resulting from the use of these Materials, any errors therein or omissions therefrom or the use of any other related information by a prospective investor or any of its affiliates, agents or representatives. These Materials do not purport to be all inclusive or necessarily to contain all information that may be material with respect to a potential investment led by Jungle Ventures. In all cases, each recipient should conduct their own independent investigation and analysis of the information contained in these Materials. § Jungle Ventures reserves the right at any time to (i) negotiate with one or more parties and to enter into a definitive agreement, without prior notice to any recipient of these Materials or any other party, (ii) terminate further participation in the investigation and proposal process by any party, and (iii) request either the destruction or the return of these Materials (together with any copies or extracts thereof), without assigning any reason therefor. IMPORTANT NOTICE TO RECIPIENTS
  18. 18. @JungleVentures18 Contact Us @JungleVentures www.jungle-ventures.com alice@jungle-ventures.com yash@jungle-ventures.com

×