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1. TRACXN TOP BUSINESS MODELS REPORT
March 21, 2022
SOUTHEAST ASIA TECH

2. Southeast Asia Tech - Top Business Models Report Copyright © 2022, 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 © 2022, Tracxn Technologies Limited. All rights reserved.
Southeast Asia Tech - Funding in last 1 year
3
Logistics Tech $6.2B
Payments $2.5B
Alternative Lending $1.6B
In Store Retail Tech $1.4B
Horizontal E-Commerce $1.1B
Auto E-Commerce & Content $1.0B
Y-o-Y Funding
Top Investors by Funding Rounds
Seed
Stage
Y Combinator
East Ventures
Global Founders Capital
48
19
19
Early
Stage
East Ventures
ACVentures
Alpha JWC Ventures
19
19
14
Late
Stage
Sequoia Capital
Tiger Global Management
EDBI
8
7
7
Funding by Geography
Top Feeds by $ Funding
Top Funding Rounds
$ Funding # Rounds
J&T Express
(2015, )
$2.5B - Series C
J&T Express
(2015, )
$2.0B - Series C
EMERITUS
(2010, )
$650M - Series E
Trax
(2010, )
$640M - Series E
Ninja Van
(2014, )
$578M - Series E
Atome
(2016, )
$500M - Series D
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
Singapore (46%)
Jakarta (36%)
Ho Chi Minh City (3%)
Hanoi (3%)
Petaling Jaya (2%)
Others (11%)

4. Copyright © 2022, 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▲3 Digital Wallets $998M 7 Grab | $375M | Series H Link
2▲1 B2C Hyperlocal Delivery $675M 2 Grab | $375M | Series H Link
3-- Online Professional Learning Courses $650M 2 EMERITUS | $650M | Series E Link
7-- Retail Stores Shopper Financing Platforms $540M 2 Atome | $500M | Series D Link
8▲165 Internet First Point of Sale Financing $515M 4 Atome | $500M | Series D Link
9▲25 C2B Used Cars Marketplaces $512M 4 Carsome | $300M | Series E Link
10▼9 Multi Products Marketplaces $492M 5 Atome | $500M | Series D Link
11▼6 Car Ride Hailing $492M 4 Grab | $375M | Series H Link
12▲68 P2P Used Cars Marketplaces $483M 4 CARRO | $360M | Series C Link
13▲8 Business Payments Solutions $400M 3 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 © 2022, 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
14-- Online B2B Horizontal Retailers $382M 5 Moglix | $250M | Series F Link
15▼13 Card Linked Digital Wallets $375M 1 Grab | $375M | Series H Link
16▲3 Internet First P2P Business Loans $334M 6 Modalku | $144M | Series C Link
17▼4 Two Wheeler Ride Hailing $300M 1 Gojek | $300M | Series H Link
20-- Internet First Point of Sale Financing Marketplaces $252M 4 FinAccel | $125M | Series C Link
22-- Omnichannel Banking Solutions $250M 1 VNLIFE | $250M | Series B Link
25▼17 Online Business Payments $244M 6 Voyager Innov.. | $167M | Series E Link
26▲120 Remittance Softwares for Enterprises $205M 3 NIUM | $200M | Series D Link
27-- Life Sciences Research Instruments $200M 1 Esco Lifescie.. | $200M | Series A Link
28▲9 Web Based Platform for Doctor Consultation $184M 4 Doctor Anywhere | $104M | Series C Link
* Rank is based on $Invested in last 1 year in the Business Model. ▲- Indicates change in Rank from previous 1 year.

6. Copyright © 2022, 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
29▲2 B2B Farm Produce Marketplaces $177M 6 ShopUp | $75.0M | Series B Link
30▲35 Online K-12 Chinese Tutoring $162M 3 LingoAce | $105M | Series C Link
31-- PC and Console Casual NFT Game Developers $160M 2 Sky Mavis | $152M | Series B Link
32▲1 B2B Grocery Marketplace $155M 5 Ula | $87.0M | Series B Link
33-- Advertisement Based Video On Demand $150M 1 Vidio | $150M | Series D Link
34-- Video Sharing Platforms $150M 4 Vidio | $150M | Series D Link
35▲8 Retail Banking $148M 2 TONIK | $131M | Series B Link
36▼30 Residential Real Estate Listings $147M 2 PropertyGuru | $147M | Series D Link
37▲3 Plant Based Meat Substitutes $143M 5 Next Gen Foods | $100M | Series A Link
38▼2 B2B E-Commerce Software Suite $135M 5 GudangAda | $100M | 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 © 2022, 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
39▲25 CPG Brands E-Commerce Software Suite $128M 8 SIRCLO | $45.0M | Series B Link
40▲58 Pan-Cancer Drugs $125M 1 Hummingbird B.. | $125M | Series C Link
41▲120 Cryptocurrency Banking $120M 2 Sygnum | $120M | Series B Link
42▲114 Corporate Travel & Expense Cards $119M 2 Spenmo | $85.3M | Series B Link
43▼17 B2B Horizontal Marketplaces $113M 5 Ula | $87.0M | Series B Link
44▲77 Mutual Fund Investment Platforms $110M 5 Pluang | $55.0M | Series C Link
45▲12 Cryptocurrency Exchanges $108M 9 PDAX | $50.0M | Series B Link
46▲73 Crypto Financial Services $107M 5 Matrixport | $100M | Series C Link
47-- Cryptocurrency Custodian Services $104M 4 Hex Trust | $88.0M | Series B Link
48▼4 White Label Wallet Solutions $102M 2 MatchMove | $100M | Series D Link
* Rank is based on $Invested in last 1 year in the Business Model. ▲- Indicates change in Rank from previous 1 year.

8. Copyright © 2022, 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
49-- Electric Two Wheeler Battery Swapping $102M 3 Oyika | $100M | Series C Link
50-- Internet First NFC Prepaid Cards $100M 1 BigPay | $100M | Series A Link
51-- Cryptocurrency Trading Platforms $95.6M 5 AscendEX | $50.0M | Series B Link
52▼38 Bioplastics $95.1M 1 RWDC Industr.. | $95.1M | Series B Link
53▼15 Free Float Electric Kick Scooter Rentals $93.0M 1 Beam | $93.0M | Series B Link
54▲52 OTT Live Streaming Distribution Solutions $88.6M 3 Kumu | $73.6M | Series C Link
55▼3 B2B Fruits and Vegetables Marketplaces $84.5M 2 TaniHub | $65.5M | Series B Link
56-- Online Subscription Based K-12 Academic Tutoring $82.0M 3 Ruangguru | $55.0M | Series C Link
57▲107 Cryptocurrency Mobile Wallets $81.8M 6 Cobo | $40.0M | Series B Link
58-- E-Commerce Storefronts $80.1M 6 LummoSHOP | $80.0M | Series C Link
* Rank is based on $Invested in last 1 year in the Business Model. ▲- Indicates change in Rank from previous 1 year.

9. Copyright © 2022, 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
Digital Wallets - Southeast Asia
01
9
Back to index
Payments (Xendit)
(# Cos: 958 | $19.4B)
Consumer Payments (Gojek)
(# Cos: 419 | $17.2B)
Wallets (Grab)
(# Cos: 177 | $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 (▲74.6%)
7(▼58.8%)
Funded Companies
Companies
Acquisitions
Total $ Invested
IPOs
Soonicorn Club
7
$16.8B
32
-
177
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 © 2022, Tracxn Technologies Limited. All rights reserved.
Southeast Asia Tech - Top Business Models Report
Recent Funding Rounds
B2C Hyperlocal Delivery - 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 (▲3.7%)
2(▼80%)
Funded Companies
Companies
Acquisitions
Total $ Invested
IPOs
Soonicorn Club
-
$15.3B
12
-
144
2
Logistics Tech (Shipper)
(# Cos: 1150 | $22.6B)
Parcel (J&T Express)
(# Cos: 403 | $20.0B)
Hyperlocal Delivery (Gojek)
(# Cos: 253 | $15.3B)
B2C (Grab)
(# Cos: 144 | $15.3B)
Grab
(2012, $10.4B)
Gojek
(2010, $4.9B)
Lozi.vn
(2014, $510K)
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

11. Copyright © 2022, Tracxn Technologies Limited. All rights reserved.
Southeast Asia Tech - Top Business Models Report
Recent Funding Rounds
Online Professional Learning Courses -
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
$650M ( -- )
2( -- )
Funded Companies
Companies
Acquisitions
Total $ Invested
IPOs
Soonicorn Club
-
$691M
10
-
135
1
Continued Learning (Arkademi)
(# Cos: 689 | $730M)
Professional (Genius U)
(# Cos: 316 | $712M)
Online Learning (Hacktiv8)
(# Cos: 311 | $701M)
Multi Disciplinary (Kyna.vn)
(# Cos: 149 | $692M)
Online Courses (EMERITUS)
(# Cos: 135 | $691M)
EMERITUS
(2010, $690M)
Kyna.vn Mindtera
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

12. Copyright © 2022, Tracxn Technologies Limited. All rights reserved.
Southeast Asia Tech - Top Business Models Report
Recent Funding Rounds
Atome (2016)
$500M - Series D - Oct 2021
Pace (2020)
$40.0M - Series A - Nov 2021
Retail Stores Shopper Financing
Platforms - Southeast Asia
04
12
Back to index
In Store Retail Tech (Moka)
(# Cos: 378 | $2.1B)
Purchase Financing (Pace)
(# Cos: 2 | $540M)
Shopper (Atome)
(# Cos: 2 | $540M)
Taxonomy
$ Invested in last 1 year in Southeast
Asia Tech
Key Stats
# Funding Rounds in last 1 year in
Southeast Asia Tech
$540M ( -- )
2( -- )
Funded Companies
Companies
Acquisitions
Total $ Invested
IPOs
Soonicorn Club
-
$540M
2
-
2
1
Atome
(2016, $500M)
Pace
(2020, $40.0M)
Note: The last node in the Taxonomy represents the Business Model addressed in the title of the slide.

13. Copyright © 2022, Tracxn Technologies Limited. All rights reserved.
Southeast Asia Tech - Top Business Models Report
Recent Funding Rounds
Internet First Point of Sale Financing -
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
$515M (▲ >10K%)
4( <> 0% )
Funded Companies
Companies
Acquisitions
Total $ Invested
IPOs
Soonicorn Club
2
$661M
11
-
24
3
Alternative Lending (Investree)
(# Cos: 723 | $3.0B)
Online Lenders (AwanTunai)
(# Cos: 549 | $2.6B)
Consumer Loans (CICIL)
(# Cos: 302 | $1.3B)
Point of Sale Financing (Akulaku)
(# Cos: 37 | $1.2B)
Direct Lender (Kredivo)
(# Cos: 24 | $661M)
Kredivo
(2015, $140M)
hoolah Atome
(2016, $500M)
Note: The last node in the Taxonomy represents the Business Model addressed in the title of the slide.
Atome (2016)
$500M - Series D - Oct 2021
Billease (2017)
$11.0M - Series B - Jan 2022
Plentina (2019)
$2.2M - Seed - Apr 2021
Plentina (2019)
$2.2M - Seed - Nov 2021

14. Copyright © 2022, Tracxn Technologies Limited. All rights reserved.
Southeast Asia Tech - Top Business Models Report
Recent Funding Rounds
C2B Used Cars Marketplaces - Southeast
Asia
06
14
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
$512M (▲1604%)
4(▲100%)
Funded Companies
Companies
Acquisitions
Total $ Invested
IPOs
Soonicorn Club
-
$661M
7
-
17
3
Auto E-Commerce & Content (Roojai)
(# Cos: 436 | $1.4B)
Second Hand Vehicles (Moladin)
(# Cos: 158 | $1.3B)
Cars (CARRO)
(# Cos: 128 | $1.3B)
C2B Marketplace (Carsome)
(# Cos: 17 | $661M)
Carsome
(2015, $586M)
Moladin
(2016, $43.2M)
myTukar
(2017, $30.9M)
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
Moladin (2016)
$42.0M - Series A - Jan 2022
Carsome (2015)
Undisclosed - Series E - Mar 2022

15. Copyright © 2022, 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 (Bukalapak)
(# Cos: 571 | $6.9B)
Marketplace (Tokopedia)
(# Cos: 201 | $5.8B)
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%)
5(▼16.7%)
Funded Companies
Companies
Acquisitions
Total $ Invested
IPOs
Soonicorn Club
11
$5.8B
39
1
201
1
Tokopedia
(2009, $3.3B)
Bukalapak
(2010, $584M)
Lazada
(2012, $690M)
Note: The last node in the Taxonomy represents the Business Model addressed in the title of the slide.
Atome (2016)
$500M - Series D - Oct 2021
Tiki (2010)
$258M - Series E - Nov 2021
Bukalapak (2010)
$234M - Series G - Apr 2021
Selly (2021)
$2.6M - Seed - Feb 2022
Poptron (2019)
$120K - Seed - Aug 2021

16. Copyright © 2022, Tracxn Technologies Limited. All rights reserved.
Southeast Asia Tech - Top Business Models Report
Recent Funding Rounds
Car Ride Hailing - 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
$492M (▼2.6%)
4(▼42.9%)
Funded Companies
Companies
Acquisitions
Total $ Invested
IPOs
Soonicorn Club
-
$10.5B
13
1
152
2
Road Transport Tech (Beam)
(# Cos: 783 | $15.7B)
Ride Hailing (Gojek)
(# Cos: 256 | $15.4B)
Cars (FastGo)
(# Cos: 198 | $10.5B)
Taxi (TADA)
(# Cos: 184 | $10.5B)
Intracity (MVL Foundation)
(# Cos: 171 | $10.5B)
Aggregator (Grab)
(# Cos: 152 | $10.5B)
Grab
(2012, $10.4B)
MVL Foundation
(2018, $125M)
TADA
(2018, $15.0M)
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)
$100M - Series C - Feb 2022
MVL Foundation (2018)
$15.0M - Series B - Apr 2021
EMDDI (2016)
$2.0M - Series A - Jun 2021

17. Copyright © 2022, Tracxn Technologies Limited. All rights reserved.
Southeast Asia Tech - Top Business Models Report
Recent Funding Rounds
P2P 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
$483M (▲4287%)
4(▲300%)
Funded Companies
Companies
Acquisitions
Total $ Invested
IPOs
Soonicorn Club
1
$602M
3
-
9
1
Auto E-Commerce & Content (Roojai)
(# Cos: 436 | $1.4B)
Second Hand Vehicles (Moladin)
(# Cos: 158 | $1.3B)
Cars (Carsome)
(# Cos: 128 | $1.3B)
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

18. Copyright © 2022, 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
Doku (2007)
$32.0M - PE - Aug 2021
Business Payments Solutions - Southeast
Asia
10
18
Back to index
Payments (Grab)
(# Cos: 958 | $19.4B)
Business Payments (Moka)
(# Cos: 461 | $1.9B)
Diversified (Xendit)
(# Cos: 65 | $948M)
Taxonomy
$ Invested in last 1 year in Southeast
Asia Tech
Key Stats
# Funding Rounds in last 1 year in
Southeast Asia Tech
$400M (▲466%)
3(▼25%)
Funded Companies
Companies
Acquisitions
Total $ Invested
IPOs
Soonicorn Club
6
$948M
14
2
65
7
Xendit
(2015, $238M)
MC Payment
(2005, $8.0M)
2C2P
(2003, $85.0M)
Note: The last node in the Taxonomy represents the Business Model addressed in the title of the slide.

19. Copyright © 2022, Tracxn Technologies Limited. All rights reserved.
Southeast Asia Tech - Top Business Models Report
Recent Funding Rounds
Moglix (2015)
$250M - Series F - Jan 2022
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
11
19
Back to index
B2B E-Commerce (ShopUp)
(# Cos: 344 | $1.8B)
Horizontal (Ula)
(# Cos: 82 | $808M)
E-Distributor (Moglix)
(# Cos: 24 | $505M)
Taxonomy
$ Invested in last 1 year in Southeast
Asia Tech
Key Stats
# Funding Rounds in last 1 year in
Southeast Asia Tech
$382M ( -- )
5( -- )
Funded Companies
Companies
Acquisitions
Total $ Invested
IPOs
Soonicorn Club
1
$505M
6
1
24
3
Moglix
(2015, $471M)
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.

20. Copyright © 2022, 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 (▼44.4%)
1(▼75%)
Funded Companies
Companies
Acquisitions
Total $ Invested
IPOs
Soonicorn Club
-
$10.6B
4
-
21
2
Payments (Xendit)
(# Cos: 958 | $19.4B)
Consumer Payments (LinkAja)
(# Cos: 419 | $17.2B)
Wallets (Gojek)
(# Cos: 177 | $16.8B)
Card Linked (Grab)
(# Cos: 21 | $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

21. Copyright © 2022, Tracxn Technologies Limited. All rights reserved.
Southeast Asia Tech - Top Business Models Report
Recent Funding Rounds
Internet First P2P Business Loans -
Southeast Asia
13
21
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
$334M (▲280%)
6(▼33.3%)
Funded Companies
Companies
Acquisitions
Total $ Invested
IPOs
Soonicorn Club
1
$488M
15
-
27
8
Alternative Lending (Akulaku)
(# Cos: 723 | $3.0B)
Online Lenders (Kredivo)
(# Cos: 549 | $2.6B)
Business Loans (AwanTunai)
(# Cos: 139 | $683M)
Diversified (Funding Societies)
(# Cos: 40 | $492M)
Marketplace (Modalku)
(# Cos: 33 | $492M)
P2P (Investree)
(# Cos: 27 | $488M)
Investree
(2015, $23.5M)
Modalku
(2016, $145M)
Funding Societies
(2015, $217M)
Note: The last node in the Taxonomy represents the Business Model addressed in the title of the slide.
Modalku (2016)
$144M - Series C - Feb 2022
Funding Societies (2015)
$144M - Series C - Feb 2022
Validus (2015)
$37.5M - Series B - May 2021
Crowdo (2012)
$5.9M - Series A - Jan 2022
Komunal (2018)
$2.1M - Series A - Sep 2021
Funding Societies (2015)
Undisclosed - Series C - Oct 2021

22. Copyright © 2022, 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
14
22
Back to index
Road Transport Tech (Beam)
(# Cos: 783 | $15.7B)
Ride Hailing (Grab)
(# Cos: 256 | $15.4B)
Motorized Two-Wheelers (Gojek)
(# Cos: 46 | $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 (▲98.7%)
1(▼75%)
Funded Companies
Companies
Acquisitions
Total $ Invested
IPOs
Soonicorn Club
-
$4.9B
5
-
46
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.

23. Copyright © 2022, 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
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
$252M ( -- )
4( -- )
Funded Companies
Companies
Acquisitions
Total $ Invested
IPOs
Soonicorn Club
-
$507M
6
-
12
2
Alternative Lending (Investree)
(# Cos: 723 | $3.0B)
Online Lenders (AwanTunai)
(# Cos: 549 | $2.6B)
Consumer Loans (CICIL)
(# Cos: 302 | $1.3B)
Point of Sale Financing (Kredivo)
(# Cos: 37 | $1.2B)
Marketplace (Akulaku)
(# Cos: 12 | $507M)
Akulaku
(2014, $345M)
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
Akulaku (2014)
$125M - Series E - Jun 2021
Fundiin (2018)
$1.8M - Seed - Sep 2021
Fundiin (2018)
Undisclosed - Seed - Mar 2021

24. Copyright © 2022, Tracxn Technologies Limited. All rights reserved.
Southeast Asia Tech - Top Business Models Report
Recent Funding Rounds
VNLIFE (2007)
$250M - Series B - Jul 2021
Omnichannel Banking Solutions -
Southeast Asia
16
24
Back to index
Banking Tech (Cermati)
(# Cos: 285 | $1.4B)
Banking Channels (Active.Ai)
(# Cos: 25 | $575M)
Omnichannel (VNLIFE)
(# Cos: 12 | $551M)
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
-
$551M
5
-
12
1
VNLIFE
(2007, $550M)
Bank Genie Wee Digital
Note: The last node in the Taxonomy represents the Business Model addressed in the title of the slide.

25. Copyright © 2022, 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
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: 958 | $19.4B)
Business Payments (Xendit)
(# Cos: 461 | $1.9B)
Online Payments (Coda Payments)
(# Cos: 193 | $791M)
Taxonomy
$ Invested in last 1 year in Southeast
Asia Tech
Key Stats
# Funding Rounds in last 1 year in
Southeast Asia Tech
$244M (▲6.1%)
6(▲20%)
Funded Companies
Companies
Acquisitions
Total $ Invested
IPOs
Soonicorn Club
7
$791M
29
-
193
6
Coda Payments
(2011, $25.2M)
Voyager Innovations
(2013, $502M)
InstaReM
(2014, $59.5M)
Note: The last node in the Taxonomy represents the Business Model addressed in the title of the slide.

26. Copyright © 2022, Tracxn Technologies Limited. All rights reserved.
Southeast Asia Tech - Top Business Models Report
Recent Funding Rounds
NIUM (2002)
$200M - Series D - Jul 2021
NIUM (2002)
$3.0M - Series D - Feb 2022
Wallet Engine (2014)
$2.4M - Seed - Dec 2021
Remittance Softwares for Enterprises -
Southeast Asia
18
26
Back to index
Remittance (InstaReM)
(# Cos: 159 | $1.1B)
Enablers (Thunes)
(# Cos: 17 | $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
$205M (▲9679%)
3(▲50%)
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.

27. Copyright © 2022, Tracxn Technologies Limited. All rights reserved.
Southeast Asia Tech - Top Business Models Report
Recent Funding Rounds
Esco Lifesciences (1978)
$200M - Series A - May 2021
Life Sciences Research Instruments -
Southeast Asia
19
27
Back to index
Life Sciences Platforms and Tools (Mirxes)
(# Cos: 138 | $557M)
Instruments (Curiox)
(# Cos: 19 | $230M)
Diversified (Esco Lifesciences)
(# Cos: 5 | $200M)
Taxonomy
$ Invested in last 1 year in Southeast
Asia Tech
Key Stats
# Funding Rounds in last 1 year in
Southeast Asia Tech
$200M ( -- )
1( -- )
Funded Companies
Companies
Acquisitions
Total $ Invested
IPOs
Soonicorn Club
-
$200M
1
-
5
1
Esco Lifesciences
(1978, $200M)
Biomedia Watech
Note: The last node in the Taxonomy represents the Business Model addressed in the title of the slide.

28. Copyright © 2022, Tracxn Technologies Limited. All rights reserved.
Southeast Asia Tech - Top Business Models Report
Recent Funding Rounds
Web Based Platform for Doctor
Consultation - 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
$184M (▲567%)
4(▲33.3%)
Funded Companies
Companies
Acquisitions
Total $ Invested
IPOs
Soonicorn Club
-
$317M
17
-
124
2
Healthcare Booking Platforms (Homage)
(# Cos: 667 | $507M)
Doctors (Alodokter)
(# Cos: 305 | $412M)
Telemedicine (Riliv)
(# Cos: 176 | $319M)
Teleconsultation (Halodoc)
(# Cos: 174 | $319M)
Diversified (Doctor Anywhere)
(# Cos: 124 | $317M)
Doctor Anywhere
(2015, $135M)
Halodoc
(2016, $180M)
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
Medici
Undisclosed - Seed - Feb 2022

29. Copyright © 2022, Tracxn Technologies Limited. All rights reserved.
Southeast Asia Tech - Top Business Models Report
Recent Funding Rounds
B2B Farm Produce Marketplaces -
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
$177M (▲347%)
6(▲20%)
Funded Companies
Companies
Acquisitions
Total $ Invested
IPOs
Soonicorn Club
1
$253M
11
-
20
6
B2B E-Commerce (Moglix)
(# Cos: 344 | $1.8B)
Food & Beverages (Growsari)
(# Cos: 54 | $333M)
Groceries (TreeDots)
(# Cos: 48 | $333M)
Farm Products (TaniHub)
(# Cos: 29 | $298M)
Marketplace (ShopUp)
(# Cos: 20 | $253M)
ShopUp
(2016, $110M)
TaniHub
(2015, $94.0M)
TreeDots
(2017, $15.0M)
Note: The last node in the Taxonomy represents the Business Model addressed in the title of the slide.
ShopUp (2016)
$75.0M - Series B - Sep 2021
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
AgriAku (2021)
$6.0M - Seed - Mar 2022
AgriAku (2021)
Undisclosed - Seed - Dec 2021

30. Copyright © 2022, Tracxn Technologies Limited. All rights reserved.
Southeast Asia Tech - Top Business Models Report
Recent Funding Rounds
Online K-12 Chinese Tutoring -
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
$162M (▲1143%)
3(▲50%)
Funded Companies
Companies
Acquisitions
Total $ Invested
IPOs
Soonicorn Club
-
$182M
2
-
6
1
K-12 EdTech (Quipper)
(# Cos: 857 | $702M)
B2C Learning Solutions (Ruangguru)
(# Cos: 387 | $538M)
Language Learning (Cakap)
(# Cos: 60 | $198M)
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

31. Copyright © 2022, Tracxn Technologies Limited. All rights reserved.
Southeast Asia Tech - Top Business Models Report
Recent Funding Rounds
PC and Console Casual NFT Game
Developers - 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
$160M ( -- )
2( -- )
Funded Companies
Companies
Acquisitions
Total $ Invested
IPOs
Soonicorn Club
-
$161M
2
-
3
1
PC & Console Gaming (Garena)
(# Cos: 226 | $1.1B)
Game Developers (VNG)
(# Cos: 112 | $200M)
PC & Console Games (IGG)
(# Cos: 81 | $196M)
Casual Games (MatchMove Games)
(# Cos: 52 | $161M)
NFTs (Sky Mavis)
(# Cos: 3 | $161M)
Sky Mavis
(2019, $161M)
Chumbi Valley AOR:OMNIFRAME
Note: The last node in the Taxonomy represents the Business Model addressed in the title of the slide.
Sky Mavis (2019)
$152M - Series B - Oct 2021
Sky Mavis (2019)
$7.5M - Series A - May 2021

32. Copyright © 2022, Tracxn Technologies Limited. All rights reserved.
Southeast Asia Tech - Top Business Models Report
Recent Funding Rounds
B2B Grocery Marketplace - 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
$155M (▲363%)
5(▲66.7%)
Funded Companies
Companies
Acquisitions
Total $ Invested
IPOs
Soonicorn Club
-
$196M
5
-
9
3
Online Grocery (HappyFresh)
(# Cos: 680 | $797M)
B2B Ecommerce (TaniHub)
(# Cos: 53 | $358M)
Multi-Category (Growsari)
(# Cos: 15 | $196M)
Marketplace (Ula)
(# Cos: 9 | $196M)
Ula
(2019, $141M)
Growsari
(2016, $45.0M)
Zeemart
(2016, $6.8M)
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
Growsari (2016)
$45.0M - Series C - Jan 2022
Ula (2019)
$23.1M - Series B - Nov 2021
Growsari (2016)
Undisclosed - Series B - Jun 2021
FreshKet (2016)
Undisclosed - Series A - Mar 2022

33. Copyright © 2022, Tracxn Technologies Limited. All rights reserved.
Southeast Asia Tech - Top Business Models Report
Recent Funding Rounds
Advertisement Based Video On Demand
- Southeast Asia
25
33
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
3
-
23
0
OTT Video (POPS)
(# Cos: 204 | $746M)
OTT Streaming Platforms (Bigo Live)
(# Cos: 118 | $606M)
Video On Demand (VOD) (HOOQ)
(# Cos: 67 | $597M)
Film & TV (iflix)
(# Cos: 61 | $596M)
Ad-Supported (AVOD) (Viddsee)
(# Cos: 23 | $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

34. Copyright © 2022, 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
26
34
Back to index
Social Platforms (Docquity)
(# Cos: 488 | $636M)
Horizontal (BIGO)
(# Cos: 193 | $532M)
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
3
$523M
8
-
26
1
Kumu
(2017, $100M)
BIGO
(2014, $272M)
Vidio
(2014, $150M)
Note: The last node in the Taxonomy represents the Business Model addressed in the title of the slide.

35. Copyright © 2022, Tracxn Technologies Limited. All rights reserved.
Southeast Asia Tech - Top Business Models Report
Recent Funding Rounds
Retail Banking - 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
$148M (▲605%)
2(▲100%)
Funded Companies
Companies
Acquisitions
Total $ Invested
IPOs
Soonicorn Club
-
$175M
1
-
3
1
Banking Tech (Cermati)
(# Cos: 285 | $1.4B)
Internet First Banks (Aspire)
(# Cos: 51 | $331M)
Digital Native Banks (Opal Payment)
(# Cos: 6 | $175M)
Retail Banking (TONIK)
(# Cos: 3 | $175M)
TONIK
(2018, $175M)
Salaam Bank NEEBank
Note: The last node in the Taxonomy represents the Business Model addressed in the title of the slide.
TONIK (2018)
$131M - Series B - Feb 2022
TONIK (2018)
$17.0M - Series A - May 2021

36. Copyright © 2022, Tracxn Technologies Limited. All rights reserved.
Southeast Asia Tech - Top Business Models Report
Recent Funding Rounds
Residential Real Estate Listings -
Southeast Asia
28
36
Back to index
Residential Real Estate Tech (99 Group)
(# Cos: 407 | $1.4B)
Listings (PropertyGuru)
(# Cos: 290 | $1.3B)
Taxonomy
$ Invested in last 1 year in Southeast
Asia Tech
Key Stats
# Funding Rounds in last 1 year in
Southeast Asia Tech
$147M (▼68.5%)
2(▼71.4%)
Funded Companies
Companies
Acquisitions
Total $ Invested
IPOs
Soonicorn Club
20
$1.3B
44
-
290
7
PropertyGuru
(2007, $642M)
99 Group
(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
PropertyScout (2019)
Undisclosed - Seed - Jan 2022

37. Copyright © 2022, Tracxn Technologies 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
$143M (▲545%)
5(▲25%)
Funded Companies
Companies
Acquisitions
Total $ Invested
IPOs
Soonicorn Club
-
$169M
9
-
10
2
Food Tech (Healthify)
(# Cos: 847 | $743M)
Novel Foods (TurtleTree)
(# Cos: 35 | $249M)
Food Products (Umami Meats)
(# Cos: 32 | $204M)
Alternative Proteins (Growthwell)
(# Cos: 20 | $204M)
Meat Substitute (Shiok Meats)
(# Cos: 12 | $200M)
Plant Based (Next Gen Foods)
(# Cos: 10 | $169M)
Next Gen Foods
(2020, $132M)
Growthwell
(1989, $30.0M)
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)
$100M - Series A - Feb 2022
Growthwell (1989)
$22.0M - Series A - Sep 2021
Next Gen Foods (2020)
$20.0M - Seed - Jul 2021
SGProtein (2020)
$3.0M - Seed - Mar 2021
WTH (2019)
$1.2M - Seed - Oct 2021

38. Copyright © 2022, Tracxn Technologies Limited. All rights reserved.
Southeast Asia Tech - Top Business Models Report
Recent Funding Rounds
GudangAda (2019)
$100M - Series B - Jul 2021
SCI Ecommerce (2011)
$38.0M - Series C - May 2021
Zilingo (2015)
$35.0M - Series D - Jun 2021
SCI Ecommerce (2011)
$28.3M - Series C - Jul 2021
Techsembly (2019)
$1.4M - Seed - Apr 2021
B2B E-Commerce Software Suite -
Southeast Asia
30
38
Back to index
B2B E-Commerce (Moglix)
(# Cos: 344 | $1.8B)
Technology Enablers (TradeGecko)
(# Cos: 41 | $570M)
E Commerce Software Suite (Zilingo)
(# Cos: 18 | $548M)
Taxonomy
$ Invested in last 1 year in Southeast
Asia Tech
Key Stats
# Funding Rounds in last 1 year in
Southeast Asia Tech
$135M (▲389%)
5(▲150%)
Funded Companies
Companies
Acquisitions
Total $ Invested
IPOs
Soonicorn Club
-
$548M
8
-
18
3
Zilingo
(2015, $343M)
GudangAda
(2019, $135M)
SCI Ecommerce
(2011, $66.3M)
Note: The last node in the Taxonomy represents the Business Model addressed in the title of the slide.

39. Copyright © 2022, Tracxn Technologies Limited. All rights reserved.
Southeast Asia Tech - Top Business Models Report
Recent Funding Rounds
CPG Brands E-Commerce Software Suite
- Southeast Asia
31
39
Back to index
Brands Tech (Trax)
(# Cos: 39 | $1.7B)
ECommerce Software (SIRCLO)
(# Cos: 14 | $295M)
Taxonomy
$ Invested in last 1 year in Southeast
Asia Tech
Key Stats
# Funding Rounds in last 1 year in
Southeast Asia Tech
$128M (▲814%)
8(▲100%)
Funded Companies
Companies
Acquisitions
Total $ Invested
IPOs
Soonicorn Club
1
$295M
10
-
14
6
SIRCLO
(2013, $92.0M)
Anchanto
(2011, $16.1M)
aCommerce
(2013, $119M)
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
Great Deals E-Commerce (2017)
$30.0M - Series B - May 2021
Intrepid (2017)
$11.0M - Series B - Jun 2021
etaily (2020)
$4.3M - Seed - Jan 2022
etaily (2020)
$1.6M - Seed - Aug 2021
Techsembly (2019)
$1.4M - Seed - Apr 2021
View all 8 Funding Rounds on Tracxn Platform

40. Copyright © 2022, 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 (Mirxes)
(# Cos: 38 | $779M)
Drugs (ASLAN Pharmaceuticals)
(# Cos: 24 | $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 © 2022, Tracxn Technologies Limited. All rights reserved.
Southeast Asia Tech - Top Business Models Report
Recent Funding Rounds
Sygnum (2018)
$120M - Series B - Jan 2022
Flint (2021)
$5.1M - Seed - Jan 2022
Cryptocurrency Banking - Southeast Asia
33
41
Back to index
Cryptocurrencies (imToken)
(# Cos: 1215 | $1.1B)
Financial Services (Coins.ph)
(# Cos: 852 | $912M)
Banking (Sygnum)
(# Cos: 17 | $130M)
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( <> 0% )
Funded Companies
Companies
Acquisitions
Total $ Invested
IPOs
Soonicorn Club
-
$130M
5
-
17
3
Sygnum
(2018, $120M)
Hodlnaut Flint
(2021, $5.1M)
Note: The last node in the Taxonomy represents the Business Model addressed in the title of the slide.

42. Copyright © 2022, Tracxn Technologies Limited. All rights reserved.
Southeast Asia Tech - Top Business Models Report
Recent Funding Rounds
Corporate Travel & Expense Cards -
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
$119M (▲5868%)
2(▲100%)
Funded Companies
Companies
Acquisitions
Total $ Invested
IPOs
Soonicorn Club
-
$121M
1
-
4
1
Finance & Accounting Tech (BukuWarung)
(# Cos: 520 | $681M)
Accounting Solutions (BukuKas)
(# Cos: 389 | $610M)
Procure to Pay (Volopay)
(# Cos: 36 | $161M)
Travel & Expense (Jojonomic)
(# Cos: 14 | $127M)
Card Solutions (Spenmo)
(# Cos: 4 | $121M)
Spenmo
(2019, $121M)
Xpensio CardPlus
Note: The last node in the Taxonomy represents the Business Model addressed in the title of the slide.
Spenmo (2019)
$85.3M - Series B - Feb 2022
Spenmo (2019)
$34.0M - Series A - Sep 2021

43. Copyright © 2022, 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
Dropee (2016)
$3.0M - Series A - Jan 2022
Burket (2018)
Undisclosed - Seed - Jun 2021
Eezee (2016)
Undisclosed - Seed - May 2021
B2B Horizontal Marketplaces -
Southeast Asia
35
43
Back to index
B2B E-Commerce (ShopUp)
(# Cos: 344 | $1.8B)
Horizontal (Moglix)
(# Cos: 82 | $808M)
Marketplace (Ula)
(# Cos: 39 | $301M)
Taxonomy
$ Invested in last 1 year in Southeast
Asia Tech
Key Stats
# Funding Rounds in last 1 year in
Southeast Asia Tech
$113M (▲97.7%)
5(▲25%)
Funded Companies
Companies
Acquisitions
Total $ Invested
IPOs
Soonicorn Club
-
$301M
15
-
39
3
Ula
(2019, $141M)
Ralali
(2015, $22.5M)
Dropee
(2016, $8.7M)
Note: The last node in the Taxonomy represents the Business Model addressed in the title of the slide.

44. Copyright © 2022, Tracxn Technologies Limited. All rights reserved.
Southeast Asia Tech - Top Business Models Report
Recent Funding Rounds
Mutual Fund Investment Platforms -
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 (▲3007%)
5(▲150%)
Funded Companies
Companies
Acquisitions
Total $ Invested
IPOs
Soonicorn Club
2
$131M
5
-
12
3
Investment Tech (OurCrowd)
(# Cos: 909 | $1.5B)
Online Trading Platforms (Ajaib)
(# Cos: 413 | $484M)
Public Market Funds (Bareksa)
(# Cos: 13 | $131M)
Mutual Funds (Pluang)
(# Cos: 12 | $131M)
Pluang
(2019, $113M)
Bareksa
(2013, $3.5M)
FINNOMENA
(2016, $13.2M)
Note: The last node in the Taxonomy represents the Business Model addressed in the title of the slide.
Pluang (2019)
$55.0M - Series C - Jan 2022
Pluang (2019)
$35.0M - Series B - Sep 2021
Pluang (2019)
$20.0M - Series A - Mar 2021
Bareksa (2013)
Undisclosed - Series C - Nov 2021
Makmur (2020)
Undisclosed - Seed - Sep 2021

45. Copyright © 2022, Tracxn Technologies Limited. All rights reserved.
Southeast Asia Tech - Top Business Models Report
Recent Funding Rounds
Cryptocurrency Exchanges - 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
$108M (▲546%)
9(▲28.6%)
Funded Companies
Companies
Acquisitions
Total $ Invested
IPOs
Soonicorn Club
9
$193M
42
-
297
5
Cryptocurrencies (imToken)
(# Cos: 1215 | $1.1B)
Financial Services (Coins.ph)
(# Cos: 852 | $912M)
Investment Industry (Liquid)
(# Cos: 570 | $608M)
Crypto Exchanges (PDAX)
(# Cos: 297 | $193M)
PDAX
(2017, $62.5M)
Liquid
(2014, $20.0M)
CoinHako
Note: The last node in the Taxonomy represents the Business Model addressed in the title of the slide.
PDAX (2017)
$50.0M - Series B - Feb 2022
Zipmex (2018)
$41.0M - Series B - Aug 2021
PDAX (2017)
$12.5M - Series A - Aug 2021
zkLink (2019)
$8.5M - Series A - Oct 2021
Sparrow Exchange (2018)
$4.4M - Series A - Nov 2021
NASDEX (2021)
$1.1M - Seed - Aug 2021
CoinHako (2014)
Undisclosed - Series A - Dec 2021
View all 9 Funding Rounds on Tracxn Platform

46. Copyright © 2022, 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
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
38
46
Back to index
Cryptocurrencies (imToken)
(# Cos: 1215 | $1.1B)
Financial Services (PDAX)
(# Cos: 852 | $912M)
Diversified (Coins.ph)
(# Cos: 108 | $153M)
Taxonomy
$ Invested in last 1 year in Southeast
Asia Tech
Key Stats
# Funding Rounds in last 1 year in
Southeast Asia Tech
$107M (▲2795%)
5(▲400%)
Funded Companies
Companies
Acquisitions
Total $ Invested
IPOs
Soonicorn Club
3
$153M
21
-
108
2
Coins.ph
(2014, $10.0M)
Matrixport
(2019, $129M)
CRYPTO
Note: The last node in the Taxonomy represents the Business Model addressed in the title of the slide.

47. Copyright © 2022, Tracxn Technologies Limited. All rights reserved.
Southeast Asia Tech - Top Business Models Report
Recent Funding Rounds
Cryptocurrency Custodian Services -
Southeast Asia
39
47
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
$104M ( -- )
4( -- )
Funded Companies
Companies
Acquisitions
Total $ Invested
IPOs
Soonicorn Club
-
$105M
5
-
9
2
Cryptocurrencies (imToken)
(# Cos: 1215 | $1.1B)
Financial Services (Coins.ph)
(# Cos: 852 | $912M)
Investment Industry (PDAX)
(# Cos: 570 | $608M)
Custodian Services (Hex Trust)
(# Cos: 9 | $105M)
Hex Trust
(2018, $104M)
Onchain Custodian Atato
(2017, $1.0M)
Note: The last node in the Taxonomy represents the Business Model addressed in the title of the slide.
Hex Trust (2018)
$88.0M - Series B - Mar 2022
Hex Trust (2018)
$10.0M - Series A - Oct 2021
Hex Trust (2018)
$6.0M - Series A - Mar 2021
Hex Trust (2018)
Undisclosed - Series A - Jul 2021

48. Copyright © 2022, Tracxn Technologies Limited. All rights reserved.
Southeast Asia Tech - Top Business Models Report
Recent Funding Rounds
White Label Wallet Solutions - 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
$102M (▲388%)
2(▲100%)
Funded Companies
Companies
Acquisitions
Total $ Invested
IPOs
Soonicorn Club
-
$159M
4
1
12
1
Payments (Grab)
(# Cos: 958 | $19.4B)
Enablers (GHL)
(# Cos: 74 | $251M)
White Label Solutions (Silot)
(# Cos: 28 | $173M)
Wallets (MatchMove)
(# Cos: 12 | $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

49. Copyright © 2022, 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
$102M ( -- )
3( -- )
Funded Companies
Companies
Acquisitions
Total $ Invested
IPOs
Soonicorn Club
-
$102M
2
-
3
1
Energy Storage Tech (VFlow Tech)
(# Cos: 72 | $106M)
Charging (EA Anywhere)
(# Cos: 40 | $102M)
Station Network (ReCharge)
(# Cos: 25 | $102M)
Battery Swapping (Swap&Go)
(# Cos: 3 | $102M)
Electric Vehicle (Oyika)
(# Cos: 3 | $102M)
Two Wheelers (Selex)
(# Cos: 3 | $102M)
Selex
(2018, $2.1M)
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
Selex (2018)
$2.1M - Seed - Jan 2022
Oyika (2018)
Undisclosed - Series C - Jun 2021

50. Copyright © 2022, Tracxn Technologies Limited. All rights reserved.
Southeast Asia Tech - Top Business Models Report
Recent Funding Rounds
Internet First NFC Prepaid Cards -
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
$100M ( -- )
1( -- )
Funded Companies
Companies
Acquisitions
Total $ Invested
IPOs
Soonicorn Club
-
$101M
3
-
7
1
Payments (Xendit)
(# Cos: 958 | $19.4B)
Consumer Payments (Grab)
(# Cos: 419 | $17.2B)
Payment Cards (Spenmo)
(# Cos: 58 | $290M)
Prepaid Cards (YouTrip)
(# Cos: 51 | $290M)
General Purpose (T2P)
(# Cos: 35 | $108M)
Reloadable (PayMaya)
(# Cos: 35 | $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

51. Copyright © 2022, Tracxn Technologies Limited. All rights reserved.
Southeast Asia Tech - Top Business Models Report
Recent Funding Rounds
Cryptocurrency Trading Platforms -
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
$95.6M ( -- )
5( -- )
Funded Companies
Companies
Acquisitions
Total $ Invested
IPOs
Soonicorn Club
-
$104M
18
-
122
4
Cryptocurrencies (imToken)
(# Cos: 1215 | $1.1B)
Financial Services (Coins.ph)
(# Cos: 852 | $912M)
Investment Industry (PDAX)
(# Cos: 570 | $608M)
Online Trading Platforms (AscendEX)
(# Cos: 182 | $200M)
Regular Trading (Pintu)
(# Cos: 122 | $104M)
Pintu
(2016, $41.0M)
AscendEX
(2018, $50.0M)
Phemex
(2016, $5.0M)
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
Cabital (2020)
$4.0M - Seed - Sep 2021
Lever Network (2021)
$600K - Seed - Apr 2021

52. Copyright © 2022, Tracxn Technologies Limited. All rights reserved.
Southeast Asia Tech - Top Business Models Report
Recent Funding Rounds
Bioplastics - 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
$95.1M (▼28.5%)
1(▼50%)
Funded Companies
Companies
Acquisitions
Total $ Invested
IPOs
Soonicorn Club
-
$263M
2
-
3
1
Advanced Materials (Nodis)
(# Cos: 28 | $265M)
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

53. Copyright © 2022, Tracxn Technologies Limited. All rights reserved.
Southeast Asia Tech - Top Business Models Report
Recent Funding Rounds
Free Float Electric Kick Scooter Rentals -
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
$93.0M (▲258%)
1( <> 0% )
Funded Companies
Companies
Acquisitions
Total $ Invested
IPOs
Soonicorn Club
-
$135M
1
-
3
1
Electric Vehicles (ION Mobility)
(# Cos: 167 | $304M)
Vehicle as a Service (BlueSG)
(# Cos: 28 | $175M)
Kick Scooters (Neuron)
(# Cos: 11 | $175M)
Free Float (Beam)
(# Cos: 3 | $135M)
Beam
(2018, $135M)
Scootbee OoGyaa
Note: The last node in the Taxonomy represents the Business Model addressed in the title of the slide.
Beam (2018)
$93.0M - Series B - Feb 2022

54. Copyright © 2022, 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
OTT Live Streaming Distribution
Solutions - Southeast Asia
46
54
Back to index
OTT Video (iflix)
(# Cos: 204 | $746M)
Video Distribution (GoStream)
(# Cos: 14 | $103M)
Live Streaming (Kumu)
(# Cos: 8 | $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%)
3(▲50%)
Funded Companies
Companies
Acquisitions
Total $ Invested
IPOs
Soonicorn Club
-
$100M
5
-
8
1
Kumu
(2017, $100M)
GoStream OpenStream
Note: The last node in the Taxonomy represents the Business Model addressed in the title of the slide.

55. Copyright © 2022, Tracxn Technologies Limited. All rights reserved.
Southeast Asia Tech - Top Business Models Report
Recent Funding Rounds
B2B Fruits and Vegetables Marketplaces
- 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
$84.5M (▲397%)
2( <> 0% )
Funded Companies
Companies
Acquisitions
Total $ Invested
IPOs
Soonicorn Club
1
$122M
6
-
16
3
Crop Tech (iGrow)
(# Cos: 421 | $173M)
ECommerce (Limakilo)
(# Cos: 121 | $138M)
Farm Produce (Chilibeli)
(# Cos: 67 | $132M)
B2B (Zeemart)
(# Cos: 26 | $122M)
Fruits and Vegetables (Eden Farm)
(# Cos: 21 | $122M)
Marketplace (TaniHub)
(# Cos: 16 | $122M)
TaniHub
(2015, $94.0M)
Eden Farm
(2017, $20.8M)
Zeemart
(2016, $6.8M)
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

56. Copyright © 2022, Tracxn Technologies Limited. All rights reserved.
Southeast Asia Tech - Top Business Models Report
Recent Funding Rounds
Online Subscription Based K-12 Academic
Tutoring - Southeast Asia
48
56
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
$82.0M ( -- )
3( -- )
Funded Companies
Companies
Acquisitions
Total $ Invested
IPOs
Soonicorn Club
-
$239M
4
-
10
2
K-12 EdTech (Quipper)
(# Cos: 857 | $702M)
B2C Learning Solutions (LingoAce)
(# Cos: 387 | $538M)
School Curriculum (PT Zenius Education)
(# Cos: 228 | $337M)
Multi Subject (Pandai)
(# Cos: 189 | $335M)
Online Tutoring (CoLearn)
(# Cos: 43 | $242M)
Subscription (Ruangguru)
(# Cos: 10 | $239M)
Ruangguru
(2014, $205M)
CoLearn
(2019, $34.0M)
Tenopy
Note: The last node in the Taxonomy represents the Business Model addressed in the title of the slide.
Ruangguru (2014)
$55.0M - Series C - Apr 2021
CoLearn (2019)
$17.0M - Series A - Jan 2022
CoLearn (2019)
$10.0M - Series A - Apr 2021

57. Copyright © 2022, 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
$81.8M (▲4319%)
6(▲500%)
Funded Companies
Companies
Acquisitions
Total $ Invested
IPOs
Soonicorn Club
-
$117M
12
-
59
3
Cryptocurrencies (Coins.ph)
(# Cos: 1215 | $1.1B)
Wallet (Enjin)
(# Cos: 117 | $157M)
Hot Wallets (Frontier)
(# Cos: 72 | $117M)
Mobile Wallets (imToken)
(# Cos: 59 | $117M)
imToken
(2016, $40.0M)
Frontier
(2019, $1.9M)
TRON
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
Blocknom (2021)
$500K - Seed - Mar 2022
Coin98 (2016)
Undisclosed - Series B - Jan 2022
BitKeep (2018)
Undisclosed - Seed - Mar 2021

58. Copyright © 2022, Tracxn Technologies Limited. All rights reserved.
Southeast Asia Tech - Top Business Models Report
Recent Funding Rounds
LummoSHOP (2019)
$80.0M - Series C - Jan 2022
SoBanHang (2021)
$2.5M - Seed - Mar 2022
SoBanHang (2021)
$1.5M - Seed - Aug 2021
Prosperna (2018)
$555K - Seed - Aug 2021
Prosperna (2018)
$450K - Seed - Jul 2021
Yezza (2020)
$125K - Seed - Jan 2022
E-Commerce Storefronts - Southeast
Asia
50
58
Back to index
E-Commerce Enablers (SIRCLO)
(# Cos: 403 | $1.2B)
Storefronts (TokoTalk)
(# Cos: 120 | $184M)
Diversified (LummoSHOP)
(# Cos: 76 | $163M)
Taxonomy
$ Invested in last 1 year in Southeast
Asia Tech
Key Stats
# Funding Rounds in last 1 year in
Southeast Asia Tech
$80.1M ( -- )
6( -- )
Funded Companies
Companies
Acquisitions
Total $ Invested
IPOs
Soonicorn Club
1
$163M
12
-
76
2
LummoSHOP
(2019, $140M)
TokoTalk
(2018, $3.2M)
StoreHub
(2013, $15.0M)
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 © 2022, Tracxn Technologies Limited. All rights reserved.
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Southeast Asia Tech - Top Business Models Report
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