The year 2022 saw new Asian startups join the coveted unicorn club, which refers to privately held companies valued at $1 billion or more. These startups hail from different countries in Asia and operate in various industries, including fintech, e-commerce, transportation, and internet software and services. Let's take a closer look at each of these new unicorns.
Amagi
Amagi builds better digital solutions and teams. Specializing in healthcare, financial services, and education.
Valuation: $1.00
Country: India
Industry: Internet software & services
Investors: Mayfield, Accel, Norwest Venture Partners
Darwinbox
Darwinbox's end-to-end, agile HCM platform for the evolving world of work.
Valuation: $1.00
Country: India
Industry: Internet software & services
Investors: Lightspeed India Partners, Sequoia Capital India, Endiya Partners
Fractal Analytics
Fractal Analytics helps global Fortune 100 companies power every human decision in the enterprise by bringing analytics and AI to the decision.
Valuation: $1.00
Country: India
Industry: Data management & analytics
Investors: TPG Capital, Apax Partners, TA Associates
Hasura
Hasura gives you instant GraphQL & REST APIs on new & existing data sources.
Valuation: $1.00
Country: India
Industry: Internet software & services
Investors: Nexus Venture Partners, Vertex Ventures, STRIVE
LeadSquared
Complete Marketing Automation and CRM software for businesses. Organize your lead capture, lead management, sales management & analytics in one platform.
Valuation: $1.00
Country: India
Industry: Internet software & services
Investors: Gaja Capital Partners, Stakeboat Capital, WestBridge Capital
Open
The Open business account comes with a VISA business card that combines banking, payments, accounting, expense management & taxes, in one place.
Valuation: $1.00
Country: India
Industry: Fintech
Investors: 3one4 Capital Partners, Tiger Global Management, Temasek
Opn
Seamless software and APIs that enable businesses to accept payments and financial institutions to innovate at scale
Valuation: $1.00
Country: Japan
Industry: Fintech
Investors: Sinar Mas Digital Ventures, JIC Venture Growth Investments, Golden Gate Ventures
LEAD School
LEAD is India's largest School EdTech company powering 3000+ schools to deliver international standard education.
Valuation: $1.10
Country: India
Industry: Edtech
Investors: WestBridge Capital, GSV Ventures, Elevar Equity
PhysicsWallah
Physics Wallah is India's top online ed-tech platform that provides affordable and comprehensive learning experience to students of classes 6 to 12
Valuation: $1.10
Country: India
Industry: Edtech
Investors: GSV Ventures, WestBridge Capital
Purplle
Shop for Cosmetics, Skin Care, Hair Care, Hair colors, Hair Oil and wax, Makeup and Nail Polish
Valuation: $1.10
Country: India
Industry: E-commerce & direct-to-consumer
Investors: Blume Ventures, JSW Ventures, IvyCap Ventures
DANA
DANA is an Indonesian digital wallet (part of Ant Financial OSP)
Valuation: $1.13
Country: Indonesia
Industry: Fintech
Investors: Ant Group, Lazada, Sinar Mas Indonesia
LivSpace
Livspace is the trusted brand for home interiors and renovations.
Valuation: $1.20
Country: India
Industry: E-commerce & direct-to-consumer
Investors: Jungle Ventures, Helion Venture Partners, INGKA Investments
Xpressbees
Xpressbees is India's Fastest Growing B2B, B2C, Cross Border, 3PL Logistic Service Provider.
Valuation: $1.20
Country: India
Industry: Supply chain, logistics, & delivery
Investors: Norwest Venture Partners, Investcorp, Blackstone
Greater Bay Technology
Greater Bay Area Investments Group is a manufacturer of telecom products, baby & child products and internet financial services provider.
Valuation: $1.26
Country: China
Industry: Hardware
Investors: Tencent Holdings, Utrust Venture Capital, GF Xinde Investment Management Co.
JMGO
JMGO specializes in R&D and production of smart projectors and laser TV.
Valuation: $1.26
Country: China
Industry: Hardware
Investors: IDG Capital, Yuanda Venture Investment, Primitive Forest Holdings Group
CredAvenue
CredAvenue is one such platform that enables companies big or small to access the debt market to seek capital and receive loans, as well as banks and NBFCs to lend and track loans.
Valuation: $1.30
Country: India
Industry: Fintech
Investors: Insight Partners, B Capital Group, Lightspeed Venture Partners
Shiprocket
India's most-used eCommerce logistics and shipping software solution for the best courier services.
Valuation: $1.30
Country: India
Industry: Supply chain, logistics, & delivery
Investors: Bertelsmann India Investments, March Capital Partners, Tribe Capital, Nirvana Venture Advisors
RIDI
RIDI is a South Korean digital content platform that offers webcomics, webnovels, animations, eBooks, and more.
Valuation: $1.33
Country: South Korea
Industry: E-commerce & direct-to-consumer
Investors: Atinum Investment, Company K Partners, GIC
Jaguar Microsystems
Jaguar Microsystems is a technology company that offers cloud computing and data processing solutions for data centers.
Valuation: $1.34
Country: China
Industry: Hardware
Investors: Tencent Holdings, Glory Ventures, Shenzhen Capital Group
Bucketplace
A home decorating and interior app.
Valuation: $1.40
Country: South Korea
Industry: E-commerce & direct-to-consumer
Investors: IMM Investment, Mirae Asset Capital, BOND
OneCard
OneCard is essentially a rewards credit card that lets its users earn reward points on every usage.
Valuation: $1.40
Country: India
Industry: Fintech
Investors: Sequoia Capital India, Hummingbird Ventures, Matrix Partners India
ElasticRun
ElasticRun provides a logistics and distribution platform designed to help businesses reach traditionally unserviced consumers.
Valuation: $1.50
Country: India
Industry: Supply chain, logistics, & delivery
Investors: Kalaari Capital, Norwest Venture Partners, Prosus Ventures
Gokin Solar
Gokin Solar focuses on the R&D and manufacturing of high-efficiency large-size photovoltaic silicon wafers.
Valuation: $1.51
Country: China
Industry: Other
Investors: IDG Capital, Puluo Capital, Midea Capital
DealShare
At DealShare, buy online home grocery items like snacks & drinks, fruits & veggies and personal care products.
Valuation: $1.70
Country: India
Industry: E-commerce & direct-to-consumer
Investors: Alpha Wave Global, Matrix Partners India, Tiger Global Management
Megazone
Megazone Cloud is cloud optimization startup with enterprise hosting and ITSM system experience.
Valuation: $1.83
Country: South Korea
Industry: Internet software & services
Investors: Salesforce Ventures, ATP Investment, kt investment
ZigBang
ZigBang is a real estate marketplace that offers an apartment hunting app.
Valuation: $1.93
Country: South Korea
Industry: Mobile & telecommunications
Investors: Black Pearl Ventures, Stonebridge Ventures, Yuanta Investment Korea
Akulaku
Akulaku is a banking and digital finance platform that provides a variety of virtual payment services.
Valuation: $2.00
Country: Indonesia
Industry: E-commerce & direct-to-consumer
Investors: DCM Ventures, IDG Capital, Siam Commercial Bank
Babel Finance
Offering crypto lending, asset management, and prime financing to institutions and qualified investors worldwide.
Valuation: $2.00
Country: Hong Kong
Industry: Fintech
Investors: Dragonfly Capital, BAI Capital, 10T Fund
ROX Motor
ROX Motor is a car-making project focusing on off-road new energy vehicles.
Valuation: $2.00
Country: China
Industry: Auto & transportation
Investors: Sequoia Capital China, IDG Capital, Qiming Venture Partners
Coda Payments
Collect payment for mobile and online games, live streaming, video on demand, music streaming, and more.
Valuation: $2.50
Country: Singapore
Industry: Fintech
Investors: GIC. Apis Partners, Insight PartnersD
Games24x7
The company specializes in using behavioral science, technology, and artificial intelligence to provide awesome gaming experiences across its platforms.
Valuation: $2.50
Country: India
Industry: Internet software & services
Investors: Tiger Global Management, The Raine Group, Malabar Investments
Tridge
Tridge develops an online trade platform that matches global food agriculture buyers and sellers.
Valuation: $2.70
Country: South Korea
Industry: Internet software & services
Investors: Forest Partners, Softbank Ventures Asia
Hozon Auto
Hozon Auto focuses on the research, development, and manufacturing of new energy vehicles (NEV).
Valuation: $3.95
Country: China
Industry: Auto & transportation
Investors: HD Capital, Qihoo 360 Technology, China Fortune Land Development
In total, India had the most number of new unicorns in 2022 with 17, followed by China with 6, South Korea with 5, and Indonesia with 2. Other countries in Asia also produced unicorns last year, including Singapore, Hong Kong and Japan, each with one startup on the list. These unicorns represent the most highly valued startups in their respective industries and countries, and are indicative of the continued growth and innovation in the Asian startup ecosystem.
These new unicorns are among the highest-valued startups in Asia, and they demonstrate the potential for continued growth and success in their respective industries. As the startup scene in Asia continues to evolve, we can expect to see more disruptive and innovative companies emerge and join the unicorn club in the coming years.
Source: CBInsights, Global Unicorn Club