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Asian Startups That Achieved Unicorn Status in 2022: A Look at Their Rapid Rise



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


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