Carousell, YouTrip, SenseTime: the Asian start-ups that grabbed headlines in 2019
- More than a third of the world’s 331 unicorns – firms valued at US$1 billion or more – are based in Asia
- From Carro to Licious and WorkBuddy, here are eight entrepreneurial success stories that caught the attention of venture capital investors this year
Southeast Asia’s young, tech-savvy population and high usage of social media have made the region a magnet for start-ups.
Companies based in the region raised US$7.6 billion in funding in the first half of 2019, according to a report by Singapore’s state investment firm Temasek, Google, and management consultancy Bain & Company.
With more than a third of the world’s 331 unicorns – or firms valued at US$1 billion or more – based in Asia, here is a look at the eight entrepreneurial success stories that caught the attention of venture capital investors this year.
CAROUSELL
Carousell will absorb Telenor’s 701Search, which owns online marketplaces Mudah in Malaysia, Cho Tot in Vietnam, and OneKyat in Myanmar. This adds Vietnam and Myanmar to Carousell’s current markets of Singapore, Malaysia, Indonesia, the Philippines, Hong Kong and Taiwan.
Carousell was valued at more than US$550 million in April, when South African e-commerce group Naspers bought a stake in the company. Its previous backers include venture capital firms Rakuten Ventures, Sequoia Capital, 500 start-ups and Golden Gate Ventures.
Chief financial officer Rakesh Malani has said Carousell will remain unprofitable after the merger, though he declined to reveal bottom line figures to Singaporean media. Regulatory findings, however, show that Carousell made a net loss of US$25 million last year.
