Unicorns in ASEAN: A Dive into the Region’s Top 46 Startups

The ASEAN region, known for its dynamic economies and innovation-driven growth, has become a breeding ground for unicorns—startups valued at over $1 billion. These companies, which span a variety of sectors, not only boost the region’s economic profile but also highlight its potential as a global tech and innovation hub. Here, we explore the diverse landscape of ASEAN’s 46 unicorns, offering insights into their industries, achievements, and contributions to the regional economy.

1. Ajaib (Indonesia): Ajaib has revolutionized the Indonesian financial sector with its user-friendly investment platform, democratizing access to financial markets for millions.
2. Air Asia Digital (Malaysia): Born from one of the region’s leading airlines, this digital venture leverages technology to enhance travel and lifestyle experiences across Asia.
3. Blibli (Indonesia): As a pioneer in Indonesian e-commerce, Blibli offers an extensive range of products and services, emphasizing local brands and SMEs.
4. Bolttech (Singapore): This insurtech company extends its digital platform across borders, innovating insurance and protection services in Asia and beyond.
5. Carro (Singapore): Transforming the automotive sector, Carro provides a comprehensive online car marketplace, bringing transparency and efficiency to car buying and selling.
6. Carsome (Malaysia): Another heavyweight in the automotive sector, Carsome is redefining used car transactions with its trusted, seamless platform.
7. Flash Express (Thailand): A key player in logistics, Flash Express has significantly enhanced e-commerce logistics in Thailand with its reliable, speedy delivery services.
8. Grab (Singapore): Perhaps the most recognizable name on the list, Grab has expanded from ride-hailing to offering a vast array of services, including food delivery and financial services, across Southeast Asia.
9. Gojek (Indonesia): Similar to Grab, Gojek has evolved into a multi-service platform, significantly impacting urban mobility, food delivery, and payment solutions in Indonesia.
10. JD.ID (Indonesia): This joint venture brings JD.com’s e-commerce expertise to Indonesia, offering a vast product range and exceptional service quality.
11. JustCo (Singapore): Redefining workplace solutions, JustCo’s network of coworking spaces fosters innovation and collaboration across the ASEAN region.
12. Kredivo (Indonesia): Kredivo offers digital credit solutions, allowing users to shop online and pay later, thereby enhancing purchasing power and financial inclusion.
13. Lazada (Singapore): As one of Southeast Asia’s leading e-commerce platforms, Lazada continues to drive online shopping innovation and accessibility.
14. Lineman Wongnai (Thailand): This collaboration between a popular food delivery service and a restaurant review platform underscores Thailand’s dynamic food and beverage sector.
15. Matrixport (Singapore): In the burgeoning field of cryptocurrency, Matrixport offers trusted financial services, including trading and asset management.
16. Moglix (Singapore): Moglix is at the forefront of industrial and business supplies e-commerce, streamlining procurement and supply chain processes.
17. Momo (Vietnam): Vietnam’s leading mobile wallet and payment app, Momo, exemplifies the nation’s rapid fintech adoption and innovation.
18. Mynt (Philippines): Operating GCash, Mynt is revolutionizing financial services in the Philippines, offering a range of mobile financial solutions.
19. NIUM (Singapore): NIUM simplifies cross-border payments, empowering businesses and consumers with its innovative financial infrastructure.
20. Ninja Van (Singapore): With its tech-driven logistics solutions, Ninja Van enhances the delivery experience for businesses and consumers across Southeast Asia.
21. Ovo (Indonesia): Ovo plays a critical role in Indonesia’s digital economy, providing a versatile digital payment platform that caters to various consumer needs.
22. Patsnap (Singapore): Patsnap’s global intelligence platform offers invaluable insights into R&D and intellectual property, aiding organizations in making informed decisions.
23. PropertyGuru (Singapore): Southeast Asia’s leading property technology company, PropertyGuru, transforms the property search process with its comprehensive platform.
24. Revolution Precrafted (Philippines): This unique startup offers designer, prefabricated homes, merging art with functionality in real estate.
25. Ruangguru (Indonesia): Indonesia’s foremost edtech company, Ruangguru, enhances learning experiences with its innovative platforms and solutions.
26. Sicepat (Indonesia): Specializing in express courier services, Sicepat supports e-commerce growth in Indonesia with its efficient logistics solutions.
27. Sky Mavis (Vietnam): The creator of Axie Infinity, Sky Mavis, is a trailblazer in blockchain gaming, showcasing Vietnam’s growing influence in the tech sector.
28. Tiket.com (Indonesia): This online travel platform simplifies travel arrangements, offering a wide array of services from flights to event tickets.
29. Tokopedia (Indonesia): As a leading online marketplace, Tokopedia empowers millions of sellers and consumers, fueling Indonesia’s e-commerce boom.
30. Traveloka (Indonesia): Traveloka is a one-stop travel and lifestyle platform in Southeast Asia, streamlining travel planning and bookings.
31. Trax (Singapore): Trax is a world leader in computer vision solutions for retail, offering invaluable insights and analytics to retailers and brands.
32. VNG (Vietnam): A pioneer in Vietnam’s tech industry, VNG is known for its online games, social media platforms, and cloud services.
33. Xendit (Indonesia): Xendit enhances digital payments in Indonesia and beyond, offering a reliable payment infrastructure for businesses.
34. Zalora (Singapore): A fashion-forward e-commerce platform, Zalora brings the latest trends to consumers across Asia, promoting style and accessibility.
35. VinaPay (Vietnam): A key fintech player, VinaPay facilitates mobile payments and financial transactions, contributing to Vietnam’s digital economy.
36. Ascend Money (Thailand): Ascend Money drives financial inclusion across Southeast Asia with its innovative e-wallet and financial services.
37. Akulaku (Indonesia): An online finance company, Akulaku provides credit services, enabling consumers to shop online with ease and flexibility.
38. J&T Express (Indonesia): This logistics powerhouse supports e-commerce across the region with its reliable parcel delivery services.
39. Advance Intelligence Group (Singapore): An AI-driven technology conglomerate, Advance Intelligence Group harnesses data to drive innovation across sectors.
40. AirAsia Super App (Malaysia): Leveraging AirAsia’s brand, this super app offers a wide range of services, from travel to lifestyle, redefining convenience.
41. BukuWarung (Indonesia): A fintech solution for small businesses, BukuWarung digitizes traditional bookkeeping, enhancing financial management for SMEs.
42. Carousell (Singapore): Carousell revolutionizes the classifieds industry, providing a user-friendly platform for buying and selling a variety of items
43. Edotco (Malaysia): As an integrated telecommunications infrastructure services company, Edotco has been pivotal in enhancing mobile connectivity across Asia, demonstrating the critical role infrastructure plays in the digital economy.
44. HyalRoute (Singapore): This unicorn is a key player in the telecommunications sector, focusing on building fiber optic networks to enhance communication and data connectivity across the ASEAN region and beyond.
45. Kopi Kenangan (Indonesia): As a fast-growing coffee chain, Kopi Kenangan blends traditional Indonesian coffee culture with modern lifestyle trends, showing the potential for scaling local concepts into successful regional ventures.
46. Zalora (Singapore): A repeat mention, but worth emphasizing, Zalora is a powerhouse in fashion e-commerce, continually adapting to market trends and consumer preferences, showcasing the dynamism of ASEAN’s digital retail sector.

These 46 unicorns underscore ASEAN’s vibrant entrepreneurial spirit and its burgeoning role as a global innovation hub. From tech to retail, finance to telecommunications, these firms are not only reshaping their respective industries but are also driving economic growth and digital transformation across the region. Their success stories are a testament to ASEAN’s potential as a fertile ground for startups aiming for unicorn status, reflecting the region’s strategic importance in the global economy.