THE ASIA TECH INVESTMENT REPORT

A comprehensive, data-driven look at technology investment trends, top deals,

active investors and strategic activity in Asia.

May 23, 2017

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leading media outlets every week

CB INSIGHTS NEWS MENTIONS PER YEAR

2200

1200

490
211
62 9 16

2010 2011 2012 2013 2014 2015 2016

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TABLE OF CONTENTS
8 Asia Financing Trends

32 China Financing Trends

40 India Financing Trends

47 Southeast Asia Financing Trends

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SUMMARY OF FINDINGS
$106 BILLION INVESTED ACROSS 5,019 DEALS SINCE 2012: In
2017 year-to-date, $19.3B has been invested across 458 deals to
Asian-headquartered tech companies with venture capital funding.
At the current run-rate deals are on pace to increase by 14% over
2016 totals, while funding is on pace to grow by 132%.
ASIA TECH UNICORN CREATION DROPS FROM 2015 HIGH: On
an annual basis, the creation of private companies with a
valuation of a billion dollars or more declined 26% YoY from
its peak in 2015 and has not seen a major pickup thus far in
2017 YTD.
SEQUOIA CAPITAL CHINA AND TENCENT ARE TOP UNICORN
HUNTERS IN ASIA TECH: Tencent Holdings and Sequoia
Capital China have invested in the most unique Asian
unicorns, each with over 10 unicorns in their portfolio.
62 ASIA UNICORNS MAKE UP $283.5B IN PRIVATE VALUE. Of
the 7 decacorns in Asia, six are based in China including Didi
Chuxing, Xiaomi, China Internet Plus, Lu.com, Bytedance, and DJI
Innovation.
500 STARTUPS IS MOST ACTIVE IN ASIA TECH INVESTING: Since
Q1’16, 500 Startups has been the most active venture capital
investor in the Asian market to VC-backed companies.
The top three were rounded out by Matrix Partners China and
East Ventures.
CHINA’S LARGEST INTERNET GIANTS POISED TO BENEFIT FROM
UNICORN EXITS: Of the 46 unicorns in China, 21 (46%) are
backed by four of China’s largest internet giants – Alibaba,
Baidu, JD.com, & Tencent – or their affiliates such as Ant
Financial. Tencent has backed the highest number of Chinese
unicorns at 15.
MEGA-ROUNDS IN ASIA TECH BOUNCE BACK IN Q1’17: The
number of $50M+ financings to VC-backed Asia tech
companies rose 39% on a quarterly basis in Q1’17 to hit a five-
quarter high.
Note on Report Methodology:
Please refer to slide 53 for complete methodology, including but not limited to: types of
fundings and companies included in report, geographic scope of Asia, and countries
excluded from report.
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THIS REPORT ANALYZES INVESTMENT TRENDS TO VENTURE CAPITAL-BACKED TECH
COMPANIES IN:

1. Bangladesh 13. Myanmar

2. Bhutan 14. Nepal
3. Brunei 15. North Korea
4. Cambodia 16. Pakistan
5. China 17. Philippines
6. Hong Kong 18. Singapore
7. India 19. South Korea
8. Indonesia 20. Sri Lanka
9. Japan 21. Taiwan
10. Laos 22. Thailand
11. Malaysia 23. Timor-Leste
12. Mongolia 24. Vietnam

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ASIA
TECH INVESTMENT TRENDS

www.cbinsights.com 8
Since 2012, VC-backed Asia tech startups have
raised:

$106.2 BILLION
across

5,019 DEALS
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 ASIA VC-BACKED TECH ANNUAL FUNDING HISTORY INVESTMENT ROARS
2012 – 2017 YTD (5/5/17) BACK IN EARLY 2017
$56.44
(Full-Year Projection)

1343
1337 Through 2017 year-to-
1174
(Full-Year Projection)
date, $19.3B has been
1026
invested across 458
deals to Asian-
headquartered tech
companies with venture
618 capital funding.

400 458
At the current run-rate
deals are on pace to
increase by 14% over
2016 totals, while
$2.7 $4.5 $18.4 $36.9 $24.3 $19.3 funding is on pace to
2012 2013 2014 2015 2016 2017
grow by 132%.
Investments ($B) Deals

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 ASIA VC-BACKED TECH QUARTERLY FUNDING HISTORY QUARTERLY ASIA TECH
Q1’2 - Q1’17 370 DEALS BOUNCE BACK
IN Q1’17
325 329 334
319 312
On a quarterly basis, deal
290 288 279 288
273 count broke 300 for the
first time since Q1’16,
227 221 breaking a three-quarter
slump.
184
165
Funding increased 107%
133 136
on a quarterly basis,
106
103 96
95 reaching $9.1B. Notable
deals in Q1’17 included a
$1.53B convertible note
$1.3
$1.0

$0.8
$0.7
$0.6

$0.8
$0.4

$14.2
to iQiyi, a $1.4B Series J
$3.0
$1.7

$2.5

$4.1

$8.8

$4.7

$9.4

$8.5

$6.2

$7.4

$6.4

$4.4

$9.1
to Flipkart, and a $1.1B
2012 2013 2014 2015 2016 2017 private equity financing
to Koubei.
Investments ($B) Deals

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 ASIA VC-BACKED TECH QUARTERLY DEAL SHARE BY SEED STAGE DEAL
STAGE SHARE STAYS RANGE-
Q1’16 – Q1’17 BOUND
9% 6% 9%
1% 12% 11%
3% 2% 4% 2% 2%
Seed-stage deal share in
3% 9% 3%
6% 8%
5% 5% the first quarter of 2017
8% 8%
remained consistent with
15% 16% the prior two quarters.
19% 16% 18%
Series A deal share fell to
22% a five-quarter low in
25%
23% 22% 21% Q1’17, after making up
1/4th of all Asia tech
deals in Q1’16.

38% 43% 34% 34% 35%

Q1'16 Q2'16 Q3'16 Q4'16 Q1'17

Seed / Angel Series A Series B Series C Series D Series E+ Other

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 ASIAN VC-BACKED TECH EARLY-STAGE MEDIAN DEAL MEDIAN EARLY-STAGE
SIZE DEAL SIZE CUT IN HALF
Q1’16 – Q1’17

Through Q1’17, median

$1.0 $1.0
$0.9 early-stage deal size
decreased from $1M to
$0.8 $.5M.

This follows three-

$0.5 quarters of minor
increases in early-stage
median deal size
throughout 2016.

Q1'16 Q2'16 Q3'16 Q4'16 Q1'17

Median Early Stage Deal Size ($M)

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 ASIAN VC-BACKED TECH LATE-STAGE MEDIAN DEAL MEDIAN LATE-STAGE
SIZE DEAL SIZE INCREASES
Q1’16 – Q1’17

Median late-stage deal

$100.0 $100.0
size increased from
$34.5M in Q3’16 to
$100M in Q1’17 on the
$72.5
back of a host of mega-
rounds including
Flipkart’s $1.4B financing
$34.5
from eBay, Microsoft,
$34.5
and Tencent.

Q1'16 Q2'16 Q3'16 Q4'16 Q1'17

Median Late Stage Deal Size ($M)

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 RECENT $100M+ ASIA TECH MEGA-ROUNDS
Q1’17

$1.53B $1.4B $1.1B $500M $450M

$1.53B Convertible Note $1.4B Series J $1.1B Private Equity $500M Private Equity $450 Series D

(Uxin Pai)

*includes non venture-backed companies

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 NUMBER OF $50M+ ROUNDS TO VC-BACKED ASIA TECH MEGA-ROUNDS TO VC-
COMPANIES PER QUARTER BACKED ASIA TECH
Q1'16 - Q1'17
STARTUPS RISES IN
Q1’17
34
The number of $50M+
28 financings to VC-backed
25
26 Asia tech companies
24
rose 42% on a quarterly
basis in Q1’17 to hit a
five-quarter high.

Q1'16 Q2'16 Q3'16 Q4'16 Q1'17

Mega Rounds ($50M+)

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 NUMBER OF $50M+ ROUNDS TO VC-BACKED ASIA TECH 2016 SEES ASIA-TECH
COMPANIES PER YEAR MEGA-ROUNDS DROP,
2012 - 2017 (Q1'17)
146 BUT 2017 COULD
REBOUND
On an annual basis, the
103 number of 50M+ rounds
to VC-backed tech
companies in Asia
73
dropped 30% on a year-
over-year basis in 2016.

34 Through Q1’17, there

have been 34 50M+
18
12 financings, which would
put 2017 on track to top
2012 2013 2014 2015 2016 2017 2016’s figure by 32% if
the pace holds up.
Mega Rounds ($50M+)

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 NEW ASIAN UNICORNS BY YEAR UNICORN CREATION
2010 – 2017 DROPS FROM 2015
HIGH
23
On an annual basis, the
creation of private
companies with a
17
valuation of a billion
dollars or more has
12 declined from its peak in
2015 and has not seen a
major pickup thus far in
7
2017 YTD.

2
1 1
0

2010 2011 2012 2013 2014 2015 2016 2017

Unicorn Birth

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ASIA UNICORNS BY VALUATION 62 ASIA UNICORNS
VALUED AT $283.5B IN
AGGREGATE

China-based Didi
Chuxing and Xiaomi are
the most valuable East-
Asian unicorns with a
combined valuation of
over $95B.

The next-largest private

company, China group-
$4.6
$4.5
$4.0
$3.8
$3.5

$3.0
$3.0
$3.0
$3.0
$3.0

$2.9

buying giant China

$2.0
$2.0
$11.6
$50.0
$46.0
$20.0
$18.5

$11.0
$10.0

$2.0
$2.0
$1.8
$1.6
$1.5

$1.0

$1.0
$8.0
$7.0
$5.9
$5.8
$5.0

$1.5
$1.4
$1.4
$1.2
$1.1
$1.0
$1.0
$1.0

$1.0
$1.0
$1.0
$1.0
$1.0
$1.0
$1.0
$1.0
$1.0
$1.0
$1.0
$1.0
$1.0
$1.0
$1.0
$1.0

$1.0
$1.0
$1.0
$1.0
$1.0
$1.0
Internet Plus, is valued at
$26B less than Xiaomi’s
latest financing at $20B.

Valuation

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 INVESTORS RANKED BY # OF PORTFOLIO COMPANIES IN TENCENT AND SEQUOIA
ASIAN UNICORN CLUB CAPITAL CHINA ARE
TOP UNICORN
HUNTERS IN ASIA

Tencent Holdings and

Sequoia Capital China
have invested in the
most unique Asian
unicorns, each with over
19 13 8 8 7 7 6 6 6 5 5 5 5 5
10 unicorns in their
portfolio. DST Global and
Qiming Venture Partners,
have each backed 8.

Unicorn Investments

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 MOST ACTIVE VC INVESTORS IN VC-BACKED ASIA 500 STARTUPS IS
TECH COMPANIES MOST ACTIVE VC IN
Q1’16 – Q1’17 ASIA TECH SINCE Q1’16

Rank Investor Rank Investor

1 500 Startups 10 Accel Partners India
Since Q1’16, 500
2 Matrix Partners China 12 ZhenFund
Startups was the most
3 East Ventures 13 Shunwei Capital Partners
active venture capital
4 SOSventures 13 BEENEXT
investor in the Asian
5 Sequoia Capital India 15 SBI Investment
market to VC-backed
6 IDG Capital Partners 15 Source Code Capital
companies.
7 Blume Ventures 15 Kalaari Capital
The top three were
8 Sequoia Capital China 18 CyberAgent Ventures
rounded out by Matrix
9 SAIF Partners 19 Cherubic Ventures
Partners China and East
10 IDG Ventures India 20 Golden Gate Ventures
Ventures.

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 MOST ACTIVE CORPORATES IN VC-BACKED ASIA TECH TENCENT IS THE MOST
COMPANIES ACTIVE CORPORATE
Q1’16 – Q1’17 INVESTOR

Rank Investor Rank Investor Tencent Holdings made

1 Tencent Holdings 13 Opt Ventures over 30 investments to
2 SBI Investment 13 Samsung Ventures VC-backed tech
3 CyberAgent Ventures 13 Rakuten Ventures companies in Asia since
4 Brand Capital 13 Daiwa Corporate Investment Q1’16.
4 SMBC Venture Capital 13 Bertelsmann India Investments
Notable Q1’17
6 Qualcomm Ventures 13 Dentsu Digital Holdings
investments include
7 Legend Capital 13 Alibaba Group
participation in Flipkart’s
8 Nissay Capital 13 Foxconn Technology Company
$1.4B Series J, short
8 Fosun Kinzon Capital 13 Salesforce Ventures
video app maker
10 Bertelsmann Asia Investments 13 GREE Ventures
Kuaishou’s $350M Series
10 Baidu 13 Intel Capital
D, and online medical
10 YJ Capital 13 Kunlun Worldwide
association firm Hao
Daifu’s $200M Series D.

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 CORPORATE PARTICIPATION TO VC-BACKED ASIA TECH CORPORATE AND CVC
COMPANIES FUNDS RETURN TO
Q1’16 – Q1’17 ASIAN TECH
125 INVESTMENT
118
108
Q1’17 saw a
97
considerable increase in
85 corporate venture
investment participation,
with $6.6B invested
across 125 deals.

This marks a five-quarter

high in both deals and
dollar participation by
corporate VCs in Asia
$3.6 $4.9 $3.3 $2.6 $6.6 tech.
Q1'16 Q2'16 Q3'16 Q4'16 Q1'17

Investments ($B) Deals

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 CORPORATE PARTICIPATION IN DEALS TO VC-BACKED CORPORATE & CVC
ASIA TECH COMPANIES INVESTMENT IN ASIA
Q1’16 – Q1’17 TECH REBOUNDS IN
Q1’17

The share of tech deals

32% 31% in Asia involving
35%
41% 40% corporate and corporate
venture capital
participation increased
from 31% in Q4’16 to
40% in Q1’17.

68% 65% 59% 69% 60%

Q1'16 Q2'16 Q3'16 Q4'16 Q1'17

Other Investors Corp / CVC Deal Participation

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 QUARTERLY DEAL ACTIVITY TO VC-BACKED ASIAN TECH SOUTHEAST ASIA
COMPANIES TRAILS CHINA & INDIA
Deals, China vs India vs Southeast Asia FOR TECH DEALFLOW
112 China and India have
105 101 averaged 98 and 96 VC-
100 98
91
89 92 89 backed tech deals
95
respectively per quarter
since Q1’16.
65

53 Southeast Asia has

49
38 averaged 47 deals over
31 the same time period.

Q1'16 Q2'16 Q3'16 Q4'16 Q1'17

China India Southeast Asia

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 QUARTERLY INVESTMENT ACTIVITY TO VC-BACKED ASIAN INDIA GAINS MATERIAL
TECH COMPANIES AMOUNT OF
$B, China vs India vs Southeast Asia INVESTMENT

Through Q1’17 India-

headquartered VC-
backed tech companies
received $2.6B of
investment largely on the
back of Flipkart’s mega-
round.

Paytm parent One97’s

$1.4B investment from
SoftBank will augment
$0.3 $0.2
India’s funding spike this
$0.2
$4.3 $1.1 $6.4 $0.5 $3.8 $0.8 $1.5 $3.6 $0.4 $0.1 $6.0 $2.6 year.
Q1'16 Q2'16 Q3'16 Q4'16 Q1'17

China India Southeast Asia

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 ASIA VC-BACKED TECH INTERNET INVESTMENT ACTIVITY ASIA INTERNET
Q1’16 – Q1’17 INVESTMENT JUMPS
218

Deals to internet
186
181 183 companies in Asia
168 jumped 11% in Q1’17,
while funding increased
by 230%.

$5.0 $3.8 $3.2 $2.0 $6.6

Q1'16 Q2'16 Q3'16 Q4'16 Q1'17

Investment ($B) Deals

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 ASIA VC-BACKED MOBILE & TELECOMMUNICATIONS ASIA MOBILE DEALS
INVESTMENT ACTIVITY INCREASING
Q1’16 – Q1’17

97 96 Asia-based mobile &

telecom companies
79 77 79 received 96 financings
through Q1’17, a 22%
increase over Q4’16.

Q1’17 funding, while

marginally higher than
Q4’16 with $2.2B
invested, is still nearly a
billion dollars lower per
quarter than Q2’16 and
$1.0 $3.5 $3.0 $1.9 $2.2 Q3’16.
Q1'16 Q2'16 Q3'16 Q4'16 Q1'17

Investment ($B) Deals

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IQIYI AND FLIPKART
RAISE MASSIVE
ROUNDS IN Q1’17

iQIYI raised $1.5B in a

convertible note
financing from Baidu,
Sequoia Capital China,
among others investors.

Flipkart raised the largest

financing in India since
Q1’16, raising $1.4B in a
massive Series J
financing. The round was
led by eBay, Microsoft,
and Tencent Holdings.

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 CHINA’S INTERNET
CHINA UNICORNS BACKED BY BAIDU, ALIBABA, TENCENT, & JD GIANTS POISED TO
BENEFIT FROM
UNICORN EXITS
Of the 46 unicorns in
China, 21 (46%) are
backed by four of China’s
largest Internet giants –
Alibaba, Baidu, JD.com, &
Tencent – or their
affiliates such as Ant
Financial.

Tencent has backed the

highest number of
Chinese unicorns at 15.

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ASIA UNICORNS BACKED BY BAIDU, ALIBABA, TENCENT, & JD OUTSIDE OF CHINA,
TENCENT AND ALIBABA
OUTSIDE OF CHINA LOOK TO INDIA

Alibaba, its affiliate Ant

Financial, and Tencent
have backed four of
India’s private tech
companies valued at
$1B+.

Tencent has also backed

Asian tech unicorns CJ
Games, in Korea, and
motorbike ride-hailing
service Go-Jek, in
Indonesia.

www.cbinsights.com 31
CHINA
FINANCING TRENDS

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 CHINA VC-BACKED TECH QUARTERLY TREND CHINA TECH FUNDING
Q1’16 – Q1’17 JUMPS IN Q1’17

In Q1’17, China-
headquartered VC-
backed tech companies
105
received $6B across 101
100
95
101 deals.
89
Notable Chinese
financings included a
$500M private equity
financing to used car
auction platform Uxin
Pai, a $450M Series D to
bike-share app Ofo, and a
$4.3 $6.4 $3.8 $3.6 $6.0
$375M corporate
Q1'16 Q2'16 Q3'16 Q4'16 Q1'17
minority to real estate
Investments ($B) Deals
brokerage Homelink.

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 CHINA VC-BACKED TECH QUARTERLY DEAL SHARE BY CHINA SEED-STAGE
STAGE DEALS DECREASE
Q1’16 – Q1’17

8% 8%
10%
1% 15% 17% 2%
Seed-stage deal share in
5% 6%
5% 3% 13% China tech decreased in
3% 3%
8%
Q1’17 from 13% to 7%.
12%
20%
18% 16% Series A deals increased
15%
over the same time
period, from 18% to 26%.
30% 27%
26%
26% 29%

20%
27% 18%
32% 26%
7% 11% 15% 13% 7%

Q1'16 Q2'16 Q3'16 Q4'16 Q1'17

Seed / Angel Series A Series B Series C Series D Series E+ Other

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 CHINA VC-BACKED TECH QUARTERLY DEAL SHARE BY CHINA INTERNET
SECTOR DEALS RETURN
Q1’16 – Q1’17
2% 2%
2% 2% 5% 6% 5%
3% 3% 4% 4%
6%
3% China-based internet
7% 6%
companies received 55%
of deal share as a
30% percentage of total deals.
34%
31% This marks a three-
32%
34% quarter increase of 5
percentage points since
Q3’16.

Mobile & telecom

declined from 34% of
deal share to 31% over
63% 58% 50% 52% 55%
the same period of time.
Q1'16 Q2'16 Q3'16 Q4'16 Q1'17
Internet Mobile & Telecommunications
Software (non-internet/mobile) Computer Hardware & Services
Electronics
www.cbinsights.com 35
IQIYI, LU.COM, DIDI
CHUXING RAISE
BILLION-DOLLAR
ROUNDS
iQIYI, P2P lender Lu.com,
and ride-share giant Didi
Chuxing all raised billion
dollar+ rounds since
Q1’16.

Other top deals over the

past five quarters to VC-
backed China tech
companies include a
$450M round to bike-
share app Ofo and a
$690M financing to
Chinese ticketing app
Weiying.
www.cbinsights.com 36
 CHINA’S VC-BACKED
CHINA VC-BACKED DIGITAL HEALTH INVESTMENT TREND
2012 – 2017 YTD (Q1'17) DIGITAL HEALTH DEALS
$900 35
HIT HIGH IN 2016
31
$800
30
Digital healthcare has
$700 become a burgeoning
25 area of venture
$600
21 investment in China,
$500
19 20 though funding to VC-
backed companies
$400
15
dropped 7% on a year-
over-year basis in 2016.
$300

10
8
$200
5
5
$100 3

$12 $43 $343 $778 $724 $256

$- 0
2012 2013 2014 2015 2016 2017

Dollars ($M) Deals

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 CHINA ED TECH
CHINA VC-BACKED ED TECH FINANCING TREND
2012 - 2017 YTD (Q1'17) INVESTMENT FALLS
$1,200 40 FROM 2015 HIGH
35
35 While education
$1,000
companies including TAL
30
and New Oriental have
26
$800 risen to new highs in in
25
the stock market, funding
20 to venture capital-backed
$600 20
18
ed tech companies in
15
China fell 37% on a year-
$400 over-year basis in 2016.
10
8
$200
5
2

$46 $298 $1,060 $663 $100

$- $34 0
2012 2013 2014 2015 2016 2017 YTD

Amount ($M) Deals

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 CHINA VC-BACKED FINTECH INVESTMENT TREND FINTECH INVESTMENT
2012 - 2017 YTD (Q1'17)
$180 40
IN CHINA CONTINUES
TO GROW
35
$160
35
32
$140 2016 saw VC-backed
30
fintech investment in
$120
25
China rise 81% on a year-
$100
22 over-year basis.
20

$80
2017 could see a new
15
high for venture capital-
$60 backed fintech deals in
8
9 10 China.
$40

$35
5
$20 3

$11 $22 $170 $81 $33

$- 0
2012 2013 2014 2015 2016 2017 YTD

Amount ($M) Deals

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INDIA
FINANCING TRENDS

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 INDIA VC-BACKED TECH QUARTERLY TREND TECH FUNDING JUMPS
Q1’16 – Q1’17 IN INDIA
112

98 India-headquartered tech
91 92
89 companies received 9
fewer financings
compared to Q4’16, but
total capital invested in
the quarter jumped
550%.

Notable financings
included Flipkart’s $1.4B
Series J, a $330M Series
H to Olacabs, and a
$1.1 $0.5 $0.8 $0.4 $2.6 $200M Series A to Paytm
Q1'16 Q1'17 E-Commerce.
Investments ($B) Deals

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 INDIA VC-BACKED TECH QUARTERLY DEAL SHARE BY INDIA EARLY-STAGE
STAGE DEALS DECREASE
Q1’16 – Q1’17 2%
5% 1%
9%
4% 10%
3%
3% 1% 16% The share of early-stage
4% 8% 3%
2% 1%
4%
(seed and Series A) deals
10% 18% 4% 11%
4%
2%
declined through Q1’17,
10%
decreasing from 73% of
19% 20%
15% deal share to 59%.
16% 22%
15% Other deals, including
corporate minority,
convertible and other
forms of venture capital,
increased from 10% to
16%.
56% 55% 51% 51% 44%

Q1'16 Q2'16 Q3'16 Q4'16 Q1'17

Seed / Angel Series A Series B Series C Series D Series E+ Other

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 INDIA VC-BACKED TECH QUARTERLY DEAL SHARE BY INDIA INTERNET DEAL
SECTOR SHARE DECLINES
Q1’16 – Q1’17
2% 3% 2% 1%
4% 1% 4% 1%
1%
2%
1% 2% India-based internet
20%
companies received 64%
of deal share in Q1’17,
24%
29% 31% 31% four percentage points
lower than the previous
quarter.

Mobile & telecom deal

share rose from 20% in
Q3’16 to 31% in Q1’17.

64% 66% 77% 68% 64%

Q1'16 Q2'16 Q3'16 Q4'16 Q1'17

Internet Mobile & Telecommunications
Software (non-internet/mobile) Computer Hardware & Services
Electronics
www.cbinsights.com 43
FLIPKART EASILY
RECEIVES THE
LARGEST DEAL IN INDIA

The next largest

financing over the last
five quarters was to
Olacabs, raising $330M
in a Series H round also
in Q1’17. Softbank Group
provided the investment
capital.

www.cbinsights.com 44
 INDIA VC-BACKED PHYSICAL GOODS E-COMMERCE INDIA E-COMMERCE
INVESTMENT TREND FUNDING BOUNCES
2012 - 2017 YTD (Q1'17)
$3,500 90
BACK ON FLIPKART
85
MEGA-ROUND
80
$3,000 74
Flipkart, which raised
70
$1.4B in March from the
$2,500
60 likes of Tencent,
Microsoft, and eBay,
$2,000
45
50
propelled funding to
36 40
India’s physical goods e-
$1,500
34
commerce startups to
30
jump to $1.75B in the
$1,000
first quarter of this year
16 20
vs. $948M in 2016.
$500
10

$322 $598 $3,164 $2,130 $948 $1,742

$- 0
2012 2013 2014 2015 2016 2017 YTD

Amount ($M) Deals

www.cbinsights.com 45
 INDIA VC-BACKED FINTECH INVESTMENT TREND PAYTM PUSHES UP
2012 - 2017 YTD (Q1'17)
FINTECH FUNDING IN
$180 40
INDIA
35
$160
32 35
While VC-backed fintech
$140
30
investment in India saw a
lackluster Q1’17,
$120
25 Softbank’s $1.4B
22
$100 investment into Paytm
20 parent One97
$80
Communications should
$60
15
put 2017 on pace for a
new high in Indian fintech
9
$40
8 10
funding.
5
$20 3

$11 $35 $22 $170 $81 $33

$- 0
2012 2013 2014 2015 2016 2017 YTD

Amount ($M) Deals

www.cbinsights.com 46
SOUTHEAST ASIA
FINANCING TRENDS

www.cbinsights.com 47
 SOUTHEAST VC-BACKED ASIA TECH QUARTERLY DEALS ARE UP IN SE
TREND ASIA, BUT FUNDING
Q1’16 – Q1’17 BELOW PEAK
65
$191.6M was invested
across 38 deals to
53
49
Southeast Asian
companies in Q1’17. This
38 is an increase over Q4’16,
but down significantly
31
from Q3’16 in which
$1.46B was invested
across 53 deals.

Funding spiked in Q3’16

from a $750M Series F
$330.6 $241.1 $1,460.6 $87.3 $191.6 financing to Grab, and a
Q1'16 Q2'16 Q3'16 Q4'16 Q1'17 $550M Series B to GO-
JEK.
Investments ($M) Deals

www.cbinsights.com 48
 SOUTHEAST VC-BACKED ASIA TECH QUARTERLY DEAL SE ASIA SERIES B DEAL
SHARE BY STAGE SHARE INCREASES
Q1’16 – Q1’17 2%
4% 2% 8%
9% 2% 10%
2% 4%
2% 2%
5%
Series B deals increased
6% 6%
6% 11% as a category from 3% to
23% 3% 11% of deal share.
22%
26% 21% Early-stage deals (seed
23% and Series A) maintained
nearly 75% of deal share
32%
compared to Q4’16.

57% 65% 38% 52% 55%

Q1'16 Q2'16 Q3'16 Q4'16 Q1'17

Seed / Angel Series A Series B Series C Series D Series E+ Other

www.cbinsights.com 49
 SOUTHEAST VC-BACKED ASIA TECH QUARTERLY DEAL SHARE MOBILE AND INTERNET
BY SECTOR DEALS DOMINATE SE
0% Q1’16 – Q1’17 2% 0% 0% 0% ASIA
2%
2%
Through Q1’17
23% Southeast Asia deals to
25% 20% 26%
29% the mobile sector
increased from 23% to
29%. Internet sector
deals decreased as a
percentage of deal share
from 77% to 71%.

75% 73% 74% 77% 71%

Q1'16 Q2'16 Q3'16 Q4'16 Q1'17

Internet Mobile & Telecommunications
Software (non-internet/mobile) Computer Hardware & Services
Electronics

www.cbinsights.com 50
 SOUTHEAST ASIA TOP DEALS
Q1'16 - Q1'17 GRAB AND GO-JEK
RANK COMPANY DESCRIPTION FINANCING ($M)
LARGEST DEALS IN SE
1 Singaporean ride-hailing mobile app $750M Series F
ASIA
Indonesian on-demand transport,
2 courier, food-delivery and shopping
service
$550M Series B
Singapore-based ride-
3
Singaporean digital entertainment, e-
Commerce and digital financing $170M Series D
hailing company Grab
services company and Indonesia-based
4 Indonesian e-Commerce platform $147M Series E hyperlocal transport
startup GO-JEK both
Malaysian internet TV and movie
5
platform
$90M Series B
received massive
Malaysian internet TV and movie $45M Corporate financings in Q3’16.
6
platform Minority

7
Singaporean consumer-to-consumer e-
$35M Series B
The next largest funding
Commerce platform
went to Sea Group (fka
8
Singaporean dating and social media
mobile app
$32.5M Series D Garena), the Singapore-
based online gaming, e-
Singaporean e-Commerce delivery and
9
logistics company
$30M Series B
commerce and digital
9
Indonesian peer-to-peer lending
$30M Series A
financial services
platform
company.

www.cbinsights.com 51
 SOUTHEAST ASIA VC-BACKED FINTECH INVESTMENT SOUTHEAST ASIA
TREND FINTECH FUNDING OFF
2012 - 2017 YTD (Q1'17)
TO SLOW START IN
$180 40
2017
35
$160
35
32 Funding to venture
$140
30
capital-backed fintech
$120
companies in Southeast
25 Asia fell 52% on a year-
22
$100 over-year basis in 2016.
20

$80
In the first quarter of
15
$60 2017, venture capital-
9 10
backed fintech
8
$40
companies in Southeast
$20 3 5 Asia raised $33M.
$11 $35 $22 $170 $81 $33
$- 0
2012 2013 2014 2015 2016 2017 YTD

Amount ($M) Deals

www.cbinsights.com 52
NOTES ON METHODOLOGY
CB Insights (cbinsights.com) encourages you to review the methodology and definitions employed to better understand the numbers presented in this report. If you have any
questions about the definitions or methodological principles used, we encourage you to reach out to CB Insights directly. Additionally, if you feel your firm has been
underrepresented, please send an email to info@cbinsights.com and we can work together to ensure your firm’s investment data is up-to-date.
What is included:
– Equity financings into emerging companies. Fundings must come from VC -backed
companies, which are defined as companies who have received funding at any point from
either: venture capital firms, corporate venture group or super angel investors.
– Fundings of only private companies. Funding rounds raised by public companies of any kind
on any exchange (including Pink Sheets) are excluded from our numbers, even if they
received investment by a venture firm(s).
– Only includes the investment made in the quarter for tranched investments. If a company
does a second closing of its Series B round for $5M and previously had closed $2M in a prior
quarter, only the $5M is reflected in our results.
– Round numbers reflect what has closed – not what is intended. If a company indicates the
closing of $5M out of a desired raise of $15M, our numbers reflect only the amount which
has closed.
– Only verifiable fundings are included. Fundings are verified via (1) various federal and state
regulatory filings; (2) direct confirmation with firm or investor; (3) press release; or (4)
credible media sources.
– Equity fundings to joint ventures and spinoffs/spinouts are included, given that they meet
the VC-backed criteria.
– “Asia” includes the following countries: Bangladesh, Bhutan, Brunei, Cambodia, China, Hong
Kong, India, Indonesia, Japan, Laos, Malaysia, Mongolia, Myanmar, Nepal, North Korea,
Pakistan, Philippines, Singapore, South Korea, Sri Lanka, Taiwan, Thailand, Timor-Leste,
Vietnam.
– “Southeast Asia” includes the following countries: Brunei, Cambodia, Indonesia, Malaysia,
Myanmar, Philippines, Singapore, Thailand, Timor-Leste, Vietnam.
What is excluded:
– No contingent funding. If a company receives a commitment for $20M subject to hitting certain milestones
but first gets $8M, only the $8M is included in our data.
– No business development / R&D arrangements whether transferable into equity now, later or never. If a
company signs a $300M R&D partnership with a larger corporation, this is not equity financing nor is it from
venture capital firms. As a result, it is not included.
– No buyouts, consolidations or recapitalizations. All three of these transaction types are commonly
employed by private equity firms and are tracked by CB Insights. However, they are excluded for the
purposes of this report.
– No private placements. These investments, also known as PIPEs (Private Investment in Public Equities),
even if made by a venture capital firm(s).
– No debt / loans of any kind (except convertible notes). Venture debt or any kind of debt / loan issued to
emerging, startup companies, even if included as an additional part of an equity financing, is not included.
If a company receives $3M with $2M from venture investors and $1M in debt, only the $2M is included in
these statistics.
– No government funding. Grants, loans or equity financings by the federal government, state agencies, or
public-private partnerships to emerging, startup companies are not included.
– Fundings and unicorns from the following countries are not included: Afghanistan, Armenia, Azerbaijan,
Bahrain, Cyprus, Georgia, Iran, Iraq, Israel, Jordan, Kazakhstan, Kuwait, Kyrgyzstan, Lebanon, Maldives,
Oman, Palestine, Qatar, Russian Federation, Saudi Arabia, Syrian Arab Republic, Tajikistan, Turkey,
Turkmenistan, United Arab Emirates, Uzbekistan, Yemen.
www.cbinsights.com 53
CBINSIGHTS.COM
@ cbinsights
info@cbinsights.com