Southeast Asia has been a hub of stunning economic growth in recent decades, with the emergence of innovative and revolutionary technology companies. Among these successes, several companies have achieved the remarkable status of being known as "decacorns" - a term that refers to startup companies with valuations of more than US$10 billion.
The list of decacorns in Southeast Asia reflects the region's attractiveness as a place for innovation and exciting business opportunities. These companies have emerged from a variety of sectors, including e-commerce, transportation, finance, and more. They have changed the regional business landscape, offering smart solutions and tapping into the potential of a rapidly growing market. Their success not only makes an economic impact, but also reflects Southeast Asia's growing potential and entrepreneurial spirit.
Grab, Southeast Asia's first decacorn, has changed the face of the industry since it was founded in Malaysia in 2012. Now headquartered in Singapore, Grab, originally known as an online taxi platform, has evolved in many ways. As a "super app" that never stops innovating, Grab offers a wide range of services that include ride-hailing, food delivery, payments, and more. In February 2019, Grab reached a staggering valuation of around $11 billion, earning the title of Southeast Asia's first decacorn. However, Grab experienced a downturn last year and lost its Decacorn status.
In 2015, Gojek launched its revolutionary app with just four initial services: GoRide, GoSend, GoShop and GoFood. Over time, however, Gojek's success skyrocketed. By June 2020, Gojek had attracted the attention of no less than 170 million users across Southeast Asia, making a huge impact. Not only in Indonesia, Gojek expanded to five other countries, including Vietnam, Singapore, Thailand, and even the Philippines after the acquisition of Coins.ph. Gojek became Indonesia's first decacorn in 2019, with a valuation of around $10 billion.
J&T Express, a leading logistics company based in Indonesia, has achieved success with a valuation of an incredible $20 billion. With this achievement, J&T Express becomes one of only two Decacorns to grace the business world in Indonesia. Since its inception in August 2015, the company has experienced phenomenal growth in the field of international shipping and cross-border logistics. J&T Express also proved its resilience during the COVID-19 pandemic. In this difficult situation, J&T Express became a pillar of trust for thousands of people by providing fast and safe delivery. The company's success does not stop there. J&T Express has expanded its delivery network to 12 countries in Asia and Latin America, making a name for itself in the global logistics scene.
SEA Group, a Singapore-based diversified company known as Southeast Asia's Decacorn startup, has an impressive presence in digital entertainment, e-commerce and digital financial services. Shopee, a SEA Group company, has been in the spotlight in the e-commerce industry. The valuation of SEA Group and its subsidiaries, including Shopee, has seen a surge over time. In 2019, SEA Group, the parent company of Shopee, achieved the title of Decacorn with a valuation that surpassed the $10 billion mark.