Cb insights asia-tech-investment-report: trends, investors, size, series, verticals

1. 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

2. The technology market
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CB INSIGHTS NEWS MENTIONS PER YEAR
62 9 16
211
490
1200
2200
2010 2011 2012 2013 2014 2015 2016

5. www.cbinsights.com 5
TABLE OF CONTENTS
Asia Financing Trends
China Financing Trends
India Financing Trends
Southeast Asia Financing Trends
8
32
40
47

6. SUMMARY OF FINDINGS
6www.cbinsights.com
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.
$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.

7. THIS REPORT ANALYZES INVESTMENT TRENDS TO VENTURE CAPITAL-BACKED TECH
COMPANIES IN:
7www.cbinsights.com
1. Bangladesh
2. Bhutan
3. Brunei
4. Cambodia
5. China
6. Hong Kong
7. India
8. Indonesia
9. Japan
10. Laos
11. Malaysia
12. Mongolia
13. Myanmar
14. Nepal
15. North Korea
16. Pakistan
17. Philippines
18. Singapore
19. South Korea
20. Sri Lanka
21. Taiwan
22. Thailand
23. Timor-Leste
24. Vietnam

8. ASIA
TECH INVESTMENT TRENDS
www.cbinsights.com 8

9. Since 2012, VC-backed Asia tech startups have
raised:
$106.2 BILLION
across
5,019 DEALS
www.cbinsights.com 9

10. ASIA VC-BACKED TECH ANNUAL FUNDING HISTORY INVESTMENT ROARS
BACK IN EARLY 2017
Through 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%.
www.cbinsights.com 10
2012 – 2017 YTD (5/5/17)
$2.7 $4.5 $18.4 $36.9 $24.3 $19.3
400
618
1026
1343
1174
458
2012 2013 2014 2015 2016 2017
Investments ($B) Deals
$56.44
(Full-Year Projection)
1337
(Full-Year Projection)

11. QUARTERLY ASIA TECH
DEALS BOUNCE BACK
IN Q1’17
On a quarterly basis, deal
count broke 300 for the
first time since Q1’16,
breaking a three-quarter
slump.
Funding increased 107%
on a quarterly basis,
reaching $9.1B. Notable
deals in Q1’17 included a
$1.53B convertible note
to iQiyi, a $1.4B Series J
to Flipkart, and a $1.1B
private equity financing
to Koubei.
www.cbinsights.com 11
ASIA VC-BACKED TECH QUARTERLY FUNDING HISTORY
Q1’2 - Q1’17
$0.4
$1.0
$0.6
$0.7
$1.3
$0.8
$0.8
$1.7
$2.5
$3.0
$4.1
$8.8
$4.7
$9.4
$14.2
$8.5
$6.2
$7.4
$6.4
$4.4
$9.1
103 96 95
106
133 136
165
184
227 221
290 288
319
325
370
329 334
279 288
273
312
2012 2013 2014 2015 2016 2017
Investments ($B) Deals

12. 38% 43% 34% 34% 35%
25%
22%
23% 22% 21%
15% 16%
19% 16% 18%
6%
9%
8%
8% 8%
3%
2%
3% 5% 5%
3%
1%
4% 2% 2%
9% 6% 9% 12% 11%
Q1'16 Q2'16 Q3'16 Q4'16 Q1'17
Seed / Angel Series A Series B Series C Series D Series E+ Other
SEED STAGE DEAL
SHARE STAYS RANGE-
BOUND
Seed-stage deal share in
the first quarter of 2017
remained consistent with
the prior two quarters.
Series A deal share fell to
a five-quarter low in
Q1’17, after making up
1/4th of all Asia tech
deals in Q1’16.
www.cbinsights.com 12
ASIA VC-BACKED TECH QUARTERLY DEAL SHARE BY
STAGE
Q1’16 – Q1’17

13. $0.8
$0.9
$1.0 $1.0
$0.5
Q1'16 Q2'16 Q3'16 Q4'16 Q1'17
Median Early Stage Deal Size ($M)
MEDIAN EARLY-STAGE
DEAL SIZE CUT IN HALF
Through Q1’17, median
early-stage deal size
decreased from $1M to
$.5M.
This follows three-
quarters of minor
increases in early-stage
median deal size
throughout 2016.
www.cbinsights.com 13
ASIAN VC-BACKED TECH EARLY-STAGE MEDIAN DEAL
SIZE
Q1’16 – Q1’17

14. $72.5
$100.0
$34.5 $34.5
$100.0
Q1'16 Q2'16 Q3'16 Q4'16 Q1'17
Median Late Stage Deal Size ($M)
MEDIAN LATE-STAGE
DEAL SIZE INCREASES
Median late-stage deal
size increased from
$34.5M in Q3’16 to
$100M in Q1’17 on the
back of a host of mega-
rounds including
Flipkart’s $1.4B financing
from eBay, Microsoft,
and Tencent.
www.cbinsights.com 14
ASIAN VC-BACKED TECH LATE-STAGE MEDIAN DEAL
SIZE
Q1’16 – Q1’17

15. RECENT $100M+ ASIA TECH MEGA-ROUNDS
www.cbinsights.com 15
Q1’17
$1.53B
$1.53B Convertible Note
$1.4B
$1.4B Series J
$1.1B
$1.1B Private Equity $500M Private Equity $450 Series D
(Uxin Pai)
$500M $450M
*includes non venture-backed companies

16. MEGA-ROUNDS TO VC-
BACKED ASIA TECH
STARTUPS RISES IN
Q1’17
The number of $50M+
financings to VC-backed
Asia tech companies
rose 42% on a quarterly
basis in Q1’17 to hit a
five-quarter high.
www.cbinsights.com 16
28
25
26
24
34
Q1'16 Q2'16 Q3'16 Q4'16 Q1'17
NUMBER OF $50M+ ROUNDS TO VC-BACKED ASIA TECH
COMPANIES PER QUARTER
Q1'16 - Q1'17
Mega Rounds ($50M+)

17. 2016 SEES ASIA-TECH
MEGA-ROUNDS DROP,
BUT 2017 COULD
REBOUND
On an annual basis, the
number of 50M+ rounds
to VC-backed tech
companies in Asia
dropped 30% on a year-
over-year basis in 2016.
Through Q1’17, there
have been 34 50M+
financings, which would
put 2017 on track to top
2016’s figure by 32% if
the pace holds up.
www.cbinsights.com 17
12
18
73
146
103
34
2012 2013 2014 2015 2016 2017
NUMBER OF $50M+ ROUNDS TO VC-BACKED ASIA TECH
COMPANIES PER YEAR
2012 - 2017 (Q1'17)
Mega Rounds ($50M+)

18. UNICORN CREATION
DROPS FROM 2015
HIGH
On an annual basis, the
creation of private
companies with a
valuation of a billion
dollars or more has
declined from its peak in
2015 and has not seen a
major pickup thus far in
2017 YTD.
www.cbinsights.com 18
NEW ASIAN UNICORNS BY YEAR
2010 – 2017
1 1
2
0
12
23
17
7
2010 2011 2012 2013 2014 2015 2016 2017
Unicorn Birth

19. $50.0
$46.0
$20.0
$18.5
$11.6
$11.0
$10.0
$8.0
$7.0
$5.9
$5.8
$5.0
$4.6
$4.5
$4.0
$3.8
$3.5
$3.0
$3.0
$3.0
$3.0
$3.0
$2.9
$2.0
$2.0
$2.0
$2.0
$1.8
$1.6
$1.5
$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
$1.0
$1.0
ASIA UNICORNS BY VALUATION
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-
buying giant China
Internet Plus, is valued at
$26B less than Xiaomi’s
latest financing at $20B.
www.cbinsights.com 19

20. TENCENT AND SEQUOIA
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
10 unicorns in their
portfolio. DST Global and
Qiming Venture Partners,
have each backed 8.
www.cbinsights.com 20
19 13 8 8 7 7 6 6 6 5 5 5 5 5
INVESTORS RANKED BY # OF PORTFOLIO COMPANIES IN
ASIAN UNICORN CLUB
Unicorn Investments

21. 500 STARTUPS IS
MOST ACTIVE VC IN
ASIA TECH SINCE Q1’16
Since Q1’16, 500
Startups was 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.
www.cbinsights.com 21
MOST ACTIVE VC INVESTORS IN VC-BACKED ASIA
TECH COMPANIES
Q1’16 – Q1’17
Rank Investor Rank Investor
1 500 Startups 10 Accel Partners India
2 Matrix Partners China 12 ZhenFund
3 East Ventures 13 Shunwei Capital Partners
4 SOSventures 13 BEENEXT
5 Sequoia Capital India 15 SBI Investment
6 IDG Capital Partners 15 Source Code Capital
7 Blume Ventures 15 Kalaari Capital
8 Sequoia Capital China 18 CyberAgent Ventures
9 SAIF Partners 19 Cherubic Ventures
10 IDG Ventures India 20 Golden Gate Ventures

22. TENCENT IS THE MOST
ACTIVE CORPORATE
INVESTOR
Tencent Holdings made
over 30 investments to
VC-backed tech
companies in Asia since
Q1’16.
Notable Q1’17
investments include
participation in Flipkart’s
$1.4B Series J, short
video app maker
Kuaishou’s $350M Series
D, and online medical
association firm Hao
Daifu’s $200M Series D.
www.cbinsights.com 22
MOST ACTIVE CORPORATES IN VC-BACKED ASIA TECH
COMPANIES
Q1’16 – Q1’17
Rank Investor Rank Investor
1 Tencent Holdings 13 Opt Ventures
2 SBI Investment 13 Samsung Ventures
3 CyberAgent Ventures 13 Rakuten Ventures
4 Brand Capital 13 Daiwa Corporate Investment
4 SMBC Venture Capital 13 Bertelsmann India Investments
6 Qualcomm Ventures 13 Dentsu Digital Holdings
7 Legend Capital 13 Alibaba Group
8 Nissay Capital 13 Foxconn Technology Company
8 Fosun Kinzon Capital 13 Salesforce Ventures
10 Bertelsmann Asia Investments 13 GREE Ventures
10 Baidu 13 Intel Capital
10 YJ Capital 13 Kunlun Worldwide

23. CORPORATE AND CVC
FUNDS RETURN TO
ASIAN TECH
INVESTMENT
Q1’17 saw a
considerable increase in
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
tech.
www.cbinsights.com 23
CORPORATE PARTICIPATION TO VC-BACKED ASIA TECH
COMPANIES
Q1’16 – Q1’17
$3.6 $4.9 $3.3 $2.6 $6.6
108
97
118
85
125
Q1'16 Q2'16 Q3'16 Q4'16 Q1'17
Investments ($B) Deals

24. 68% 65% 59% 69% 60%
32%
35%
41%
31%
40%
Q1'16 Q2'16 Q3'16 Q4'16 Q1'17
Other Investors Corp / CVC Deal Participation
CORPORATE & CVC
INVESTMENT IN ASIA
TECH REBOUNDS IN
Q1’17
The share of tech deals
in Asia involving
corporate and corporate
venture capital
participation increased
from 31% in Q4’16 to
40% in Q1’17.
www.cbinsights.com 24
CORPORATE PARTICIPATION IN DEALS TO VC-BACKED
ASIA TECH COMPANIES
Q1’16 – Q1’17

25. 105
89
100
95
101
112
91
92
98
89
65
49
53
31
38
Q1'16 Q2'16 Q3'16 Q4'16 Q1'17
China India Southeast Asia
SOUTHEAST ASIA
TRAILS CHINA & INDIA
FOR TECH DEALFLOW
China and India have
averaged 98 and 96 VC-
backed tech deals
respectively per quarter
since Q1’16.
Southeast Asia has
averaged 47 deals over
the same time period.
www.cbinsights.com 25
QUARTERLY DEAL ACTIVITY TO VC-BACKED ASIAN TECH
COMPANIES
Deals, China vs India vs Southeast Asia

26. $4.3 $6.4 $3.8 $3.6 $6.0$1.1 $0.5 $0.8 $0.4 $2.6
$0.3 $0.2
$1.5 $0.1 $0.2
Q1'16 Q2'16 Q3'16 Q4'16 Q1'17
China India Southeast Asia
INDIA GAINS MATERIAL
AMOUNT OF
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
India’s funding spike this
year.
www.cbinsights.com 26
QUARTERLY INVESTMENT ACTIVITY TO VC-BACKED ASIAN
TECH COMPANIES
$B, China vs India vs Southeast Asia

27. ASIA INTERNET
INVESTMENT JUMPS
Deals to internet
companies in Asia
jumped 11% in Q1’17,
while funding increased
by 230%.
www.cbinsights.com 27
ASIA VC-BACKED TECH INTERNET INVESTMENT ACTIVITY
Q1’16 – Q1’17
$5.0 $3.8 $3.2 $2.0 $6.6
218
181 183
168
186
Q1'16 Q2'16 Q3'16 Q4'16 Q1'17
Investment ($B) Deals

28. ASIA MOBILE DEALS
INCREASING
Asia-based mobile &
telecom companies
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
Q3’16.
www.cbinsights.com 28
ASIA VC-BACKED MOBILE & TELECOMMUNICATIONS
INVESTMENT ACTIVITY
Q1’16 – Q1’17
$1.0 $3.5 $3.0 $1.9 $2.2
97
79 77 79
96
Q1'16 Q2'16 Q3'16 Q4'16 Q1'17
Investment ($B) Deals

29. 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.
www.cbinsights.com 29

30. CHINA’S 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.
www.cbinsights.com 30
CHINA UNICORNS BACKED BY BAIDU, ALIBABA, TENCENT, & JD

31. OUTSIDE OF CHINA,
TENCENT AND ALIBABA
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
ASIA UNICORNS BACKED BY BAIDU, ALIBABA, TENCENT, & JD
OUTSIDE OF CHINA

32. CHINA
FINANCING TRENDS
www.cbinsights.com 32

33. $4.3 $6.4 $3.8 $3.6 $6.0
105
89
100
95
101
Q1'16 Q2'16 Q3'16 Q4'16 Q1'17
Investments ($B) Deals
CHINA TECH FUNDING
JUMPS IN Q1’17
In Q1’17, China-
headquartered VC-
backed tech companies
received $6B across 101
deals.
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
$375M corporate
minority to real estate
brokerage Homelink.
www.cbinsights.com 33
CHINA VC-BACKED TECH QUARTERLY TREND
Q1’16 – Q1’17

34. 7% 11% 15% 13% 7%
32%
27%
20%
18%
26%
30% 27%
26%
26% 29%
12%
20%
18%
15%
16%
5%
6%
3%
8%
13%
5%
1%
3%
3%
2%
10% 8%
15% 17%
8%
Q1'16 Q2'16 Q3'16 Q4'16 Q1'17
Seed / Angel Series A Series B Series C Series D Series E+ Other
CHINA SEED-STAGE
DEALS DECREASE
Seed-stage deal share in
China tech decreased in
Q1’17 from 13% to 7%.
Series A deals increased
over the same time
period, from 18% to 26%.
www.cbinsights.com 34
CHINA VC-BACKED TECH QUARTERLY DEAL SHARE BY
STAGE
Q1’16 – Q1’17

35. 63% 58% 50% 52% 55%
30%
34%
34% 32%
31%
3% 3%
7% 6%
6%
2% 2%
4% 4% 3%
2% 2%
5% 6% 5%
Q1'16 Q2'16 Q3'16 Q4'16 Q1'17
Internet Mobile & Telecommunications
Software (non-internet/mobile) Computer Hardware & Services
Electronics
CHINA INTERNET
DEALS RETURN
China-based internet
companies received 55%
of deal share as a
percentage of total deals.
This marks a three-
quarter increase of 5
percentage points since
Q3’16.
Mobile & telecom
declined from 34% of
deal share to 31% over
the same period of time.
www.cbinsights.com 35
CHINA VC-BACKED TECH QUARTERLY DEAL SHARE BY
SECTOR
Q1’16 – Q1’17

36. 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

37. CHINA’S VC-BACKED
DIGITAL HEALTH DEALS
HIT HIGH IN 2016
Digital healthcare has
become a burgeoning
area of venture
investment in China,
though funding to VC-
backed companies
dropped 7% on a year-
over-year basis in 2016.
www.cbinsights.com 37
$12 $43 $343 $778 $724 $256
3
8
19
21
31
5
0
5
10
15
20
25
30
35
$-
$100
$200
$300
$400
$500
$600
$700
$800
$900
2012 2013 2014 2015 2016 2017
CHINA VC-BACKED DIGITAL HEALTH INVESTMENT TREND
2012 – 2017 YTD (Q1'17)
Dollars ($M) Deals

38. CHINA ED TECH
INVESTMENT FALLS
FROM 2015 HIGH
While education
companies including TAL
and New Oriental have
risen to new highs in in
the stock market, funding
to venture capital-backed
ed tech companies in
China fell 37% on a year-
over-year basis in 2016.
www.cbinsights.com 38
$34 $46 $298 $1,060 $663 $100
8
20
26
35
18
2
0
5
10
15
20
25
30
35
40
$-
$200
$400
$600
$800
$1,000
$1,200
2012 2013 2014 2015 2016 2017 YTD
CHINA VC-BACKED ED TECH FINANCING TREND
2012 - 2017 YTD (Q1'17)
Amount ($M) Deals

39. FINTECH INVESTMENT
IN CHINA CONTINUES
TO GROW
2016 saw VC-backed
fintech investment in
China rise 81% on a year-
over-year basis.
2017 could see a new
high for venture capital-
backed fintech deals in
China.
www.cbinsights.com 39
$11
$35
$22 $170 $81 $33
8
9
22
32
35
3
0
5
10
15
20
25
30
35
40
$-
$20
$40
$60
$80
$100
$120
$140
$160
$180
2012 2013 2014 2015 2016 2017 YTD
CHINA VC-BACKED FINTECH INVESTMENT TREND
2012 - 2017 YTD (Q1'17)
Amount ($M) Deals

40. INDIA
FINANCING TRENDS
www.cbinsights.com 40

41. $1.1 $0.5 $0.8 $0.4 $2.6
112
91 92
98
89
Q1'16 Q1'17
Investments ($B) Deals
TECH FUNDING JUMPS
IN INDIA
India-headquartered tech
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
$200M Series A to Paytm
E-Commerce.
www.cbinsights.com 41
INDIA VC-BACKED TECH QUARTERLY TREND
Q1’16 – Q1’17

42. 56% 55% 51% 51% 44%
19% 20%
16% 22%
15%
10% 18%
10%
11%
15%
4%
4%
4%
1%
4%
3%
1%
2%
3%
2%
3%
8%
1%
4%
5%
2%
9% 10%
16%
Q1'16 Q2'16 Q3'16 Q4'16 Q1'17
Seed / Angel Series A Series B Series C Series D Series E+ Other
INDIA EARLY-STAGE
DEALS DECREASE
The share of early-stage
(seed and Series A) deals
declined through Q1’17,
decreasing from 73% of
deal share to 59%.
Other deals, including
corporate minority,
convertible and other
forms of venture capital,
increased from 10% to
16%.
www.cbinsights.com 42
INDIA VC-BACKED TECH QUARTERLY DEAL SHARE BY
STAGE
Q1’16 – Q1’17

43. 64% 66% 77% 68% 64%
29% 31%
20%
24%
31%
1%
1%
2%
2%4% 1%
1%
2% 3% 2%
4%
1%
Q1'16 Q2'16 Q3'16 Q4'16 Q1'17
Internet Mobile & Telecommunications
Software (non-internet/mobile) Computer Hardware & Services
Electronics
INDIA INTERNET DEAL
SHARE DECLINES
India-based internet
companies received 64%
of deal share in Q1’17,
four percentage points
lower than the previous
quarter.
Mobile & telecom deal
share rose from 20% in
Q3’16 to 31% in Q1’17.
www.cbinsights.com 43
INDIA VC-BACKED TECH QUARTERLY DEAL SHARE BY
SECTOR
Q1’16 – Q1’17

44. 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

45. INDIA E-COMMERCE
FUNDING BOUNCES
BACK ON FLIPKART
MEGA-ROUND
Flipkart, which raised
$1.4B in March from the
likes of Tencent,
Microsoft, and eBay,
propelled funding to
India’s physical goods e-
commerce startups to
jump to $1.75B in the
first quarter of this year
vs. $948M in 2016.
www.cbinsights.com 45
$322 $598 $3,164 $2,130 $948 $1,742
36
34
45
85
74
16
0
10
20
30
40
50
60
70
80
90
$-
$500
$1,000
$1,500
$2,000
$2,500
$3,000
$3,500
2012 2013 2014 2015 2016 2017 YTD
INDIA VC-BACKED PHYSICAL GOODS E-COMMERCE
INVESTMENT TREND
2012 - 2017 YTD (Q1'17)
Amount ($M) Deals

46. PAYTM PUSHES UP
FINTECH FUNDING IN
INDIA
While VC-backed fintech
investment in India saw a
lackluster Q1’17,
Softbank’s $1.4B
investment into Paytm
parent One97
Communications should
put 2017 on pace for a
new high in Indian fintech
funding.
www.cbinsights.com 46
$11 $35 $22 $170 $81 $33
8
9
22
32
35
3
0
5
10
15
20
25
30
35
40
$-
$20
$40
$60
$80
$100
$120
$140
$160
$180
2012 2013 2014 2015 2016 2017 YTD
INDIA VC-BACKED FINTECH INVESTMENT TREND
2012 - 2017 YTD (Q1'17)
Amount ($M) Deals

47. SOUTHEAST ASIA
FINANCING TRENDS
www.cbinsights.com 47

48. $330.6 $241.1 $1,460.6 $87.3 $191.6
65
49
53
31
38
Q1'16 Q2'16 Q3'16 Q4'16 Q1'17
Investments ($M) Deals
DEALS ARE UP IN SE
ASIA, BUT FUNDING
BELOW PEAK
$191.6M was invested
across 38 deals to
Southeast Asian
companies in Q1’17. This
is an increase over Q4’16,
but down significantly
from Q3’16 in which
$1.46B was invested
across 53 deals.
Funding spiked in Q3’16
from a $750M Series F
financing to Grab, and a
$550M Series B to GO-
JEK.
www.cbinsights.com 48
SOUTHEAST VC-BACKED ASIA TECH QUARTERLY
TREND
Q1’16 – Q1’17

49. 57% 65% 38% 52% 55%
26%
22%
32%
23%
21%
6%
4%
23% 3%
11%
2% 2%
6%
5%
2%
6%
2% 2%9%
4%
2%
10% 8%
Q1'16 Q2'16 Q3'16 Q4'16 Q1'17
Seed / Angel Series A Series B Series C Series D Series E+ Other
SE ASIA SERIES B DEAL
SHARE INCREASES
Series B deals increased
as a category from 3% to
11% of deal share.
Early-stage deals (seed
and Series A) maintained
nearly 75% of deal share
compared to Q4’16.
www.cbinsights.com 49
SOUTHEAST VC-BACKED ASIA TECH QUARTERLY DEAL
SHARE BY STAGE
Q1’16 – Q1’17

50. 75% 73% 74% 77% 71%
25% 20% 26%
23%
29%
0%
2%
0% 0% 0%
2%
2%
Q1'16 Q2'16 Q3'16 Q4'16 Q1'17
Internet Mobile & Telecommunications
Software (non-internet/mobile) Computer Hardware & Services
Electronics
MOBILE AND INTERNET
DEALS DOMINATE SE
ASIA
Through Q1’17
Southeast Asia deals to
the mobile sector
increased from 23% to
29%. Internet sector
deals decreased as a
percentage of deal share
from 77% to 71%.
www.cbinsights.com 50
SOUTHEAST VC-BACKED ASIA TECH QUARTERLY DEAL SHARE
BY SECTOR
Q1’16 – Q1’17

51. GRAB AND GO-JEK
LARGEST DEALS IN SE
ASIA
Singapore-based ride-
hailing company Grab
and Indonesia-based
hyperlocal transport
startup GO-JEK both
received massive
financings in Q3’16.
The next largest funding
went to Sea Group (fka
Garena), the Singapore-
based online gaming, e-
commerce and digital
financial services
company.
www.cbinsights.com 51
RANK DESCRIPTION
1 Singaporean ride-hailing mobile app
2
Indonesian on-demand transport,
courier, food-delivery and shopping
service
3
Singaporean digital entertainment, e-
Commerce and digital financing
services company
4 Indonesian e-Commerce platform
5
Malaysian internet TV and movie
platform
6
Malaysian internet TV and movie
platform
7
Singaporean consumer-to-consumer e-
Commerce platform
8
Singaporean dating and social media
mobile app
9
Singaporean e-Commerce delivery and
logistics company
9
Indonesian peer-to-peer lending
platform
$30M Series B
$30M Series A
$147M Series E
$90M Series B
$45M Corporate
Minority
$35M Series B
$32.5M Series D
SOUTHEAST ASIA TOP DEALS
Q1'16 - Q1'17
FINANCING ($M)
$750M Series F
$550M Series B
$170M Series D
COMPANY

52. SOUTHEAST ASIA
FINTECH FUNDING OFF
TO SLOW START IN
2017
Funding to venture
capital-backed fintech
companies in Southeast
Asia fell 52% on a year-
over-year basis in 2016.
In the first quarter of
2017, venture capital-
backed fintech
companies in Southeast
Asia raised $33M.
www.cbinsights.com 52
$11 $35 $22 $170 $81 $33
8
9
22
32
35
3
0
5
10
15
20
25
30
35
40
$-
$20
$40
$60
$80
$100
$120
$140
$160
$180
2012 2013 2014 2015 2016 2017 YTD
SOUTHEAST ASIA VC-BACKED FINTECH INVESTMENT
TREND
2012 - 2017 YTD (Q1'17)
Amount ($M) Deals

53. 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.
NOTES ON METHODOLOGY
www.cbinsights.com 53
What is included: What is excluded:
– 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.
– 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.

54. CBINSIGHTS.COM
@ cbinsights
info@cbinsights.com