Data Vantage | E-commerce firms’ revenue growth reflects region’s trajectory

3 min readJul 26, 2022

Edition #114, 30 Sept 2021


Southeast Asia’s e-commerce companies continue to ride the surge in demand for online shopping.

The region is on track to see almost 80% of consumers go digital by the end of 2021, according to Facebook and Bain & Company’s annual SYNC Southeast Asia report. The growth in SE Asia outpaces the likes of China (5%), Brazil (14%) and India (10%) but this fast-paced growth means companies are far from profitability.

Tokopedia Pte. Ltd, the Singapore-registered e-commerce unit of GoTo, reported year-on-year revenue growth of close to 70%, reaching $2.27 million in the financial year ended Dec 31, 2020. Net profit jumped from $0.02 million in 2019 to $0.48 million in 2020.

Meanwhile, GudangAda Investment Pte Ltd recorded its first revenue of $0.54 million and a net loss of $10.5 million for the fiscal year ended Dec 31, 2020. The Indonesian B2B marketplace had in July announced raising more than $100 million in a Series B round led by Asia Partners and Falcon Edge.

Evermos Pte Ltd did not book any revenue for the year ended December 2020 but showed a net loss of $0.02 million in the same year. The Indonesian social commerce company has received $30.5 million year-to-date, show regulatory filings.

The Artling, the owner of the Asian online art platform, reported $4.21 million in revenue in the year ended Dec 31, 2020, a growth of almost 70% from the previous year. Its net loss widened from $0.09 million to $0.32 million.

Other updates from DATA VANTAGE

Blockchain-enabled digital asset custodian Propine secured $1.6 million from investors such as Woodstock Capital, NEM Ventures, Xpanasia and SEEDS Capital. Its share price is up 76% from a previous round in Oct 2020 that was backed by LuneX Ventures, Decacorn Capital and SGInnovate.

Top shareholders in Propine


Grocery delivery firm Grofers International received $16.7 million from South Korea’s KTB Ventures this week. The venture capital firm has built a 4.8% stake in the Indian online grocer.

Bengaluru-headquartered gaming company Mobile Premier League (MPL) bagged $4 million this week from Play Ventures as part of a $150 million Series E funding round announced earlier this month.

Gaming technology company Bountie Holdings received $29,555 from Ian Wilson and Atticus Capital Managers Sdn Bhd this week. The firm had received $102,850 from Ascentius Ltd in November last year.

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