ASEAN Countries with Unicorn Startup Numbers in 2023: Where Does Indonesia Rank?

CB Insights data reveals that six ASEAN countries had startups with unicorn status (valued at over US$1 billion) as of October 2023.

Singapore leads with the highest number of unicorn startups in this group, boasting 17.

SHEIN, valued at US$66 billion, is Singapore's largest unicorn. It also holds decacorn status (valued at over US$10 billion), making it the third-largest company globally after Elon Musk's SpaceX. It's worth noting that CB Insights classifies SHEIN as a Singaporean company, despite its 2008 founding in China, because its headquarters relocated to Singapore in 2019 and became its primary base in 2021, according to CNBC.

Indonesia follows with 8 unicorn startups, with J&T Express being the largest at US$20 billion, also holding decacorn status.

Thailand has 3 unicorn startups, with Ascend Money, an eight-year-old fintech company, being the largest at US$1.50 billion.

Vietnam has 2 unicorn startups, led by video game developer Sky Mavis, valued at US$3 billion.

The Philippines and Malaysia each have 1 unicorn startup.

(See also: List of the Top 10 Global Unicorn Giants in October 2023: TikTok's Parent Company Reigns Supreme)

Here's a detailed list of ASEAN unicorn startups as of October 19, 2023:

Singapore

1. SHEIN US$66 billion
2. HyalRoute US$3.50 billion
3. Amber Group US$3 billion
4. Moglix US$2.60 billion
5. Coda Payments US$2.50 billion
6. Group US$2 billion
7. Trax US$2 billion
8. NIUM US$2 billion
9. Quest Global US$1.8 billion
10. Kredivo Holdings US$1.66 billion
11. Bolttech US$1.50 billion
12. Carousell US$1.10 billion
13. Matrixport US$1.05 billion
14. Carro US$1 billion
15. Ninja Van US$1 billion
16. ONE US$1 billion
17. PatSnap US$1 billion

Indonesia

1. J&T Express US$20 billion
2. Traveloka US$3 billion
3. Akulaku US$2 billion
4. eFishery US$1.3 billion
5. DANA US$1.13 billion
6. Xendit US$1 billion
7. Ajaib US$1 billion
8. Kopi Kenangan US$1 billion

Thailand

1. Ascend Money US$1.50 billion
2. LINE MAN Wongnai US$1 billion
3. Flash Express US$1 billion

Vietnam

1. Sky Mavis US$3 billion
2. MoMo US$2.27 billion

Philippines

1. Revolution Precrafted US$1 billion

Malaysia

1. Carsome US$1.70 billion

(See also: These 8 Indonesian Startups Achieved Unicorn Status in October 2023 – Who's on Top?)