Asia's eCommerce industry exploded in 2014, drawing huge financings, international investors, and massive YoY growth.

2014 was an absolutely massive year for eCommerce in Asia as companies in the region raised $11.5B across 367 equity financings last year. The boom in financing activity was driven by a number of $100 million+ rounds, as well as five $500M+ financings to Asia Unicorns such as Flipkart and Snapdeal.

Funding was up 312% and deals were up 59% versus 2013.

Asia eCommerce equity investments 1214

China and India account for majority of deals

There were over 120 equity investments made into Chinese eCommerce companies in 2014, accounting for 34% of all deals into the Asian eCommerce space. India saw the second highest tally of deals, as the only other country with over 100 investments in the year. Japan and Singapore followed in terms of deals, while South Korea saw the fifth most deals, and the third highest total funding, largely due to the $400M that Coupang raised across its Series C and D rounds from investors such as Sequoia Capital, Wellington Management, and Founder Collective.

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The full geographic breakdown is below.

asia ecommerce investment by country 14

Early-Stage deals reach multi-year high

While later-stage deals made headlines in 2014, the majority of investments came in at the early-stage (Angel – Series A). 37% of all deals were in mid to late-stage financings. Overall, there were over 200 early-stage financings to Asian eCommerce companies in 2014, the highest total in the past 3 years, a sign that we may just be at the beginning of this industry’s boom.

asia ecommerce funding by stage 14

Tiger Global dominates top deals

The top 20 deals in Asian eCommerce companies in 2014 raised over $7.2B cumulatively, with India’s answer to Amazon, Flipkart, accounting for 2 of the top 5 deals. These deals made made up $1.7B of the $1.9B the company raised last year across three rounds. Interestingly, when looking at the top deals, Tiger Global is everywhere having participated in 7 of the top 20 (5 of which were in the top 10) largest deals, including all three Flipkart financings, as well as investments in Uber alternative Kaudi Dache, Koudai Gouwu, Youxinpai, and Beijing Feixiangren IT, the owner of Ganji.com.

The full list of top deals below.

Top Asia eCommerce Deals in 2014
Rank Company Round Amount ($M) Select Investors
1 Flipkart Series G 1000 Accel Partners, Tiger Global Management, Morgan Stanley, Digital Sky Technologies, GIC Special Investments
2 Meituan Series D 700 Sequoia Capital China
2 Flipkart Series H 700 Tiger Global Management, T. Rowe Price,  Digital Sky Technologies, GIC Special Investments
4 Snapdeal Corporate Minority – II 627 Softbank Corp.
5 Kuaidi Dache Series D 600 Tiger Global Management, Softbank Corp., Alibaba Group
6 Dianping Corporate Minority 400 Tencent
7 Koudai Gouwu Series C 350 Tiger Global Management, Digital Sky Technologies, Tencent
8 Coupang Series D 300 BlackRock, Wellington Management, Greenoaks Capital Management
8 Meituan Series C 300 Sequoia Capital China
10 Youxinpai Series C 260 Tiger Global Management, Warburg Pincus
11 GrabTaxi Series D 250 Softbank Corp.
11 Lazada Series F 250 Temasek Holdings, Rocket Internet, Kinnevik, Verlinvest
13 Jingdong Corporate Minority 214.7 Ontario Teacher’s Pension Plan Board, Kingdom Holding Company
14 Olacabs Corporate Minority 210 Softbank Corp.
14 Flipkart Series F 210 Tiger Global Management, Digital Sky Technologies, Naspers, Iconiq Capital
16 Beijing Feixiangren Information Technology Series E 200 Tiger Global Management, The Carlyle Group
16 Mogujie Series D 200 QiMing Venture Partners, IDG Capital Partners, Banyan Capital
16 Tongcheng Network Technology Share Co. Corporate Minority 200 Ctrip
19 Jumei International Holdings Private Equity 150 General Atlantic
20 eLoancn Corporate Minority 147 Legend Holdings

 

Sequoia Capital China is Most Active

Sequoia Capital China was the most active investor in Asian eCommerce companies in 2014, investing in over 15 unique companies last year. The active year comes after Sequoia had raised a $530M fund to invest in Asia. Their most notable investment was in Meituan’s $700M Series D which valued the “Groupon of China” at $7B. IDG Capital Partners was second, investing in over 12 unique companies in 2014, including social commerce site Mogujie’s $200M Series D which valued the company at $1B. East Ventures, SAIF Partners, and the previously-mentioned Tiger Global (who raised $2.5B in 2014 to invest in venture financings) rounded out the top 5 all with over 10 unique company investments in 2014.

Most Active Asia eCommerce Investors
By Unique Companies, 2014
Rank Investor Notable Investments
1 Sequoia Capital China Meituan, Jiuxian
2 IDG Capital Partners VANCL, Mogujie
3 East Ventures Mercari, Bilna
3 SAIF Partners Womai, VANCL
3 Tiger Global Management Kuadi Dache, Flipkart
6 Accel Partners Flipkart, Myntra
6 Matrix Partners China Metao, Edaixi
8 CyberAgent Ventures aCommerce, Kabuku
9 500 Startups Carousell, Smove
10 Tencent Jingdong, Dianping
10 Lightspeed China Partners Tujia Online, Rong360

 

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