Asia-Pacific’s small companies and startups on the rise
As Asia-Pacific moves into post-pandemic mode, the qualities of creativity, resilience and capacity for change shine through in the second Forbes Asia 100 to Watch list. We spotlight 100 small companies and startups across the region that are addressing real-world challenges with fresh thinking and innovative products and services. These include faster blood tests, more accessible elderly care services, and well-being apps to help those struggling with isolation or burnout. Others on our list are taking aim at climate change, through uber-long-lasting batteries, for example, and more-resilient crops. Some offer fintech solutions to digitalize—and connect—underserved markets. Fifteen countries and territories are represented across 11 categories that include biotechnology and healthcare, e-commerce and retail, and finance. Singapore’s vibrant startup community contributed 19 companies to the list, followed closely by Hong Kong with 16.
To select our 100 to Watch, Forbes Asia solicited online submissions, and invited accelerators, incubators, SME advocacy organizations, universities, venture capitalists and others to nominate companies as well. The final 100 was selected from over 650 submissions. To qualify for consideration, companies had to be headquartered in the Asia-Pacific region, privately owned, for profit, have no more than $50 million in its latest annual revenue and have no more than $100 million in total funding through Aug. 1. Our team evaluated each submission, looking at metrics such as a positive impact on the region or industry, a track record of strong revenue growth or ability to attract funding, promising business models or markets, and a persuasive story. The editors reserve the right to remove or replace any company or individual included in a list in light of any new information that would disqualify them from inclusion.
AgroStar
India
Category: Agriculture
Year founded: 2013 • CEO: Shardul Sheth
Key backers: Aavishkaar Capital, Accel, Bertelsmann India Investments, British International Investment, Chiratae Ventures, Evolvence, Hero Enterprise, International Finance Corporation, Rabo Frontier Ventures, Schroders Capital
AgroStar’s mission is to “help farmers win” by providing advisory services to improve crop yields and the chance to connect with exporters. It also launched a quality assurance lab in May to test seeds and fertilizers. The startup says its digital network spans over 6.5 million farmers across India, and it processes roughly 70 million data points a month to tailor recommendations. Through the AgroStar app, farmers can ask questions to experienced “AgroDoctors,” watch tutorials on topics such as soil quality, and network with other farmers. So far it has raised $96 million in funding.
AI For Pet
South Korea
Category: Biotechnology & Healthcare
Year founded: 2020 • CEO: Euna Hur
Key backers: Google for Startups, Industrial Bank of Korea, Korea Asset Investment Securities, Postech Holdings, Shinhan Square Bridge
AI For Pet operates an app that can detect eye and skin diseases in cats and dogs using software that analyzes photos users take with their phones. Over 1 million samples of imaging data, labeled by veterinary experts, were used to develop its AI models, the company says.
Alami
Indonesia
Category: Finance
Year founded: 2019 • CEO: Dima Djani
Key backers: AC Ventures, East Ventures, FEBE Ventures, Golden Gate Ventures, Lendable, Tryb Group, Quona Capital
Alami aims to transform the Islamic finance industry, starting with its Sharia-compliant peer-to-peer lending platform for small and midsized businesses. The startup says its annual disbursement growth tripled over the past two years as it tapped into Indonesia’s growing fish farming and logistic sectors, to bring the total to over $200 million disbursed so far.
Read More at https://www.forbes.com/sites/forbesasiateam/2022/08/29/forbes-asia-100-to-watch-2022/