@jungleventures 1

SEA VentureDiscovering the opportunity in a fragmented market

2@jungleventures

Jungle Ventures – Who We Are

Team

15 Investing & Operating professionals with

decades of experience at firms such as

Limited Partners

AUM of US$110m with top tier limited partners such as

Partners & Advisors

Stellar advisory board including Mr Ratan Tata, Chairman

Emeritus of the Tata Group, India

Track Record

Over 30 investments, 4 exits in 4 years at 3.64X & ~215% IRR, <1%

loss of capital

Singapore-based venture firm investing in consumer internet category leaders in

Southeast Asia and selective enterprise tech companies from Asia

3Source : Google-Temasek e-conomy SEA report & Wearesocial – 2017

Digital in Asia : SouthEast Asia

SEA is the Fastest Growing Internet Market In The

World

Projected to reach ½ billion internet users in 2020; +3.8m online users monthly

SEA countriesMedian age (yrs)

Internet users as % of population

Avg time spent on online daily

Thailand 37.2 67% 8 hr 49m

Indonesia 29.9 51% 8 hr 44m

Malaysia 28.2 71% 8 hr 31m

Singapore 34.3 82% 6 hr 41m

Vietnam 30.1 53% 6 hr 53m

Philippines 23.4 58% 9hrs

SEA social media is growing at rates 50% higher than global average Majority young internet population spending > 6 hours online, daily

@jungleventures

@jungleventures 4

Source : Google-Temasek e-conomy SEA report

…With A Projected US$200bil Online Opportunity by

2025!

@jungleventures 5

Highly fragmented market

Collection of dissimilar “emerging” countries

Under developed tech and venture ecosystem

Not big enough to support large exit/ IPO outcomes

However, Despite Headline Numbers, General Perception

Remains That SEA is..

Looking closely at the Top 10 metros in SEA

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SEA Country ID TH MY SG VN PH

Population (mn) 262.0 68.2 30.9 5.7 94.9 103.0

Country nominal GDP (USD mn)

861.9 395.2 296.3 292.7 193.6 292.5

Average GDP / capita (USD)

3,290 5,792 9,570 51,000 2,039 2,840

Metro cities Jakarta Bangkok Kuala Lumpur Singapore Ho Chi Minh Manila

Population (mn) 32.2 15.6 6.1 5.7 8.2 12.9

% of total population 12% 23% 20% 100% 9% 13%

Nominal GDP (USD) 232.1 191.1 132.7 292.7 41.9 61.9

% to country GDP 27% 48% 45% 100% 22% 21%

GDP / capita (USD) 7,207 12,251 21,750 51,000 5,100 4,763

No of times average GDP/capita

2.19x 2.11x 2.61x 1.0x 2.50x 1.6x

Source : Brookings Institution; Worldbank; Wearesocial – 2017 Digital in Asia : SouthEast Asia; Wikpedia; NESDB Thailand; National Statistical

Coordination Board Philippines; Statistics Office of Vietnam; DOSM

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Respective SEA metro cities alone make up >20% of country

GDPs. GDP/capita are ~2x higher than country average

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Customers in metros demonstrate

homogenous consumer behaviour

Online media and Social networks

Ho Chi Minh$5,100

Delhi$3,580

Aspirational brands

Digital Products & Services

Bangkok$12,251

Jakarta$7,207

Manila$4,763

Spending Power (as represented by GDP

per capita)

Delivery and fulfilment options

Payment Networks

Digital Marketing & Advertising

Cloud / Computing / Platform

Infrastructure solutions are available today

via regional / global service providers

Takeaway #1

Combined, Top 10 Metros of SEA is a ~100mn, homogenous market with projected US$50+B potential for online consumption

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** Jungle Portfolio Company

**

**

Looking closely at Indonesia’s middle market

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6546 28

65

57

48

44

47

51

4255

68

23 36 49

7 12 173 5 7

0

50

100

150

200

250

300

2012 2016 2020

mil

Poor Aspirant Emerging Middle

Middle Upper middle Affluent

Elite

2012 : 74mil 2016 : 108mil 2020 : 141mil

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Source: BCG Population and Household Expenditure Report 2012

*MAC is defined as basic household monthly expenses (only includes expenses i.e. food, utilities, transport, communication, excludes discretionary spending) of

over >$150

Indonesian middle & affluent consumers (MAC) projected to be >50% of

population by 2020, with majority increase coming from outside Jakarta

Today, 50+mn MAC consumers are outside Jakarta, expected to double over this decade

Online shoppers as % of total

online population more than

doubled in just 2014-15

Implying ecommerce is growing

fast but still comprises ~30% of

online population

91%+ online users are active on

social networks and 50%+ use

IM apps

Implying substantial time spent

and comfort with usage

Source: Credit Suisse Indonesia Consumer Survey 2016

@jungleventures 12

Social network (90%+) and IM (50%+) usage is already high amongst both

urban and rural populations who are online

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Takeaway #2

Indonesia’s growing MAC is a large homogenous market with significant online potential over the next decade for start-ups to

dominate

**

** Jungle Portfolio Company

**

Network-based

Target large populations/ user bases and go broad with what you can layer on as services

An ideal business at scale has user sets of 50m+ users spending 40$+ per year resulting in $2b+ in revenues/ GMV but with thinner gross margins

(net take rate) of ~3-5%

Consumption-based

Target the metro cities initially, build brand and go deeper with each customer’s spend

An ideal business at scale has presence in 5+ large metros and with 0.5m+ shoppers in each metro

spending 100$+ per year on the platform sees net revenues of $250m+ with high gross margins of

30%+

@jungleventures 14

Investors and startups need to deeply evaluate what they are building /

funding, and accordingly, plan to go wider and / or deeper in new markets

Thank you

@jungleventures 15

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