Lazada Topple the List of Top Internet Startups in Philippines

MANILA, PH: Philippines based e-commerce playerLazada has been recognized as the top ranked Internet startup, according to the maiden listing of Forbes magazine’s Philippines edition. The ranking for the May month issue is solely based on the parameter of the gross revenue generated by the Internet Startups.

Lazada notched up the top spot with whooping gross revenue of P1.1 billion for the year 2014. The second spot however is closely followed by Entertainment Gateway, the mobile content provider which has raked in an amount of P853.9 million. Fashion retail player Zalora recorded revenue of P465.9 million to come third. The fourth and fifth positions were blocked by Internet remittance firm I-Remit Inc. with gross earning of P453.6 million and Xurpas Inc. that tallied P331.8 million from its mobile content market.

The position sixth to tenth was occupied by Chikka Philippines, an instant messaging platform, followed by game-based company- Level Up!, and social news networking companyRappler; e-commerce site MetroDeal and online tutorial service provider Rare Philippines in the respective position. Also included in the list were the renowned online transportation networking companies, Grab and Uber landing in the 11th and 17th position.

Several companies on the list are quite popular among internet users, but this is likely the first time that a comparison has been made in terms of income and revenue, reported Forbes.

The rankings were assembled from more than 200 promising startupsbased on the initial inventory collected from various sources like Department of Science and Technology (DOST), business incubators, as well as from venture capital funds.

Back in August 2015 DOST released a Roadmap for Digital Startups to evaluate the future success story of the companies.

Moreover, only those firms identified by the Securities and Exchange Commission (SEC) and having recorded total gross revenue of minimum P1 million in the fiscal year of 2014 made into the rankings. That further slashed the list of 200 companies to only 46.

In addition, the list also revealed the companies that underwent exits by the means evaluation at the time of assessment or during an initial public offering (IPO) or share sale.

The Forbes list also included startups that are based outside Metro Manila, likeCaresharing, an app to guide doctors, jobs hunting platform Mynimo.com, voice and text campaigning portal engageSPARK. In the list are also present three companies that are based in Cebu City, which provides a platform for budding startups that look out for immense talent pool and lower living expenses. Companies involved in financial services, gaming, real-estate, education, and software integration wrap-up the list.

The companies saw revenues in 2014 taking a jump by 134 percent in comparison to the year previous. Butstrangely half of those companies were also on the losing side in terms of their investment.

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