Chinese companies dominate the pack, followed by India
China’s Ke.com has topped a list of the fastest growing technology companies in the Asia-Pacific region by Deloitte.
According to the global management consulting firm’s “2018 Technology Fast 500 Asia Pacific”, the open platform real estate listings provider logged a 32,179 percent sales spike over the past three years.
Based in Beijing, Ke.com offers an ecosystem of new, second-hand and rental properties for users. The company, owned by Lianjia (AKA, Homelink), one of China’s largest real-estate brokerages, has a technology-driven platform that incorporates various innovative technologies such as the VR viewing function that provides interactive 3D viewing of listed homes.
Besides Ke.com, China claimed majority of the top 10 with seven firms; two Indian firms and one Kiwi company made up the rest. Nine of the top 10 companies are private.
Asia Pacific Technology Fast 500 by Deloitte ranks the fastest growing regional companies in the software and hardware technology sectors, clean technology, media, communications and life sciences. The awardees are chosen based on percentage fiscal year revenue growth over three years. China has 30 companies on the top 500 list—a first for the country.
The top 10’s average revenue growth reached the highest level in the 17 years since the rankings began at 17,314 per cent, Deloitte says. For all the 500 companies, the average growth rate reached 987 per cent, a rise of 387 percentage points from 2017.
“This year brings an interesting and diverse selection of B2B e-commerce, including real-estate, chemicals, textiles, industrial supplies and fintech companies,” says Toshifumi Kusunoki, Deloitte Leader, Asia Pacific Technology Fast 500 Asia Pacific, in the press release. “We are witnessing a rapid transition from legacy business models to online platforms among B2B ecosystems and China is at the forefront of this growth.”
Following Ke.com were Guangzhou Hui Zheng Zhi United Technology Co Ltd in the media category (with growth of 24,702 per cent), Weshare Financial (software; 24,564 per cent), Sinotex.com (media; 23,646 per cent), Quwan Network Technology in the communications category (16,895 per cent), India’s MogIi Labs (software; 11,836 per cent) and Razorpay (software; 11,173 per cent), China’s Chengdu Qushui Technology Co Ltd (hardware; 10,452 per cent) and Dmall (software; 9,270 per cent), and New Zealand’s HDT Ltd (software; 8423 per cent).
Geographically speaking, Taiwan contributed 91 companies followed by Australia with 71 companies in the top 500. This is the first year Taiwan has no presence in the top 10, having been a mainstay since the ranking’s inception.
When it comes to trends, China has the top performing company in all sectors except clean energy, which is taken by a company from India—Oriano Clean Energy Private Limited.
Software continues to dominate sector growth, a trend for the past six years. “The growth of digital services combined with the need for flexible financing has fueled the growth of fintech companies, and digital savvy customers in Asia Pacific, especially small and medium enterprises who are embracing fintech offerings for growth and geographical expansion.
“We also see leading banks in China focusing on digital transformation, investing in areas such as big data, AI and blockchain, which is leading to this growth of the B2B fintech segment,” says William Chou, Deloitte China Technology, Media and Telecommunications Industry Lead Partner, in the press release.
Article originally posted by entrepreneur.