FT ranking: High-Growth Companies Asia-Pacific 2025

The Financial Times and Statista are pleased to present this seventh annual ranking of 500 high-growth Asia-Pacific companies.

The ranking is based on revenue growth between 2020 and 2023 of listed companies and private businesses that applied and shared data.

A special report to accompany this ranking will be published in print and online on April 10, highlighting some of the fastest growing businesses in the region.

*The fiscal year for 2020 is less than 12 months because the company was founded that year, but it still passed $100,000 revenue

**This company was acquired by another company after the relevant time period

The highest-ranked company was Lendbox, an Indian peer-to-peer lending platform, which recorded compound annual growth of 536 per cent after revenues rose to $51mn in 2023. Second and third were Borong and Etaily, ecommerce technology providers from southeast Asia.

The minimum compound annual growth rate to enter the ranking this year was 8.1 per cent, almost half the rate that was need to qualify last year, 15.1 per cent.

Singapore was the city and country with the most companies on the ranking this year, with 108. In country terms, Japan and South Korea followed with 91 each. Seoul has 75 entrants while Tokyo had 71. Chinese companies are not included in the ranking due to difficulties in verifying data.

IT and Software companies made up most 27 per cent of the ranking, followed by financial services with 10 per cent and advertising and marketing companies with 5 per cent.

However, the ranking is not comprehensive as many fast-growing companies are privately held and do not make public any detailed financial information, while others do not wish to disclose their revenue figures, or choose not to take part for various reasons. Of those that did share — and certify — their revenues, the 500 fastest-growing are listed in the table.

Methodology

The High-Growth Companies Asia-Pacific 2025 is a list of the 500 companies in the Asia-Pacific region that have achieved the highest percentage growth in revenues between 2020 and 2023.

Application phase

The project was advertised online and in print, allowing all eligible companies to register via the websites created by Statista and the Financial Times. In addition, through research in company databases and other public sources Statista has identified tens of thousands of companies in Asia-Pacific as potential candidates for the ranking. These companies were invited to participate in the competition by post and email.

The application phase ran from June to November 2024. The submitted revenue figures had to be certified by the CFO, CEO or a member of the Executive Committee of the company.”

Criteria for inclusion in the list

To be included in the list of High-Growth Companies Asia-Pacific, a company had to meet the following criteria:

• Revenue of at least $100,000 generated in 2020

• Revenue of at least $1mn generated in 2023

• The company is independent (the company is not a subsidiary or branch office of any kind)

• The company is headquartered in one of 13 territories in the Asia-Pacific region: Australia, Hong Kong, India, Indonesia, Japan, Malaysia, New Zealand, Philippines, Singapore, South Korea, Taiwan, Thailand or Vietnam.

• The revenue growth between 2020 and 2023 was primarily organic (ie “internally” stimulated)

Research phase

Following the application phase, Statista examined the officially stated revenue data of public companies in Asia-Pacific. In the next step certain high-profile companies that met the criteria were added to the list.

Calculation of growth rates

The calculation of company growth rates is based on the revenue figures submitted by the companies in the respective national currency. For better comparability, in the ranking the revenue figures were converted into US dollars. The annual average exchange rate for 2020 and 2023 provided by the World Bank for each currency-pair were used for this.

The compound annual growth rate (CAGR) was calculated as follows:

Evaluation and quality assurance

All data reported by the companies was processed and checked by Statista. Missing data entries (employee numbers, address data, etc.) were researched in detail. Companies that did not fulfil the criteria for inclusion in the ranking were deleted. The minimum average growth rate required to be included in the ranking this year was 8.1 per cent.

Disclaimer

The High-Growth Companies Asia-Pacific 2025 ranking was created through a complex procedure. Although the search was very extensive, the ranking does not claim to be complete, as some companies did not want to make their figures public or did not participate for other reasons.