Sea Limited

ASEAN’S Digital Leader

A leading global consumer internet company, Sea is built upon three digital pillars: gaming; ecommerce; and fintech. Based in Singapore but listed in the US, Sea has consistently raised its take rate. After years of investment and expansion, it has turned EBITDA profitable while serving ASEAN and Brazil. In time, Sea is well positioned to become an Asian tech giant and ASEAN’s first trillion dollar company. First invested in 2017 at a share price of $12 post IPO and a market cap of $2bn.

Gaming

The global mobile gaming industry generated $93bn in revenue in 2021 from 3bn users of which 55% are in Asia. Garena’s Free Fire is one of the world’s leading mobile games and the highest grossing mobile game in Southeast Asia, Latin America and India.

Ecommerce

Shopee is the No.1 e-commerce platform in the world’s fastest growing market, forecast to have a GMV of $700bn by 2030. In 2021, there were 440m internet users - 60m of whom joined the internet economy during Covid - taking internet penetration in Southeast Asia to 75%.

Fintech

SeaMoney holds banking licences across the region, where over 70% of the population is unbanked. JP Morgan estimates that fintech revenues can grow at a 60% CAGR until 2025. The total addressable market for retail payments is estimated at over $1.5 trillion.