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Asia-Pacific has been one of the first regions to emerge from the Covid-19 pandemic, but the IMF fears the damage will leave deep scars on some economies that will take several years to heal. 

National lockdowns and the stalling of business activity have amplified existing problems in certain countries: worsening inequality, adding to unemployment and exposing gaps in social welfare. For the region’s companies, however, a higher debt burden and a reduction in the earnings to service it, pose a more immediate threat. 

Earlier this month, the IMF said: “Government support is helping them to keep afloat, but a large wave of corporate bankruptcies could follow when that support is withdrawn . . . This vulnerability can be especially acute in Asia, if global financial market conditions tighten in the process of recovery, leading to capital outflows and additional pressure on the corporate sector.”

This latest annual FT ranking of 500 of the region’s high-growth companies — compiled in partnership with Nikkei Asia and research provider Statista — therefore comes at a time of peak risk. The figures in the table below do not show how these businesses have fared over the past year, but they do identify those that were in a position of strength coming into the crisis.

Whether this gives them enough momentum or resilience to survive — or, in the case of some tech start-ups, to thrive — will be further explored in a special report to be published on April 15.

Companies in the FT Asia-Pacific list ranks entrants from across the region by their compound annual growth rate (CAGR) in revenue between 2016 and 2019. (China has been omitted due to difficulties in verifying data.)

Technology is the sector with the biggest presence on the ranking, with a quarter of all companies falling into this category. It is followed by support services and industrial goods, each accounting for just over 4 per cent of those businesses listed. 

The top three on the list are a Singapore-based online marketplace for used cars, an Indonesian digital payments platform and a Singaporean provider of ecommerce sites — all of which have a 2016-19 CAGR above 320 per cent.

But the top 20 companies are from a broad mix of sectors beyond technology, including energy, financial services and transport. 

Read the full report and in-depth analysis of the ranking here

With 116 companies, Japan has the most entries on the list, overtaking India, last year’s leader, which is home to 95 of the companies. Singapore comes in third place with 72. The top three cities remain the same as last year, but with Tokyo edging ahead of Singapore, by 82 companies to 72, and Sydney having 27 companies in the ranking. 

A ranking such as this can never claim to be complete, though, as many fast-growing companies are privately held and detailed financial information is not made public. Also, some companies in the region did not want to reveal their revenue figures, or chose to not take part for other reasons. 

Of those that did disclose and verify their revenues, the 500 fastest-growing are sorted in the table here. Readers can use the toggles at the top of the table’s columns to filter by country, sector or revenue. 

See the full methodology below the table.

FT Asia-Pacific High-Growth Companies 2021
RankIn 2020 rankingNameCountryCategoryAbsolute growth rate %Compound annual growth rate (CAGR) %Revenue 2019 $mRevenue 2016 $mNumber of employees 2019Founding Year
1NoCarroSingaporeTechnology14,158.5422.486.350.604002015
2NoKiosonIndonesiaEcommerce11,209.7383.6204.991.93542015
3NoSCI EcommerceSingaporeEcommerce7,479.7323.246.080.60922014
4NoElectric KiwiNew ZealandEnergy6,880.0311.735.630.51222014
5NoStruggleJapanSales & Marketing4,691.1263.224.810.52402015
6NoTheMathCompanyIndiaTechnology4,486.2257.97.560.172852016
7NoROINET SolutionIndiaFinancial Services4,353.5254.517.910.421822014
8NoGlobal Vision MultimediaJapanTechnology4,172.1249.67.180.17282016
9YesRoadbull LogisticsSingaporeTechnology3,961.6243.76.760.161352015
10NoAI insideJapanTechnology3,731.8237.114.630.38672015
11NoSGS LogisticsAustraliaTransport3,503.5230.38.380.2372015
12YeseCloudvalleyTaiwanTechnology3,153.3219.2209.256.432292013
13NoWakefitIndiaRetail2,842.7208.728.211.016002016
14NoNinja Van LogisticsSingaporeTransport2,736.7205.0249.538.69256552014
15YesSpoliveSouth KoreaGames industry2,560.7198.512.010.45422013
16NoCarsomeMalaysiaAutomobiles2,388.2191.9203.948.206722014
17YesMarket KurlySouth KoreaEcommerce2,370.9191.3369.6614.963582014
18YesBlue WirelessSingaporeTelecoms2,367.5191.12.800.11252015
19NoRedDoorzSingaporeTravel & Leisure2,262.5186.98.500.3615562015
20YesCardocSouth KoreaSupport Services2,055.4178.318.980.88642014
21NoEthiqueNew ZealandPersonal & Household Goods2,023.1176.912.830.6092012
22NoKamiNew ZealandTechnology1,996.7175.72.160.10282013
23YesBR MetalsSingaporeWaste management & recycling1,927.1172.7107.405.23162009
24NoSmart Energy GroupAustraliaEnergy1,926.1172.634.641.712032016
25NoRazorpayIndiaTechnology1,913.2172.073.763.8410502013
26NoMiss AmaraAustraliaRetail1,806.2167.17.070.37362014
27YesWadizSouth KoreaFintech1,736.9163.912.470.682042012
28YesCoda PaymentsSingaporeFintech1,581.7156.280.324.721042011
29NoHyper AnnaAustraliaTechnology1,566.7155.41.860.11402016
30NoSun Protection ApparelAustraliaEcommerce1,535.3153.81.890.12122014
31NoThe Future of CookingSingaporeRetail1,488.8151.48.350.52102016
32NoDementia Caring AustraliaHealth1,401.3146.720.561.372192015
33NoDana Brata LuhurIndonesiaTransport1,381.5145.626.851.931932008
34YesFabelioIndonesiaRetail1,324.1142.413.040.923442015
35NoWAVE Life SciencesSingaporeHealth1,267.9139.215.841.143012012
36NoSkillLaneThailandEducation1,231.9137.03.050.23442014
37NoBe Fit FoodAustraliaHealth1,230.2136.95.210.39252015
38NoComma EntertainmentSouth KoreaAdvertising1,214.3136.01.470.11102015
39NoTangerine TelecomAustraliaTelecoms1,207.2135.613.621.04902014
40NoSaaS LabsIndiaTechnology1,194.0134.81.930.16522016
41NoTop ReformJapanConstruction1,164.7133.06.560.52132015
42YesShoplineHong KongEcommerce1,151.9132.221.851.753012013
43NoupGradIndiaEducation1,079.8127.723.052.0511002015
44NoCapital India FinanceIndiaFinancial Services1,077.0127.514.591.30NA1994
45NoIGOODSJapanSales & Marketing1,068.6126.96.260.54202016
46NoDableSouth KoreaMedia1,054.0126.015.701.36722015
47NoJayride GroupAustraliaTravel & Leisure1,050.4125.72.840.251122012
48NoNJ-ENEXJapanRetail1,040.5125.110.180.89302015
49NoPLAYGROUND XYZAustraliaTechnology1,002.0122.518.211.65332015
50NoNiumSingaporeFintech999.2122.37.320.663342014
51NoCurio GroupAustraliaEducation980.0121.04.550.42752016
52NoApollo Tricoat TubesIndiaIndustrial Goods973.2120.694.359.212061983
53YesSQREEM TechnologiesSingaporeTechnology941.2118.45.570.531012010
54NoSBWorksJapanTechnology936.7118.04.260.41182016
55NoInstaSafeIndiaCyber Security890.6114.81.880.20402012
56YesCrowd BankJapanFinancial Services887.2114.527.962.83302014
57YesKiMURAJapanConstruction885.8114.47.320.74152011
58NoCrowd CreditJapanFintech876.5113.74.430.45702013
59YesEcommerce EnablersSingaporeEcommerce851.4111.928.302.944652014
60NomothergooseJapanEducation841.2111.12.990.321081994
61NoClasse365AustraliaEducation810.7108.81.840.20192013
62NoArchisoundSouth KoreaSupport Services804.8108.43.460.3892010
63NoHLJ TechnologyTaiwanTechnology797.7107.822.762.432702001
64NoMax KelsenAustraliaTechnology795.0107.63.510.39242015
65NoGoodMonitoringSouth KoreaSupport Services791.2107.31.570.18212013
66NoRedhill CommunicationsSingaporeAdvertising788.4107.13.190.35752014
67NoJeju Angel CarSouth KoreaTravel & Leisure781.1106.54.490.51252013
68YesRxMxAustraliaTechnology766.7105.410.661.23702015
69NoTutor2YouAustraliaEducation744.9103.71.730.21402013
70NoSupplycartMalaysiaTechnology744.4103.61.860.20262016
71NoNorth Star ManagementJapanManagement Consulting713.2101.12.760.3492016
72NoAgilesodaSouth KoreaFinancial Services712.3101.03.630.45622015
73YesHopeJapanSupport Services711.8101.0132.4316.311672005
74NoRyukyu StyleJapanAdvertising711.0100.911.791.4592014
75YesZomatoIndiaEcommerce704.1100.35.600.73NA2010
76NoPrince EducationSingaporeEducation700.0100.01.470.1882008
77YesHiveryAustraliaTechnology692.699.43.590.45332015
78NoSanmiJapanRestaurants674.997.92.910.3872015
79NoPartnersJapanProperty665.297.140.405.28702011
80NoMicrowave ChemicalJapanChemicals658.496.59.671.28482007
81NoTechForce ServicesAustraliaTechnology638.294.72.530.34212015
82NoSONICON CONSTRUCTIONMalaysiaConstruction638.094.71.280.16262016
83NoinglewoodJapanEcommerce637.494.6102.5513.911402005
84YesPaidyJapanFintech635.994.512.881.751312008
85NoCyber Security CloudJapanCyber Security632.694.27.511.02302010
86YesGA technologiesJapanProperty620.593.1355.8849.393142013
87NoSuperOx JapanJapanIndustrial Goods619.493.04.660.65182011
88NoHOECIndiaEnergy619.293.025.533.721001983
89NoIspravaIndiaConstruction618.993.07.301.061162016
90NoGrainSingaporeFood & Beverage612.992.59.961.381552014
91NoIndiabulls VenturesIndiaFinancial Services612.192.4413.9160.92NA1995
92NoDipon GroupIndiaConstruction594.690.82.390.36192008
93YesKinara CapitalIndiaFinancial Services584.889.931.804.8712352011
94NoCB, LtdJapanManagement Consulting584.089.89.811.43102015
95NoCalleoAustraliaSupport Services576.989.219.632.901702015
96YesPKSHA TechnologyJapanTechnology566.088.128.144.232402012
97NoInterviewBitIndiaEducation563.687.92.150.34522015
98NoI SwitchSingaporeEnergy552.586.995.1114.39572015
99NoDeclaratorsSingaporeTransport539.485.61.110.17242014
100YesLintes TechnologyTaiwanTechnology539.385.672.6010.8713712011
101NoTwinny***South KoreaTechnology532.284.91.140.18382015
102YesLakeba GroupAustraliaTechnology527.284.47.961.271442013
103NoSuprieveJapanSupport Services519.783.733.795.457542015
104YesIndiQubeIndiaProperty516.483.433.075.623832015
105YesSing FuelSingaporeTransport515.983.3418.7267.13282012
106YesSerosoftIndiaTechnology498.781.63.620.631352008
107NoFundnelSingaporeFintech493.681.14.250.71282015
108NoHashedIn TechnologiesIndiaTechnology486.380.316.642.975582010
109NoWelspun EnterprisesIndiaEnergy485.680.3249.9344.733841985
110No2C2PSingaporeFintech480.179.780.6213.723432003
111NoCoresJapanEcommerce478.279.54.630.80202013
112NoMISONOZAJapanTravel & Leisure474.979.127.274.74211896
113YesNexonJapanGames industry474.579.11,063.16185.0664282002
114NoCekaiJapanBeauty473.879.05.640.98322013
115YesGNI GroupJapanPharmaceuticals469.778.668.4412.014582001
116NoPower FillPhilippinesEnergy469.378.642.557.634182009
117NoTransACTJapanSupport Services457.877.43.030.54482013
118YesDailybeerSouth KoreaRestaurants457.577.39.721.74642016
119NoUnifaJapanTechnology455.577.113.352.401982013
120NoCOREKARAJapanEcommerce450.276.510.301.87582012
121NoDoubleDragon Properties Corp.PhilippinesProperty444.375.9399.2074.866372009
122NoBora PharmaceuticalsTaiwanHealth439.975.449.458.764582007
123YesNealleJapanTechnology439.075.33.300.6162013
124YesNatureWise Biotech & MedicalsTaiwanPharmaceuticals433.374.79.921.78312000
125NoEXIDEAJapanSales & Marketing429.774.310.882.05482013
126NoZeal DigitalAustraliaAdvertising425.473.81.330.25202015
127YesBlazeclanIndiaTechnology421.773.417.043.424262010
128NoProred PartnersJapanManagement Consulting412.872.424.284.731032008
129YesLeadSquaredIndiaTechnology404.871.58.181.702802011
130NoSuccessive TechnologiesIndiaTechnology400.071.05.001.00782012
131NoAsianStreamJapanTechnology394.470.411.032.23372012
132NoA&C BEAUTEJapanBeauty392.870.218.093.67202009
133NoMTP ServicesAustraliaManagement Consulting386.169.425.035.151002016
134NoNicorioJapanEcommerce385.869.4113.4723.36472004
135NoConverge ICTPhilippinesTelecoms382.669.0180.5838.2021002007
136YesOne of a kind Inc.JapanMedia382.469.03.500.73172009
137NoDovetailNew ZealandTechnology377.768.42.980.62402015
138YesHyperconnectSouth KoreaTechnology365.467.0145.6031.292772014
139NoEverstructionJapanConstruction364.266.82.540.55161991
140NoWatsons IndonesiaIndonesiaRetail361.066.477.3917.8511742005
141NoAem HoldingsSingaporeIndustrial Goods360.866.4236.8750.765272000
142NoAbClonSouth KoreaPharmaceuticals360.766.412.392.69372010
143YesRenew ITAustraliaTechnology354.465.610.782.37502008
144NoVoiceTubeTaiwanEducation352.465.44.020.89682013
145NoLexicon DigitalAustraliaTechnology348.864.96.921.54572016
146NomanebiJapanEducation348.764.92.210.49302013
147YesOne 97 / PaytmIndiaFinancial Services345.964.6515.33121.12NA2010
148NoJati GroupIndonesiaTransport345.564.522.485.36322010
149NoFineMatTaiwanTechnology342.864.227.625.97NA2007
150NoEgis TechnologyTaiwanTechnology339.863.8237.9351.764182007
151NoMahindra First ChoiceIndiaAutomobiles339.163.850.9712.17NA1994
152YesMegaphone MarketingAustraliaAdvertising334.963.22.590.60522012
153NoBeston Global Food CompanyAustraliaFood & Beverage332.462.976.5917.711832015
154YesTRL AsiaMalaysiaFood & Beverage328.762.57.851.83152012
155NoAuto BlackBoxAustraliaTechnology324.461.915.563.67122011
156YesMedia DoJapanTechnology324.061.9605.37142.773501999
157NoYWCJapanSales & Marketing323.261.740.699.626002010
158NoTableCheckJapanTechnology322.861.77.291.721012011
159NoEveryday MassiveAustraliaManagement Consulting318.761.22.280.54122006
160YesPlexBioTaiwanHealth315.460.72.300.53852009
161NoUyama ResortJapanTravel & Leisure314.460.62.320.5672016
162YesAhrefsSingaporeTechnology311.660.349.9911.99252012
163YesOfBusinessIndiaFinancial Services310.760.11.630.424702015
164NoGrabOnIndiaAdvertising309.960.05.391.38542013
165YesLogiNext SolutionsIndiaTechnology309.460.01.860.48802014
166NoPenguin InternationalSingaporeIndustrial Goods308.159.899.9424.18NA1995
167YesAdactin GroupAustraliaTechnology308.059.820.044.911702011
168YesSunseap GroupSingaporeEnergy308.059.875.8118.351852011
169YesAlign GroupSingaporeManagement Consulting306.259.61.400.34182012
170YesSatellite OfficeAustraliaSupport Services303.259.217.934.455792013
171YesPromoCollectionAustraliaAdvertising300.258.810.312.58502011
172NoSpacetalkAustraliaTechnology299.258.67.801.95342000
173NoPlatinum Bit CorporationJapanProperty294.258.012.243.1052014
174NoRushNew ZealandTechnology290.457.58.542.19842007
175YesFusion MicrofinanceIndiaFinancial Services289.657.3102.2927.5243981994
176NoFruitas HoldingsPhilippinesFood & Beverage288.957.338.4310.0920002002
177YesKMT GroupAustraliaTechnology286.356.94.611.19312010
178NoProbankJapanProperty277.555.78.742.32222011
179NoRexceedJapanConstruction276.355.55.911.57192015
180YesPushpayNew ZealandTechnology275.455.4127.4733.964592011
181YesKitanotatsujinJapanRetail274.355.392.7824.791552002
182NoJapan Flange DirectJapanIndustrial Goods273.955.22.470.6612014
183NoReNew PowerIndiaEnergy270.354.768.7519.468642011
184NoSinorbisAustraliaSales & Marketing265.054.01.100.30182016
185NounerryJapanTechnology264.853.95.311.45202015
186NoPILOTTONJapanManagement Consulting264.553.924.576.74212012
187YesOrigin Integrated StudiosMalaysiaTechnology263.253.71.150.32192015
188YesNew AimAustraliaEcommerce261.253.4205.9757.031852005
189YesTiger AnalyticsIndiaManagement Consulting261.153.411.643.383822012
190NoAMPLUSJapanTechnology259.653.25.711.59142005
191YesAva GroupAustraliaTechnology257.752.934.299.59721994
192NoAJ2 HoldingsSingaporeInteriors256.752.83.921.09342014
193YesReady to EatNew ZealandFood & Beverage255.652.62.510.71472013
194YesMiRXESSingaporeTechnology255.552.62.630.73402014
195YesSHIFTJapanTechnology254.452.5179.5350.6648002005
196YesJapan Project SolutionsJapanManagement Consulting254.352.54.831.36382013
197YesOne Stop WarehouseAustraliaEnergy252.952.2380.27107.77922013
198NoNexacuAustraliaEducation252.352.23.220.92152014
199NoAris CapitalIndiaFinancial Services250.551.92.930.882011995
200YesRealize GroupJapanFinancial Services250.151.8118.6333.88252005
201NoMahaveer FinanceIndiaFinancial Services248.751.67.182.162751981
202NoGushcloudSingaporeMedia248.251.617.494.962002011
203YesWantedlyJapanAdvertising247.851.526.867.721232010
204NoFbit communicationsJapanConstruction238.250.1290.9686.041701964
205NoDIVAIndonesiaFintech235.449.7250.9379.531802004
206NoWebEngageIndiaTechnology233.749.45.411.701252011
207NoEco Life JapanJapanConstruction233.649.45.131.5492011
208NoZenMarketJapanEcommerce232.349.236.7911.071372014
209YesRicksoftJapanTechnology230.949.027.998.46812005
210YesDelta InsuranceNew ZealandInsurance230.348.910.083.05362014
211YesApparent CommunicationsAustraliaAdvertising230.348.913.504.091262008
212NoSirionLabsSingaporeTechnology229.448.811.293.384502012
213NoSPC LifesciencesIndiaPharmaceuticals226.248.316.965.451402005
214YesLoadstar CapitalJapanProperty224.448.0138.9442.82572012
215NoPentamasterMalaysiaTechnology222.647.8119.8333.885391991
216YesSquare YardsIndiaProperty221.147.542.3513.8224422014
217NoHigh Volt ElectricalIndiaIndustrial Goods218.647.119.376.37981995
218YesBanka BioLooIndiaWaste management & recycling218.047.06.802.249492012
219NoGood Com AssetJapanProperty216.246.8214.8767.96992005
220NoHKTaxi AppHong KongTransport214.946.66.592.09162014
221NoMedPeerJapanHealth212.846.227.998.951362004
222YesSunfun InfoTaiwanTechnology212.746.233.5310.26702002
223YesBluconnectionSingaporeFashion212.346.238.0212.0282009
224YesKOR Glass and AluminiumAustraliaIndustrial Goods212.046.12.150.69112014
225NoCourse5 IntelligenceIndiaTechnology211.846.136.6612.329022000
226NoDexterous GroupAustraliaFinancial Services209.345.71.120.36372015
227NoOriano Clean EnergyIndiaEnergy208.945.622.667.69672015
228YesVita GroupSingaporeIndustrial Goods208.845.611.033.5382003
229NoKSE Marine WorksSingaporeConstruction208.645.618.115.791202004
230YesTCITaiwanHealth207.645.4309.3196.2011501980
231YesPrivé TechnologiesHong KongFintech205.345.15.801.90952014
232NoPharma Foods InternationalJapanFood & Beverage204.444.996.8231.811681997
233NoMercantile InsurancePhilippinesInsurance202.544.631.0810.492891962
234YesELMO SoftwareAustraliaTechnology202.244.637.2112.313842002
235NoMediSaversMalaysiaTechnology202.144.614.984.52981998
236NoMoneyMeAustraliaFintech199.844.235.4411.82562013
237NoFANTAS technologyJapanProperty199.644.2148.8249.671142010
238NoLOGLYJapanTechnology197.043.724.898.38502006
239YesJetSetGoIndiaTravel & Leisure195.443.520.627.31572014
240NoAmagiyaJapanArchitecture194.643.42.430.8362011
241NoNew NarrativeHong KongSales & Marketing192.643.01.740.60112013
242NoOHR Marketing (Olive House)MalaysiaRetail192.543.06.321.971032014
243YesZifo RnD SolutionsIndiaTechnology191.442.828.6710.315902008
244NoAbhidi SolutionMalaysiaTechnology191.042.82.010.63592011
245NoXcel PetroleumMalaysiaEnergy190.242.626.249.04152007
246NoPridelIndiaTransport187.342.223.628.622502008
247YesJIAJapanFinancial Services181.541.2153.0254.361782006
248No90 SecondsSingaporeTechnology181.141.17.402.60672010
249YesThe DrinkerySingaporeFood & Beverage179.040.82.500.89102014
250YesBRIDGEi2i AnalyticsIndiaTechnology178.240.616.316.154602011
251NoEarth TechnologyJapanTechnology177.440.516.786.052982013
252NoWewe Media GroupSingaporeSales & Marketing175.540.29.553.4282013
253YesZhong Yang TechnologyTaiwanIndustrial Goods175.240.145.0315.666722013
254YesREALJapanProperty172.439.760.2122.11152010
255YesExcelliance MOSTaiwanIndustrial Goods169.039.153.2918.96NA2008
256NoKMC SolutionsPhilippinesSupport Services167.638.848.1218.3616182010
257NoW2 SolutionJapanSales & Marketing166.838.710.003.75622005
258NoAbsolute BarbecuesIndiaRestaurants166.738.731.4512.3620702013
259YesFibergateJapanTelecoms166.438.668.2425.621802000
260NoAgarwal Industrial CorporationIndiaChemicals165.038.4111.7644.20151995
261YesAthena InfonomicsIndiaManagement Consulting163.938.22.701.07402010
262NoALAND DevelopmentsAustraliaConstruction162.537.9124.8947.58802002
263YesGramenerIndiaTechnology160.637.64.851.951812010
264NoKURUMI Real EstateJapanArchitecture160.137.58.443.2522014
265YesBrilliant PolymersIndiaChemicals159.937.544.0217.75902011
266YesFoodLine.sgSingaporeEcommerce159.937.51.880.71182013
267YesHotglueAustraliaAdvertising158.237.25.091.97242010
268NoPyjama BossesAustraliaSales & Marketing157.837.11.790.7032014
269NoROSSARIIndiaChemicals157.637.185.7334.883652009
270YesOver the WireAustraliaTechnology156.036.865.1325.441622011
271NoEver ClearTaiwanSupport Services155.536.715.215.70NA1999
272YesEngage SquaredAustraliaTechnology154.436.56.432.53532014
273YesZUUJapanFintech153.336.316.986.70962013
274YesSuresoft TechnologiesSouth KoreaTechnology151.035.923.419.332512002
275NoISLANDAYJapanAdvertising150.835.91.180.4722015
276NoLocal DigitalAustraliaSales & Marketing149.135.61.720.6982015
277YesOrbitRemitNew ZealandFintech149.035.58.803.53422008
278NoKINTARO Cells PowerJapanPharmaceuticals148.335.41.310.5322014
279NoLasertecJapanTechnology146.435.1391.32158.824481960
280NoNexon PaintsIndiaPersonal & Household Goods145.835.08.773.741032008
281NoParadigm Global MarketingMalaysiaSales & Marketing145.634.93.011.1272014
282YesKamakura ShinshoJapanSupport Services145.034.829.9912.251451984
283NoGeneReachTaiwanHealth143.434.511.834.65NA2004
284YesXeroNew ZealandTechnology143.134.5499.96205.6430552006
285NoCompare & ConnectAustraliaEnergy142.934.418.247.511512014
286YesGlobal StonesIndiaConstruction142.034.323.5810.212502004
287NoAtlantic Navigation HoldingsSingaporeSupport Services139.933.975.8431.21NA1997
288NoSta. Lucia Land Inc.PhilippinesProperty137.233.4154.3266.411092007
289NoLa Kaffa InternationalTaiwanFood & Beverage136.633.3160.2464.79NA2004
290YesBrogent TechnologiesTaiwanTechnology136.033.167.2727.281732001
291NoKuradashiJapanFood & Beverage135.833.15.202.21272014
292NoGreat Tree PharmacyTaiwanPharmaceuticals135.633.1213.4686.6811932016
293NoWT MicroelectronicsTaiwanTechnology132.532.510,838.014,459.27NA1993
294NoCHSIPhilippinesHealth131.332.25.302.343442005
295YesMlion CorporationSingaporeIndustrial Goods130.932.254.7023.39132011
296YesSequretekIndiaCyber Security128.731.72.731.253402013
297NoKVS PremierIndiaConstruction128.231.748.8222.423461985
298NoChime Ball TechnologyTaiwanTechnology127.331.553.5023.541861999
299NoRich Honour International DesignsTaiwanInteriors126.231.3136.4857.72NA1977
300NohovidMalaysiaPharmaceuticals121.430.390.7140.9714161980
301NoUp YoungTaiwanIndustrial Goods121.330.336.1715.64NA2002
302YesDbind Wire ProductsIndiaIndustrial Goods121.030.22.151.02252013
303YesQburstIndiaTechnology120.730.2394.51187.3415172004
304NoUnion Gas HoldingsSingaporeEnergy120.630.257.7725.862282016
305NoPeople360 Consulting CorporationPhilippinesSupport Services119.429.91.310.61932011
306NoKHAMTaiwanMedia119.429.952.1322.74842004
307YesEasy SignsAustraliaEcommerce118.929.813.206.03682006
308NoOpen House GroupJapanProperty118.629.84,967.022,272.3026421997
309YesOnestarJapanAdvertising115.929.3102.8847.652022008
310NoRexonTaiwanIndustrial Goods115.529.2255.51113.44NA1972
311Yes9SplayTaiwanGames industry114.529.060.1526.83NA2013
312YesPark SystemsSouth KoreaTechnology112.628.644.7921.071621997
313YesSolar NaturallyAustraliaEnergy111.628.434.4616.281122011
314NoJYP EntertainmentSouth KoreaMedia111.128.3133.9563.462191996
315NoMirai WorksJapanSupport Services110.928.233.0615.67942012
316NoNFA ENGINEERING SERVICEJapanIndustrial Goods109.427.91.690.8172015
317NoiClick InteractiveHong KongTechnology109.127.9199.4195.368842009
318YesLegalVisionAustraliaLaw109.127.912.025.751202014
319YesChemcruxIndiaChemicals108.927.88.164.09761996
320NoFitness FactoryTaiwanHealth107.927.6114.0452.48NA2005
321NoSino-American Silicon ProductsTaiwanEnergy107.327.52,026.59977.5378001981
322YesTranspireAustraliaTechnology107.227.56.733.25382010
323YesDynaconsIndiaTechnology107.227.546.5723.568431995
324NoAnimoca BrandsAustraliaGames industry104.627.013.236.472162014
325NoSarathy Geotech & Engineering ServicesIndiaTechnology104.226.93.781.94902007
326YesRegen PowerAustraliaEnergy102.426.512.766.30212003
327NoPegavisionTaiwanPersonal & Household Goods102.226.5108.4951.3313282009
328NoMaben GroupAustraliaConstruction102.126.479.7639.47652004
329NoXilnexMalaysiaTechnology101.026.22.361.071062007
330NoArabian PetroleumIndiaChemicals99.825.911.916.251142006
331NoGift Inc.JapanRestaurants99.625.983.2141.693062009
332NoMajor Power TechnologyTaiwanTechnology99.325.95.472.62NA2011
333YesOkWaveJapanSupport Services98.825.744.0822.171601999
334NoResonant NetworksSingaporeTelecoms98.025.63.911.95182013
335YesFork Media GroupIndiaAdvertising97.525.511.225.952652013
336YesData SectionJapanTechnology96.825.310.745.461252000
337NoWistron Information Technology and
Services Corp.
TaiwanTechnology96.425.2172.1383.87NA1992
338NoBrainPadJapanTechnology95.825.152.1826.653722004
339YesRewind NetworksSingaporeMedia95.024.95.482.78122012
340NoMaveric SystemsIndiaTechnology94.924.947.9625.7816472000
341YesIshan GroupIndiaTelecoms94.824.99.625.176192007
342NoSuRaLaJapanEducation94.824.910.495.38422008
343NoKG GroupIndiaTechnology94.724.926.6314.3318051994
344YesSupple TekIndiaAgricultural Commodities93.624.6514.08278.344382013
345NoRush Hour MediaHong KongTechnology93.324.61.010.52162012
346NoDéesse Vivante BiomedTaiwanBeauty92.524.462.4231.03NA2011
347NoInsourceJapanEducation92.424.451.5526.804702002
348YesSnowdome FoundationAustraliaHealth92.324.44.852.5262010
349NoMorex IndustriesIndiaChemicals91.824.26.313.45481991
350YesMukkaIndiaAgricultural Commodities91.724.282.2144.941802010
351YesThe Clinuvel GroupAustraliaPharmaceuticals91.724.224.2112.63522001
352NoAblazeJapanTravel & Leisure91.224.12.201.1522016
353YesGKE CorporationSingaporeTransport91.124.178.6340.639392000
354NoAideaPhilippinesConstruction89.123.710.415.622451995
355YesData Connect TechnologiesSingaporeTechnology88.823.64.162.17452003
356NoAcctonTaiwanTechnology88.623.61,791.35908.54NA1988
357NoElanJapanRetail88.623.6197.80104.864101997
358YesNuffield Dental HoldingsSingaporeHealth88.323.57.884.19782014
359NoKenergieIndiaChemicals88.323.514.988.34282004
360YesEirGenixTaiwanHealth88.123.415.397.832072012
361NoAMBITIONJapanProperty88.023.4251.98134.002712007
362YesInfoBeansIndiaTechnology87.923.422.2412.407912011
363YesizmoIndiaSales & Marketing86.523.114.378.083051995
364NoGOLDEN ABC, Inc.PhilippinesFashion85.622.9208.16114.4956491988
365YesAspeed TechnologyTaiwanTechnology84.622.780.3341.63NA2004
366NoMomoTaiwanEcommerce84.222.61,672.62868.69NA2004
367NoSikaIndiaAerospace & Defence83.722.59.125.21871985
368NoUnUsUalSingaporeTravel & Leisure82.822.345.4124.53NA1997
369NoGameWithJapanMedia82.722.226.5614.541342013
370YesRolling Arrays ConsultingSingaporeTechnology81.522.05.392.93452009
371NoSevenseasIndiaTransport81.522.027.8016.053112007
372NoTofu Restaurant GroupTaiwanRestaurants81.422.045.1123.7912932008
373YesYellow OctopusAustraliaEcommerce81.221.93.411.8882013
374YesActspandSingaporeFood & Beverage81.021.91.530.83182005
375NoMINKABU THE INFONOIDJapanFintech80.621.825.6514.201442006
376YesAnkurIndiaPersonal & Household Goods80.521.850.3129.212001998
377YesMachvisionTaiwanTechnology79.021.482.2443.963061998
378Noinergy TechnologyTaiwanTechnology77.921.224.2713.05702007
379YesESCOSingaporeTechnology77.421.127.2815.19611989
380YesSupple SolutionsAustraliaAdvertising77.121.05.232.96552012
381NoSaluran PasifikMalaysiaEnergy77.121.020.1510.38132005
382NoAdvantestJapanIndustrial Goods77.021.02,535.961,433.1550481954
383NoMega Fishing CorporationPhilippinesFood & Beverage76.520.956.3432.5835001975
384NoclickTRUESingaporeManagement Consulting75.720.76.603.71352009
385YesPolestar SolutionsIndiaTechnology75.520.63.792.261872012
386NoLong Time TechnologyTaiwanBatteries74.920.518.3810.06NA2009
387YesJAC RecruitmentJapanSupport Services74.720.4222.17127.2014331975
388NoMA tekTaiwanTechnology74.320.382.1845.12NA2009
389NoJindal WorldwideIndiaPersonal & Household Goods74.220.3286.36172.3122141986
390NoM31 TechnologyTaiwanTechnology73.420.128.1015.50NA2011
391NoSwaggerSouth KoreaBeauty73.020.02.011.16122011
392NoKingstateTaiwanTechnology72.019.8108.5160.35NA1977
393NoValuenceJapanRetail72.019.8347.44202.044712011
394NoYield MicroelectronicTaiwanTechnology71.419.74.322.41601990
395NoProperty Data BankJapanTechnology70.619.516.959.94642000
396NoIcares MedicusTaiwanHealth70.319.413.567.621182011
397NoLotesTaiwanTechnology70.319.4487.89274.1793001986
398NoShiny BrandsTaiwanBeauty69.519.233.3418.82NA2009
399YesWorld Class ServicesIndiaSupport Services69.419.233.6620.82135002011
400NoSacombankVietnamFinancial Services69.419.21,553.00917.00192371991
401YesDel Trade InternationalIndiaPharmaceuticals69.419.241.0225.38232010
402NoGsevenTaiwanRetail69.119.176.9343.523221994
403YesLAC Medical SuppliesMalaysiaHealth68.719.010.676.32372003
404YesMackay GoodwinAustraliaFinancial Services68.619.04.772.83452004
405NoBDO UnibankPhilippinesFinancial Services68.319.03,566.662,162.82385101967
406YesNihon M&A CenterJapanManagement Consulting67.918.8294.23175.295821991
407YesLendiAustraliaFintech67.718.826.0915.564292013
408YesSheetalIndiaFood & Beverage67.618.836.7722.996052013
409NoThe Executive CentreHong KongProperty67.518.8235.75140.7410421994
410NoBoustead SingaporeSingaporeIndustrial Goods67.518.8532.61314.0311351828
411YesBansal CreditsIndiaFinancial Services67.318.74.943.091081988
412YesSobhaIndiaConstruction67.118.7533.07334.2633091995
413NoArchitectusAustraliaArchitecture66.018.464.5338.883412008
414NoDTC World CorporationSingaporeSales & Marketing65.218.212.707.59312006
415YesPapylessJapanEcommerce65.118.2214.60129.981161995
416YesBossdom DigiinnovationTaiwanMedia65.118.26.743.91NA2014
417NoSt. Martin COOPPhilippinesSupport Services64.718.11.320.821361969
418YesFutureWorksIndiaMedia63.817.97.004.483412007
419NoConnect GroupSingaporeTravel & Leisure63.617.87.894.761592012
420YesSilicon OptronicsTaiwanTechnology63.217.774.1843.49472004
421NoProcurri CorporationSingaporeTechnology63.017.7162.2298.264962009
422NoKuoBrothersTaiwanEcommerce62.617.6164.6396.84NA2012
423NoTaiSolTaiwanTechnology62.317.5150.9889.0225371994
424NoJentechTaiwanTechnology62.117.5177.47104.7719221987
425NoRaydiumTaiwanTechnology61.517.3450.46266.876932003
426NoBaker & CookSingaporeFood & Beverage60.717.18.935.491472012
427YesHighland FoodsSouth KoreaFood & Beverage59.816.9440.36275.62601999
428YesW-ENDLESSJapanSales & Marketing59.516.87.364.61652014
429NoBuilders AllianceSingaporeConstruction59.416.89.375.80882004
430YesPrycePhilippinesChemicals58.116.5223.83141.5430971989
431NoBubzi CoAustraliaRetail58.016.53.672.3282016
432YesBlueScaleAustraliaTechnology57.016.22.691.71252010
433NoPicoCelaJapanTechnology56.816.21.020.65252008
434NoPhenikaaVietnamIndustrial Goods56.616.1206.43131.8225292010
435NoProtea JapanJapanBeauty56.516.161.1239.071361991
436NoIFAST CorporationSingaporeFintech55.615.991.9358.34NA2000
437YesFlittoSouth KoreaTechnology55.615.91.711.10632012
438NoYongmao HoldingsSingaporeIndustrial Goods55.415.8136.3586.62NA1992
439NoLizard StormSingaporeSales & Marketing55.115.71.571.0062016
440NoIBS (Inti Bangun Sejahtera)IndonesiaTelecoms54.715.781.7552.834622006
441NoYeo PlumberMalaysiaConstruction52.615.13.422.05262000
442YesSMSJapanSupport Services52.415.1323.00211.9229682003
443YesVostroNetAustraliaTelecoms52.015.02.381.57152015
444NoJubilant FoodWorksIndiaFood & Beverage52.015.0549.45378.83315141995
445YesCentury Pacific FoodPhilippinesFood & Beverage51.414.8854.04564.2128552013
446YesTri Chemical LaboratoriesJapanChemicals51.214.875.9950.271671978
447YesEnviropacificAustraliaConstruction51.114.8139.0191.992712001
448YesMilk MantraIndiaFood & Beverage51.014.732.2122.3612002009
449YesComtureJapanTechnology50.614.6192.41127.7412281985
450YesHunetSouth KoreaEducation50.514.639.1025.983261999
451YesQXY ResourcesSingaporeConstruction50.314.628.3018.591092004
452YesGlobalSpaceIndiaTechnology49.914.53.682.57592010
453YesGoBOLTIndiaTransport49.414.31.981.391472015
454YesSigmaxyzJapanManagement Consulting49.214.3147.1098.575242008
455NoWILLPLUSJapanAutomobiles48.814.2322.34216.624872007
456NoKatrina GroupSingaporeRestaurants48.514.161.8441.13NA1995
457YesAmoliIndiaPharmaceuticals48.414.171.5550.529051992
458YesMacro KioskMalaysiaTechnology47.913.961.8738.162552000
459YesForest InteractiveMalaysiaTelecoms47.313.86.264.25992006
460NoenigmoJapanEcommerce47.013.756.0538.13902004
461NoSource Central PartnersAustraliaTechnology47.013.77.304.97322005
462NoKodaSingaporeInteriors45.813.457.3838.8620701972
463NoMphasisIndiaTechnology45.513.31.260.90244851998
464NoKATITASJapanProperty45.513.3827.06568.328381978
465NoElite Technology JSCVietnamTechnology45.113.2132.0091.002801995
466YesAsiaPayHong KongFinancial Services44.613.115.1810.501502000
467NoRadico KhaitanIndiaFood & Beverage44.513.0344.65250.0011451943
468NoMegaworldPhilippinesProperty43.812.91,330.00944.2510731989
469NoEDIT SUITSSingaporeFashion43.612.82.701.86192013
470NoTesha CorporationSingaporeAgricultural Commodities43.412.82.471.7022012
471YesDecision Science AgencySingaporeManagement Consulting43.312.74.613.17372013
472YesBuildmet FibresIndiaIndustrial Goods42.912.624.3317.8512691984
473NoINTELORGSingaporeRetail42.812.6227.80157.57151990
474NoBitzMalaysiaSupport Services41.612.36.384.113902006
475NoPowermatic Data SystemsSingaporeTechnology41.012.115.9511.17NA1989
476YesBenjamin Barker AustSingaporeRetail39.911.89.826.93772009
477NoNSW AutomationMalaysiaTechnology39.811.83.572.33752004
478NoJapan LifelineJapanHealth39.211.7475.78341.7610741981
479NoSingapore O&GSingaporeHealth38.711.529.1820.77822011
480YesShakey's Pizza Asia VenturesPhilippinesRestaurants38.611.5173.48125.1917491975
481NoFirst Gen CorporationPhilippinesEnergy37.811.32151.391561.4819431998
482NoTRANSACTIONJapanPersonal & Household Goods37.811.3151.21109.774421987
483YesPuregold Price ClubPhilippinesRetail37.211.13,253.152,370.90103431998
484NoJPSPL - JP StructuresIndiaConstruction36.510.944.7834.391002009
485NoTENDAJapanTechnology35.810.827.2220.042031995
486YesPrem MotorsIndiaAutomobiles35.810.7259.23200.0541741990
487YesCapital NumbersIndiaTechnology35.210.64.163.232492012
488NoImdexAustraliaTechnology34.910.5176.69131.004851980
489NoCellmidAustraliaBeauty34.810.55.494.07252003
490NoBusiness OnlineThailandSupport Services34.810.515.2511.311611995
491YesSeagull PharmaIndiaPharmaceuticals34.310.37.986.233851981
492NoTRAction FintechAustraliaFintech34.210.32.611.9592015
493NoCybageIndiaTechnology34.010.2157.19122.9559091995
494NoInter ActionJapanIndustrial Goods31.99.765.1149.351451992
495NoE-Tech Building ServicesSingaporeSupport Services30.89.46.985.271801990
496NoChunghwa Precision Test TechTaiwanTechnology30.59.3104.7680.289932005
497YesSupreme Components InternationalSingaporeTechnology30.39.213.4410.31232001
498NoSoul & TablesSingaporeRetail30.29.23.212.44142012
499NoThenpandianIndiaIndustrial Goods30.09.15.544.471062004
500NoKoh YoungSouth KoreaTechnology29.38.9191.36148.046562002
*Companies marked with an asterisk had less than 12 months of revenue in the 2016 financial year, but still passed $100,000 revenue. **Companies marked with a double asterisk have been acquired since the end of the relevant timeframe. ***Twinny resubmitted its data and has moved to 101st place from 4th place since original publication of the ranking.

This table has been amended since publication to reflect new information

Methodology

The FT Asia-Pacific High Growth Companies 2021 ranking is a list of 500 companies in the Asia-Pacific region that have achieved the highest compound annual growth in revenues between 2016 and 2019. The 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.

Through research in company databases and other public sources, Statista identified tens of thousands of companies in the Asia-Pacific region as potential candidates for the ranking. These businesses were invited to participate in the competition by post, email and telephone.

The project was also advertised online and in print, allowing all eligible companies to register via the websites created by Statista and the Financial Times. In addition, Statista researched exchange-listed high profile companies from Taiwan to make the list more comprehensive.

Criteria for inclusion

To be included in the list of fast-growing companies in the Asia-Pacific region, a company had to meet the following criteria:

  • Revenue of at least $100,000 generated in 2016 (or currency value equivalent as of December 31 2016);

  • Revenue of at least $1m generated in 2019 (or currency value equivalent as of December 31 2019);

  • An independent company (not a subsidiary or branch office of any kind);

  • Headquartered in one of these 13 territories in the Asia-Pacific region – Australia, Hong Kong, India, Indonesia, Japan, Malaysia, New Zealand, Philippines, Singapore, South Korea, Taiwan, Thailand and Vietnam;

  • Revenue growth between 2016 and 2019 that was primarily organic (ie “internally” generated).

Calculation of growth rates

The calculation of growth rates is based on the revenue figures submitted by the companies in their respective national currency. For better comparability in the ranking, the revenues were converted into US dollars. The exchange rates of December 31 2016 and 2019, respectively, were used for this purpose.

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

((revenue2019 / revenue2016 )^(1/3)) — 1 = CAGR

The absolute growth between 2016 and 2019 was calculated as follows:

(revenue2019 / revenue2016) — 1 = Growth rate

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 8.9 per cent.

Copyright The Financial Times Limited 2024. All rights reserved.
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