© Efi Chalikopoulou

The fifth annual FT ranking of 500 high-growth Asia-Pacific companies is still dominated by technology-related businesses — but now features a much wider range of industries where revenues are rising fast, as local incomes and foreign investment in the region climb.

Asia looks set to be the main driver of global growth in 2023 as the world navigates a third year of the Covid-19 pandemic. Earlier this month, the OECD said it expects India to have the fastest GDP growth of the major economies this year as it further tries to position itself as a global tech and manufacturing hub. In a boost to those ambitions, the US has declared India a “trusted partner” in technology as the west seeks to end its reliance on China (article and ranking methodology continue below table).

Companies that are interested in participating in next year’s ranking can register here.

High-Growth Companies Asia-Pacific 2023
RankIn 2022 rankingNameCountryCategoryAbsolute growth rate (%)Compound annual growth rate (CAGR) (%)Revenue 2021 ($mn)Revenue 2018 ($mn)Number of employees 2021Founding Year
1NoRex International HoldingSingaporeEnergy & Utilities38,829.7630.2158.440.41732013
2NoNW CorporationSingaporeEnergy & Utilities27,770.4553.2364.191.31122016
3NoHaeginSouth KoreaIT & Software26,533.8543.429.090.111272017
4NoJudo BankAustraliaFintech, Financial Services & Insurance12,283.7398.4130.081.043552016
5NoDoctor AnywhereSingaporeHealthcare & Life Sciences10,865.7378.623.780.224802017
6NoRecykalIndiaWaste management & recycling10,539.7373.925.760.262442015
7NoFreeD GroupHong KongIT & Software6,703.2308.216.000.241502015
8YesI-CY ChayaThailandFood & Beverage6,385.9301.821.290.3382012
9YesGrow FinanceAustraliaFintech, Financial Services & Insurance6,334.2300.725.060.39612016
10NoStar AirIndiaHospitality & Travel5,116.2273.620.710.435001995
11YesM2P FintechIndiaFintech, Financial Services & Insurance3,730.3237.125.330.729002014
12NoManeuver MarketingSingaporeEcommerce3,539.7231.484.912.33292001
13YesAmberIndiaHospitality & Travel3,357.1225.816.370.513552015
14NoFreedom Property InvestorsAustraliaReal Estate3,135.3218.632.280.992002013
15NoKick The HurdleSouth KoreaHealthcare & Life Sciences3,088.8217.19.580.31702018
16NoAnimoca BrandsHong KongIT & Software3,044.8215.6301.949.535802014
17NoCounterworksJapanReal Estate2,803.5207.46.530.22332014
18NoYoshidumi Holdings*JapanIT & Software2,732.8204.874.682.623402018
19NoStashAwaySingaporeFintech, Financial Services & Insurance2,669.8202.66.020.221942016
20YesInteluckPhilippinesIT & Software1,976.0174.813.840.621082014
21YesSafeGoldIndiaFintech, Financial Services & Insurance1,945.1173.5334.5917.68612017
22YesGreedyGameIndiaAdvertising & Marketing1,941.0173.317.900.95722013
23NoNuldam*South KoreaFood & Beverage1,879.7170.53.860.20522018
24YesSkillmaticsIndiaEcommerce1,859.5169.613.340.741352016
25NoRhelixaJapanProfessional, Scientific & Technical Services1,802.6167.04.780.25142015
26NoCoviuAustraliaIT & Software1,720.0163.07.170.39502015
27NoGB SoftSouth KoreaHealthcare & Life Sciences1,688.6161.52.970.17242017
28YesTangerine TelecomAustraliaMedia & Telecommunications1,647.6159.554.313.092252014
29YesSCI EcommerceSingaporeEcommerce1,602.5157.3236.4613.792362014
30NoGigilPhilippinesAdvertising & Marketing1,559.8155.17.480.42482017
31NoOhouseSouth KoreaEcommerce1,530.5153.6102.836.564132014
32NoMassive ActJapanAdvertising & Marketing1,497.5151.95.920.37122017
33NoLakebaAustraliaIT & Software1,493.0151.667.864.231602013
34NoLocal Stitch*South KoreaReal Estate1,469.4150.45.360.36742018
35NoAwanTunaiIndonesiaFintech, Financial Services & Insurance1,438.8148.73.850.252132017
36NoKabuK StyleJapanHospitality & Travel1,411.0147.26.580.43352018
37NoShockbyteAustraliaIT & Software1,342.5143.45.550.38752013
38NoKKISSingaporeEducation & Social Services1,341.1143.33.000.21292017
39YesPostypeSouth KoreaIT & Software1,310.2141.62.210.16322016
40YesiPartnersAustraliaFintech, Financial Services & Insurance1,295.2140.77.160.51502017
41NoSkillfieldAustraliaIT & Software1,256.5138.53.380.25322018
42YesparcelportNew ZealandIT & Software1,243.9137.87.140.42102012
43NoOrder-made Medical ResearchJapanPharmaceuticals & Cosmetics1,230.2136.93.030.23102012
44NoPhotoructionJapanIT & Software1,209.5135.73.060.23992016
45NoDelight DeskJapanReal Estate1,140.1131.54.410.3542016
46NoNaked Life Non Alcoholic SpiritsAustraliaFood & Beverage1,124.5130.55.000.41182016
47NoJeju The RentcarSouth KoreaHospitality & Travel1,112.8129.815.531.3392016
48NoAspireSingaporeFintech, Financial Services & Insurance1,107.0129.47.040.582432017
49NoHelicapSingaporeFintech, Financial Services & Insurance1,103.3129.23.930.32182018
50NoTwinnySouth KoreaIT & Software1,089.6128.32.900.25482015
51NoStag Match Education and Training GroupSingaporeEducation & Social Services1,089.1128.21.950.16132016
52YesNiumSingaporeFintech, Financial Services & Insurance1,045.9125.431.882.786272014
53NoSafieJapanIT & Software1,045.8125.477.056.682922014
54YesYamapJapanIT & Software1,042.4125.211.130.97872013
55NoTripbtozSouth KoreaHospitality & Travel1,040.2125.12.230.20552016
56NoUnthinkable SolutionsIndiaIT & Software996.1122.14.160.411,0502017
57YesCoda PaymentsSingaporeFintech, Financial Services & Insurance984.1121.3309.5128.554212011
58YesLogispot****South KoreaLogistics & Transportation979.1121.053.595.16602016
59Yes42MaruSouth KoreaIT & Software942.8118.54.020.40792015
60YesScaler by InterviewBitIndiaEducation & Social Services934.9117.99.581.001,1392014
61YesToranaJapanEducation & Social Services909.5116.12.850.28402015
62NoMotor Scout AustraliaAustraliaAutomotive890.8114.81.850.19172018
63YesOmkara ARCIndiaFintech, Financial Services & Insurance827.8110.129.993.49612014
64NoTopham GuerinNew ZealandAdvertising & Marketing818.5109.412.261.05652016
65NodaLockSouth KoreaReal Estate804.9108.42.680.31312016
66NoBrandiSouth KoreaEcommerce798.8107.9120.8113.984112014
67NoDinosaur Polo ClubNew ZealandIT & Software779.9106.514.261.27192016
68NoRocketechSingaporeIT & Software778.3106.31.360.15852017
69NoDroneShieldAustraliaAerospace & Defence777.9106.37.970.90632015
70NoSeer MedicalAustraliaHealthcare & Life Sciences772.3105.95.120.581942017
71NoAcadecraftIndiaEducation & Social Services766.9105.42.260.283502015
72NoMoglixSingaporeEcommerce761.0105.0327.7537.791,0002015
73NoArtzFolioIndiaRetail759.9104.91.940.24122015
74NoDtonicSouth KoreaIT & Software759.8104.99.351.13622014
75NoEVSE AustraliaAustraliaManufacturing759.0104.85.370.62102015
76NoGrabJobsSingaporeIT & Software751.1104.21.700.20152015
77NoTechnopalsSingaporeIT & Software745.7103.715.811.862582009
78NobHapticsSouth KoreaElectrical Manufacturing739.7103.33.100.38272015
79NoGoPeopleAustraliaLogistics & Transportation732.0102.62.830.34252014
80YesArchistarAustraliaIT & Software730.6102.55.570.67612016
81YesRealize CorporationJapanFintech, Financial Services & Insurance716.8101.4474.4857.74572005
82YesSolbariAustraliaEcommerce708.6100.75.870.72202013
83NoVivriti CapitalIndiaFintech, Financial Services & Insurance705.4100.447.576.391142017
84NoWakefit.coIndiaRetail695.099.686.0411.701,2952016
85NoZig-zagJapanEcommerce694.299.55.100.64172015
86NoOpenSouth KoreaFood & Beverage693.699.526.603.491112017
87NoiCare Benefits GroupSingaporeFintech, Financial Services & Insurance685.998.84.010.511252015
88YesGopizzaSouth KoreaFood & Beverage684.998.79.401.251002017
89NoPernia’s Pop-Up ShopIndiaApparel & Fashion663.596.923.623.344942015
90NoWild SideJapanAdvertising & Marketing661.896.84.840.6342017
91YesDrive YelloAustraliaIT & Software660.896.73.970.52642015
92YesSprintlawAustraliaLegal & Accounting Services651.795.92.740.37392017
93NoMegaphoneAustraliaAdvertising & Marketing650.395.812.071.60842013
94YesenjinJapanIT & Software643.795.29.621.29372007
95NoHandshakesSingaporeIT & Software643.395.25.900.791202011
96NoIntekplusSouth KoreaManufacturing642.895.1104.6014.643061995
97NoFlower ChimpMalaysiaRetail639.394.813.251.781272017
98NoLimitlessMalaysiaEcommerce638.694.810.771.49862016
99YesWorkmate***SingaporeIT & Software629.393.921.442.94772015
100YesSelfwealthAustraliaFintech, Financial Services & Insurance621.493.215.242.10852013
101NoDr. DiarySouth KoreaHealthcare & Life Sciences620.293.16.470.93362017
102NoiX BiopharmaSingaporePharmaceuticals & Cosmetics609.492.11.300.18442004
103NoMekhalaSingaporeFood & Beverage603.391.61.500.21182012
104NoLegend LogisticsSingaporeLogistics & Transportation591.890.590.8113.133642012
105YesGlocalnetJapanMedia & Telecommunications585.490.015.052.18182016
106NoBrichSouth KoreaEcommerce575.589.011.461.76412014
107NoLobsterbarSouth KoreaFood & Beverage558.987.53.570.56302014
108YesMinfyIndiaIT & Software557.087.329.464.853502010
109YesHaulioSingaporeLogistics & Transportation556.987.311.231.70492016
110NoTime LabJapanWholesale555.887.23.750.57102015
111YesKaleido JapanJapanConstruction & Engineering554.687.14.600.70132011
112NoSignature MarketMalaysiaFood & Beverage535.885.320.213.261552014
113YesTheMathCompanyIndiaManagement Consulting532.384.931.085.319662016
114YesPalomaNew ZealandIT & Software519.183.617.612.24822015
115YesPragmaSingaporeIT & Software514.583.22.160.35232016
116NoACE Trust In SolutionsIndiaFintech, Financial Services & Insurance511.882.91.410.25872017
117YesWafourSouth KoreaIT & Software506.882.44.860.83152017
118YesTiger AnalyticsIndiaManagement Consulting501.481.937.336.711,5472012
119YesNKC AsiaJapanIT & Software500.581.846.457.691002015
120NoPremas Life SciencesIndiaHealthcare & Life Sciences492.080.944.678.16802011
121NoDementia Caring AustraliaAustraliaHealthcare & Life Sciences484.180.163.2910.763372015
122NoMarketdesignersSouth KoreaEducation & Social Services483.880.19.211.64682017
123NoOccomAustraliaMedia & Telecommunications480.079.78.911.53252015
124YesLeadSquaredIndiaIT & Software479.379.626.174.881,4002011
125YesDmilSouth KoreaAdvertising & Marketing476.979.315.162.73452017
126YesGSCJapanConstruction & Engineering468.778.56.791.19302014
127YesWebskittersIndiaIT & Software466.378.22.170.413102013
128YesLead Edge ConsultingJapanIT & Software460.177.62.820.50152016
129YesMiss AmaraHong KongEcommerce460.077.617.213.05582014
130NoAussie BroadbandAustraliaMedia & Telecommunications448.976.4411.2374.377332008
131NoiKamperSouth KoreaLeisure & Entertainment448.076.332.556.181282013
132NoCalleoAustraliaEmployment Services445.276.047.808.70292015
133NoCyconsolAustraliaProfessional, Scientific & Technical Services436.575.12.560.47142018
134NoSynagieSingaporeEcommerce435.474.964.1311.893572017
135NoSingleInterfaceSingaporeIT & Software427.274.04.310.881362017
136NoKundalSouth KoreaPharmaceuticals & Cosmetics426.474.072.6814.361402016
137YesSignifi MediaAustraliaAdvertising & Marketing423.073.67.911.50182016
138NoBarogoSouth KoreaLogistics & Transportation415.972.879.4216.012902015
139NoStraits Energy ResourcesMalaysiaEnergy & Utilities415.772.8318.6163.322261996
140YesJapan 3D PrinterJapanWholesale411.472.310.932.12322013
141YessumarchJapanConstruction & Engineering411.372.340.967.961802009
142NoAstrikos.aiIndiaProfessional, Scientific & Technical Services410.672.21.370.29322018
143YesZeal DigitalAustraliaAdvertising & Marketing408.071.92.760.54192015
144NoPaneco.comSingaporeEcommerce406.671.711.632.28142016
145NoSpikingSingaporeFintech, Financial Services & Insurance403.571.42.710.53152016
146NoiThink LogisticsIndiaLogistics & Transportation400.471.03.690.802002017
147NoRegrit PartnersJapanManagement Consulting400.271.016.373.251002017
148NoMust ItSouth KoreaEcommerce397.470.717.443.65952012
149YesSingapore Realtors IncSingaporeReal Estate387.669.697.7819.91342016
150NoBaltnav Singapore**SingaporeLogistics & Transportation383.369.1510.46105.61132017
151NoDeelish BrandsSingaporeFood & Beverage379.368.64.060.84802017
152NoNowPurchaseIndiaIT & Software370.967.67.141.64602016
153NoAppsynthThailandIT & Software370.167.59.962.101152012
154NoJGL WorldwideSingaporeLogistics & Transportation366.467.144.509.47312011
155NoKurofuneJapanLogistics & Transportation364.166.89.512.04292014
156NounerryJapanIT & Software361.666.513.182.84392015
157YesIgoodsJapanAdvertising & Marketing358.666.120.134.36502016
158Yes3-D MatrixJapanHealth Care & Life Sciences358.066.113.722.98652004
159NoSeven Peaks SoftwareThailandIT & Software357.666.04.801.04782014
160NoSportsfuelNew ZealandRetail356.365.913.142.27432007
161NoTechForce ServicesAustraliaIT & Software355.865.86.181.35752015
162YesMisoSouth KoreaIT & Software353.165.511.602.561502015
163NoAlpha Intelligence GlobalTaiwanFintech, Financial Services & Insurance344.264.42.210.46252016
164NouParcelSingaporeLogistics & Transportation341.664.11.500.34402014
165YesImwebSouth KoreaEcommerce341.164.010.512.48492010
166NoAdaptovateAustraliaManagement Consulting338.463.725.615.801102017
167NoU1GISSouth KoreaIT & Software336.263.43.800.91692006
168NoAustralian Bay Lobster Producers (ABLP)AustraliaAgriculture, Forestry & Fishing335.563.38.081.84621994
169NoKdan Mobile SoftwareTaiwanIT & Software333.363.010.402.402502009
170NoChatPlusJapanIT & Software332.462.93.530.81342016
171YesFood ForceJapanFood & Beverage328.662.43.140.73202015
172NoGoGoChartHong KongAdvertising & Marketing327.862.36.491.52302017
173YesPredictiveThailandIT & Software326.662.24.391.02902012
174NoMannenJapanWaste management & recycling325.862.17.421.73342009
175YesFirst CirclePhilippinesFintech, Financial Services & Insurance321.861.66.501.441112015
176YesNewsystockSouth KoreaFintech, Financial Services & Insurance320.461.43.780.93232011
177NoZen Golf RangeJapanLeisure & Entertainment319.161.212.462.952052015
178YesD. BlentSouth KoreaAdvertising & Marketing316.960.967.4316.82962016
179NoWewe MediaSingaporeAdvertising & Marketing316.260.922.315.3662013
180NoApartmentarySouth KoreaProfessional, Scientific & Technical Services315.560.816.884.22662016
181NoUshino NakayamaJapanAgriculture, Forestry & Fishing314.960.734.958.37431950
182YesDeclaratorsSingaporeLogistics & Transportation308.359.82.700.66512014
183YesCloudWaveAustraliaIT & Software307.459.77.001.71252013
184YesMegaNew ZealandIT & Software305.959.540.457.841362013
185YesBlue WirelessSingaporeMedia & Telecommunications299.858.76.851.70492015
186YesCloudKaptanIndiaIT & Software299.558.77.852.121362014
187NoKabob Retail CloudTaiwanIT & Software298.858.66.181.55392016
188NoeWellJapanIT & Software298.158.510.872.71592012
189YesNorth Star ManagementJapanManagement Consulting295.658.26.091.53142016
190NoThe Bread BlueSouth KoreaFood & Beverage294.258.02.540.67422017
191NoWebEngageIndiaAdvertising & Marketing293.357.913.313.662482010
192YesDelightRoomSouth KoreaIT & Software292.657.811.212.97202013
193NoRobocash GroupSingaporeFintech, Financial Services & Insurance292.257.7318.0781.102,0802013
194NoWash-plusJapanManufacturing290.657.53.961.0152013
195YesGA technologiesJapanReal Estate289.457.3714.08182.275582013
196YesSterling Accuris DiagnosticsIndiaHealthcare & Life Sciences288.957.323.676.589402014
197YesDwarves FoundationVietnamIT & Software287.557.11.640.42582013
198YesSmartworksIndiaReal Estate286.757.053.3314.914242016
199YesInfo-TechSingaporeIT & Software285.856.820.515.28802007
200NoConnect Staffing GroupAustraliaEmployment Services280.056.08.082.114802015
201NoDecomanHong KongEcommerce278.155.84.631.21222015
202NoPluxitySouth KoreaIT & Software275.155.45.071.41472015
203YesAirXJapanAerospace & Defence272.255.01.840.49102015
204YesCyber Security CloudJapanIT & Software271.854.916.564.43782010
205NoConsallinkJapanIT & Software269.954.73.140.84342017
206YesPubliftAustraliaAdvertising & Marketing268.754.537.109.99292015
207NoWeima BuildersSingaporeConstruction & Engineering266.754.236.909.991062017
208YesZifo RnD SolutionsIndiaProfessional, Scientific & Technical Services266.554.268.8520.301,2732008
209YesHeroes of DigitalSingaporeAdvertising & Marketing265.254.03.711.01262015
210YesRenew ITAustraliaIT & Software264.753.925.787.022002008
211YesWorldUtilityJapanAdvertising & Marketing263.853.82.010.55182015
212YesCulture AmpAustraliaIT & Software263.453.7101.5727.957192009
213NoBM Creative CompanySouth KoreaAdvertising & Marketing261.853.51.780.51202017
214YesRelic ChemicalsIndiaChemicals261.853.54.191.2572015
215YesIndiQubeIndiaReal Estate261.053.447.5214.233722015
216YesShiftJapanIT & Software259.653.2419.18115.866,8282005
217NoIre IDSSouth KoreaIT & Software258.553.17.802.26112013
218NoCoinJarAustraliaFintech, Financial Services & Insurance257.953.09.102.52432013
219NoBora PharmaceuticalsTaiwanPharmaceuticals & Cosmetics257.052.8175.5045.557912007
220YesBomsenSouth KoreaAdvertising & Marketing255.052.57.782.28232017
221NoClobotSouth KoreaIT & Software254.752.54.071.19542017
222YesInglewoodJapanEcommerce253.652.3129.2636.341632005
223NoKorea Artiz StudioSingaporeProfessional, Scientific & Technical Services252.452.23.050.86202017
224NoHype & DexterNew ZealandIT & Software246.651.34.531.03392017
225NoPrecision BiosensorSouth KoreaHealthcare & Life Sciences246.351.313.894.17822009
226YesSangacio JapanJapanApparel & Fashion244.051.04.011.1642015
227NoDevoliNew ZealandMedia & Telecommunications243.050.845.9910.54462008
228NoCorekaraJapanIT & Software242.650.813.543.931412012
229YesAir AccountingAUSTRALIAProfessional, Scientific & Technical Services242.050.71.860.54252015
230YesSpaceCloudSouth KoreaReal Estate239.750.32.010.62252013
231NoPost MediaJapanAdvertising & Marketing236.049.87.262.15122014
232YesT&R BiofabSouth KoreaPharmaceuticals & Cosmetics232.049.22.830.89762013
233YesZenGroupJapanEcommerce231.849.193.3227.963032014
234NoSkillLaneThailandEducation & Social Services227.348.56.622.00732014
235NoToyokumoJapanIT & Software226.748.414.374.37402010
236YesSprout Solutions PhilippinesPhilippinesIT & Software226.448.35.381.542092015
237YesSellerhubSouth KoreaIT & Software224.948.110.493.36722012
238YesCIMAustraliaIT & Software224.748.14.861.49432015
239YesRelicJapanIT & Software224.648.114.754.52992015
240NoHyper BrainJapanIT & Software223.747.910.783.31641999
241YesResource CreationJapanAdvertising & Marketing220.647.43.651.13312015
242NoCelemicsSouth KoreaHealthcare & Life Sciences220.447.47.072.29772010
243YesToothlifeSouth KoreaMedia & Telecommunications219.547.36.011.96692014
244NofreeeJapanIT & Software218.447.1131.0340.919162012
245YesArchisoundSouth KoreaProfessional, Scientific & Technical Services217.947.07.492.45102010
246NoSkooldioThailandEducation & Social Services216.846.92.920.91542017
247NoBeyul Accounting CorporationSouth KoreaLegal & Accounting Services215.946.76.882.27472017
248NoInventysIndiaChemicals214.546.523.408.043572005
249NoFinemaThailandIT & Software214.446.51.100.35502017
250YesLasertecJapanManufacturing214.146.5823.50260.556621960
251YesSupportasJapanIT & Software213.246.312.814.071412010
252NoPretzel AustraliaAustraliaFood & Beverage212.946.34.531.442242018
253NoeVidyalokaIndiaProfessional, Scientific & Technical Services211.146.01.490.52532011
254NoClickedSouth KoreaIT & Software210.345.92.320.78192013
255NoYanoljaSouth KoreaHospitality & Travel209.045.7327.63110.241,4182005
256YesGearJapanElectrical Manufacturing208.945.67.892.54682011
257NoMacbee PlanetJapanAdvertising & Marketing207.945.5131.4442.43732015
258YesKenergieIndiaEnergy & Utilities206.545.335.9912.69302004
259NoTDCXSingaporeProfessional, Scientific & Technical Services206.345.2414.33134.2514,7061995
260YesTPMNSouth KoreaAdvertising & Marketing206.245.217.185.83142013
261YesAT Prompt Supply CompanyThailandWholesale202.544.63.821.25152014
262YesBulkings DistributionSingaporeWholesale201.644.512.254.03202017
263YesStealienSouth KoreaIT & Software201.644.55.201.79562014
264Nod’strictSouth KoreaIT & Software201.244.431.5210.881052004
265NoViddseeSingaporeMedia & Telecommunications201.044.44.801.58352013
266YesW-EndlessJapanAdvertising & Marketing200.644.316.045.311072014
267NoWoopNew ZealandFood & Beverage200.544.325.626.70932015
268NoiGlobal Financial ServicesPhilippinesFintech, Financial Services & Insurance198.143.93.981.2582017
269NoOomSingaporeAdvertising & Marketing198.043.98.202.73592006
270YesVision ConsultingJapanManagement Consulting198.043.956.4818.846282014
271NoGlifeSingaporeFood & Beverage197.343.810.443.49802017
272YesIGAWorksSouth KoreaIT & Software196.943.7158.1255.375102007
273YesCapital NumbersIndiaIT & Software194.743.49.343.433002012
274YesWaculJapanAdvertising & Marketing193.043.19.903.36802010
275YesPinch Hitter JapanJapanWholesale191.442.86.372.17812014
276YesInstitution for a Global Society CorporationJapanIT & Software190.342.76.572.25452010
277NoAmpersand AdvisoryMalaysiaAdvertising & Marketing190.142.618.106.39602017
278YesLivewire MarketsAustraliaFintech, Financial Services & Insurance189.442.53.241.11242013
279NoTokyo RoboticsJapanManufacturing188.742.43.011.03412015
280NoWatanabe KyoguJapanManufacturing188.442.32.800.96131962
281NoProgritJapanEducation & Social Services186.041.918.056.271342016
282NoMusai StudiosSouth KoreaLeisure & Entertainment183.841.63.361.23262002
283YesMTP ServicesAustraliaIT & Software183.841.644.1815.451102016
284NoSBWorksJapanIT & Software183.641.56.862.40222016
285NoEcostationJapanWholesale182.941.416.785.90122017
286NoChowa Giken CorporationJapanIT & Software181.941.33.661.29372009
287YesTosyoJapanManufacturing180.841.14.371.55392010
288YesRedhill CommunicationsSingaporeAdvertising & Marketing179.740.95.521.96512014
289NoQuon ChocolateJapanFood & Beverage178.040.67.052.521012012
290NoGlobal Mobility ServiceJapanFintech, Financial Services & Insurance176.940.47.092.552332013
291NoGY AutoJapanRetail176.840.410.513.78162017
292NoelumildJapanRetail174.440.040.1614.55352014
293NoInfonyxAustraliaIT & Software174.039.91.840.67242015
294NoDe CubeJapanManufacturing173.639.92.350.85232004
295YesInnov8tifMalaysiaIT & Software173.439.82.620.98482011
296NoWorddyJapanEmployment Services172.739.73.821.39542014
297NoK&K CorporationJapanIT & Software172.339.67.812.8571998
298YesPrimalThailandAdvertising & Marketing169.039.19.403.461322015
299NoAndes TechnologyTaiwanIT & Software169.039.129.3610.122542005
300NoEqual ConditionJapanFood & Beverage168.539.03.521.30971999
301NoSOS LabSouth KoreaAutomotive168.338.91.000.39542016
302YesYamato InfilinkJapanReal Estate167.138.728.2210.50302015
303NoFlittoSouth KoreaIT & Software166.438.68.163.191162012
304NoShogetsu-RyokanJapanHospitality & Travel164.438.39.723.65581927
305YesTrikonAustraliaMedia & Telecommunications163.238.15.602.111502007
306NoHonestSouth KoreaPharmaceuticals & Cosmetics162.437.92.340.93172016
307NoInfluasiaMalaysiaAdvertising & Marketing162.137.93.021.18902016
308NoIGL CoatingsMalaysiaManufacturing160.437.63.191.26372015
309NoMorimotogumiJapanConstruction & Engineering160.037.510.474.00261973
310YesAhrefsSingaporeIT & Software159.237.485.3332.92392012
311NoEco ExchangeSingaporeWaste management & recycling159.137.31.560.60182013
312YesMetal HeartSouth KoreaRetail157.637.141.0016.5532017
313YesBrightusJapanRetail156.136.82.571.0092017
314NoTechConnect IT SolutionsAustraliaIT & Software155.936.815.876.16452011
315NoIngenious Business SoftwareSingaporeIT & Software154.236.52.581.01152001
316YesLocal DigitalAustraliaAdvertising & Marketing153.636.42.871.12222015
317NoDomaceJapanWholesale152.636.221.658.52172011
318YesPolestarIndiaProfessional, Scientific & Technical Services150.835.97.033.034122012
319NoHotelstorySouth KoreaIT & Software149.735.72.511.05252011
320YesSpark SystemsSingaporeFintech, Financial Services & Insurance149.235.61.530.61502016
321YesLogpressoSouth KoreaIT & Software148.735.54.601.92452013
322YesRoccoco BotanicalsAustraliaPharmaceuticals & Cosmetics148.635.53.121.24202011
323NoAbhidi SolutionMalaysiaIT & Software148.235.42.771.14672011
324NoDirectcloudJapanIT & Software148.035.43.861.55332004
325YesPT&TPhilippinesMedia & Telecommunications147.735.310.103.812491962
326NoACSNew ZealandLogistics & Transportation147.735.342.6513.54412004
327YesCardocSouth KoreaIT & Software147.635.314.235.98712014
328NoEcosmob TechnologiesIndiaIT & Software147.435.22.731.193122007
329NoStudyplusJapanEducation & Social Services146.935.19.363.77712010
330YesArabian PetroleumIndiaManufacturing146.335.025.8411.342002009
331YesBusiness EdgeSingaporeEmployment Services145.234.947.0919.06251996
332YesD&V PhilippinesPhilippinesProfessional, Scientific & Technical Services145.234.811.564.415482012
333YesRsquareSouth KoreaReal Estate143.134.584.9836.354142009
334NoTookitakiSingaporeIT & Software143.034.41.400.581002014
335YesMotoristSingaporeIT & Software141.834.23.511.44532015
336YesDynamo6New ZealandProfessional, Scientific & Technical Services140.233.94.531.48222012
337NoForburyNew ZealandIT & Software140.133.93.661.20282013
338YesSophic AutomationMalaysiaIT & Software138.733.619.898.549862007
339YesXilnexMalaysiaIT & Software138.533.64.261.831272007
340NoBayCurrent ConsultingJapanManagement Consulting137.333.4525.21220.012,6381998
341NoMagnetic AllianceAustraliaManagement Consulting137.133.312.845.37802011
342NoJetSetGoIndiaLogistics & Transportation135.133.034.0015.631302014
343YesInfoBeansIndiaIT & Software134.932.936.7216.891,6042000
344NoSAR ApparelsIndiaApparel & Fashion134.632.96.322.91632013
345NoSurveyCakeTaiwanIT & Software133.132.63.371.341052012
346NoIDHJapanIT & Software130.632.118.708.063072014
347NoIntelorgSingaporeWholesale129.731.9367.04159.82161990
348YesSquare YardsIndiaReal Estate128.431.751.6624.455,4492014
349NoHagiwarasyoutenJapanWaste management & recycling127.831.617.877.80131962
350NoEADJapanMedia & Telecommunications125.931.21.830.8032000
351YesCygnus TrustJapanEnergy & Utilities125.631.219.208.46942011
352NoWin-ProSingaporeIT & Software124.230.92.321.03111993
353NoSolutionwareJapanIT & Software123.930.82.771.23182014
354NoAssertiveJapanAdvertising & Marketing123.530.85.852.60202017
355NoMediSaversMalaysiaFintech, Financial Services & Insurance123.230.723.4510.771251998
356YesTreasure HunterSouth KoreaMedia & Telecommunications123.130.723.5110.951582015
357YesOkkamiThailandIT & Software122.930.61.240.56272016
358NoEverstructionJapanConstruction & Engineering122.930.67.053.15191991
359NoSakurugJapanIT & Software121.530.411.034.95752012
360YesBio-Science MarketingMalaysiaHealthcare & Life Sciences121.130.36.392.96361999
361YesOasis FertilityIndiaHealthcare & Life Sciences120.930.215.687.67902009
362NoSupreme Components InternationalSingaporeWholesale119.730.040.1318.26282001
363NoPS EnergySingaporeEnergy & Utilities119.229.9155.6170.461082008
364YesSikaIndiaAerospace & Defence119.029.913.786.80771985
365NoRT CorporationJapanManufacturing118.929.82.231.01212005
366NoKaptureIndiaIT & Software118.429.72.921.451892011
367NoTokaispiralJapanManufacturing118.329.72.741.25171994
368YesTPI softwareTaiwanIT & Software118.129.720.858.864832005
369YesNuffield Dental HoldingsSingaporeHealthcare & Life Sciences118.029.714.336.521502014
370NoNalbiSouth KoreaIT & Software117.829.61.320.63102015
371NoAutokid Truck SolutionsPhilippinesAutomotive117.429.531.3813.503432014
372NoLighthouse CantonSingaporeFintech, Financial Services & Insurance114.629.011.705.45662014
373NoGeo Energy ResourcesSingaporeEnergy & Utilities114.529.0641.89299.241972008
374YesEverEdge GlobalSingaporeManagement Consulting114.529.05.001.83252007
375YesSinorbisAustraliaAdvertising & Marketing114.428.91.920.89252015
376YesInnovative SolutionsJapanManagement Consulting113.628.85.092.37332014
377YesGatesJapanReal Estate112.328.5107.2250.191202012
378NoSave SolutionsIndiaFintech, Financial Services & Insurance111.928.433.5617.123,4702013
379NoElanTaiwanIT & Software111.928.4656.45287.131,0321994
380NoClinuvel PharmaceuticalsAustraliaPharmaceuticals & Cosmetics111.728.449.4223.17712001
381NoDexterousAustraliaLegal & Accounting Services111.728.42.401.12482015
382NoBildyJapanRetail110.928.225.6012.0792008
383NomomoTaiwanEcommerce110.428.13,166.071,394.523,0812004
384NoIEPLIndiaEducation & Social Services110.328.16.093.135822013
385NoKauvery HospitalsIndiaHealthcare & Life Sciences110.028.172.9537.552,5361997
386NoRedDoorzSingaporeHospitality & Travel109.728.017.238.161,0692014
387YesRegen PowerAustraliaEnergy & Utilities109.628.016.857.98182003
388YesKaradanoteJapanIT & Software109.127.99.134.34432008
389NoLib WorkJapanConstruction & Engineering108.627.8125.3959.753311997
390NoDashboardJapanAdvertising & Marketing107.827.68.113.88102013
391NoLancia ConsultSingaporeManagement Consulting107.727.66.833.26702012
392NoPromocollectionAustraliaWholesale107.127.512.726.10612011
393YesKinara CapitalIndiaFintech, Financial Services & Insurance105.827.239.1320.551,3132011
394YesMoney3AustraliaFintech, Financial Services & Insurance104.927.0141.2668.443082005
395NoQuackQuackIndiaIT & Software104.426.91.790.94242010
396NoUmedicaIndiaPharmaceuticals & Cosmetics104.426.921.3111.276531982
397NoTAGbySouth KoreaAdvertising & Marketing104.226.94.212.14482016
398NoMills InternationalJapanRetail104.026.822.6811.05361997
399YesHotglueAustraliaAdvertising & Marketing103.626.76.823.32422010
400NoAsix ElectronicsTaiwanElectrical Manufacturing103.526.747.2221.50701995
401YesGood Com AssetJapanReal Estate103.526.7311.77152.311022005
402NoCapricoSingaporeWholesale102.726.661.5030.3331985
403YesGig Inc.JapanIT & Software102.426.56.993.431002017
404NoAllied Digital ServicesIndiaIT & Software102.226.465.5735.052,0001984
405NoEasy SignsAustraliaManufacturing100.226.023.6311.721172006
406NoPlain VanillaSingaporeFood & Beverage100.026.04.192.081122011
407NoMimoza ResortJapanReal Estate99.926.02.181.0892007
408NoThirstySingaporeEcommerce99.725.95.142.55152014
409NoForest InteractiveMalaysiaMedia & Telecommunications99.125.811.565.952462006
410NoWealth First Portfolio ManagersIndiaFintech, Financial Services & Insurance99.025.84.222.29692002
411NoPiolinkSouth KoreaElectrical Manufacturing98.625.747.5024.873462000
412NosandollSouth KoreaIT & Software98.425.610.515.51511984
413YesMosChipIndiaIT & Software97.525.519.9710.937351999
414YesNew AimAustraliaEcommerce97.425.4266.82134.162632005
415NoDelta Insurance GroupNew ZealandFintech, Financial Services & Insurance97.325.420.768.28572014
416YesBluconnectionSingaporeChemicals96.425.264.5432.86102009
417NoLuce SGSingaporeProfessional, Scientific & Technical Services95.925.15.842.964202017
418NoEcoyaSouth KoreaWaste management & recycling95.225.032.7517.44222016
419YesFibergateJapanMedia & Telecommunications95.125.096.8149.322312000
420YesSpofeedSouth KoreaIT & Software94.224.810.575.66352013
421NoSourcefitPhilippinesProfessional, Scientific & Technical Services93.624.610.945.299552006
422NoBeyond KeyIndiaIT & Software93.524.64.572.552562005
423NoEscoSystem‘sJapanConstruction & Engineering93.424.626.9813.86732011
424NoGift HoldingsJapanRetail93.324.6122.7863.144862009
425YesQBurstIndiaIT & Software93.124.558.6632.832,9002004
426NoLineJapanAdvertising & Marketing92.624.418.949.77122012
427YesHighland FoodsSouth KoreaFood & Beverage92.524.4720.36389.18631999
428NoDel Trade InternationalIndiaPharmaceuticals & Cosmetics92.124.361.1234.38652010
429YesLiveJapanEmployment Services91.024.14.902.55352014
430Noi3DesignJapanIT & Software90.123.94.512.36392006
431YesOndaSouth KoreaIT & Software89.423.75.623.09772016
432YesMukkaIndiaManufacturing88.523.5104.2359.772322010
433NoMechuJapanIT & Software88.423.51.190.63142014
434NoExcelliance MOSTaiwanManufacturing88.123.498.7548.66832008
435NoRenataJapanIT & Software88.123.44.112.17162016
436NoRealJapanReal Estate87.923.471.1037.61182010
437YesLegaseedJapanEmployment Services87.823.47.303.87772013
438YesGTPLIndiaMedia & Telecommunications87.023.2207.15119.727302016
439NoHemant Surgical IndustriesIndiaHealthcare & Life Sciences86.123.014.028.141501983
440YesLoadstar CapitalJapanReal Estate85.322.8163.2887.58522012
441NoFukuzawa CorporationJapanConstruction & Engineering85.322.830.7216.481161935
442NoSing FuelsSingaporeEnergy & Utilities84.422.6471.18255.54472012
443NoAdactin GroupAustraliaIT & Software84.222.624.5313.222502011
444YesSequretekIndiaIT & Software83.722.54.382.583762013
445NoCortekSouth KoreaManufacturing83.422.4256.31145.283,2101973
446YesShare180JapanReal Estate83.122.32.731.48202014
447NoForthreeJapanAdvertising & Marketing82.422.2115.5062.95772012
448NoWaterfield AdvisorsIndiaFintech, Financial Services & Insurance81.221.94.062.42982011
449YesAproSingaporeProfessional, Scientific & Technical Services80.921.857.2831.431,4001985
450NoRecovery InternationalJapanHealthcare & Life Sciences80.621.810.235.631632013
451YesA3JapanAdvertising & Marketing80.121.715.678.65622008
452NoLegalVisionAustraliaLegal & Accounting Services79.821.620.0611.081422012
453Yes47 HoldingsJapanManagement Consulting79.421.526.0414.421082002
454NoPegavisionTaiwanPharmaceuticals & Cosmetics78.621.3200.40103.971,8182009
455YesOlimPlanetSouth KoreaIT & Software77.821.27.494.38582015
456NoTulsi TeaIndiaFood & Beverage77.621.125.1015.281391981
457YesExcess2sellIndiaEcommerce77.121.014.348.75182016
458YesFireworksJapanRetail76.120.87.534.25652013
459NoA&D InternationalIndiaManufacturing76.020.73.882.382032007
460YesCBJapanManagement Consulting75.520.611.436.48152015
461NoLiving PlatformJapanEducation & Social Services75.420.6105.9260.022,5172011
462NoMaptrascoSingaporeWholesale74.820.5125.8171.9781985
463NoFrontierJapanWholesale74.020.32.971.70112015
464NoSeagull PharmaIndiaPharmaceuticals & Cosmetics73.620.211.697.284091984
465YesRicksoftJapanIT & Software73.520.239.2622.49872005
466YesDoctorQubeJapanIT & Software73.020.115.638.981452001
467YesBizMowJapanProfessional, Scientific & Technical Services72.419.91.791.03732008
468NoShipwaves OnlineIndiaLogistics & Transportation72.419.97.834.91272015
469NoChemcrux Enterprises LimitedIndiaChemicals72.419.912.898.08911996
470YesSatellite OfficeAustraliaEmployment Services72.119.822.0912.741,0042013
471NoSun Fashion Corp.JapanWholesale72.119.810.906.30171975
472NoNoah TradingJapanEcommerce71.519.795.8955.59352010
473NoVeat Law FirmSouth KoreaLegal & Accounting Services71.319.73.382.05252017
474NoAsia ExcelSingaporeRetail71.219.68.895.15182001
475NoMaheshwari MiningIndiaMetal & Mining70.719.541.2026.091,9001972
476NoSG AnalyticsIndiaManagement Consulting69.819.323.8415.186672007
477YesApparentAustraliaAdvertising & Marketing69.119.118.2810.731262008
478YesAVerMediaTaiwanElectrical Manufacturing68.319.0168.8692.972251990
479YesKMC SolutionsPhilippinesProfessional, Scientific & Technical Services67.518.8115.9264.733,8822010
480NoSuresoft TechnologiesSouth KoreaIT & Software66.918.632.2720.103332002
481YesThe Curtain BoutiqueSingaporeManufacturing66.818.66.293.74482014
482NoValuence HoldingsJapanWholesale66.618.5478.48285.548732011
483YesOrbitRemitNew ZealandFintech, Financial Services & Insurance66.218.415.027.11432008
484YesMLION CorporationSingaporeWholesale65.918.4106.5464.21302011
485NoInsourceJapanEmployment Services65.418.368.3541.085252002
486NoUFlexIndiaManufacturing65.018.21,775.861,163.518,2551988
487YesBestonAustraliaFood & Beverage64.818.1105.0463.282232014
488NoDbind Wire ProductsIndiaManufacturing62.817.62.871.911002013
489NoUnicapitalPhilippinesFintech, Financial Services & Insurance62.717.63.612.08711976
490NoPhenikaaVietnamManufacturing62.417.5241.52152.363,3102010
491NoSupplycartMalaysiaIT & Software61.817.41.230.78112016
492NoMirai WorksJapanEmployment Services61.817.444.7227.47982012
493NoMAtekTaiwanProfessional, Scientific & Technical Services61.517.3120.3869.079502002
494NoFantas technologyJapanReal Estate61.317.3158.5697.721432010
495NoLotesTaiwanElectrical Manufacturing60.817.2765.89441.388,5001986
496NoGreen Light WorldwideAustraliaProfessional, Scientific & Technical Services59.016.765.0040.574662007
497NoiMetalMalaysiaManufacturing58.516.66.254.04302013
498NoWillplus HoldingsJapanRetail58.216.5371.54233.395722007
499NoBitzMalaysiaEmployment Services57.616.47.124.634662006
500YesB-Light NeoJapanConstruction & Engineering57.216.324.4615.46192016
  • * Companies marked with an asterisk had less than 12 months of revenue in the 2018 financial year, but still passed $100,000 revenue.

  • ** Companies marked with a double asterisk have their revenue 2021 annualised due to a change of fiscal year.

  • *** Company has been acquired after the relevant timeframe.

  • **** Company had a misquoted 2017 revenue in High-Growth Companies Asia-Pacific 2022 and would have been ranked at 71 in the 2022 list with the correct revenue.

(continued)
Geopolitical tensions between Washington and Beijing have also prompted businesses and investors to reroute capital to south-east Asia from China, which is not included in our ranking due to difficulties in verifying data. Foreign direct investment flows to the region climbed 44 per cent to $175bn in 2021, according to the UN. But there has been a global pullback as the impact of the pandemic continues to reverberate and, despite reforms, many markets in the Asia-Pacific retain a reputation for risk.

This was highlighted again this month when allegations by a US short seller of fraud and stock market manipulation at Indian conglomerate Adani Group sparked a market sell-off. Its billionaire owner Gautam Adani has dismissed the claims and sought to reassure investors, but there are concerns over the impact on wider foreign investment in the country. This is among the topics that will be discussed in a special report to accompany this ranking to be published on April 16.

India needs to attract additional investment to help create the jobs promised in a recent business-friendly budget. But it has some way to catch up with Japan in the FT ranking, which accounts for 136 fast-growing companies on the list versus 73 for India, which ranks fourth on this measure. South Korea sits in second place with 78 companies, followed by Singapore with 75 groups.

Singapore is home to this year’s top-ranked company: Rex International Holdings. The oil and gas exploration company leads the list with an impressive 630.17 per cent compound annual growth in revenue over the three years to 2022, buoyed by higher oil prices. The minimum CAGR needed to qualify for the ranking was 16.3 per cent, down from last year’s 18.1 per cent.

IT and software accounts for the largest number of companies in the ranking by far, at some 26.4 per cent, versus 8 per cent for advertising and marketing, the next most represented industry.

Tokyo leads the city rankings with 82 companies, followed by Singapore with 75 and Seoul with 60 groups on the list.

This 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 other reasons.

Of those that did share and verify their revenues, the 500 fastest-growing are listed in the table. Readers can filter the ranking by country, sector or revenue.

Methodology

Asia-Pacific High-Growth Companies 2023 is a list of the 500 companies in the Asia-Pacific region that achieved the highest percentage growth in revenues between 2018 and 2021.

The ranking was created through a complex procedure. Although the search was extensive, the ranking does not claim to be complete, as some companies did not want to make their revenue 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 and email.

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.

The application phase ran from June 2022 to January 2023. The submitted revenue figures had to be certified by the company’s chief financial officer, chief executive, or a member of its executive committee.

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 2018 (or currency value equivalent as of 2018);

  • Revenue of at least $1m generated in 2021 (or currency value equivalent as of 2021);

  • Revenue growth between 2018 and 2021 that was primarily organic (ie “internally” generated).

  • 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.

Calculation of growth rates

The calculation of growth rates is based on the revenue figures submitted by the companies in their respective national currencies. For better comparability in the ranking, the revenues were converted into US dollars. The annual average exchange rates in 2018 and 2021, respectively, were used for this purpose.

The compound annual growth rate (CAGR) was calculated as follows: ((revenue2021 / revenue2018 )^(1/3)) — 1 = CAGR. The absolute growth between 2018 and 2021 was calculated as follows: (revenue2021 / revenue2018) — 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 annual growth rate required to be included in the ranking this year was 16.3 per cent

Copyright The Financial Times Limited 2024. All rights reserved.
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