This Philippine Company Is the Fastest Growing Company in All of Asia-Pacific
Great Deals E-Commerce is one of the Philippines’ most successful homegrown startups, and it now holds the title of the Asia-Pacific region’s fastest-growing company. Great Deals, which was founded by CEO Steve Sy, was ranked as the top company on the Financial Times’ annual ranking “Asia-Pacific High-Growth Companies 2022.”
The Philippine e-commerce company topped the list with an astronomical absolute growth rate of 30,135 percent, beating out companies from South Korea, Japan, Singapore, Taiwan, Thailand, Australia, India, and more. In second place was PCL Inc., a pharmaceuticals company from South Korea, which accomplished only a third of Great Deals’ growth rate.
According to FT’s data, in collaboration with data company Statista, Great Deals grew its revenues from a mere $290,000 in 2017 to $88.77 million in 2020, resulting in a compound annual growth rate of 571.2 percent.
Great Deals is an end-to-end e-commerce enabler, solutions provider, and online distributor. Sy’s family used to sell items in Divisoria, and decades later, he’s taken that entrepreneurial spirit with him all the way to the top.
“When I started Great Deals, it was built to last, not built to sell. Iba yung mindset,” said Steve Sy in a 2020 interview with Esquire Philippines. “All of our decisions have been for sustainability.”
Other Filipino companies joining Great Deals in FT’s top 50 were the tech company Inteluck at number 10, fashion company Stylist in Pocket Technologies at number 35, and financial services company First Circle at number 48. Also ranked in the list were: Converge, Sprout Solutions, Penbrothers, KMC Solutions, Mercantile Insurance, D&V Philippines, PT&T, CHSI, Clixlogic, Sta. Lucia, and China Bank. A total of 15 Philippine companies made it to FT’s prestigious list.
In comparison, Japan had the most entries in this year’s list with 168 Japanese companies, followed by India with 97 companies, and Singapore with 61 companies. But the number one spot went to the proudly Philippine e-commerce company Great Deals.
In a public post, founder Steve Sy exclaimed his joy over the news, sharing that the results are “truly a testament of the resiliency of the Filipinos. This is truly a big win for our nation.”
While comprehensive, FT’s list doesn’t claim to be complete as some companies opted out of the list and others did not disclose their figures to the public.