THE Q1 2015 ASIA TECH REPORTA data-driven review of Q1 2015’s financing activity to VC-backed Asian Tech companies.

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TABLE OF CONTENTS

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Highlights 4Financing Trends 6China BreakdownIndia Breakdown

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Q1 2015 ASIA TECH HIGHLIGHTS

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Q1 2015: $4.8B ON 247 DEALS – ASIA STILL ON FIREAfter a blowout Q4’14 which featured six $500M+ rounds, Asian VC-backed tech companies came slightly back down to earth, raising $4.8B on 247 deals. The funding total is still the second highest total since 2013, up 95% versus the same quarter a year prior.

SEQUOIA CAPITAL IS MOST ACTIVE IN Q1’15Sequoia Capital, which includes all of their Asian affiliates, was the most active investor in Asian VC-backed Tech companies. The fund’s China arm invested in four $100M+ rounds to companies including Ele.me and Zhaogang, among others. IDG Ventures and Matrix Partners rounded out the top 3.

INDIA AND CHINA LEAD TECH ACTIVITY IN Q1’15India outpaced China in Q1’15 for VC-backed Tech investments, with 69 in Q1’15 versus China’s 66. India saw the most deal growth of the top countries, at 60%. Overall the top 3 countries accounted for 66% of all deals to VC-backed Tech companies in Asia in Q1.

KUAIDI DACHE, CHINA DOMINATE TOP DEALSCar-hailing company Kuaidi Dache, which merged with DiDi Dache in February, was the top deal to an Asian VC-backed Tech company in Q1’15. China dominated the top deals, with 12 of the 15 largest deals of the quarter.

SERIES A DEAL SIZES REACH FIVE-QUARTER HIGHSeries A deal sizes reached five-quarter highs on both a median and average basis. Multiple $50M+ rounds drove the average to $10.6M, while the median round size edged up slightly to $5.55M.

BEIJING IS DOMINANT CHINESE CITYBeijing dominated all Chinese cities in deals and dollars in Q1’15 with 2 of the top 5 deals (Uxin Pai, Cheyipai). Hangzhou was buoyed by Kuaidi Dache’s $600M round, which valued the car-hailing company at $8.75B.

CHINA FUNDING REMAINS ABOVE $2B FOR THIRD STRAIGHT QUARTERAfter a massive Q4’14 which featured five $100M+ rounds and 82 deals, Q1’15 saw just under $3B raised, up 69% versus the same quarter a year prior. Deals fell for the second straight quarter, however funding was supported by large rounds, as Q1’15 saw over ten $100M+ financings to VC-backed Chinese Tech companies.

INDIA TECH DEAL ACTIVITY REACHES NINE-QUARTER HIGHSInvestment into VC-backed Indian Tech companies topped $1B for the third straight quarter, reaching $1.36B in Q1’15, up 225% versus the same quarter a year prior. While funding was down slightly versus Q4’14, deals reached their highest point since 2013 growing 60% vs. Q1’14 to 69.

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Greg BaeInvestments & Biz DevComcast Ventures

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Ian SigalowPartnerGreycroft Partners

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Nate D’AnnaCorporate DevelopmentCisco

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Will PorteousGeneral PartnerRRE Ventures

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Q1 2015 ASIA TECH FINANCING TRENDS

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Q1 2015: $4.8B ON 247 DEALS – ASIA STILL ON FIREAfter a blowout Q4’14 which featured six $500M+ rounds, Asian VC-backed tech companies came slightly back down to earth, raising $4.8B on 247 deals. The funding total is still the second highest total since 2013, up 95% versus the same quarter a year prior.

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SEQUOIA CAPITAL IS MOST ACTIVE IN Q1’15Sequoia Capital, which includes all of their Asian affiliates, was the most active investor in Asian VC-backed Tech companies. The fund’s China arm invested in four $100M+ rounds to companies including Ele.me and Zhaogang, among others. IDG Ventures and Matrix Partners rounded out the top 3.

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Rank Investor Rank Investor

1 Sequoia Capital 9 Shunwei Fund

2 IDG Ventures 10 GREE Ventures

3 Matrix Partners 10 Nexus Venture Partners

4 East Ventures 10 Mizuho Capital

5 Tiger Global Management 10 India Quotient

6 500 Startups 10 B Dash Ventures

7 SAIF Partners 10 GGV Capital

7 Helion Venture Partners 10 SMBC Venture Capital

Most Active Investors in Asian Tech: Q1'15

INDIA AND CHINA LEAD TECH ACTIVITY IN Q1’15India outpaced China in Q1’15 for VC-backed Tech investments, with 69 in Q1’15 versus China’s 66. India saw the most deal growth of the top countries, at 60%. Overall the top 3 countries accounted for 66% of all deals to VC-backed Tech companies in Asia in Q1.

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Where is all this data from?The CB Insights platform has the details on each and

every deal in Q1 2015. That includes all of the 247 financings in this report.

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LATE-STAGE DEALS FALL TO 5%Early-stage deal share continued to dominate in Q1’15, hovering above 60% for the fifth straight quarter. While most rounds were range-bound, late-stage (Series D – Growth Equity / Private Equity) deals accounted for just 5% of all deals, their lowest figure since Q1’14.

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NINE-FIGURE ROUNDS DOMINATE FUNDING TRENDA slew of $100M+ rounds dominated the dollar share in Q1’15. Series C rounds took the highest share, at 23%, as To8to, Uxin Pai, and Lamabang all raised $100M+ rounds. Series E+ rounds saw their lowest dollar share since Q1’14 at 20%, despite Kuaidi Dache’s $600M Series E financing.

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SEED DEAL SIZES STAY AT $1M IN Q1’15Median seed deal sizes to VC-backed Asian Tech startups were at $1M for the second quarter in a row. Average seed deal size was relatively range-bound at $1.07M for the second straight quarter.

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SERIES A DEAL SIZES REACH FIVE-QUARTER HIGHSeries A deal sizes reached five-quarter highs on both a median and average basis. Multiple $50M+ rounds drove the average to $10.6M, while the median round size edged up slightly to $5.55M.

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KUAIDI DACHE, CHINA DOMINATE TOP DEALSCar-hailing company Kuaidi Dache, which merged with DiDi Dache in February, was the top deal to an Asian VC-backed Tech company in Q1’15. China dominated the top deals, with 12 of the 15 largest deals of the quarter.

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Company Country Amount ($M) Round Select Investors

Kuaidi Dache China 600 Series E Farallon Capital Management, Coatue Management

One97 Communications India 575 Corporate Minority Alibaba Group, Ant Financial Services Group

Ele.me China 350 Series E Sequoia Capital China, Tencent, CITIC Capital Private Equity

To8to China 200 Series C Sequoia Capital China, Matrix Partners China, 58.com

Uxin Pai China 170 Series C Tiger Global Management, Baidu, Coatue Management

Olacabs India 126 Convertible Note Helion Venture Partners, Accel Partners, Tiger Global Management

Cheyipai China 110 Series D Morningside Group, Sequoia Capital China, Matrix Partners China

Lamabang China 100 Series C Morningside Group, Matrix Partners China,

17zuoye China 100 Series D Digital Sky Technologies, Temasek Holdings,

HuiMin.cn China 100 Series A CITIC Capital Private Equity, GP Capital

BeiBei China 100 Series C IDG Capital Partners, New Horizon Capital, Banyan Capital

Zhaogang China 100 Series D Sequoia Capital China, IDG Capital Partners, Matrix Partners China

Clues Network India 100 Series D Tiger Global Management, Helion Venture Partners

Apus Group China 100 Series B Redpoint Ventures, QiMing Venture Partners

Kiqiji Information Technology China 100 Series D Undisclosed Investors

Top Asia VC-Backed Tech Deals: Q1'15

Q1 2015 COUNTRY BREAKDOWN - CHINA

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CHINA FUNDING REMAINS ABOVE $2B FOR THIRD STRAIGHT QUARTERAfter a massive Q4’14 which featured five $100M+ rounds and 82 deals, Q1’15 saw just under $3B raised, up 69% versus the same quarter a year prior. Deals fell for the second straight quarter, however funding was supported by large rounds, as Q1’15 saw over ten $100M+ financings to VC-backed Chinese Tech companies.

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BEIJING IS DOMINANT CHINESE CITYBeijing dominated all Chinese cities in deals and dollars in Q1’15 with 2 of the top 5 deals (Uxin Pai, Cheyipai). Hangzhou was buoyed by Kuaidi Dache’s $600M round, which valued the car-hailing company at $8.75B.

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Cities Deals Dollars ($M) Company Amount ($M) Round

Beijing 31 1144.2 Kuaidi Dache 600 Series E

Shanghai 13 534 Ele.me 350 Series E

Shenzhen 4 310 To8to 200 Series C

Hangzhou 4 750 Uxin Pai 170 Series C

Cheyipai 110 Series D

Top China Tech Cities: Q1'15 Top China Tech Deals: Q1'15

MATRIX, SEQUOIA, & IDG ARE MOST ACTIVE IN CHINAMatrix Partners, Sequoia Capital, and IDG Ventures were the most active investors in Chinese Tech companies in Q1’15, with the bulk of their investments coming post-Series A. All three invested in Zhaogang’s $100M Series D.

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Rank Investor Rank Investor

1 Matrix Partners 5 New Horizon Capital

1 Sequoia Capital 5 Redpoint Ventures

1 IDG Ventures 5 Bertelsmann Asia Investments

4 Shunwei Fund 5 Lightspeed China Partners

5 CITIC Capital Private Equity 5 Banyan Capital

5 Coatue Management 5 Jingdong

5 Morningside Group

Most Active Investors in China Tech: Q1'15

Q1 2015 COUNTRY BREAKDOWN - INDIA

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INDIA TECH DEAL ACTIVITY REACHES NINE-QUARTER HIGHSInvestment into VC-backed Indian Tech companies topped $1B for the third straight quarter, reaching $1.36B in Q1’15, up 225% versus the same quarter a year prior. While funding was down slightly versus Q4’14, deals reached a nine-quarter high, growing 60% vs. Q1’14 to 69.

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BANGALORE LEADS IN DEALS. PAYTM IS BIGGEST DEALBangalore led all Indian cities in deal activity, due to the city’s booming early-stage activity. Mumbai was second in deals, and first in dollars among the top cities, as both Olacabs and FreeCharge call India’s most populous city home. One97 Communications, the parent company of mobile commerce platform Paytm was the biggest deal in Q1’15, raising $575M from Alibaba at a $2B valuation.

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Cities Deals Dollars ($M) Company Amount ($M) Round

Bangalore 19 147 One97 Communications 575 Corporate Minority

Mumbai 14 277.12 Olacabs 126 Convertible Note

Gurgaon 8 161.38 Clues Network 100 Series D

New Delhi 4 66.9 FreeCharge 80 Series C

CarDekho 50 Series B

Top India Tech Cities: Q1'15 Top India Tech Deals: Q1'15

SEQUOIA CAPITAL IS MOST ACTIVESequoia Capital was the most active investor in India Tech in Q1’15. Sequoia participated in 3 of the 6 largest deals of the quarter to FreeCharge, CarDekho, and NewsHunt. Tiger Global Management was the second most active investor, with multiple early-stage deals to companies including Grofers, News in Shorts, and MoonFrog Labs, among others.

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Rank Investor Rank Investor

1 Sequoia Capital 7 India Quotient

2 Tiger Global Management 8 Nexus Venture Partners

3 IDG Ventures 8 Accel Partners

4 Helion Venture Partners 8 Blume Ventures

4 Matrix Partners 8 Kae Capital

6 SAIF Partners 8 Kalaari Capital

Most Active Investors in India Tech: Q1'15

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Where is all this data from?The CB Insights platform has the details on each and

every deal in Q1 2015. That includes all of the 247 financings in this report.

Some of our happy customers

25

“Designed by a VC insider who truly knows the space and understands end-user needs.”

Greg BaeInvestments & Biz DevComcast Ventures

Jack LeeneyPortfolio ManagerTelefonica Ventures

“CB Insights are changing the way investors access private company information.”

Kevin DiestelInvestorSapphire Ventures

“We've found CBI to have the best data for the most accurate market view.”

“They have the best quality data in the market for anyone looking to get an inside look at private company financings.”

Ian SigalowPartnerGreycroft Partners

“CB Insights' intuitive user interface, analytical capabilities, and detailed investment information create a very powerful tool for our team's research needs.”

Nate D’AnnaCorporate DevelopmentCisco

“We track dealflow, understand valuation multiples, analyze industry trends and identify comparable companies. It is great to see CB Insights innovating in the venture capital data space.

Will PorteousGeneral PartnerRRE Ventures

25

The most publicly reference’able customers of anyone in the industry. Read more at www.cbinsights.com/customer-love

METHODOLOGY – WHAT’S INCLUDED? WHAT’S NOT?We encourage you to review the methodology and definitions employed by us to better understand the numbers presented in this report. If you have any questions about our definitions or methodological principles, we encourage you to reach out to us directly.

What is included?• Equity financings into Asia-based VC-backed Tech companies. • Fundings of only private companies. Public companies of any kind on any

exchange (including Pink Sheets) are excluded from our numbers even if they received investment by a venture firm(s)

• Companies must be headquartered in Asia. Our geographic data is based on the country where the company receiving investment is headquartered. If a company has a satellite office/presence in multiple cities or was founded in a particular city but has moved its HQ, our results reflect only this HQ address.

• Only include the investment made in the quarter for tranched investments. If a company does a second closing of its Series B round for $5M and previously had closed $2M in a prior quarter, only the $5M is reflected in our results.

• Round #s reflect what has closed –not what is intended. If a company indicates the closing of $5M out of a desired raise of $15M, our numbers reflect only the amount which has closed.

• Only verifiable fundings are included. Fundings are verified via (1) various federal & state regulatory filings (2) direct confirmation with firm or investor or (3) press release.

• Funding close date matters. Fundings are provided based on funding close date and not on announcement date.

What is not?• No contingent funding. If a company receives a commitment for $20M subject to

hitting certain milestones but first gets $8M, only the $8M is included in our data.• No business development/R&D arrangements whether transferable into equity now,

later or never. If a company signs a $300M R&D partnership with a larger corporation, this is not equity financing nor is it from venture capital firms. As a result, it is not included.

• Buyouts, Consolidations and Recapitalizations. All three of these of transaction types are commonly employed by private equity firms and are tracked by CB Insights. However, they are excluded for the purposes of this report.

• Private placements. These investments also known as PIPEs (Private Investment in Public Equities) even if made by a venture capital firm(s) are not included.

• Debt/loans of any kind (excluding convertible notes). Venture debt or any kind of debt/loan issued to emerging, startup companies even if included as an additional part of an equity financing is not included. If a company receives $3M with $2M from venture investors and $1M in debt, only the $2M is included in these statistics.

• Government funding. Grants, loans, equity financings by the federal government, state agencies or public -private partnerships to emerging, startup companies are not included.

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