17 November 2022, Mumbai:
Despite Challenging Global Macro Environment, Reiterates Positive Outlook on SOPA Based on Strong Revenue Generation and Compelling Valuation.
About Society Pass Inc
Founded in 2018 as a data-driven loyalty, fintech, and e-commerce ecosystem in the fast-growing markets of Vietnam, Indonesia, Philippines, Singapore, and Thailand, which account for more than 80% of the SEA population.
Significant year-on-year revenue growth in 3Q 2022. 3Q22 revenue of $2.1M increased significantly from $84K in the prior year's quarter.
A positive view of the early stages of building a SEA e-commerce company. Luxury store, Leflair provides luxury goods online. Additional businesses include online delivery companies Handycart and Pushkart (bought during 1Q22), as well as Gorilla Networks, a telecom MVNO (early June 2022).
Challenging macro environment, yet positive on micro company business plan. Maxim factors in a more challenging macro environment impacting Society Pass' end markets and notes that Sea Ltd (SE - NR), SE Asia's largest internet company.
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