The Philippine arm of online shopping portal Lazada was the top grossing internet startup in the Philippines, according to a list by Forbes Philippines Magazine.
Forbes ranked Lazada as the leading startup in terms of gross revenue with P1.1 billion in reported earnings in 2014.
Mobile content provider Entertainment Gateway, which recorded P853.9 million revenues in 2014, came second, followed by fashion e-commerce company Zalora at P465.9 million, with online remittance company iRemit in third place with P453.6 million, and mobile content provider Xurpas fourth with P331.8 million.
Forbes collected the data of 200 startups from the Department of Science and Technology (DOST), as well as various incubators, venture capital funds, and other sources. The DOST published a Roadmap for Digital Startups in August 2015.
Only startups registered with the Securities and Exchange Commission (SEC) and those that reported gross revenue of at least P1 million based on 2014 financial statements were on the list, which came down to 46 companies.
Several companies on the list are quite popular among internet users, but this is likely the first time that a comparison has been made in terms of income and revenue, Forbes noted.
The list also indicated which companies have undergone exits, either through an initial public offering (IPO) or share sale and the valuation at the time of the exit.
Among the best-known startups on the list are the local companies behind the ride-hailing apps Grab and Uber, both services introduced in 2013. Grab made P85 million in gross revenue in 2014 and Uber posted P39 million.
Rappler, a social news network, more than doubled its revenue to P116 million in 2014.
Startups based outside Metro Manila are nevertheless on the list include Caresharing, the medical app for doctors; jobs portal Mynimo.com; and voice and text campaign provider engageSPARK.
Three other startups on the list are in Cebu City, which hosts a growing number of startups in search of a large talent pool and affordable cost of living.
Startups in financial services, gaming, real estate, education, and software development round up the list.
Forbes noted the 46 startups on average recorded a 134 percent increase in revenue year-on-year. But about half of the companies were also losing money, a hardly surprising phenomenon for many startups.