1) FY2017 revenue is 1.727M USD on costs of 31.5M USD or so! Super huge expansion in costs! TIA has a good analysis on numbers at :
2) June 2018, raised a further Series C 85M USD from rakuten and a bunch of investors. Price per share is 14.925 USD. DBS also participated. Market cap post money is about 27,031M shares x 14.925= US$403M USD. Founders ordinary shares of 2.6728M are worth on paper about US$40M before all the coupons and liquidity preferences. Each about 9.9% each before options.
3) With the dramatically increased cost and revenues not really growing, we are looking at 3 year runway if no more rounds. It is extremely critical to see how revenues grow this year. I would argue 2018 (or if kind investors, 2019) is a crunch year for management to prove they can monetize and grow into the 400M valuation. At 400M valuation it means their revenues should be at least 30-40M USD annually and growing rapidly.
Edit: James has reached out to say Quest came in pre-seed. Very likely since it is ordinary shares. It also means their multiple on paper is higher than 47 times!
Mobile marketplace carousell just announced a 35.8m usd round valuing themselves at about 236m usd or about 320m sgd. this is probably the largest pre revenue valuation i have ever seen in this region and is testimony to their rapid growth and probably cheap money driving valuations.