Keep pulling the thread on Daniel Mahncke.
Free Fire was the world's most downloaded mobile game from 2019 to 2021.
At its peak in mid-2021, Free Fire had over 150 million daily active users.
Shopee first turned profitable in 2023, earning approximately $500 million in profit on a revenue base of over $16.5 billion.
Shopee's market share fight in Brazil was effectively subsidized by profits from Sea Limited's mobile game business, Garena.
Sea Limited's fintech arm, Monee, has a 90-day non-performing loan (NPL) ratio of 1.1%.
Sea Limited does not disclose net charge-offs or a clear net interest margin for its lending business, making it difficult to calculate a risk-adjusted spread.
Shopee holds a gross merchandise value (GMV) market share of slightly over 50% in Southeast Asia.
TikTok Shop's Southeast Asian GMV grew to $16 billion in 2023, a near-quadrupling from the previous year.
The combined entity of TikTok Shop and Tokopedia holds about 28% of Southeast Asian platform GMV, second only to Shopee.
In early 2024, TikTok Shop's GMV growth in Southeast Asia was about 70% year-over-year, but by late 2024, that number dropped to 30%.
In 2022, India banned the game Free Fire as part of a crackdown on apps with perceived Chinese ties.
Shopee currently has a 15% market share in Brazil, while MercadoLibre has a 35-40% share.