We believe Circles.Life may have become Singapore's newest unicorn thanks to recent investment from Warburg Pincus. We can use relatively conservative math to reach a US$1bn+ valuation based on just 5% market share in Singapore and Taiwan.
Taiwan's telco market size is triple that of Singapore's. This means that a 5% market share would equate to US$300mn in annual revenue for Circles.Life. If we assume that Circles.Life can achieve a market value equal to three times its revenue (a P/S multiple of 3) then with 5% of Singapore and 5% of Taiwan, Circles.Life could achieve a US$1.2bn market valuation. (US$400m x 3).