The GGV Capital Digital Economy Index looks at the IRR of publicly-traded ecommerce companies that are shaping economic performance in consumer industries ranging from ecommerce, fintech, education technology, food technology, wellness and health tech, and more.

1. Digital Economy Index
July 2020

2. 2
Digital Economy Index
We created this index to analyze and highlight the shift towards
a world where every sector is transformed. We focus in through
a consumer lens, on how each part of their lives from wellness,
entertainment, shopping, to personal productivity is reimagined.
While the term “Digital Economy” was first used 25 years ago by
Don Tapscott, we believe that this past decade’s technological
advances and especially covid-19 have sped up adoption.
In this first series, we will take a look at how this is reflected in
the public markets and which companies have benefitted from
these tailwinds. Later, we will dive into the the private markets
to complete the story and continue the conversation.
Overview
In every market across the world, the
explosion of consumer connectivity has
ramifications across their personal and
professional lives.

3. 3
Digital Economy
Smartphone adoption: While the iPhone
was released in 2007, it wasn’t until 2009
where iPhone models were released in all
major markets. By 2010, 20% of the US
had smartphones. This number rose to
59% in 2015 and 80% in 2019.
Mobile Payments: In early 2014, WeChat
introduces virtual red envelopes, propelling
user adoption of WeChat Pay on mobile. A
month after its launch, WeChat Pay’s user
base expands from 30M to 100M users. In
2019, WeChat Pay reaches 800M active
users.
Apple introduced Apple Pay in Oct 2014
and now reaches 400M+ users worldwide.
Despite a slow start, it has now gained
traction in the US, overtaking Starbucks as
the most popular mobile wallet with 30M
users versus 25M Starbucks users in 2019.
Covid-19 spawns a set of challenges that
shakes the global economy. Every sector’s
status quo is questioned and their flaws are
exposed, from the healthcare industry to
education industry. Life is now reimagined
and technology is paving the way from
contactless payments to food and grocery
delivery as people have to adopt a new life.
Major Catalysts

4. 4
2020 YTD Market Performance as of July 13, 2020 (Broad Indexes Vs. Digital Economy Index)
COVID-19 Impact in the Markets and the Digital Economy Index (and its categories)
The Digital Economy Index
44%
45%
54%
35%
79%
52%
35%
129%
151%
51%
73%
51%
70%
48%
69%
91%
50%
87%
142%
70%
Edtech
Fintech
Ecommerce & Retail Tech
PropTech
FoodTech
Personal Product./Future of Work
Social/Entertainment
Transportation
Wellness & Healthtech
Total Digital Economy Index
Equal Weight Market Weight
70%
51%
16%
-9%
-2%
Dig. Econ
Index
(Equal-Weight)
Dig. Econ
Index
(Market-Weight)
NASDAQ Dow Jones S&P 500

5. 5
Performance as of July 13, 2020
The Digital Economy Index (Cont’d)
But the Digital Economy shift has been happening for a while...and it has always outperformed
33% 31% 31%
55%
51%
30%
56%
49%
80%
70%
17% 15% 18%
26%
16%
11% 8% 9%
5%
-2%
10% 8% 7%
-5%
-9%
10YR IRR 5YR IRR 3YR IRR 1YR IRR 2020 YTD
DGEcon (Market Weight) DGEcon (Equal Weight) NASDAQ Dow Jones Index S&P 500
Equal-Weight
Performance % (# of Cos.)
10YR IRR 5YR IRR 3YR IRR 2020 YTD
Edtech (5) 19% 49% 36% 73%
Fintech (10) 38% 31% 90% 51%
Ecommerce &
Retail Tech (36)
24% 67% 46% 70%
PropTech (2) N/A 17% 9% 48%
FoodTech (7) N/A 27% 54% 69%
Personal Product./
Future of Work (6)
28% 33% 38% 91%
Social/Entertainment (15) 32% 23% 18% 50%
Transportation (6) 55% 42% 72% 87%
Wellness &
Healthtech (4)
N/A 48% 85% 142%
Total Portfolio (91) 30% 56% 49% 70%
Dow Jones 11% 8% 9% -2%
S&P 500 10% 8% 7% -9%
NASDAQ 17% 15% 18% 16%

6. 6
E-Commerce Has Been a Huge Driver of Long-Term Value Creation
Combined E-Commerce Segment (36 Companies across various countries) delivered over ~25% returns across all analyzed time periods
Rank Company
Current Mkt Cap
(US$MM) as of
13-Jul-20
HQ IPO Year 10YR IRR 7YR IRR 5YR IRR 3YR IRR 2YR IRR 1YR IRR 2020 YTD
Ecommerce & Retail Tech (Equal Weight) 24% 42% 67% 47% 33% 77% 70%
Ecommerce & Retail Tech (Market Weight) 32% 34% 34% 33% 26% 62% 54%
Gold MercadoLibre 48,814 Argentina 2007 32% 36% 49% 53% 73% 52% 72%
Gold Magazine Luiza 24,480 Brazil 2011 N/A 99% 194% 157% 126% 178% 69%
Bronze B2W Companhia Digital 11,518 Brazil 2007 16% 47% 43% 113% 104% 212% 87%
Gold Shopify 115,362 Canada 2015 N/A N/A 100% 118% 141% 212% 144%
Gold Alibaba Group 710,097 China 2014 N/A N/A 25% 19% 15% 49% 19%
Rising Star Pinduoduo 105,726 China 2018 N/A N/A N/A N/A N/A 361% 133%
JD.com 102,542 China 2014 N/A N/A 13% 15% 28% 100% 77%
Xiaomi Technology 52,922 China 2018 N/A N/A N/A N/A -11% 81% 58%
Silver SF Holding 42,242 China 2016 23% 41% 40% 10% 22% 96% 79%
Gold ZTO Express (Cayman) 29,004 China 2016 N/A N/A N/A 33% 34% 87% 58%
Gold Vipshop 14,739 China 2012 N/A 32% -0.9% 25% 46% 184% 55%
Gold Baozun Commerce 2,687 China 2015 N/A N/A 39% 14% -16% -20% 29%
Bronze Zalando 18,725 Germany 2014 N/A N/A 16% 17% 19% 59% 47%
Silver Zooplus (Retail) 1,208 Germany 2008 23% 21% 3% -5% -2% 25% 75%
Gold Wix.com 14,585 Israel 2013 N/A N/A 64% 56% 62% 96% 130%
Z Holdings 23,830 Japan 1997 4% 1% 2% 2% 21% 58% 16%
Rakuten 12,685 Japan 2000 4% -3% -13% -9% 13% -13% 7%
Gold ZOZO 7,712 Japan 2007 26% 21% 18% 0% -24% 41% 29%
Mercari 6,020 Japan 2018 N/A N/A N/A N/A -3% 47% 85%
Bronze Kakaku.com 5,441 Japan 2003 19% 9% 9% 19% 6% 25% 1%
Rising Star Prosus 161,824 Netherlands 2019 N/A N/A N/A N/A N/A N/A 32%
Farfetch 6,835 United Kingdom 2018 N/A N/A N/A N/A N/A 1% 94%
Gold Boohoo 3,656 United Kingdom 2014 N/A N/A 52% 1% 7% 10% -23%
ASOS 4,270 United Kingdom 2001 14% -4% -2% -16% -23% 30% 1%

7. 7
Combined E-Commerce Segment (36 Companies across various countries) delivered over ~25% returns across all analyzed time periods
E-Commerce Has Been a Huge Driver of Long-Term Value (Cont’d)
Rank Company
Current Mkt Cap
(US$MM) as of
13-Jul-20
HQ IPO Year 10YR IRR 7YR IRR 5YR IRR 3YR IRR 2YR IRR 1YR IRR 2020 YTD
Gold Amazon.com 1,548,201 United States 1997 38% 39% 47% 46% 31% 54% 68%
Silver eBay 40,966 United States 1998 21% 14% 17% 17% 25% 46% 61%
Gold Wayfair 19,949 United States 2014 N/A N/A 41% 39% 33% 40% 133%
Rising Star Chewy 19,697 United States 2019 N/A N/A N/A N/A N/A 44% 69%
Gold Etsy 12,410 United States 2015 N/A N/A 46% 90% 56% 62% 136%
Mercari 6,020 United States 2018 N/A N/A N/A N/A -3% 47% 85%
Gold Stamps.com 3,394 United States 1999 35% 25% 22% 11% -14% 313% 138%
Stitch Fix 2,654 United States 2017 N/A N/A N/A N/A -11% -6% 1%
Gold 1-800-Flowers.com 1,479 United States 1999 26% 19% 17% 34% 33% 20% 59%
The RealReal 1,071 United States 2019 N/A N/A N/A N/A N/A -52% -35%
Overstock.com 1,690 United States 2002 8% 6% 13% 37% 4% 120% 494%
REVOLVE (US) 1,105 United States 2019 N/A N/A N/A N/A N/A -58% -13%
Petmed Express 722 United States 1997 7% 14% 14% -4% -4% 137% 52%

8. 8
Market-weight performance is attractive but equal-weight is usually better, suggesting smaller players are growing fast
Digital Economy Index (Other Sectors)
Rank Company
Current Mkt Cap
(US$MM) as of
13-Jul-20
HQ IPO Year 10YR IRR 7YR IRR 5YR IRR 3YR IRR 2YR IRR 1YR IRR 2020 YTD
PropTech (Equal Weight) N/A 15% 17% 9% 10% 59% 48%
PropTech (Market Weight) N/A 15% 17% 9% 0% 28% 35%
Bronze Zillow Group 12,859 United States 2011 N/A 15% 17% 9% -4% 17% 27%
Silver Redfin 3,533 United States 2017 N/A N/A N/A N/A 23% 101% 70%
Wellness & Healthtech (Equal Weight) N/A N/A 48% 85% 82% 209% 142%
Wellness & Healthtech (Market Weight) N/A N/A 48% 85% 82% 209% 151%
Rising Star Peloton 17,441 United States 2019 N/A N/A N/A N/A N/A N/A 117%
Gold Teladoc Health 18,047 United States 2015 N/A N/A 48% 85% 82% 209% 161%
Rising Star Livongo 9,525 United States 2019 N/A N/A N/A N/A N/A N/A 289%
SmileDirectClub 905 United States 2019 N/A N/A N/A N/A N/A N/A 1%
Transportation (Equal Weight) 55% 42% 42% 72% 94% 154% 87%
Transportation (Market Weight) 55% 42% 42% 67% 112% 138% 129%
Rising Star Niu Technologies 1,584 China 2018 N/A N/A N/A N/A N/A 256% 148%
Gold Tesla 277,668 United States 2010 55% 42% 42% 67% 117% 511% 258%
Uber 55,002 United States 2019 N/A N/A N/A N/A N/A -28% 7%
Gold Carvana 21,559 United States 2017 N/A N/A N/A 77% 69% 88% 37%
Lyft 8,839 United States 2019 N/A N/A N/A N/A N/A -55% -33%
Rising Star Vroom 5,179 United States 2020 N/A N/A N/A N/A N/A N/A 104%
Edtech (Equal Weight) 19% 57% 49% 36% 31% 93% 73%
Edtech (Market Weight) 19% 45% 50% 36% 27% 77% 44%
Gold Tal Education Group 43,936 China 2010 N/A 70% 67% 47% 38% 104% 52%
Bronze New Oriental Education Group 22,861 China 2006 19% 29% 43% 23% 22% 55% 19%
51Talk 506 China 2016 N/A N/A N/A 12% 51% 246% 141%
Gold Chegg 8,712 United States 2013 N/A N/A 53% 74% 56% 59% 86%
2U 2,578 United States 2014 N/A N/A 5% -5% -34% 3% 68%

9. 9
Market-weight performance is attractive but equal-weight is usually better, suggesting smaller players are growing fast
Digital Economy Index (Other Sectors)
Rank Company
Current Mkt Cap
(US$MM) as of
13-Jul-20
HQ IPO Year 10YR IRR 7YR IRR 5YR IRR 3YR IRR 2YR IRR 1YR IRR 2020 YTD
FoodTech (Equal Weight) N/A 29% 27% 54% 39% 127% 69%
FoodTech (Market Weight) N/A 29% 28% 47% 29% 131% 79%
Rising Star Meituan-Dianping 155,553 China 2018 N/A N/A N/A N/A N/A 217% 102%
Gold Delivery Hero 21,564 Germany 2017 N/A N/A N/A 51% 40% 140% 36%
Gold HelloFresh 9,244 Germany 2017 N/A N/A N/A N/A 84% 475% 162%
Beyond Meat 7,841 United States 2019 N/A N/A N/A N/A N/A -24% 67%
Bronze Grubhub 6,412 United States 2014 N/A N/A 17% 15% -21% -8% 43%
Gold Takeaway.com 16,431 Netherlands 2016 N/A N/A N/A 33% 28% 13% 15%
Gold Ocado Group 19,197 United Kingdom 2010 N/A 29% 34% 93% 41% 78% 59%
Fintech (Equal Weight) 38% 41% 31% 90% 54% 42% 51%
Fintech (Market Weight) 24% 32% 33% 43% 37% 37% 45%
Gold Afterpay Touch Group 13,412 Australia 2017 N/A N/A N/A 187% 156% 193% 145%
Rising Star XP Investimentos 25,234 Brazil 2019 N/A N/A N/A N/A N/A 33% 19%
PagSeguro 11,514 Brazil 2018 N/A N/A N/A N/A 13% -19% 3%
Stone Pagamentos 10,680 Brazil 2018 N/A N/A N/A N/A N/A 14% -3%
Gold Adyen 47,826 Netherlands 2018 N/A N/A N/A N/A 54% 107% 92%
Gold PayPal Holdings 201,350 United States 2015 N/A N/A 36% 44% 40% 43% 59%
Gold Square 52,129 United States 2015 N/A N/A N/A 66% 33% 44% 90%
Silver Global Payments 48,087 United States 2001 24% 31% 25% 21% 17% -2% -12%
Rising Star Bill.com 6,534 United States 2019 N/A N/A N/A N/A N/A N/A 118%
Gold LendingTree 3,878 United States 2008 45% 48% 31% 20% 13% -31% -2%

10. 10
Market-weight performance is attractive but equal-weight is usually better, suggesting smaller players are growing fast
Digital Economy Index (Other Sectors)
Rank Company
Current Mkt Cap
(US$MM) as of
13-Jul-20
HQ IPO Year 10YR IRR 7YR IRR 5YR IRR 3YR IRR 2YR IRR 1YR IRR 2020 YTD
Personal Product./Future of Work (Equal Weight) 28% 32% 33% 38% 34% 77% 91%
Personal Product./Future of Work (Market Weight) 29% 33% 34% 41% 28% 48% 52%
Gold Adobe Inc. 212,237 United States 1987 32% 37% 40% 45% 31% 43% 34%
Silver Intuit Inc. 77,616 United States 1993 23% 24% 23% 31% 18% 6% 14%
Rising Star Zoom Video Communications, Inc. 73,431 United States 2019 N/A N/A N/A N/A N/A 179% 283%
Gold DocuSign, Inc. 34,870 United States 2018 N/A N/A N/A N/A 85% 257% 156%
Slack Technologies, Inc. 18,839 United States 2019 N/A N/A N/A N/A N/A -1% 49%
Dropbox, Inc. 8,372 United States 2018 N/A N/A N/A N/A -21% -22% 13%
Social/Entertainment (Equal Weight) 32% 36% 23% 18% 40% 55% 50%
Social/Entertainment (Market Weight) 34% 37% 25% 20% 13% 36% 35%
Gold Tencent Holdings Limited 666,667 China 2004 35% 36% 29% 24% 19% 52% 44%
Tencent Music Entertainment Group 27,377 China 2018 N/A N/A N/A N/A N/A 4% 39%
Gold Bilibili Inc. 15,651 China 2018 N/A N/A N/A N/A 81% 176% 143%
Weibo Corporation 8,345 China 2014 N/A N/A 20% -20% -36% -13% -20%
Bronze Spotify Technology S.A. 48,569 Sweden 2018 N/A N/A N/A N/A 18% 71% 75%
Gold Sea Limited 53,754 Singapore 2017 N/A N/A N/A N/A 167% 223% 183%
Gold Facebook, Inc. 681,872 United States 2012 N/A 37% 22% 14% 7% 17% 16%
Gold Netflix, Inc. 231,117 United States 2002 41% 46% 39% 49% 15% 41% 62%
Silver Activision Blizzard, Inc. 60,059 United States 1983 21% 27% 25% 9% -2% 65% 31%
Silver Electronic Arts Inc. 39,066 United States 1989 24% 28% 13% 7% -5% 46% 26%
Bronze Snap Inc. 35,379 United States 2017 N/A N/A N/A 16% 35% 55% 49%
Twitter 26,536 United States 2004 N/A N/A -1% 21% -13% -11% 6%
Gold Roku 17,994 United States 2019 N/A N/A N/A N/A 75% 45% 11%
Pinterest, Inc. 14,527 United States 2019 N/A N/A N/A N/A N/A -6% 33%
Rising Star DraftKings Inc. 10,438 United States 2020 N/A N/A N/A N/A N/A N/A 52%

11. 11
Appendix
Segment and Company IRRs were calculated under both a equal-weighted and market-weighted methodology:
Equal-weighted methodology
● At the start of every period (e.g. July 2019 for 1YR IRR, July 2015 for 5YR IRR, etc.) $100 is invested in each one of the companies in that specific
time period. Only companies that were public for the full time period are considered. A new company is not added to the index if it starts trading in
the middle of a certain time period (e.g. Spotify is not considered in the Social/Entertainment 5YR or 3YR index starting in 2018 shortly after their
IPO. It is only added to the index for the 2YR IRR onwards).
Market-weighted methodology
● At the start of every period (e.g. July 2019 for 1YR IRR, July 2015 for 5YR IRR, etc.) the Index buys the market cap of all companies that are
trading in that specific time period. Only companies that were public for the entire time period are considered. A new company is not added to the
index if it starts trading in the middle of a certain time period (e.g. Spotify is not considered in the Social/Entertainment 5YR or 3YR index starting in
2018 shortly after their IPO. It is only added to the index for the 2YR IRR onwards).
○ Under this methodology, a portfolio composed of two fictional companies, Company A ($30Bn Market Cap. growing at 10% for 1 year)
and Company B ($1Bn Market Cap. Company growing at 100% over the same period) would have a combined market cap. increase of
~13% since the 10% increase in Company A would dilute the 100% return of the Company B. In the equal-weighted methodology the
return would be 55%
○ Market Cap. is adjusted for potential capital increases and other effects to reflect only price per share performance in analyzed period

12. 12
Appendix (Cont’d)
GGV Ranking
Gold/Silver/Bronze
● A Company is considered under "Gold" status if it achieved a IRR of over 25% over the longest analyzed trading time period (e.g. Tesla has been
trading since 2010 with a 55% 10YR IRR and Afterpay has been trading since 2017 with a 3YR IRR of 187% - both are Gold). This status is only
given for companies who have been publicly traded for over 2 years
● A Company is considered under "Silver" status if it achieved a IRR of over 20% over the longest analyzed trading time period. This status is only
given for companies who have been publicly traded for over 2 years
● A Company is considered under "Bronze" status if it achieved a IRR of over 15% over the longest analyzed trading time period. This status is only
given for companies who have been publicly traded for over 2 years
Rising Star
● For companies that have been trading in the market for less than 2 years, "Rising Star" status is given if the Company returned 30% over the
longest analyzed time period (either 1YR IRR or 2020 YTD IRR)

13. Hans Tung & Robin Li