At what point does a startup graduate into a fully-fledged multinational? Once it reaches a $50bn valuation, perhaps? Not in the case of Uber, which is valued at an estimated $68bn and still labelled by many as a startup. In any case, the San Francisco-based company reported net losses of $2.8bn in 2016 due largely to its aggressive expansion into over 70 countries. On the flip side, it reported net revenues of $6.5bn, which was higher than Yahoo, Twitter, Snapchat or Airbnb. Furthermore, the significant number of Chinese players in the above chart shows that the nation’s tech giants are stepping into the global market. In 2014, Xiaomi – now the world’s 5th largest smartphone producer – cemented its position as China’s largest smartphone vendor and entered the Indian market through a partnership with online retailer, Flipkart. Flipkart is itself valued at just under $12bn and has so far provided stiff competition to Amazon as Jeff Bezos attempts to assert his dominance over the subcontinent. Investors have a series of huge IPOs to look forward to in the coming years, as some of these young startups seek to fuel further expansion by turning to equity markets.