EMQQ Global Performance Overview
The leading positive contributors to performance for the EMQQ Index in October were India’s Reliance Industries and China’s leading online brokerage app, Futu Holdings. The former received a boost from robust earnings growth across its digital units and new AI initiatives, including a partnership with META. Meanwhile, Futu continues to see its revenues surge as activity amongst retail investors in China jumps this year.
The two largest detractors for the month were Sea Limited (Southeast Asia) and Alibaba. Despite the pullback, Sea Limited continues to push profitability across all three of its units, spanning e-commerce, digital gaming, and fintech. Meanwhile, Alibaba continues to make strides across its AI businesses with the release of a new conversational chatbot.
Sources: Bloomberg, Company financials
At a Glance:
Mercadolibre Achieves 30% Growth for 27th Straight Quarter
Baidu’s Robotaxi Business Hits 250,000 Weekly Rides
Chart of the Month
Mercadolibre Achieves 30% Growth for 27th Straight Quarter
MercadoLibre delivered another strong quarter, marking its 27th consecutive quarter with 30%+ revenue growth —a remarkable streak that underscores the company’s consistency and market leadership across Latin America. In Q3 2025, revenue surged 39% year-over-year to US $7.41 billion, surpassing analyst expectations, while fintech arm Mercado Pago saw total payment volume climb 41% y/y to US $71.2 billion. Gross merchandise volume grew 28% y/y to US $16.5 billion, demonstrating strong commerce activity despite macroeconomic and currency challenges.
The results reflect the company’s strategic investments in logistics, fintech expansion, and lower shipping thresholds to drive future growth. Overall, MercadoLibre continues to combine scale, innovation, and resilience—cementing its position as Latin America’s premier digital ecosystem and a long-term growth powerhouse.
Baidu’s Robotaxi Business Hits 250,000 Weekly Rides
China’s Baidu disclosed that Apollo Go has exceeded 250,000 fully driverless weekly ride orders as of Oct. 31, approximately in line with Waymo’s U.S. scale earlier this year. Apollo Go reached this volume primarily in Wuhan and select areas of Beijing, Shanghai, and Shenzhen, and is now extending to Hong Kong, Dubai, Abu Dhabi, and Switzerland. Cumulatively, Apollo Go has completed 17 million robotaxi ride orders and driven 240 million kilometers, of which 140 million were fully driverless. The company reports one airbag deployment per 10.1 million kilometers and no major injuries or deaths to date. This is positive for Baidu because sustained volume growth and safety performance strengthen regulatory credibility, accelerate cost curve advantages through scale, and enhance the monetization potential of Baidu’s autonomous driving and AI platforms heading into future earnings cycles.
India’s Reliance and META Form AI Partnership
Reliance Industries and Meta have announced a $100 million joint venture, Reliance Enterprise Intelligence Limited (REIL), to develop and deploy advanced AI solutions for Indian businesses. Reliance holds a 70% stake and Meta 30%. The partnership will build enterprise-grade AI systems using Meta’s open-source Llama AI models, integrated with Reliance’s extensive digital, telecom, and retail ecosystem. The initiative focuses on sectors such as customer service, finance, IT, and retail operations, offering customized, cost-effective AI tools. For India, the collaboration represents a major boost to AI adoption, enabling small and medium enterprises to access cutting-edge AI capabilities and enhancing productivity and innovation across industries. For Reliance, it positions the company as a key player in AI technology, diversifying its business and strengthening its long-term leadership in India’s rapidly growing digital economy.
Nubank Mexico Customer Base Jumps to 13 Million
Nubank México has surpassed 13 million customers, reaching 14% of Mexico’s adult population and 23% of all banked individuals, marking its rise as the country’s leading digital bank. Most customers (78%) live outside major cities, showing strong rural adoption through products like Cuenta Nu and Cajita, which promote saving before credit use. Over 60% of users are from low- or lower-middle-income households, and half have stayed with Nu for over two years, reflecting growing trust and loyalty. The customer base is gender-balanced and spans generations, with digital tools empowering women and older users alike. As in Brazil, Nubank aims to replicate its inclusive, tech-driven model in Mexico—using digitalization to remove barriers, expand access, and build financial independence for millions—cementing its role as a transformative force in Latin America’s financial ecosystem.
India Tech IPOs Coming of Age
India is entering a golden age of internet IPOs as several digital-native companies are now reaching significant scale and tapping public markets. A combination of mass smartphone adoption, cheap data, and the rapid growth of internet users in non-metro areas has created a massive opportunity for domestic platforms, while investors are increasingly keen on growth stories with home-market dominance.
Companies like Groww, PhonePe, Meesho, Lenskart, and Urban Company exemplify this shift from early-stage venture bets to listed growth platforms. Groww is an online investment platform allowing users to buy stocks, mutual funds, ETFs, and IPOs. PhonePe is a leading digital payments and fintech app enabling UPI transactions, merchant payments, and financial services. Meesho is a social-commerce platform helping resellers and small businesses sell online, especially in tier-2 and tier-3 cities. Lenskart is a tech-enabled eyewear retailer offering glasses, sunglasses, and contact lenses online and offline. Urban Company is a digital marketplace connecting service professionals with consumers for home services such as beauty, cleaning, and repairs. All five companies are expected to tap India’s public equity markets in the following weeks and months.
Southeast Asian Internet Giant Optimistic on AI
Sea Limited founder Forrest Li told employees that a $1 trillion market cap is achievable as the company leans into an enormous AI wave — similar in scale to the personal computer and smartphone revolutions — that will unlock massive new markets and new forms of value creation. Li noted the journey will require discipline, flawless execution and relentless competitiveness, but he believes Sea today is much stronger than in previous cycles, now profitable across all three business units and no longer dependent on external capital. With AI already integrated into customer service, gaming and core operations, and with expansion from Southeast Asia to Brazil, Li said Sea is much better positioned than ever to control its own destiny and drive compounding growth.
As mentioned earlier, Mercadolibre has reported 27 quarters of 7 consecutive years of 30% revenue growth. Good management plus relentless product innovation made high growth durable, not episodic. Mercadolibre remains a key pillar of the EMQQ and FMQQ Indices.
Source: Bloomberg