ASX growth stocks that have fallen heavily in value can be attractive opportunities, in my opinion.

The more a share price falls, the bigger potential there is to make returns from a possible recovery. For example, if a company's share price falls 50% from $20 to $10, simply returning to $20 again would be a return of 100%.

Of course, we need to keep in mind that a share price isn't going to go back up just because it has fallen. A bear market can be a good time to find opportunities that have been sold in a widespread panic because the long-term outlook for that business may still be very positive.

The ASX tech share Frontier Digital Ventures Ltd (ASX: FDV) is down 65% from its peak in November 2021. I think it has very appealing prospects as an investment for a few different reasons.

Frontier Digital Ventures invests in leading online classifieds marketplaces in emerging regions, such as South America, the Middle East and Asia.

The ASX growth stock says that online classifieds marketplaces (like property, cars and general marketplaces) have "significant leverage to population and economic factors, with emerging markets amplifying the opportunity".

The total population of the markets in which Frontier Digital's investments operate is 882 million, which is 34 times the population of Australia. The markets have a growing middle-class and urban population.

The internet 'penetration' within the company's regions rose to 68% in 2023, up from 62% in 2022. This statistic may never reach 100%, but I think there's plenty more potential growth as more people start using the internet for more services.

The ASX growth stocks' investments have already built their platforms. Additional users, new subscriptions or more volume can help ramp up profit margins because the business is spreading largely fixed costs across more customers.

One of the strongest benefits of technology businesses is how cheap it is to create an additional piece of software for another customer – tech companies can typically have an attractively high gross profit margin.

A company like REA Group Limited (ASX: REA), for example, has shown the underlying potential of an online business to generate stronger margins over the long term as it scales.

I think it's an important milestone when a technology company can reach profitability after a long period of investing.

Frontier Digital Ventures recently reported a number of positives in its 2023 full-year result.

The ASX growth stock's 2023 statutory revenue increased by 15% to A$67.9 million, statutory earnings before interest, tax, depreciation and amortisation (EBITDA) grew $8.3 million year over year to $3.7 million, and the 2023 second half net profit after tax (NPAT) was A$1.3 million compared to a net loss of $9.9 million in the first half of 2023.

With strong tailwinds (like digitalisation) in the regions it invests in, I think this ASX growth stock has an appealing, profitable future. The more profit it can make, the easier it will be for investors to value the business and recognise the full potential of the company.