Startup

Report
2021-2022Q1

© June 2022
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Forewords
Indonesia’s digital industry kept growing in the past year following the recovery period after
the pandemic situation. The increasing customer digital adoption led the growth and gave
a positive impact to the industry. Along with the digital adoption, investment in the industry
also reached its record in 2021, while in Q1 2022 the positive trend still follows. We also
witnessed the rise of several startups achieving their unicorn status and existing unicorns
expanding their market through IPO.

Trends in the past two or three years showed us the presence of several new business
models that attract the attention of investors, with some of them likely to bring more socio-
economic impact. The terms of impact investment or sustainable investment become
more popular among investors and the startup ecosystem. The survey we held for this
report showed many believe that startups give a positive impact to society, especially for
supporting MSME in overcoming the time of crisis and promoting sustainable social and
environmental sectors through their products, services and strategies.

As innovation and technology development brought many opportunities to startups to grow

and bring impact to society, the future trends in Indonesia’s startup ecosystem also need to
be highlighted in this report. We see trends in direct-to-consumer business models becoming
favorable by startups to develop. Success story of a new retail F&B unicorn startup showed
us that the business model is having a potential to develop.

With the continued growth of the digital industry in Indonesia, expectations emerge to bring
Indonesia as the key players in the global digital economy. Positive collaboration between
stakeholders in the industry should be extended to the next level to achieve the goal.

Together, Bank Central Asia, East Ventures, LinkAja, and DailySocial.id collaborate to bring
this report to all stakeholders in the startup ecosystem. We realized the importance of
updated information on Indonesia’s startup industry could help many parties to acquire
more knowledge about the industry and formulate strategies for their businesses. Therefore,
we present “Startup Report 2021 - 2022Q1” as our contribution to the startup ecosystem.
 2

Bank BCA is one of the leading banks in Indonesia that focuses Bank BCA is one of
on the transaction banking business and provides credit
facilities and financial solutions for the corporate, commercial, the leading banks
SME, and consumer segments. By the end of March 2022, BCA in Indonesia that
served around 30 million customer accounts and processed focuses on
about 60 million daily transactions, supported by 1,241 branch
offices, 18,050 ATMs, and internet & mobile banking services the transaction
Halo BCA contact center which customers can access 24 hours. banking business
& financial solutions
The vast potential given by the growth of startups in the
Indonesian economy is fully supported by Bank BCA through an for the corporate,
open banking strategy in the form of Application Programming commercial, SME, and
Interfaces (API). API BCA is a cash management solution that
allows businesses using digital platforms, such as startups,
consumer segments.
to integrate their applications with the BCA banking system
in a Host to Host and real-time manner. So that all banking
transactions can be carried out more easily, quickly, and safely.
In April 2022, API BCA transaction volume grew six times in the
last two years. Since its launch in 2017, API BCA has penetrated
more than 3.5 billion customer transaction hits and has been
used by more than 3,500 business customers.

In line with implementing the National Open API Payment

Standard (SNAP), which is gradually being implemented by
Bank Indonesia this year, BCA is ready to support BCA API
services according to the SNAP standard from Bank Indonesia.

Apart from API, BCA also has various other Cash Management
solutions in the form of corporate financial management
services consisting of payment receipt solutions, business
payment transaction solutions, and corporate liquidity
management solutions.
 3

East Ventures is a pioneering and leading sector- East Ventures is

agnostic venture capital firm headquartered in Singapore.
Founded in 2009, East Ventures has transformed into a
the first investor of
holistic platform that provides multi-stage investment, Indonesia’s unicorn
including Seed and Growth for over 200 companies in companies
Southeast Asia.

An early believer in the startup ecosystem in Indonesia,

East Ventures is the first investor of Indonesia’s unicorn
companies, namely Tokopedia and Traveloka. Other
notable companies in the portfolio include Ruangguru,
SIRCLO, Kudo (acquired by Grab), Loket (acquired by Gojek),
Tech in Asia, Xendit, IDN Media, MokaPOS (acquired by
Gojek), ShopBack, KoinWorks, Waresix, and Sociolla.

East Ventures was named the most consistent top

performing VC fund globally by Preqin, and the most active
investor in SEA and Indonesia by various media. Moreover,
East Ventures is the first venture capital in Indonesia
to sign the Principles of Responsible Investment (PRI),
supported by the United Nations (UN). East Ventures is
committed to achieving sustainable development and
bringing positive impacts to society through its initiatives
and ESG-embedded practices.
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Contents
Forwords 1
Contents 4
01. Startup Ecosystem Scene 5
Digital Economy Growth 6
More Unicorns to Come 8
Founder’s Lifecycle 10
Incubator & Accelerator 10
Stakeholder & Regulation 13
02. Funding & Exit Strategy 15
Funding Trend in 2021 16
Most Active Investor 18
Funding Trend in Q1 2022 19
Initial Public Offering 21
Merger & Acquisition (M&A) 22
03. Customer Perspective on Startup Landscape 24
Demography 25
Respondents Awareness Towards Startups 26
Survey Result Per Segment 27
Respondents’ Experience of Using Startup Products/Services 38
The Awareness Towards Impact Startups 42
Economic Aspect 42
Social Aspect 43
Environment Aspect 43
Startup Services Based on Area 44
04. Introducing Impact Investment 45
What is the Impact Investment 46
Social Impact & SDG 47
Sustainable Investment in Indonesia 49
Digitizing Agriculture and Aquaculture Sector 52
Startups & Their Social Impact 54
05. Upcoming Trends in Indonesia’s Digital Industry 64
Direct-To-Consumer (D2C) Trend 65
Embedded Finance 67
Web 3.0 69
References 73
Appendix 75
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01.
Startup
Ecosystem
Scene
 6

Digital Economy Growth

The pandemic situation has brought down many sectors in Indonesia’s economy, but on the
other side it was a blessing in disguise for the growth of Indonesia’s digital economy, through
increasing digital adoption. The e-Conomy SEA 2021 Report mentioned that Indonesia
welcomed 21 million new users of online services during the pandemic. The report, produced
by Google, Temasek Holdings, and Bain & Co, showed that Indonesia’s internet economy was
predicted to reach $70 billion in gross merchandise value (GMV) in 2021, retaining its status as
the biggest digital economy among six Southeast Asian countries assessed.

Figure 01. Internet Economy by GMV (in $billion)

CAGR

+20%

146

+49%

70

47
40

2019 2020 2021 2025

Source: Google, Temasek, Bain&Company

The e-Conomy SEA Report also estimated that in 2025 Indonesia’s internet economy will reach
$146 billion with 20% annual growth.

Another reason why Indonesia’s digital economy can grow is because Indonesia is home to 277
million people, Indonesia has the world’s fourth largest number of Internet users of around 204
million. Millennials and Generation Z consumers are digital natives of age or are coming of age
in today’s technological era. They account for a significant proportion of Indonesia’s population,
and are increasingly becoming the main drivers of growth for its digital economy.
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Essential Digital Headlines (Feb 2022)

Total Population Celular Mobile Internet Users Media Users

Connections

277.7 370.1 204.7 191.4

Million Million Million Million

Urbanisation vs. Population vs. Population vs. Population

57.9% 133.3% 73.7% 68.9%

According to the National Census held by the Central Bureau of Statistic (BPS), Indonesia’s
millennials and Generation Z individuals in 2020 are estimated to account for about 25.8% and
27.9% of the total population respectively. At the same time, Indonesian consumers also appear
to be avid Internet users. Data from We Are Social and Hootsuite showed that the average time
spent using the internet in 2021 reached 8 hours and 36 minutes, or an increase of 3% from the
previous year.

Daily Time Spent Media (Feb 2022)

Time Spent Using Time Spent Watching Time Spent Using Time Spent Reading
the Internet Television Broadcast & Social Media Press Media
Streaming (online and Physical Print)

8H 36M 2H 50M 3H 17M 1H 47M

Year-on-year change Year-on-year change Year-on-year change Year-on-year change
-3.0% (-16 Mins) -0.6% (-1 Min) +1.5% (+3 Mins) +9.2% (+9 Mins)

Time Spent Time Spent Listening Time Spent Listening Time Spent Using A
Listening to Music To Broadcast Radio to Podcast Games Console
Streaming Services

1H 40M 0H 37M 0H 55M 1H 19M

Year-on-year change Year-on-year change Year-on-year change Year-on-year change
+11.1% (+10 Mins) +12.1% (+4 Mins) +25.0% (+11 Mins) +3.9% (+3 Mins)
 8

Indonesia’s sheer market size and digitally savvy consumers might be the reason why Indonesia’s
e-commerce market has emerged as the largest in Southeast Asia, according to the e-Conomy
SEA 2021 Report accounting for nearly 50% of the region’s total market size. This shift towards
e-commerce was further underscored during the Covid-19 pandemic, when Indonesia also
emerged as one of the region’s highest adopters of e-commerce and mobile e-commerce.

BPS data showed Indonesia’s digital economy contributed about 4% of its Gross Domestic Product
(GDP) in 2020. The number is expected to reach 18% in 2030, as projected by the government.

Even amidst the pandemic, investment flows continue. So for many businesses, participation in
the digital economy is the key to greater resiliency. While 42% of MSMEs operating offline were
forced to halt operations at some point in time during the pandemic, only 24% of online MSMEs
had to cease operations.

More Unicorns to Come

The following is a list of unicorn startups as of Q1 2022. This data excludes previous unicorn
startups that have been listed on the public market.

OTA Fintech E-commerce

Est. Valuation ~$3 billion Est. Valuation ~$2,9 billion Undisclosed

E-commerce OTA Logistic

Undisclosed Est. Valuation ~$1 billion Est. Valuation ~$7,8 billion

Fintech Fintech Wealthtech

Est. Valuation ~$1 billion Est. Valuation ~$1 billion Est. Valuation ~$1 billion

New Retail Fintech

Est. Valuation ~$1 billion Est. Valuation ~$1 billion

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This graph shows soonicorn companies in Indonesia. Soonicorn means companies that have
the potential where they are soon to be unicorns—valued more than $100 million.

Media Edtech E-commerce

Fintech Coworking Retail

Used car

SaaS Healthtech

Wealthtech

Agri/Aqua Logistics Crypto

Payment Lending Insurtech

When there are more startup companies in Indonesia, there will be more chances that Indonesia’s
digital economy will grow faster. Government is now preparing the Merah Putih Fund to support
Soonicorn to be able to leap its growth to the next level. Merah Putih Fund is expected to be
launched in Q2-2022, and becomes a proof of initiatives from the government to strengthen the
startup ecosystem in Indonesia.
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Founder's Lifecycle
Within the past 10 years, the startup sector in Indonesia has grown significantly. Although it
could be considered as a short period for industry, the founder cycle itself had been multiplying.
Many early startup founders which had been successful in building their startup, are now
nurturing their prodigy to build their own startup. Reasons could vary, but most likely business
aspects consideration could be the main reason why these early startup founders are willing to
help next generation founders.

Mature and successful startups mostly have diverse products and services. The necessity of
fresh ideas and solutions that could help their businesses keep expanding has driven them
to build a circle of fresh startups. The situation is beneficial either for mature startups, newly
established startups or the ecosystem itself.

The roles of early startup founders themselves are likely to shift into angel investors, in which
sometimes they also act as an advisor or even in some cases they hold positions in the new
startup board.

This nurturing process of new startups will give a chance to the ecosystem to become more
developed. Not all new founder generations began their journey as established startup members,
but most likely they were exposed to the surrounding environment.

As more knowledge transfers happen, more experience gained, and also more involvement from
other stakeholders to develop the ecosystem, it is expected that the founder cycle will continue
to grow and give more benefits to the development of the digital ecosystem in Indonesia.

Incubator & Accelerator

Startups are expected to be innovative and productive to answer the competition landscape.
To improve startups business, founders need to find ways to improve the quality of services/
products by joining the incubator/accelerator program or joining other intensive programs. The
existence of an incubator/accelerator will help startups to upgrade founder or startup team
skills, open up opportunities to meet new partners, even gain investment.

In Indonesia, there are several notable programs, either local or global scale that become a
benchmark for startups.
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Name of Incubator/
Global/National Vertical Focused Benefit
Accelerator

Funding $150.000
Y Combinator Global All verticals
(with 7% equity)

Funding $500,000 -
Venture Catalyst Global All verticals
$1.5 million
Funding €15.000 for
Specific on industry equity 6-8% within 3
Startup Bootcamp Global
sector months, €450.000+
in partner services

China Accelerator Global China and Asia Market Funding $150.000

Melbourne Funding $20.000

Global All verticals
Accelerator Program without equity
Funding Rp750
million with
Convertible Note
10% (for incubator
program)
IoT, logistics, transportation,
Indigo by Telkom National agriculture & food, MSME,
Funding Rp750
tours & travels, healthcare
million ~ RP2 billion
In Convertible Note
with maximum rights
equity conversion by
13%

Gerakan Nasional
1000 Startup Digital
by the Ministry of National All verticals No funding
Communications and
Informatics

All verticals for

DSLaunchpad by Pro-bono system and
National No funding
Dailysocial.id specific verticals for
Sponsored system

Sembrani Wira by Potential sector

National (biotech, wellness, No funding
Bank BRI e-commerce, etc)

Comfortable
funding that could
TINC by Telkomsel National All verticals
be converted to an
equity at TMI

IDX Incubator National All verticals No funding

Kolaborasi National All verticals No funding

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Name of Incubator/
Global/National Vertical Focused Benefit
Accelerator

Skystar Ventures
Creative industry
by University
National and services No funding
of Multimedia
(technology and digital based)
Nusantara

Endeavor Indonesia National All verticals Co-investment

New Energy Nexus

National Clean energy vertical Convertible note
Indonesia

Lifestyle, beauty,
Indonesia and Asia entertainment, healthcare,
Gojek Xcelerate No funding
Pacific e-commerce, on demand
online to offline, etc

FSIA by Accelerice National Food sectors No funding

MRT Jakarta Accel
Tech-enabled startups
(Internet of Things (IOT),
Envirotech, Smart City,
National No funding
Enterprise, Supply Chain &
Logistics and other sectors to
collaborate with MRT Jakarta)

Startup Studio by
Logistic, healthtech/
the Ministry of
National wellness, agriculture, fintech, No funding
Communications and
marketplace, edutech, etc
Informatics

Fintech, insurtech, IoT, health,

Funding $50.000 ~
Plug & Play Indonesia National supply chain, enterprise tech
$100.000
and food & agtech

Besides getting more knowledge or getting new partners by joining incubator/accelerator

programs, startups can also get from other sources such as from the association of startups
like AFPI, AFTECH, iDEA, AHI, etc. By joining the association, startups will know more about the
startup players in the same sector or learn about the regulation related to the startup business.
 13

Stakeholder & Regulation

Building a startup is inseparable from the role of stakeholders. Stakeholders for startup
businesses consist of employers, customers, suppliers, shareholders, local community, and the
local environment.
Figure 02. Stakeholder Mapping

Shareholders Employers

Local Customer
Environment Business
Stakeholders

Local Suppliers
Community

Source: Economicshelp.org

Quoted from economicshelp.org, The main stakeholders of a business are:

Shareholders People who own shares in the company.

Employees Workers employed by the company.

Customers People who buy and use the products the firm makes.

Suppliers Firms who sell raw materials to the firm.

Local Community Local area affected by business, e.g. local shops who sell sandwiches
at lunchtime.

Local Environment Increasingly people are considering the environmental impact of

business, not just people.
 14

The ecosystem of startups also includes customers which can consist of end users, B2B, or
others startups. Moreover, communities also build a startup ecosystem such as MSMEs in
e-commerce, or farmers in agritech.

Besides that, a startup should follow the applicable regulation for running a business. So the
startup business could be running legally, and the customers will be safe and trusted because
the startup business has been lawfully listed. Below are some regulators & regulations related
to startups.

Regulator Role

Oversees peer-to-peer lending, crowdfunding,

Financial Services Authority (OJK) digital banking, financial data security, insurance
technology, and financial consumer protection

Oversees monetary policy and the payment

Bank Indonesia (BI)
ecosystem

Regulator Role

• Facilitate early stage startups with incubator/

The Ministry of Communications
and Informatics (Kominfo)
accelerator program (Gerakan Nasional 1000
Startup & Startup Studio Indonesia)
• Initiated NextICorn which aim to create as many
new startups as possible, including encouraging
the creation of new unicorns and ensuring the
continuity of those startups

• Founded Technology-Based Startup Company

Ministry of Research and (PBBT) which providing funding and coaching for
Technology (Kemenristek) startups
• Build Science Techno Park (STP)

Indonesian Creative Economy • Facilitate early stage startups with Bekraf for Pre-
Agency (BEKRAF) Startup (BEKUP)

Ministry of Industry Indonesia • Provide a coaching program for startups (The

(Kemenperin) Startup4industry)
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02.
Funding &
Exit
Strategy
 16

Many aspects can be used as measurement variables to see the maturity of the startup ecosystem
in Indonesia. One of them is funding or investment. In a funding process, there are a series of
validation stages to assess the founder’s business, market, technology, and capabilities.

The data compiled in this section are sourced from company announcements or press releases.
Part of it comes from regulatory inputs such as ACRA in Singapore. It should be noted that not
all funding releases state the amount earned.

In this chapter we highlighted the funding trend during the 2021 and Q1 2022. A complete list of
the startup funding during that period is shown in the appendix of this report.

Funding Trend in 2021

Startup fundings in Indonesia was experiencing significant growth despite macroeconomic
slowdown in the past two years. Numbers of funding round increase from 113 in 2019 to 214
in 2021.

2019 2020 2021

113 funding round 113 funding round 214 funding round
$2.9 billion from $3.3 billion from $6.9 billion from
59 disclosed funding 50 disclosed funding 127 disclosed funding

Biggest Funding
Twenty-two (22) funding transactions were equal to or more than $50 million. While dozens
more earned 8-figure dollars in funding. On the nominal side, J&T, GoTo, SiCepat, Ajaib, Xendit,
and Halodoc got the highest gains in their follow-up funding round. The investment obtained
by GoTo and Kredivo is related to their plan to go public.

Here’s the list of the biggest funding in 2021:

Company Disclosed Value

J&T Express $2,5 billion

GoTo $1,3 billion

SiCepat $170 million

Ajaib $153 million

Xendit $150 million

Vidio $150 million

Kredivo $125 million

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Round Trend
Later stage funding defines the loop that occurs after the seed round. The high number of seed
funding also implies that there are still opportunities for a new generation of founders to create
innovations to democratize certain aspects of the business. While follow-on funding (later
stage) implies a market-validated business model –giving rise to more confidence in investors
to put more funds into related startups.
Figure 03. Startup funding trend based on the booked round

Sum of Amount (in $) Count of Startup

3,000,000,000 90
80
2,500,000,000
70
2,000,000,000 60
50
1,500,000,000
40
1,000,000,000 30
20
500,000,000
10
0 0
Pre-IPO

Series B

Series A

Series C

Series D

Pre-Series B

Pre-seres A
PIPE

Series F

Other

Initial Dex Offering

Debt Funding

Seed Funding

Venture Round
Corporate Round

This follow-on funding has also succeeded in bringing dozens of startups into the ranks of the
centaurs, for example, Flip, Shipper, GudangAda, Lemonilo, and Alami. With the Series B funding
round, Ajaib reached unicorn status; then Xendit and Kopi Kenangan became unicorns after
closing their Series C.

Vertical Trend
Based on the quantity, the fintech sector (36 rounds) still dominates startup funding in 2021.
This trend has continued for the last three (3) years. And despite the huge funding rounds of
J&T and GoTo, Fintech managed to record the most significant amount of funding, raising over
$824 million.

Based on Amount Based on Round

Logistic ($2,869,320,000, venture round for J&T) Fintech (36)

Super App ($1,300,000,000, pre-IPO round for GoTo) SaaS (23)
Fintech ($824,120,000) Wealthtech (15)
 18

The following highest number is startups with SaaS products (23 rounds). Generally, they
provide digital services to help MSMEs transform digitally. In third place is wealthtech (15),
an application that helps people learn and invest. We separate this business category from
fintech because the ecosystem is already separate and has a significantly increasing number
of players.
Figure 04. Startup funding trend based on the business vertical

3.5 40
Sum of Amount (in billion $) Number of Startup
3.0 35

30
2.5
25
2.0
20
1.5
15
1.0
10
0.5
5

0 0

OTT
Super App

SaaS
Logistic

Fintech
Wealthtech

New Retail
Supply Chain
Agritech
Online Grocery
Healthtech
Social Commerce
E-commerce Enabler
Online Media

Edtech
E-commerce
Cryptocurrency
Insurtech

New Energy
Digital Signature
New Economy
Proptech

Automotive
Aquatech
On-demand

Creator Marketplace

Job Marketplace

B2B Commerce
Virtual Reality
Smar City
Cloud Hosting

Big Data
Survey Platform
Loyalty

Esports
Cloud Kitchen

Wellness

Biotech

Podcast
Legaltech
Most Active Investor
Of all funding rounds, 341 institutional investors were involved. They consist of Venture Capital
(VC), Corporate Venture Capital (CVC), Limited Partners (LP), and Corporations–both locally
and globally.

However, the involvement of local-based investors is still extensive for the startup ecosystem
in Indonesia. Some local venture capitalists can even get involved in startup funding dozens of
times. The following is a list of the most active investors of 2021 based on their involvement in
a funding round:

Venture Capital Number of Funding Transaction

East Ventures 80

AC Ventures 25
MDI Ventures 19
Sequoia Capital India 17

Alpha JWC Ventures 12

Insignia Ventures Partners 12

BEENEXT 11
Telkomsel Mitra Inovasi 9
 19

The local-based venture capital mostly plays in all funding stages, from seed to growth. For
example, East Ventures has a special fund for the early and growth stages. Some others also
have special managed funds to collaborate with other players, like MDI Ventures, which operates
Arise Fund with Finch Capital and Centauri Fund with KB Financial Group.

Angel investors also participate in 51 funding transactions involving more than 100 individuals.
They include high net worths, startup founders, VC partners, and conglomerates. We see this
as an exciting life cycle trend when founders in the previous generation who managed to have
significant businesses want to support the next generation of founders. And if last year’s angel
investors invested a lot in the pre-seed or angel rounds, their participation is starting to spread
from seed to later stage

Funding Trend in Q1 2022

From the funding round announced in Q1 2022, seed funding still dominates in quantity. It
indicates the presence of several new business models that have stolen the attention of
investors. Among them are quick commerce solutions to revolutionize grocery services. Several
new agritech and aquatech products are starting to be validated. And then some cryptocurrency
platforms and direct-to-consumer startups.
Figure 05. Startup funding trend based on the booked round

600,000,000 40
Total funding value (in $) Total funding transaction
35
500,000,000
30
400,000,000
25

300,000,000 20

15
200,000,000
10
100,000,000
5

0 0
Pre-series A

Series A

Pre-series B

Series B

Series C

Series D
Seed-funding

Venture Round

Corporate Round

Some startups also get significant value in their initial funding. As obtained, Tip Tip was founded
by Albert Lucius, the former founder of Kudo (acquired by Grab). From East Ventures, Vertex,
EMTEK, and SMDV, they raised $10 million to support their business debut. The funding is the
most extensive seed funding ever in Indonesia.

Based on the type of business that investors are interested in, as in previous years, fintech is still
firmly at the top. If we look deeper, the business model is also developing; for example, many
startups started working on the Earned Wage Access solution for early disbursement of employee
salaries–Wagely and Gajiku are the two players who received funding in this segment.
 20

Figure 06. Startup funding trend based on the business vertical

700,000,000 40
Total funding value (in $) Total funding transaction
35
600,000,000
30
500,000,000
25
400,000,000
20
300,000,000
15

200,000,000
10

100,000,000 5

0 0
Aquatech
SaaS
Wealthtech
Car Marketplace
New Energy
Social Commerce
Edtech

E-commerce

Agritech

Cryptocurrency
Fintech
Online Grocery

Logistic
Foodtech
Biotech

Healthtech
Online Media

New Economy

Mobility
Wellness
E-commerce Enabler
D2C

Job Marketplace
Artificial Intellegence

Insurtech
Trash Management
Parenting
Proptech
Community Platform
DANA is the fintech startup that received the most significant total funding this year. Through
the corporate round obtained from PT Dian Swastika Sentosa Tbk (part of the Sinar Mas Group
conglomerate), the startup led by Vincent Iswara managed to get an additional $200 million in
capital funds to win the fierce competition for e-money applications. Akulaku also secured an
additional $100 million in funding from Siam Commercial Bank, increasing its valuation above
$1 billion. Now on to the following unicorn list.

As of this quarter, East Ventures topped the rankings regarding the quantity of funding
participation with 22 funding rounds. These statistics are not much different from the results
in 2021.

Venture Capital Number of Funding Transaction

East Ventures 22

AC Ventures 13

Sequoia Capital India 9

Y Combinator 5

Alpha JWC Ventures 5

Alto Partners 5

Insignia Ventures Partners 5

 21

Some investors can potentially increase investment participation and value in 2022 following
the successful closing of funds. For example, in December 2021, AC Ventures announced
the closure of a third $205 million fund under management. Last year, Alpha JWC Ventures
announced $433 million in funds.

Some new managed funds were announced this year, such as the Indonesia Impact Fund,
Merah Putih Fund, etc. Indicates that the funding trend will be even more significant in the
future. Moreover, many investors have experienced the success of achieving impressive exits
through M&A or IPO.

Initial Public Offering

This year some startups do IPOs to bring the company to a more mature level. The most
attractive local unicorn involvement in the stock market gives the Indonesian startup ecosystem
new nuances. In the startup business, IPO became one of the exit pathways for investors who
have supported the founder from the start. Bukalapak became the first unicorn listed on the
Indonesia Stock Exchange with the “BUKA” code on August 6, 2021.

As a combined entity from Gojek and Tokopedia, GoTo also became the next Unicorn GO-Public
Via BEI. On April 11, 2022, the company began a public offer and became the third-largest
IPO in Indonesia throughout history. These companies become more open with go-public
because they have to report any strategic development or issues to the public. It means there
is confidence by the founder about the business’s sustainability run.

Nevertheless, from 2021 until the first quarter of 2022, a non-unicorn technology startup is also
go-public. Here is a complete list:

Listing Code Company Listing Date

BUKA Bukalapak 6 August 2021

RUNS Run System 8 September 2021

WIRG WIR Group 4 April 2022

GOTO Gojek-Tokopedia 11 April 2022

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Merger & Acquisition (M&A)

M&A for startups can be seen in two strategic actions. First, the acquisition is an exit route for
founders and investors. Second, the merger is an effort to strengthen business lines and market
segments. Throughout 2021, there will be 15 M&A actions involving Indonesian startups.

Here’s the list of disclosed M&A during 2021:

Date Company Acquired Company

Feb 2021 Warung Pintar Bizzy

March 2021 Payfazz Xfers

March 2021 ALAMI PT BPRS Cempaka Al Amin

March 2021 Qoala Fairdee

March 2021 Folkq YukStay

April 2021 Sirclo Orami

April 2021 LinkAja iGrow

May 2021 Mekari Qontak

August 2021 Astronaut POPskul

October 2021 Kalbe Farma KlikDokter

Nov 2021 Stytch Cotter

Nov 2021 Stockbit Mahakarya Sekuritas

Nov 2021 YummyCorp MyBrand

Bolu, Onstock, Ayo Tech,

Nov 2021 Bukalapak Kokatto, dan Cloud Hosting
Indonesia

Dec 2021 PT Sukanda Djaya Telunjuk

 23

The M&A trend also continued in Q1 2022, and several startups have taken this corporate
action. One that is quite significant is the acquisition of Warung Pintar by Sirclo to form a group
of companies with a more comprehensive business model.

Here’s the list of disclosed M&A during Q1 2022:

Date Company Acquired Company

Jan 2022 Lamudi.co.id OLX (Property Business Unit Only)

Jan 2022 SIRCLO Warung Pintar

Feb 2022 Yummy Corp Listee

Feb 2022 Zenius Primagama

Mar 2022 Rukita Infokost

Mar 2022 WeBuy Chilibeli

Mar 2022 M-Daq Wallex Technology

Mar 2022 Mynavi Corporation Japan Sribu

The M&A trend also continued in Q1 2022, and several startups have taken this corporate
action. One that is quite significant is the acquisition of Warung Pintar by Sirclo to form a group
of companies with a more comprehensive business model.
 24

03.
Customer
Perspective
on Startup
Landscape
 25

In this year’s report, Dailysocial.id conducted a quantitative survey to 890 respondents across
Indonesia. The objective of the survey is to obtain customer perspectives and their awareness
related to the startup ecosystem in Indonesia. We see Indonesia’s startup industry becoming
more mature and advanced, so it will be relevant to provide the customer’s perspective on the
startup landscape in this year’s publication.

The survey consists of 52.9% female respondents and 47.1% male respondents. The majority
of respondents are 26-35 years old (54%). Meanwhile, 40% of respondents reside in Java
(outside Jabodetabek).

Demography

By Gender By Ages

47.1% 18-25 46%

Years old
Male

52.9% 26-35
Female
54%
Years old

By Area

40% 35%
25%

Java Jabodetabek Outside Java

(Outside Jabodetabek)
 26

Respondents Awareness Towards Startups

Marketplace and payment startups get the most awareness from respondents with 78% and
69% respectively. The figures also aligned with respondents’ startup usage, as those two are the
most used services from startups. Investment startups get more attention from respondents
with 57% awareness.
Figure 07. Awareness of Startup Sector (n=890)

Marketplace Payment Lending Investment

78% 69% 61% 57%

Travel & Transportation/

Edtech Healthtech
Hospitality Ride hailing

51% 50% 45% 44%

Business support
Logistic Insurance
(tech enabler, payment gateway)

39% 35% 21%

Business operational
Supply Chain
(bookkeeping, HR, tax)

20% 13%

[n=890]
 27

Survey Result Per Segment

Digital Payment
The survey results show the awareness level of top 5 digital payment startups reached more
than 80%. DANA tops public awareness at 99%, followed by GoPay (98%), OVO (97%), ShopeePay
(95%), and LinkAja (86%).
Figure 08. Awareness of Digital Payment Startups (n=615)

99% 98% 97% 95%

86%

41%
38% 37% 36%
29%

Productive Lending
Danamas got the highest awareness from respondents for productive lending startups with
49%. Modalku (47%) and Investree (38%) are the top 3 highest awareness.

Figure 09 Awareness of Productive Lending Startups for Business (n=546)

49%
47%

38%
37%
33%
32%
30%

24%
22%
20%
14%

14%

11%
Others 1%
Do not know 12%
 28

Marketplace
Shopee and Tokopedia get the highest awareness among marketplaces in Indonesia. Both got
99% and 96% of awareness from respondents. Lazada (94%), Bukalapak (93%), and Blibli (88%)
complete the top 5 marketplaces in Indonesia. The transforming Bhinneka followed in the next
place with 26% of awareness.

Figure 10. Awareness of Marketplace Startups (n=697)

99% 96% 94% 93% 88%

26%
1%

Others

Delivery/Logistic
This survey results show that the awareness of the top 5 startups is above 90%. Instant
delivery became the most recognized with Gojek/Gosend getting first place with 98%, followed
by GrabExpress with 97%. J&T, Sicepat, and NinjaExpress followed for the top 5 positions.

Figure 11.Awareness of Logistic/Delivery Startups (n=509)

98% 97% 96%

94%
90%
86%

43%

25%

1%

Others
 29

Travel & Hospitality

Traveloka, Tiket.com, and Pegipegi are the top 3 in travel and hospitality startups with
more than 90% of awareness from respondents. The capsule-style hotel Bobobox is getting
recognized by respondents with 41% awareness.
Figure 12. Awareness of Travel & Hospitality (n=403)

99%
97% 93%
81% 78%

41%

Digital Insurance
Overall, the awareness of digital insurance is relatively low compared to other verticals. Lifepal
had the highest awareness in this survey with 53%, followed by PasarPolis with 48% and
Cekpremi with 42%.
Figure 13. Awareness of Digital Insurance Startups (n= 308)

53%

48%

42%

41%

38%

31%

31%

29%

27%

Others 1%

Do not know 12%

 30

Investment
Investment startups are gaining in popularity in the past year. Bibit, a mutual fund investment
platform, is the most known investment startup by respondents, followed by Ajaib, Pluang
and Stockbit.

Figure 14. Awareness of Investment Startups (n=511)

90%

80%

69%

52%

49%

34%

30%

27%

21%

19%

16%

15%

12%

10%

Others 1%

Do not know 1%
 31

Cash Loan
92% of respondents are aware of Akulaku as one of the cash or consumptive loan startups, followed
by Home Credit (55%), and Indodana (49%). Akulaku and Home Credit cash loans services are part
of their e-commerce and installment platform. While both get high awareness from respondents,
Kredifazz, owned by Kredivo is relatively less known because of its separate brands.
Figure 15. Awareness of Cash Loan Startups for Personal (n=546)

92%

55%

49%

45%

44%

41%

34%

34%

30%

30%

28%

27%

23%

23%

22%

22%

20%

18%

17%

17%

Do not know 2%
 32

Paylater
Paylater services are popular among respondents with Shopee PayLater having the highest
awareness (94%). GoPayLater reached the second place with 85%. Most paylater services
exclusively serve their parent platform, with the exception of IndoDana Paylater attached to
various marketplaces.
Figure 15. Awareness of Paylater Startups (n=615)

94%
85%
78%
67%
60%
38%
32%

Supply Chain
The overall awareness of supply chain startups among respondents is very low (13%). As one
of the early players in this vertical, Warung Pintar is the most recognized supply chain startup
by respondents with 87%. GrosirOne and Wahyoo complete the top 3 supply chain applications
with 69%, and 52%, respectively.

Figure 16. Awareness of Supply Chain Startups (n=119)

87%

69%

52%
43% 42% 39%

2% 5%

Others Do not know

 33

Edtech
Edtech startups have become popular among respondents since it is needed by respondents
to fulfill their education needed in the pandemic situation. In this survey, it shows that edtech
startups awareness had the fifth rank among all sectors. Ruangguru still became the most
popular for respondents with a percentage of 98%, followed by Zenius (76%).

Figure 17. Awareness of Edtech Startups (n=452)

98%

76%

31% 29% 28%

17% 16% 13%

Healthtech
Because of the pandemic situation, the existence of healthtech startups is necessary to help
respondents purchase medicine or get telemedicine. Halodoc is the most known healthtech startup
for respondents with 94%. Alodokter and Klikdokter followed with 89% and 73%, respectively.
Figure 18. Awareness of Healthtech Startups (n=442)

94%
89%

73%

56%
43%

26%
21%
14%
 34

Business Operational
As a startup that provides HR, tax, and bookkeeping needed, the awareness of business operational
startups is quite small (20%) compared to other verticals. BukuKas, BukuWarung, and Kasir Pintar
are the top 3 awareness of business operational applications for respondents.

Figure 19. Awareness of Business Operational Startups (n=180)

83%

79%

52%

48%

46%

45%

39%

38%

34%

33%

31%

31%

28%

24%

Others 1%

Do not know 2%
 35

Tech Enabler
Doku had the first place of awareness among tech enabler startups (65%), followed by iPaymu
(54%), and Kasir Pintar(49%). These startups help people to support their payment system.

Figure 20. Awareness of Tech Enabler Startups (n=188)

65%

54%

49%

47%

45%

40%

39%

39%

38%

37%

37%

34%

32%

30%

30%

28%
28%
27%

Do not know 3%
 36

The emergence of socio-economic startups such as agriculture, aquaculture and environment

was also noticed by respondents. The awareness of agriculture startups has reached more
than 50%. Environment startups had awareness about 46%, and aquaculture had 35%.

Figure 21. Awareness of Another Startup Sectors (n=890)

Agriculture 54%

Environmental 46%

Aquaculture 35%

Do not know 26%

Agriculture
Tanihub’s awareness is the highest among respondents, with 55%. And only 20% of respondents
do not know about the platform of agriculture startups.

Figure 22. Awareness of Agriculture Startups (n=890)

55%

33%
26%
22%
17% 16% 20%
16%

Do not know
 37

Aquaculture
The awareness of aquaculture startups could be considered low as 43% of respondents are
not aware of it. eFishery’s awareness is the highest in the aquaculture sector with 34%, while
other startups vary within the range 10 - 30%.

Figure 23. Awareness of Aquaculture Startups (n=890)

43%

34%
29%
25% 24%

14%

Do not know

Environment
Most environmental startups still focus on waste recycling. Duitin, SMASH, and Mall Sampah
are the top 3 awareness environment startups with 40%, 36%, and 32%, respectively.
Figure 24. Awareness of Environment Startups (n=890)

40%
36%
32% 33%
27%

14%

Do not know
 38

Respondents' Experience of Using Startup

Products/Services
In this survey we also explore the experience of respondents while using startup products/
services. The survey results show more than 70% of respondents are marketplace users and
followed by payment users with 68%. Environment, business support, aquaculture, and supply
chain are the lowest usage of startup services by respondents.
Figure 25. Startup App Usage (n=890)

Marketplace 76%

Payment 68%

Transportation
39%
/ride hailing

Investment 37%

Logistic 35%

Lending 32%

Healthtech 29%

Travel & hospitality 29%

Edtech 24%

Insurance 13%

Agriculture 10%

Business Operational 9%

Environment 7%

Business Support 7%

Aquaculture 6%

Supply Chain 6%
 39

The majority of respondents has been using their most used startup services for between 1-3
years. 24% respondents have been using it for more than three years, and 15% have used it for
less than six months.
Figure 26. Usage Periode of The Most Used Startups Services (n=890)

40%

21%
17%
15%

7%

Less than 6 months 6 months - 1 year 1 - 3 years 3 - 5 years More than 5 years

More than 70% of respondents consider using startup services/products because of the price,
the speed of service process, ease of using the service, and getting a promotion or discount for
the services/products. Meanwhile, 36% of respondents consider the brand image of the startup.

Figure 27. Considerations of Using Startup Products/Services (n=890)

Price 77%

The Speed of
72%
Service Process

Ease of Using
72%
the Service

Promotion &
71%
Discount Offered

The Advantages
52%
of Features

The Guarantee
of Personal 51%
Data Security

Brand Image 36%

 40

While respondents who had an unsatisfied experience using startup products/services looked
for similar products and services from other startups (77%). In contrast, others keep using the
service (42%). But 18% of respondents switched to non-digital services.

Figure 28. The Benefit of Using Startup Products/Services (n=890)

84%
82%
72%
61%
46%

Providing
Ease of More Practical Help in Running A
Time Efficiency Cost Efficiency
Transaction Solutions in Daily Business
Activities

Besides the benefit, based on respondents’ experience, they also find the lack of startup
products/services. More than 50% of respondents say the startup products/services have
limited area coverage. Furthermore, they find it difficult to get the additional information about
the products/services and lack of product/service variations.

Figure 29. Lack of Startup Products/Services (n=890)

Limited area coverage 52%

Difficult to get the additional
information about the 43%
product & services

Lack of product 40%

variation & services

Difficult to understand
how the product or 34%
services works

Have not provided the 33%

optimal solution yet

Product or services 31%

did not work properly

Others 2%
 41

While respondents had unsatisfied experience of using startup products/services, they mostly
looked for similar products and services from other startups (77%). While others keep using the
service (42%). But 18% of respondents switched to the non-digital services.
Figure 30. While Having Unsatisfied Experience of Using Startup Products/Services (n=890)

77%

42%

16%

Looking for similar products Keep using the service Back to switching to
and services from other non-digital services
startups

More than 60% of respondents expect startups are able to improve their service speed, safety in
transaction, or improve the quality of startup products/services. Other respondents also expect
the improvement of personal data security (59%) and the appearance of startups’ websites/
apps (43%).

Figure 31. Improvement Needed for Startups (n=890)

69%
65% 64%
59%

43%

1%

The quality Other The appearance

Service Security in
of products/ personal data of the app/ Others
speed transaction
services security website
 42

The Awareness Towards Impact Startups

Almost 70% of respondents say the startups are given the impact towards SMEs’ development.
And it also gives impact to social & environment issues too (60%).

Figure 32. Awareness of Startups That Focus on Specific Issue (n=890)

68%
60%

40%
32%

Yes
No

SMEs’ Development Social & Environmental Issue

Economic Aspect
95% of respondents agree that Indonesian startups positively impact economic development.
Based on the scale of the economic aspect, 48% of respondents chose scale 3, which means
the Indonesian startups have a pretty significant impact.
Figure 33. Indonesian Startups Give Positive Figure 34. Scale of Startup Impact Towards
Impact Towards Economic Aspect (n=890) Economic Aspect (n=890)

48%

5% 95%
No
Yes

27%
21%

4%

1 2 3 4
(Small Impact) (Big Impact)
 43

Social Aspect
Respondents feel that more than 90% of Indonesian startups give a positive impact towards
social aspects. Respondents say Indonesian startups have given quite a big impact, according
to the scale.

Figure 35. Indonesian Startups Give Positive Figure 36. Scale of Startup Impact Towards
Impact Towards Social Aspect (n=890) Social Aspect (n=890)

8% 92%
No Yes 51%

23% 23%

3%

1 2 3 4
(Small Impact) (Big Impact)

Environment Aspect
Around 80% of respondents say Indonesian startups positively impact the environment. 45%
choose scale 3, meaning Indonesian startups give impact the environment.

Figure 37. Indonesian Startups Give Positive Figure 38. Scale of Startup Impact Towards
Impact Towards Environment Aspect (n=890) Environment Aspect (n=890)

14% 86% 45%

No Yes

29%

19%

7%

1 2 3 4
(Small Impact) (Big Impact)
 44

Startup Services Based on Area

Based on the evaluation from respondents towards startups services, more than 80% of
startups have given maximum startup services. 77% of respondents who lived in Java (outside
Jabodetabek) had maximum services from startup. Meanwhile, other areas get 80% maximum
startup services.

Figure 39. Maximum Startup Services (n=890) Figure 40. Maximum Startup Services Based on Area
(n=890)
Yes No

18% 82%
No Yes 88%
83%
77%

23% 17%
12%

Jabodetabek Java Outside Java

(Outside
Jabodetabek)

In some areas, healthtech, investment, and edtech services do not yet give top services for
respondents. It can be caused by limited area coverage or undistributed infrastructure.

Figure 41. Startup Sectors Not Yet Give The Maximum Services Based On Area (n=890)

Healthtech 32%
Investment 27%
Edtech 27%
Business Support 27%
(tech enabler, payment gateway)

Payment 26%
Lending 24%
Logistic 23%
Insurance 23%
Business operational 23%
(bookkeeping, HR, tax)
Marketplace 23%
Transportation/
23%
Ride Hailing
Travel & hospitality 21%
Supply Chain 20%
 45

04.
Introducing
Impact
Investment
 46

What is the impact investment

A startup could be defined as a company in the initial stages of business. Founders typically
fund their startups and may attempt to attract outside investment before they try to expand
the business. Funding sources include family and friends, venture capitalists, crowdfunding,
and loans.

Startups as business entities are expected to achieve profitability by creating suited business
models, strategies, and perfect execution. Recently, being a business entity is not always about
profitability. Business is also expected to create positive impacts on society; environment,
social economy, welfare, education, etc.

In recent years, the impact investment concept became popular and gained awareness among
investors. According to the Global Impact Investing Network (GIIN), impact investments are
investments made to generate positive, measurable social and environmental impact alongside
a financial return. International Finance Corporation’s (IFC) latest estimate of the global market
for impact investments shows that $2.3 trillion was being invested for impact in 2020, of which
$636 billion have an impact management system in place, according to the report ‘Investing for
Impact: The Global Impact Investing Market 2020’.

Many investor institutions now put social impact as one of the variables in their investment
feasibility study. The measurement metrics are primarily associated with the World Bank’s
Sustainable Development Goals. Also, Global Impact Investing Network (GIIN) made the IRIS+;
this metric is generally accepted as a system for impact investors to measure, manage, and
optimize their impact. The terminology of impact investment sometimes correlates with the
terms Environment, Social, and Governance (ESG) as it is also used as a set of standards for a
company’s operations.

To achieve ESG goals, East Ventures as one of the leading venture capital in Indonesia, has
developed a Sustainable Investment Framework as the tools to integrate, track, measure and
enhance their investment strategy, as well as monitor the startups portfolio’s risks and impact
on socio-economic and environment sectors. East Ventures’ portfolios like Aruna, Xurya,
Treedots, ALAMI, Warung Pintar and many more have succeeded to contribute to 16 goals from
the Sustainable Development Goals.
 47

Social Impact & SDG

The Sustainable Development Goals (SDGs) are currently one of the essential metrics for
businesses to measure impact. SDGs, also known as the Global Goals, were adopted by the
United Nations in 2015. The 17 goals in SDGs are used as a universal call to action to end
poverty, protect the planet, and ensure that by 2030 all people enjoy peace and prosperity.
Now, SDGs are adopted by the 193 Member States of the United Nations at the start of a
three-day Summit on Sustainable Development.

The road map of Indonesia’s SDG is committed to successfully implementing the Sustainable
Development Goals by achieving the 2030 development agenda. In this regard, Indonesia’s
Presidential Regulation no.59/2017 concerning the implementation of SDGs in Indonesia
mandated the Ministry of National Development Planning of the Republic of Indonesia to
provide the Roadmap of SDGs Indonesia. Here are the goals:

1 2 3 4
No Poverty Zero Hunger Good Health & Quality Education
Well-being

5 6 7 8
Gender Equality Clean Water & Affordable & Decent Work &
Sanitation Clean Energy Economic Growth

9 10 11 12
Industry, Innovation, Reduced Inequality Sustainable Cities & Responsible
& Infrastructure Communities Consumption &
Production

13 14 15 16 17

Climate Action Life Below Water Life on Land Peace & Justice Partnerships to
Strong Institutions Achieve the Goal
 48

Achieving such targets needs strong collaboration among stakeholders and commitments in
both activities and financing, as the gaps remain for achieving the ambitious 2030 agenda.
Therefore, this roadmap will be an essential guideline for stakeholders to achieve the
Indonesian 2030 agenda by emphasizing a productive collaboration among stakeholders.

The productive age group (15-64) dominates Indonesia’s demographic, accounting for 68.7%
of the total population in 2019 (Bappenas, BPS, and UNFPA, 2018).

Figure 42. Indonesia’s real GDP (in million $)

6,000,000 5,163,064

5,000,000 4,205,102

3,369,484
4,000,000

3,000,000

2,000,000 2,621,792.16

1,000,000

0
2015 2020 2025 2030

Source: OECD

This demographic composition provides an advantage to the Indonesian economy as this

young population implies a potential large workforce that can accelerate economic growth.
In the next decade, while the young population still dominates Indonesia’s demographic, the
elderly population (65+) is projected to increase by nearly two-fold from what it was in 2015.
This transition calls for a more policy focus on several areas such as health, nursery, and
social protection.

Building a brighter future requires collective efforts from organizations of all kinds and
sizes—including for-profit startups. In the past ten years, we’ve witnessed the growth of
Indonesian startups. They’ve been playing essential roles in digital economic development
and entrepreneurship. Nowadays, it’s manageable to find startups that respond to social
issues—the need for access to inclusive education, health, and finance. The following are
some of the SDGs goals that Indonesian startups have carried out.

A reasonably supportive ecosystem also followed the awareness of social contribution.

Several venture capitals that carry the value of impact investment also contribute to the
growth of investment in startups in Indonesia.
 49

Sustainable Investment in Indonesia

Sustainable investment has been gaining more attention in Indonesia in the past few years.
We see verticals such as agriculture, aquaculture, environment, and social economy startups
getting more traction in the market. Investors now are more open to investing their funds in
these sectors. The maturity level is not as mature as in developed countries with regulations
that “force” more players to make impactful investments. However, the awareness level is
higher, and the topic has been more vibrant in the past year in the digital ecosystem.

East Ventures, a sector-agnostic investment venture capital (VC) firm in Indonesia, officially
signed the Principles for Responsible Investment (PRI) supported by the United Nations (UN)
to create responsible and sustainable investment and ownership decisions. East Ventures is
the first Indonesian venture capital company to be registered as a signatory to the PRI.

Roderick Purwana, a Managing Partner of East Ventures, said East Ventures already has
hundreds of startup portfolios in Indonesia. According to him, now is the right time to set
the impact benchmark. Even before East Ventures signed this commitment, they had helped
many startups to create an impact, including creating new jobs and creating inclusion in
certain areas (finance, access to technology).

East Ventures has developed a concise theory of Indonesia having a “flywheel effect.” The
firm believes in bringing more impact, and it should be started with the right foundation, in
this case, digital infrastructure. By having a solid foundation to support the overall existence
and operation, the companies can bring impact in a scalable way.

East Ventures has started to measure and apply the impact in their investment activities,
from forming an ecosystem to making tools to achieve impact goals.

Figure 43. East Ventures Responsible Investment Approach

Screening Due Diligence Investment Post-investment Exit

Perform pre-screening
duties through ESG
eligibility, exclusion list,
and ESG checklist with
regards to potential
portfolio companies
Decision
Conduct verification Decision-making Monitor the progress Conduct responsible
approach for the on the potential of impacts through exit plan through
potential portfolio portfolio companies action plans and sanction list, know-
companies through through ESG and reporting templates. your-business scans,
ESG risk assessment impact improvement and exit templates.
and questionnaire, negotation. Engage with portfolio
and ensuring that companies on value
they are aligned Document finding creation efforts.
with the regulatory through ongoing
framework adn tracking of
IFC perfomance documentations
standards

Source: East Ventures Sustainability Report 2022

 50

East Ventures and its impact related invested startups in Indonesia

Widening Business Expansion Through E-commerce

Supporting Access to Financial Services through Fintech

Innovating in Digital Healthcare Systems and Services

Revolutionizing Education through Technology

Accelerating ESG Implementation

Food supply chain and efficient distribution channel

Technology-driven care and health services platform

The challenge in sustainable investment is aligning perceptions of investment opportunities

with the business entity’s sustainability mission. Roderick also added that it is undeniable
that financial sustainability is the important thing to keep business running, even for impact
startups. Impact objectives could not be obtained if the startups struggled to run their
operation. EV continuously reviews the financial sustainability of the invested startups, while
they also actively support startups to achieve their impact mission.

“
Within 13 years of East Ventures’ journey, we witnessed ~ Roderick Purwana
our invested startups successfully creating impacts in Managing Partner of
many sectors. We believed before doing sustainable East Ventures
investment, the investment itself must have sustainability.
We always review our portfolios and ensure they achieve
sustainability. Afterwards, our framework of impact
measurement will try to support startups to achieve their
impact missions.
 51

As part of their effort to create digital opportunities across Indonesia, EV published their
annual Digital Competitiveness Index as a baseline to identify the digital economy in
Indonesia and underpin their impact strategies. With the latest edition, East Ventures–Digital
Competitiveness Index 2022 is able to track digital competitiveness in Indonesia, and provide
the recent finding that will serve a valuable input for their invested startups and stakeholders
to create impact in the gap area.

According to Dondi Hananto, Partner of Patamar Capital, Indonesia has the potential for
impactful startups to grow. Unique and diversified market, local customization like ‘warung’,
to its abundant natural resources could give an entrance opportunity for startups to create
impactful digital solutions. Warung, part of the MSME sector, has inspired specific digital
solutions such as supply chain and accounting for MSME. Those solutions have proved
sustainable and impacted the digital economy growth.

In the agriculture sector, several factors drive the growth of this vertical:
• Technology development is now sufficient to create solutions for those verticals.
• The ecosystem surrounding those startups has been mature.
• In their early days, the community development built by startups has been solid and
successfully created digital literacy through farmers and rural society.

Technology development is one of the essential variables that make verticals like agriculture,
aquaculture, and the environment get more attraction from investors. In the early days, those
verticals struggled to create a suited business model as the supportive environment itself was
not formed yet. As it becomes more advanced, impact startups’ digital solutions can already be
seen as profitable business models. As an early impact investor in Indonesia, Patamar sees the
entrance of other investors to the impact sector as validation that those verticals have market
potential to develop.

The above variables are crucial for startups to choose their suited business models (after the
trial and error phase), which become one of the primary considerations for investors focusing
on impact investment. Besides the business model, investors also see the market potential
alongside the founder’s track record to decide the investment’s worthiness.

AC Ventures is another venture capital firm that keeps an eye on impact investing and has
proven this with the involvement of International Finance Corporation (IFC) as their investor. IFC
aims to end extreme poverty by 2030 and boost shared prosperity aligned with the SDGs as part
of the World Bank Group. Startup impact on the society became one of the critical evaluation
processes for AC Ventures to decide on its investment. Startups like Aruna, Eden Farm, Majoo,
Ula, and Segari are some of the portfolios from AC Ventures that deliver social impact.

Indonesia is an attractive market for investors as they saw the growth of the startup ecosystem
multiplying and becoming the biggest in Southeast Asia, even during the pandemic. The
effect of the pandemic on digital adoption and consumption from both consumers and small
enterprises in Indonesia is relatively high. Digital solutions have become a daily routine for
society, especially in urban areas. The pandemic also pushed the growth of specific verticals
that are usually difficult to penetrate. For example, in markets like China and India and even in
more developed markets, education is quite a challenging industry to disrupt, as mentioned by
Adrian Li, AC Ventures’ Founder and Managing Partner.
 52

The challenge in education was also confirmed by Rohan Monga, Zenius’ CEO, as he mentioned
that Indonesia’s edtech market penetration is positive, and the market has the potential to
develop. Despite the penetration issue arising, Rohan believes that product differentiation is
the key to solving the problems. Here’s where an investor’s vital role is taking part; as startups
need to expand their product and market, they need funding support from investors.

Investors generally see the edtech segment as one of the potential markets during the pandemic.
But Rohan highlighted that edtech faces challenges in building a product-market fit, learning
outcomes, and changing students’ behavior. Patience is essential for investors, especially when
it comes to returning. This character is mainly owned by impact funds (impact investors) as they
are very long-term focused and could be great partners for edtech to bring impact to society.

Digitizing Agriculture and Aquaculture Sector

Indonesia is well known for its fertile soil and abundant natural resources. Therefore, millions
of Indonesians work in the agriculture sector and depend on the sustainability of this sector.
According to BPS, in 2020, more than 38 million people will work in the agriculture sector, or
29% of Indonesia’s overall workforce.

Based on the Income Statistics Report (August 2021), the average income per month of
industrial and service jobs workers is Rp1.7 million and Rp1.1 million, respectively. Meanwhile,
agriculture workers are among the lowest, with a monthly net income of one million rupiahs. This
fact becomes contradictory when a country is notable for its agricultural sector, but farmers are
less prosperous than other professions.

Similar conditions also happened in the aquaculture sector, with huge potential but relatively
behind in technology development. About 70% of Indonesian national fisheries production
comes from the marine fisheries catch, and 30% is derived from aquaculture production and the
open-water catch. Sustainable environmental planning, particularly land clearing and waste
management for the farms, are the main issues in Indonesia’s aquaculture ecosystem.

Global aquaculture production grew by 527% from 1990 to 2018, with Indonesia among the top
producers worldwide. The country’s aquaculture output in the third quarter of 2021 was 12.25
million metric tons, a 6% growth from the same period in 2020. According to the Ministry of
Marine Affairs and Fisheries, the aquaculture sector contributed the equivalent of $1.94 million
in non-tax state revenue for the year to November 2021, well above the target figure of $1.39
million.

Before 2020, digitization in Indonesia’s agriculture and aquaculture sectors is relatively low
and affects the farmers’ productivity. The existence of agriculture and aquaculture startups
could enhance digital transformation in the agriculture sector by adopting technologies such
as artificial intelligence (AI), machine learning (ML), cloud computing, the Internet of Things
(IoT), and blockchain/Distributed Ledger Technology (DLT). These technologies will enable new
business models that can help improve agricultural yields, efficiency, incomes, and profitability.

As a result, several startups are building agricultural digital solutions focused on supply chain
and data management, market access, digital financial services, digital information, and
precision agriculture.
 53

• eFishery, Aruna, and Jala provide solutions for farmers to adopt the precision agriculture
practice and the Internet of Things (IoT), increasing the production efficiency of staple
foods and other agriculture outputs.
• EdenFarm and TaniHub Group provide marketplace solutions and farmer support apps that
help simplify the agricultural supply chain, increasing farmers’ incomes and stabilizing
produce prices.
• Koltiva offers solutions that allow farmer groups and cooperatives to operate more
efficiently and comprehensively with the availability of networks and necessary tools to
conduct business activities.
• Sayurbox, an online platform with a farm-to-table concept that allows its users to buy
fresh vegetables and fruits directly from farmers
• Crowde offers a one-stop financing solution for farmers, while for the off-takers, it provides
stability and consistency of quantity and quality of fresh produce.

Despite technology being the core of the startup industry, eFishery sees the importance of
community building to help them achieve its objectives. Within the past eight years, eFishery
started to build the farmers’ communities by giving support and education, even when the
technology resistance from farmers still took place. With the spread of digital adoption in all
classes in Indonesia’s society, those farmers have become more aware that technology could
help them increase their productivity.

Gibran, eFishery’s CEO, explained that since its establishment in 2013, the eFishery platform
has been used and has served more than 30,000 farmers from 24 provinces in Indonesia. In
fact, at the height of the pandemic, eFishery increased its network ten times since December
2020 and strengthened the adoption of services for selling feed and aquacultured fish. The
company also targets to attract 1 million cultivators in the next 3-5 years. “By 2022, we are
targeting to be able to serve 200,000 cultivators or an increase of four times,” said Gibran.

Currently, eFishery has built an end-to-end solution from an IoT solution. They create integrated
aquaculture, IoT hardware software, and a marketplace. At first, it was only an IoT-based service,
but over time the team started thinking about creating a marketplace, and until now, there has
been a financing scheme for farmers.

“Finally, we decided to go there because the ecosystem is already mature. We can make a
financing aggregator model because the market is large and open to digital. We are open to
improving with the same vision.” Gibran added.

Eden Farm is an agritech that focuses on the B2B market. They distribute agricultural products
to both MSMEs such as food stalls and muddy markets (traditional markets) and modern
customers such as Horeka. Eden Farm is a supply partner for various marketplace startups,
such as JD.ID, Blibli, Shopee, Bukalapak, Tokopedia Now, Go Fresh, Grab Fresh.

Eden Farm takes raw materials directly from the farmers or first-tier intermediaries. Several
strategic intermediaries will get a chance to develop collection facilities provided by Eden Farm.
Likewise, farmers who are considered strategic will be included in agricultural projects and will
be given production inputs, such as seeds, fertilizers, pesticides, and vitamins. In return, all of
their harvests are taken by Eden Farm, and these farmers immediately get revenue sharing. The
direct collaboration with the farmers will cut operational costs and decrease carbon emissions
by minimizing the agricultural product journey.
 54

This business process builds fair trade relations or supply chains with farmers and intermediaries.
Eden Farm can ensure product quality through partner farmers because the seeds/sources are
supplied by themselves. Meanwhile, with intermediaries, Eden Farm can anticipate if there is a
spike in demand or hypergrowth.

With the help of production and technology, farmers can get a steady income and even
more revenue. Apart from this, Eden’s presence in several collection facilities has become a
momentum for the regeneration of millennial farmers who have excellent programs.

Startups and their social impact

Ride-hailing
The most prominent impact startups can make is to serve as enablers for MSMEs to go digital.
Startups can provide solutions to connect MSMEs to the digital space, open their access to
more significant markets and opportunities, and create greater demand for their products and
services. Since the pandemic, MSME digital transformation has been a critical Gojek focus and
has served as a key to MSME growth.

Gojek was one of the game changers in Indonesia’s startup ecosystem, and they keep expanding
its services by strengthening the ecosystem surrounding its business core as a ride-hailing
startup. Gojek’s services include payment, SME support, travel, logistics, wellness, on-demand
services, and shop/social commerce. Apart from that, Gojek has also spread its services
through Go Ventures and several acquisition & collaboration actions with other startups. Based
on company data, Gojek currently has 2.5 million driver-partners.

As part of the GoTo Group ecosystem, Gojek is targeting to contribute significantly to national
economic growth and support the government’s economic recovery efforts in four key ways:

• Providing everyone in the Gojek ecosystem with a seamless experience of being able to
access the goods and services they need most.
• Being the growth partner of MSMEs, which are the backbone of the Indonesian economy,
to survive and thrive.
• Being a champion for its driver-partners.
• Gojek is taking a sustainability leadership position with our Three Zeros by 2030
commitment (Zero Emissions, Zero Waste & Zero Barriers).

In addition to the mission to bring the business to the IPO stage, Gojek Co-Founder and CEO
Kevin Aluwi said the company also continues to target overseas markets. Gojek has been
expanding into foreign markets since 2018. This Decacorn entered the Thai market under the
name GET. Then to Vietnam via Go-Viet.

In the middle of last year, the company changed its name in both countries to Gojek. However,
Gojek, through GoTo, released its business and operational units in Thailand to AirAsia in July
2021. In addition, Gojek tested transportation services in Malaysia by partnering with a local
company, Dego Ride, early last year.

The country’s Decacorn also expanded the ecosystem to India in 2019 by acquiring employee
recruitment startup AirCTO which uses artificial intelligence (AI) technology. In addition, Gojek
is developing a new office in Gurugram, India. Gojek’s efforts to boost business growth are in
line with the IPO plan of the parent company, GoTo.
 55

Since the pandemic hit, GoPay has become the most widely used Gojek service. According
to research by the Demographic Institute, Faculty of Economics and Business, University of
Indonesia (LD FEB UI). It is noted that consumers are using GoPay (68%) and GoFood (65%)
more often than before the pandemic.

Figure 44. The Most Used Gojek Service

68%
65%

57%

41%
36% 36%

Gopay Gofood Paylater Gopulsa Gobills Gosends

Source: Katadata

E-commerce
According to the Head of General Affairs of the Indonesian E-Commerce Association (idEA),
Bima Laga, e-commerce transactions in Indonesia in 2021 are up to Rp401 trillion. He added that
logistics and digital payment systems had supported the growth of e-commerce. Therefore it is
essential to start supporting the development of MSMEs. The majority of MSMEs in Indonesia
are in the micro sector, so they need to quickly switch to a digital ecosystem.
Figure 45. Top 5 e-commerce sites in Indonesia as of Q1 2022 by monthly traffic (in million clicks)

149.8

124.6

23.03

21.08

19.74

0 50 100 150

Source: SimilarWeb
 56

In May 2021, Tokopedia and GoTo combined their businesses to form the GoTo Group. Driven
with the same spirit of empowering progress for everyone, under the GoTo ecosystem, they
have also initiated several programs to help further increase MSMEs’ product exposure around
the region, including the #BangkitBersama (#RiseTogether) initiative. Bangkit Bersama is a
holistic movement that focuses on regional areas so that local MSME products become the
primary choice for Indonesian consumers and will be able to go head-to-head in competing
with global brands.

In addition, Tokopedia also has a program to support local MSMEs to thrive and survive during
a pandemic—Hyperlocal Initiatives. This program strives to protect the Indonesian economy
by making sure small local entrepreneurs can seamlessly move their operations from offline to
online and get a chance to become champions in their own country.

Tokopedia’s Hyperlocal initiative will bring customers closer to their local MSME products with
geo-tagging technology, allowing buyers to get recommendations of sellers closest to them.
The technology will enable the user to meet daily needs more efficiently, and MSMEs throughout
Indonesia have the same opportunity to thrive.

Still related to MSMEs, they also have programs #SatudalamKopi and #BanggaKreasiLokal
initiatives collaborating with the government. There are also collaborations with event
organizers to hold events that usually take offline but transform them virtually, such as Big Bad
Wolf, Market Museum, Jakcloth, Festival Santapan Lezat, etc.

Focusing on social impact, Tokopedia has initiatives on five pillars: education and technology,
empowerment of people with disabilities, women empowerment, disaster relief, and
environmental action. The five pillars are implemented through various social programs such
as distributing household and basic needs, social action, crowd donation, and capacity building
through training programs.

For example, in 2019, Tokopedia helped more than 45.495 beneficiaries and families across 19
provinces in Indonesia through various Tokopedia social initiatives. Then in 2020, they have
widened their impact to help and reach more than 112.322 beneficiaries across 33 Indonesian
provinces, including supporting social organizations, health providers, and educational facilities.

The online-to-offline concept also becomes a way for marketplaces to expand their reach
to the market. Several marketplaces now have their offline merchants provide services by
providing a selling point for certain products such as electricity vouchers, pre-paid vouchers,
billing payments, and other online products. This will help many households maximize the
potential market in their surroundings and help them increase their income level. Bukalapak
and Tokopedia are the two marketplaces with offline merchants with more than 8 million offline
merchants across Indonesia. One of the ride-hailing startups in Indonesia, Grab, also has its
offline merchants (GrabKios).
Online-to-offline merchant (Mitra):
 57

Fintech
In Q3 2021, several Indonesian startups confirmed their status as Indonesia’s new unicorn,
two of them from fintech. According to data funding by business vertical, the fintech sector is
the leading segment for the past year’s funding, with the e-money, lending, open finance, and
paylater sub-sector as the receiver. Total funding received by the fintech sector in Q3 2021
reached $425 million for 11 transactions.

Figure 46. Funding by business vertical in Q3 2021

450,000,000 12

400,000,000 10

350,000,000
8
250,000,000

200,000,000 6

150,000,000
4
100,000,000
2
50,000,000

0 0
Online Grocery
Social Commerce

Wealthtech
Agritech

Edtech
Digital Signature
Healthtech

New Energy
Loyalty
Fintech
Logistic

E-commerce Enabler
Cryptocurrency

Proptech
E-commerce
Insurtech
New Retail
SaaS
Car Marketplace

Cloud Kitchen

Electric Vehicle
Online Media

New Economy

Value of disclosed transactions Number of disclosed transactions

The fintech sector’s role is essential to pushing financial inclusion in Indonesia. It is getting more
traction from customers, as they see it as an alternative to conventional financial institutions—
all fintech sub-sectors are growing. For example, the payment sector has produced quite a
fantastic transaction value. Coordinating Minister for the Economy Airlangga Hartarto said
that the domestic digital economy continues to increase, with the current value reaching $44
billion or equivalent to Rp624 trillion (exchange rate of Rp14,200), contributing 41.9% to digital
economy transactions in ASEAN. More specifically, data from Bank Indonesia shows that as
of August 2021, the number of e-money transactions has reached Rp25 trillion. This figure
increased 41% from Rp17 trillion in August 2020.

Growth also happened on LinkAja; since its establishment in 2019, the growth has multiplied
15 times with more than 82 million registered users. More than 2 million have registered as
LinkAja local merchants on the merchant side. Meanwhile, LinkAja cash-in cash-out (CICO)
points reached 1.3 million and covered almost all areas of Indonesia.
 58

LinkAja takes a different approach than e-wallet players in Indonesia, mainly focusing on
the end-user ecosystem. LinkAja’s focus is now shifting to fulfill the merchant ecosystem’s
needs. LinkAja aims to facilitate customers’ daily transaction needs, such as shopping for daily
necessities at grocery stores, paying bills for water, electricity, telephone, payment of taxes,
transportation, etc. To build a greater ecosystem, LinkAja plans to collaborate with other State-
Owned Enterprises to deliver their services. LinkAja also targets retail communities to digitize
their transactions.

Currently, LinkAja has supported MSMEs through digitization within their ecosystem, including
financing support. The example of this kind of ecosystem that has been digitalized is the airtime
reseller ecosystem owned by Telkomsel, with more than 300 thousands of MSME merchants.
The pandemic situation also became a momentum for LinkAja to enhance its social impact
through financial inclusion. With higher digital adoption among customers, LinkAja plans to
expand their market with a strategy focusing more on the end-to-end supply chain ecosystem
by providing digital payment solutions and other digital solutions for the merchant ecosystem,
MSME, by optimizing the SOE supply chain ecosystems.

While the merchant ecosystem has now become the focus of LinkAja, retail users are still an
integral part of the LinkAja strategy. Since its inception, LinkAja has continuously focused on
unbanked or underbanked segments. By serving these segments, LinkAja shows its commitment
to increasing financial inclusion among people in the regions.

Innovation is also one of the keys focuses for LinkAja to keep competitive in the fintech sector.
With the acquisition of iGrow (a P2P lending startup for the agriculture sector) in 2021, LinkAja
plans to provide financing for its strategic partners. LinkAja has also expanded its range of
services by introducing the LinkAja Syariah service in April 2020 to respond to the preferences
of financial services needed by the public. LinkAja Syariah has obtained more than 6.4 million
registered users with a percentage growth in transactions (gross transaction value) of 280%.

Online media/video
Technology has changed many perspectives, customs, interactions, and communication as
one of the most disrupted industries globally, including in Indonesia. New media terminology
arises and is linked to innovations following the advancement of technology. The most seen
new media is streaming platforms, whether attached to existing social media or independent.

The words streaming and streamers are now commonly heard words, as it becomes a new
way for people to interact and share information. Such platforms affirm the concept of citizen
journalism and bring it to the next level.

In Indonesia, we have seen many digital news platforms arise in the past few years. One of
the notable companies is IDN Media, a media platform company for Millennials and Gen Z in
Indonesia, with over 80 million Monthly Active Users (MAU).

Winston Utomo and William Utomo, the IDN Media founders, tried to provide relevant and quality
information for every Indonesian, from Aceh to Papua. This idea started when Winston, IDN
Media CEO, observed that content distribution-related statistics in Indonesia are centralized in
Jakarta—90% of the content on internet media is about Jakarta.
 59

“I can feel this disparity because I came from Surabaya. Despite being the second biggest
city in Indonesia, the disparity still exists. IDN Media’s goal is to overcome the gap, in which
information is not evenly distributed from one area to another.” William, CEO of IDN Media,
added. Therefore, IDN Media’s mission is to democratize information—they believe that access
to quality information is a fundamental human right for every Indonesian from Aceh to Papua.

The IDN Media team believes that media will realize decentralization of information within
technology support. The community contributes to 40% of IDN Media content. In return, IDN
Media provides revenue sharing.

“We use the concept of a point system. So the more people who read the article, the more points
they receive so that they can exchange these points for rupiah.” William added.

IDN Media believes that to be sustainable, media companies should be community-driven by

providing society platforms to read or interact with and how society could contribute to the
content itself. This concept will be beneficial for both parties, as it helps the forum grow and
support the contributors to express and increase their talent and gain more economic benefit.

Besides commercial objectives, the socio-economic impact also became a consideration for
IDN Media, especially during the pandemic. Businesses must have a social responsibility to
society and how they have a direct or indirect impact to help humanity overcome challenges.
As a media platform, IDN has supported MSME through a free advertising campaign on one of
their platforms.

OTA (Online Travel Agent)

2020 is a challenging year for travel and tourism businesses, including OTA. But in 2021, this
industry gradually showed its market resilience. Many people are starting to adapt to the new
normal and the pandemic—they have different ways of traveling behavior. There have also been
many breakthroughs in sales, booking trends, market trends, and others in the last year. This
change or breakthrough leads to something better. One of the OTAs that has survived and
witnessed the dynamics of this industry is Tiket.com. According to Gaery, COO of Tiket.com, its
overall business aligns with Tiket.com’s main goals.

Adaptation is the keyword for Tiket.com to overcome challenges. They adapted to customer
demand changes during the pandemic and tried to provide flexibility in their services. For
example, vaccination tourism was arranged by Tiket.com to answer customer needs for
vacations bundled with the vaccination program.

“Our main goal is to be the most loved and customer-centric online travel agent or travel
company. We want everyone to have access, making it effortless for people to travel. So we
are constantly adapting.”

Covid testing became an immediate need during the pandemic. The necessity of Covid testing
for traveling customers has brought Tiket.com to take part in the online Covid testing booking
which covers almost all testing providers in Indonesia. This strategy helps customers to
manage their travel plans in better ways.
 60

Tiket.com supports tourism academic institutions in 5 tourism super destinations with digital
knowledge related to travel and tourism. It shows commitment from Tiket.com to develop and
prepare the talent to be ready in the digital tourism industry. Tiket.com also tries to empower
MSME businesses related to hospitality by encouraging them to be shortlisted in the Tiket.com
platform in the ‘To Do’ categories. This approach by Tiket.com could support MSME to keep
surviving in the hard times by allowing them to be reached by customers.

Pandemic and new normal conditions also created a new market segment for Tiket.com. While
staycation became an option for intra-city vacation, local tourism destinations are now raising
significant awareness from customers. Gaery also stated, “In 2021, we started to see much
demand for virtual things, such as virtual meetings, webinars, and others. We also see that
virtual events are growing. So the virtual event is something that we started to penetrate, and it
was pretty big, and it turned out to be quite good.”

Edtech
Based on research by Google, Temasek, and Bain and Company 2020 Report, Southeast Asian
Edtech tools adoption has tripled. While in the 2021 report, edtech continues to be a nascent
sector to watch. Edtech has shown healthy growth potential; many investors take a ‘wait and
see’ stance, as scalability remains unclear.

Figure 47. Edtech tool adoption

> 3X
Edtech tool adoption has witnessed
record growth
20M
YoY installations of top edtech
apps in SEA 6M
(Jan-Aug 2019 vs Jan - Aug 2020)

Pre-Covid-19 During Covid-19

Zenius, an Indonesian startup in the edtech sector, has made several positive achievements
during 2021. Rohan Monga, Zenius’ CEO, said that the company, as of December 2021, has
more than 20 million users. In the fourth quarter of 2020, Zenius has 256 employees, while in
the final quarter of 2021, the number has increased to 850 people.

One of the reasons for this increase in users is the government’s policy of ‘study from home.’
They urged students to study from home to reduce the transmission rate of the coronavirus.
However, the situation is likely to adapt to the new normal. At the end of 2021, the government
tried offline classes in some schools. This policy continues today.

Zenius tried to develop a solution to help students experiencing learning difficulties by noticing
this hybrid study. There is a strong need for hybrid learning as the market comes out of Covid
and recovers from the pandemic. There will be a customer base that radically changes behavior
than pre-Covid. Users still appreciate online experiences even more, but they will also want
their offline learning experience. To strengthen their position, in February 2022, Zenius acquired
Primagama Learning Course to meet the hybrid learning demand from customers.
 61

“So that’s why we think that hybrid learning is undoubtedly an area with a big future. We believe
that offline is very important for students’ learning outcomes, and we are currently exploring a
hybrid learning strategy.” Rohan added.

As a result, Zenius came into the market with a new product, ZenCore. It is an experience
that focuses on the learning fundamentals, which are math, reasoning right or logic, and then
English. The user will be experiencing gamification methods. So, it’s like an entertaining and
engaging game of questions using adaptive technology.

Zenius’ latest learning product innovation, Zencore, is one of the most enjoyed by users.
According to the Revou publication, Zenius, an edtech or educational technology startup in
Indonesia, experienced the most significant increase in employees, 21.67%, in the third quarter
of 2021.

According to the Revou publication, Zenius, an edtech or educational technology startup in

Indonesia, experienced the most significant increase in employees, 21.67%, in the third quarter
of 2021.

Healthtech
In the past few years, the pandemic has forced digital transformation in many industries in
Indonesia. The pandemic has brought significant telehealth or telemedicine adoption growth in
the health industry.

As one of the telemedicine providers, Halodoc has principles in developing its business by
solving problems and user pain points. According to Jonathan Sudartha, CEO of Halodoc, “An
actual good product doesn’t need to be given incentives. They don’t need to be given anything;
people will use it because it solves a problem.”

These principles also become Halodoc considerations when discussing user acquisition
strategies. They have educated the market during pre-pandemic situations. Halodoc formed
customers’ awareness of telemedicine services with their early investment and promotion at the
pre-pandemic time. At this moment, customers have realized the importance of telemedicine
services as they try to minimize physical interaction or offline visits to obtain health services.

The pandemic has become an accelerator for the adoption of telemedicine among customers.
Halodoc’s integrated strategy, online consultation, and pharmacy delivery effectively answer
customers’ needs. Halodoc also supports government initiatives related to Covid-19 by having
testing appointments, vaccination registration, and pharmacy delivery.

Social impact is something directly provided by Halodoc as their business is focused on

healthcare. With the help of technology, Halodoc could offer better health access to customers
across Indonesia. For example, before telemedicine existed, access to specialists was
considered a privilege for significant city customers. Now, people across Indonesia have access
to Halodoc.

Halodoc also initiated a program to digitize midwives across Indonesia. At the beginning of
February this year, Halodoc inaugurated the presence of the Bidanku application after being
developed in mid-2021. This application is here to digitize the administration process of midwife
services, so they can focus on maximizing the quality of maternal and child health.
 62

Bidanku is here purely for social activities, free of charge for midwives in remote areas.
Currently, midwives have used Bidanku in various regions of Indonesia, such as Sumatra, Java,
Kalimantan, and Papua.

Chairperson of the Indonesian Midwives Association (IBI) Emi Nurjasmi revealed the importance
of implementing health technology to support midwives’ quality. She said midwives are a
unique and specific profession in building a quality generation because they focus on women’s
reproductive health, family planning, and babies’ and toddlers’ health.

According to Emi, there are 5.5 million pregnant women in Indonesia, and midwives monitor
80%. The digital platform will make the midwife’s job easier, giving the public the right to obtain
health information in real-time.

Meanwhile, midwives are also considered to have an essential role in helping the government
focus on alleviating stunting in Indonesia. Research and Development data from the Ministry of
Health states that Indonesia still has a prevalence of stunting in children at 30%.

New economy
Technology development and new business models have positively impacted many sectors,
including the coffee industry, its farmers, and workers. New retail concepts allow brands to
scale up their market. As the market grows, the production itself will increase and give coffee
farmers and workers opportunities to gain more income. Technology will shorten the supply
chain as brands act as direct buyers from farmers and allow farmers to obtain higher income.
The concept brought by new economy startups such as Kopi Kenangan is having a positive
impact on the supply chain of the coffee industry. Farmers will benefit from the direct supply
chain and fair trade pricing.

Kopi Kenangan became the first unicorn in Indonesia. In December 2021, Kopi Kenangan
received Series C funding of US$96 million or equivalent to Rp 1.3 trillion. Through this funding,
the valuation of the food and beverage (F&B) network in Indonesia has exceeded US$1 billion
and has placed Kopi Kenangan as the first New Retail F&B Unicorn in Southeast Asia.

By 2022, Kopi Kenangan has committed to assisting local F&B workers with technology,
investment, and mentorship. Their training center, Kenangan Academy, is intended for baristas
to be able to train themselves again in the face of changing market conditions, especially during
the current pandemic. Kopi Kenangan currently has 4,379 employees and hopes to provide
more jobs in cities and districts in Indonesia as new stores open.

During the pandemic, they faced several challenges, but Kopi Kenangan still tried to maintain
product quality and constantly adapted. According to Ruth Davina, PR & Communications Kopi
Kenangan, consumer domiciles transitioned from office areas to residential areas during this
pandemic. Kopi Kenangan innovated to expand the reach of its outlets to residential areas
such as shophouses and gas stations. By implementing the grab-and-go model, most Kopi
Kenangan outlets have limited space so that operational-rental expenses are small, which
helps Kopi Kenangan proliferate even amid a pandemic.

“We also maximize the delivery and pick-up features in the Kopi Kenangan application to
reduce dine-in activities at outlets and constantly highlight our effort to ensure our products
and services,” Ruth added.

With the applied New Retail business model, Kopi Kenangan combines online and offline
channels to prioritize the convenience and safety of consumers when shopping.
 63

Even with the enactment of PPKM regulations, consumers can still shop at Kopi Kenangan through
our online channels. Using technology and digitization, they will continue to encourage using the
Kopi Kenangan application. In 2021, its application contributed 30% of total sales.

Not just in the coffee industry, but the implementation of the new economy is expanding to many
areas such as fashion, other F&B, and lifestyle. The concept of a new economy is expected to be
a driving force for the Indonesian economy as it has the potential to be a source of new economic
growth due to technological developments or demographic structural changes. With the rise of
middle-class society in Indonesia and the lifestyle shifting of the urban population, the direct-to-
consumer business model has evolved, and technology has become more heavily involved in this
business model.

This trend has brought many conventional MSMEs to find ways to adapt to the digital industry
through their platform or joining with the curated service providers or brand aggregators.
 64

05.
Upcoming
trends in
Indonesia's
digital
industry
 65

Direct-To-Consumer (D2C) Trend

Global popularity of the D2C concept is increasing in the past years, with several D2C startups
emerging and businesses adding the D2C commerce concept as one of their channels. Pandemic
also became an accelerator of the D2C trend as customers became more comfortable to shop
from their homes. One of the successful examples is Perfect Diary cosmetics launched in 2016
in China. By 2019, the brand had risen to become the country’s third best-selling brand. In their
2020 IPO, this start-up earned a valuation of over $7 billion.

According to McKinsey, D2C refers to the practice of selling a product directly to the consumer via
a company’s own web store, thus bypassing third-party retailers or wholesalers. This concept
will eliminate the barrier between the producer and the consumer, giving the producer greater
control over its brand, reputation, marketing, and sales tactics. The D2C concept also could
help brands build their relationship with their customers, by giving them a unique experience
and value proposition as the differentiator.

Many new startups in Indonesia also consider the D2C concept as their entrance strategy to
gain attraction from customers, with most of those startups are retail segment focused such
as fashion, beauty, lifestyle, and F&B.

The D2C concept is also gaining attraction from investors as they see this business model
has market potential, especially in the fashion and lifestyle segment. East Ventures is one of
the VCs that put their attention to D2C startups with Kasual, Base, and Fore as some of their
portfolios. BRI Ventures launched Sembrani Kiqani which is focused on early stage startups
targeting the D2C sector.

Here are several reasons why the D2C concept is having a positive growth recently:
1. Digital native segment is more preferable to do everything from their smartphone, including
to fulfill their needs.
2. Repetitive purchase on most D2C products; fashion, beauty, lifestyle and F&B products is
consumed overtime and will be the driver of sustaining D2C.
3. Pandemic is shifting consumer behavior more digitally.
4. For startups, they saw D2C as an opportunity to lower their cost and maximize profit by
eliminating supply chain lines.

Regardless of having a D2C concept, startups also use omnichannel strategy (offline channel
or marketplace) to reach a wider market and build their brand awareness. Competition with big
brands or companies and other D2C startups must be seen wisely, thus brand awareness is vital
for D2C to increase. For example, Kopi Kenangan is one of the D2C startups that successfully
built their brand and became one of Indonesia’s unicorns in late 2021.

Uniqueness or product differentiation also becomes an important factor for D2C startups to
exist in the competitive market. Startup Kasual offers customers a Build Your Own Product
(BYOP) for men’s pants. The platform also enables ‘Virtual Fitting’ where customers can consult
directly with the Kasual expert team via video call in regards to size measurement, personalized
fitting, and product recommendation.
 66

D2C Startups in Indonesia

F&B Cloud Kitchen

Beauty

Fashion Health

Parenting kits

FMCG Others

The D2C trend also brings an opportunity for ‘rollup e-commerce’ or brand aggregators to rise.
In the global market, startup Thrasio Inc became the fastest US company to achieve unicorn
status in six months, when it raised $260 million in 2021. In the Indonesia market, we see
similar business models run by Hypefast, OpenLabs, and Una Brands. The presence of brand
aggregator startups will allow individual brands to retain their identity and, more importantly,
control over their future, while offering expertise and infrastructure to help them grow.

Some startups are also expanding their services from provider into aggregator. This strategy
is brought by startups by acquiring potential D2C brands or merchants, and MSMEs to its
portfolio. With this strategy, brand aggregator startups could offer various products and
services. Acquired brands or MSMEs will benefit from capital access, wider market reach and
advanced technology. For example, Hangry acquired Accha as an addition to their current
portfolio, Berrybenka changed into Grow Commerce and focused as a brand aggregator with
several brands such as Aleza, Kottonville and BBS as their portfolio.
 67

Embedded finance
Indonesia’s embedded finance industry is expected to grow by 44.6% on an annual basis to
reach $1.8 billion in 2022. It is expected to grow steadily over the forecast period, recording a
CAGR of 28.8% during 2022 and the revenues will increase from $1.8 billion in 2022 to reach
$7.4 billion by 2029.
The massive opportunities of embedded finance in Indonesia has brought a collaborative
ecosystem between financial institutions (banking and non-banking) and startups (fintech,
non- fintech and tech enabler startups). The terminology of embedded finance itself refers
to financial services offered seamlessly in consumers’ everyday experiences through non-
financial products and services. It is designed to streamline financial processes for consumers,
making it easier for them to access the services they need when they need them. In simple
terms, embedded finance is the use of financial tools or services — such as lending or payment
processing — by a non-financial provider.

Few examples of embedded finance in Indonesia are the lending services provided by an
agritech startup to farmers, car dealer financing, early wage access (EWA), or as simple as
billing payments and buy now pay later in e-commerce. The embedded finance concept will
allow fintech startups and banks to have more of a role as an enabler for services startups on
providing financial services to their customers.

Embedded finance has a bright future in Indonesia as it is pushed by the behavior of the
customer, their willingness to adapt and their openness to data sharing. Moreover, embedded
finance will give extra benefits for all parties; customers, services startups, and also financial
institutions (both conventional and fintech).

• Customers will have more access to financial services through various platforms that
integrate with financial institutions or fintech.
• For services startups (e-commerce, OTA, agritech, payroll, edtech, etc) embedded finance
will give them product diversification through financing or lending schemes without needing
the license from regulators.
• Banking and fintech startups will have the opportunity to expand their market to various
segments and areas, as they are actively exploring alternative sources of revenue and
product growth.

Types of Embedded Finance

Embedded finance is an umberella term for various forms of financial services that are integrated in a
otherwise non-financial digital platform. Possible embedded finance applications include:

Embedded Payments Embedded Lending

Offering payment directly on the platform, Presenting customer and business
possibly including e-wallet services, too. loan options for financing purchases or
shops.

Embedded Banking Embedded Insurance

Offering on-platform banking services like Protecting goods in case of loss or
saving accounts, credit card issueing, etc. damage directly upon purchasing them.

Embedded Investments Embedded Anything?

Providing option for stock trading, Any other financial use case one can
NFT tradingm retirement plans, think of.
crowdfunding, etc.
 68

The path of embedded digital finance implementation in Indonesia is formed with several
partnerships between fintech and non-fintech startups. Today, embedded payments have
become an integrated feature of all e-commerce platforms. Meanwhile, other applications offer
paid services to their customers such as in-app purchases for video games, payments for daily
needs like groceries, convenience stores and coffee shops.

Integrated API is the key entrance to embedded financial services, as it can be the foundation
of an open finance ecosystem where people have greater access and choice over the financial
services they use. By opening up data beyond just their primary financial institution, open APIs
enable consumers to obtain products and services from a broader range of providers. They
enable data connections between financial institution accounts, fintech companies, and non-
financial companies that make embedded finance possible.

Startup Open Finance in Indonesia:

Evolving digital technologies also makes traditional banks adapt their digital services to
accommodate embedded finance demand from customers. Banks in Indonesia realize the
importance of embedded banking services within the digital ecosystem. It is shown by API
integration provided by banks, both private or state-owned banks, to support startups by
connecting their services to the banking ecosystem. Integrated API from banks is giving ease
to startups to do their financial transactions. With the increasing digital adoption among
customers, the number of transactions among startups is expected to increase and the
integrated API will allow startups to get their reconciliation process more easily which will bring
efficiency in their operations.

The government through the Bank of Indonesia is taking the initiative to implement the National
Open API Payment Standard (SNAP) in the near future. The objective of SNAP is to create a
healthy, competitive and innovative payment system industry. It also promoted integration,
interconnectivity and interoperability as well as secure and reliable payment system
infrastructure. Customers will be able to experience seamless payment and hassle-free as the
integrated API has opened many opportunities and enhanced digital transformation in financial
services. SNAP is expected to be commissioned in June 2022.

“
“BCA realized collaboration with startups could bring ~Hera F. Haryn
innovation in the digital financial industry in Indonesia and Executive Vice
customers will get more benefit when accessing financial President & Corporate
services. Since 2017, with its Application Programming Communication
Interface (API), BCA endeavors startups (fintech and
non-fintech) to develop the digital financial ecosystem.
We believe that adapting and fulfilling the customer
expectations is the key success factor in this fast-paced
customer behavior shifting.”
 69

Web 3.0
Web technology evolution is now heading to Web3, the upcoming third generation of the internet
where websites and apps will be able to process information in a smart human-like way through
technologies like machine learning (ML), Big Data, and decentralized ledger technology (DLT).

The Web3 world has open-source protocols at its foundation. It is about rearchitecting internet
services and products so that they benefit people rather than entities. Some of the advantages
of Web3 include intensified data processing, improved data control & privacy, seamless services,
stress-free data accessibility, transparency and restrictionless access.
Figure 48. Web 3.0 simply explained

What is Web 3.0? The history of the Web

Decentralized,
Web 3.0 is the 3rd generation of the internet
Private & Secure
where the devices are connected in a
decentralized network rather depending on
Application complexity

server-based databases.
Informative &
Interactive Web 3.0
The new internet is a user-centric,
more secured, private and better connected User centric

Basic HTML,
e-mails
Web 2.0
Information centric

Web 1.0

1990 2000 2020

Timeline

Web 3.0 benefits Web 3.0 stack

dApps Browser

Decentralized
Applications

Anti-monopoly Secure Data Interoperabillity

& pro-privacy network ownership

Storage Messaging EVM Consensus

Off-chain Computing Data feed Internet of things

Hardware Clients
No interuption Permissionless Semantic Ubiquity
in service blockchain web
Internet Protocol Network

Source: Bitstock
 70

It should be noted that blockchain technology is at the heart of many major cryptocurrencies
as well as non-fungible tokens (NFT). Given the circumstances, the broad topic of Web3 will
also be correlated with decentralized autonomous organization (DAO), which is an autonomous
organization regulated through a set of rules embedded on computer programs, technically
known as smart contracts. Through DAOs, individuals (who are not familiar with each other)
can use the internet as a medium to communicate and organize themselves in a trusted
environment, share values, and regulate an organization. It will end organizational hierarchy
and automating decisions by allowing everyone to participate, vote on operational decisions,
and contribute to the management of DAOs.

While Web3 is still in the development stage, it is believed that Web3 has the potential to benefit
people in their digital activities. Below are the potential benefits of Web3 according to Lasse
Rouhiainen, an expert on artificial intelligence, disruptive technologies and digital marketing.

• Ownership
Web3 is powered by blockchain technology and decentralization, democratizing content
creation and eliminating the middleman. While Web2 relies on social media sites to store,
distribute, and benefit from content, Web3 allows users to earn tokens for their community
participation and activity directly. These tokens have actual monetary value and give users
meaningful ownership of their projects.

• Privacy
A decentralized identity system will allow users to control their online identity and personal
information. It will give more control over what information is available online and who can
access it. Moreover, users will get a cryptographically secure way to prove whether the
information is accurate.

• Security
Unlike the current system, where information can easily be copied or stolen without the
user knowing, blockchain technology is secure and tamperproof; data cannot be changed
or hacked without the interference being detected.

• Opportunity
Web3 projects are open source, and anyone can build on top of other projects. Web 2.0 worked
with limited API access, but Web3 allowed every part to be interconnected and reused.

• Collaboration
Web3 runs on a DAO (Decentralized Autonomous Organization), a new management model
without boards and executives. DAOs instead operate according to a set of rules written in
code, allowing an unlimited number of people to participate in it.

In Indonesia, Web3 has been a hot topic within digital players in recent times. Tokocrypto as one
of the cryptocurrencies marketplace in Indonesia was investing in five blockchain startups in
Southeast Asia, including two startups from Indonesia. They also partnered with BRI Ventures
to run a blockchain accelerator program. Meanwhile, from the venture capital side, Cydonia
Fund is formed by collaboration from Tokocrypto, Indogen Capital, and Finch Asia to support
the Web3 ecosystem in Indonesia.

Luno also runs similar action; another cryptocurrency marketplace, which launched its Corporate
Venture Capital (CVC), focuses on developing Web3, Metaverse, and blockchain infrastructure.
 71

Decentralized Finance (DeFi)

DeFi or decentralized finance is an umbrella term for the part of the crypto universe that is
geared toward building a new, internet-native financial system, using blockchains to replace
traditional intermediaries and trust mechanisms. DeFi uses cryptocurrencies and smart
contracts to provide services that do not need intermediaries. The system removes the control
banks and institutions have on money, financial products, and financial services. The popularity
of DeFi rapidly expanded in 2020 and 2021. The value of assets attached to DeFi contracts,
known as total value locked, increased from roughly $697 million at the beginning of 2020 to
more than $85 billion in August 2021 according to Defi Pulse.

Compared to traditional finance system or centralized finance, DeFi offers it users several
advantages such as:
• Much higher levels of autonomy with transactions; no permissions are needed to conduct
transactions and deals can be structured without waiting periods
• Better transparency into transactions and fees
• Greater trust in the technology itself as opposed to intermediaries like banking institutions

Figure 49. How decentralised finance works

Traditional financial sytem

Sender Receiver

Sender’s bank Receiver’s bank

Payment companies

Decentralised financial system

Sender Receiver

Source: simtrade.fr
 72

Central Bank Digital Currencies (CBDC)

Cryptocurrency trends and popularity gained much attraction due to its decentralized system,
including from governments and its central banks around the world who are trying to make
virtual currencies. A CBDCs is an electronic form of central bank money with potential wide use
by households and businesses to store value and make payments. It is a digital token, similar
to cryptocurrency, issued by a central bank.

CBDCs will have the physical currency characteristic (representing legal tender with the liability
of the central bank) and make it more secure and less volatile than other digital currencies.
CBDCs are targeted to promote financial inclusion and simplify the implementation of monetary
and fiscal policy. As a centralized form of currency, they may not anonymize transactions as
some cryptocurrencies do. It is adopted or at least being planned to be adopted by central
banks across the globe. Many countries, including Indonesia are exploring how CBDCs will
affect their economies, existing financial networks, and stability. Bank Indonesia is currently
still conducting research in determining the concept of the CBDCs and the technology that will
be used in an effort to support digital transformation in Indonesia.

As of March 2022, 87 countries are considering issuing a CDBC, according to the Atlantic
Council, an independent organization based in the United States. Out of those, 9 countries—
The Bahamas, Nigeria, and 7 countries in Eastern Caribbean Union—have already launched a
centrally governed digital currency. In April 2020, China became the world’s first large economy
to test a digital currency. The People’s Bank of China wants the e-CNY, or digital yuan, to be
widely used in China by 2022. About 2 years ago, in May 2020, only 35 countries were thinking
of issuing a CBDC.

Central banks’ plan to launch CBDC shows the importance of blockchain in the future financial
ecosystem. Despite the format and regulation that are still being discussed, we can see
many central banks are preparing for the evolution of blockchain technology and the Web3
ecosystem.

Figure 50. Examples of how CBDC could work

Central bank core ledger

A fast, highly secure and resilent platform that provides
relatively simple payment functionality (the ‘core ledger’).

API access
Allows private sector payment interface providers to connect
to the core ledger. Block unauthorised access-only regulated
entities can connect.

Payment Interface Provider

Authorised and regulated firms providing user-friendly
interfaces between the user and the ledger. Many also provide
additional payment services that are not built into the core
ledger as overlay services.

Users
Register with payment interface provider(s) to access CBDC.

Source: Payment Card & Mobile

 73

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 75

Appendix
List of Funding in 2021
In 2021, there were 214 startup funding rounds announced and a total value of more than
$6.89 billion from the 127 transactions mentioned. This achievement has more than doubled
compared to 2020, with 113 transactions worth $3.3 billion from the 50 announced transactions.
Here’s the full list:

Announced Startup Round Vertical Amount Investor

Alpha JWC Ventures,

Openspace Ventures,
Jan-21 Zenius Pre-Series B Edtech undisclosed
Northstar Group, Kinesys,
BeeNext
Sequoia Capital India, East
Ventures, EV Growth, 500
Jan-21 Bibit Series A Wealthtech $30,000,000
Startups

Jan-21 Nusantics Series A Biotech undisclosed East Ventures

Horizons Ventures, Alpha JWC
Ventures, SoftBank Ventures
Jan-21 Ajaib Series A Wealthtech $25,000,000
Asia, Insignia Ventures, Y
Combinator
Jan-21 Pintek Debt Funding Fintech $21,000,000 Accial Capital
AC Ventures, Golden Gate
Jan-21 Alami Debt Funding Fintech $20,000,000
Ventures, Quona Capital
Jan-21 DigiResto Seed Funding SaaS undisclosed SiCepat
Sequoia Capital India,
Saison Capital, January
Jan-21 BukuKas Series A SaaS $10,000,000 Capital, Founderbank Capital,
Cambium Grove, Endeavor
Catalyst, Amrish Rau
Altara Ventures, Golden Gate
Job Ventures, Antler, Access
Jan-21 Sampingan Series A $5,000,000
Marketplace Ventures, XA Network, iSeed
SEA
Jan-21 Zipmex Series A Cryptocurrency $6,000,000 Jump Capital
Indonesia Women
Jan-21 Titik Pintar Seed Funding Edtech undisclosed
Empowerment Fund
Wavemaker Partners, Alpha
Jan-21 CrediBook Pre-Series A SaaS $1,500,000 JWC Ventures, Insignia
Ventures
Quona Capital, B Capital
Jan-21 Ula Series A Supply Chain $20,000,000 Group, Sequoia Capital India,
Lightspeed India
Feb-21 BukuWarung Series A SaaS undisclosed Rocketship.vc, angel investor
International Finance
Feb-21 PasarPolis Other Fintech $5,000,000
Corporation
defy.vc, Quest Ventures, GK
Plug and Play, Next Billion
Feb-21 GajiGesa Seed Funding Fintech $2,500,000 Ventures, Alto Partners,
Multifamily Office, Kanmo
Group, angel investors
 76

Announced Startup Round Vertical Amount Investor

Feb-21 NOORE Seed Funding New Retail undisclosed Hypefast

Feb-21 Member.id Series A Loyalty $1,100,000 East Ventures, Traveloka
Ascend Capital Group,
Feb-21 FUNDtastic Series A Wealthtech $7,700,000
Indivara Group
Social Vertex Ventures, Genesis
Feb-21 RateS Series A undisclosed
Commerce Alternative Ventures
Alpha JWC Ventures, Kinesys
Feb-21 Saturdays Seed Funding New Retail undisclosed
Group, Alto Partners
Feb-21 Dana Cita Series A Fintech $5,000,000 Monk’s Hill Ventures, Qualgro
Feb-21 Amartha Debt Funding Fintech $50,000,000 Lendable
Investible, AC Ventures, Corin
Feb-21 Eden Farm Pre-Series A Agritech undisclosed
Capital, angel investors
Mar-21 Advotics Seed Funding SaaS $2,750,000 East Ventures
Mar-21 Ngelesin Seed Funding Edtech undisclosed Astra Ventura
Mar-21 Xendit Series B Fintech $64,600,000 Accel, Y Combinator
Falcon House Partners,
Kejora Capital, DEG, MDI
Mar-21 SiCepat Series B Logistic $170,000,000 Ventures, Indies Capital,
Pavilion Capital, Tri Hill, Daiwa
Securities
Mar-21 D-Laundry Seed Funding On-Demand undisclosed undisclosed
Taurus Ventures, Kopi
Mar-21 Dropezy Seed Funding Online Grocery undisclosed
Kenangan Fund
Beenext, Skystar Capital,
Esensi Solusi
Mar-21 Series A SaaS $3,000,000 Selera Kapital, Inovasi
Buana
Partners, AC Ventures
Mar-21 Andalin Series A Logistic undisclosed BRI Ventures
Better Tomorrow Ventures,
Prasetia Dwidharma, 1982
Mar-21 Brick Seed Funding Fintech undisclosed
Ventures, Antler, Rally Cap
Ventures, angel investors
Beenext, AC Ventures, Saison
Mar-21 Segari Seed Funding Online Grocery undisclosed
Capital
Mar-21 IDCloudHost Seed Funding Cloud Hosting $5,000,000 Init-6
Social Go-Ventures, AC Ventures,
Mar-21 KitaBeli Series A $10,000,000
Commerce East Ventures
Openspace Ventures, Go-
Mar-21 Pluang Pre-Series B Wealthtech $20,000,000
Ventures
Ribbit Capital, Y Combinator
Continuity, ICONIQ Capital,
Mar-21 Ajaib Series A Wealthtech $65,000,000
Bangkok Bank PLC, angel
investors
Insignia Ventures Partners,
Mar-21 Nimbly Pre-Series A SaaS $4,600,000 Sovereign’s Capital, Saison
Capital
TransTrack.
Apr-21 Seed Funding SaaS undisclosed Accelerating Asia
ID
DST Global Partners,
Sequoia Capital India,
Apr-21 Shipper Series B Logistic $63,000,000 Prosus Ventures, Floodgate,
Lightspeed, Insignia Ventures,
AC Ventures, Y Combinator
 77

Announced Startup Round Vertical Amount Investor

Tiger Global Management,

GGV Capital, East Ventures,
Venturra Capital, UOB Venture
Apr-21 Ruangguru Series C Edtech $55,000,000
Mangement

Teja Ventures, Indonesia

Binar Women Empowerment Fund,
Apr-21 Seed Funding Edtech undisclosed
Academy Eduspaze, The Savearth Fund,
Angel Investor
Astra International, Temasek,
Telkomsel Mitra Inovasi, Novo
Holdings, Acrew Diversify
Capital Fund, Bangkok Bank,
Apr-21 Halodoc Series C Healthtech $80,000,000
UOB Venture Management,
Singtel Innov8, Blibli Group,
Allianz X, Openspace
Ventures
Alpha Wave Incubation, GSV
Apr-21 CoLearn Series A Edtech $10,000,000 Ventures, Sequoia Capital
India, AC Ventures
Apr-21 Alatte Beauty Seed Funding New Economy undisclosed Gayo Capital
Apr-21 PasarMIKRO Seed Funding New Economy undisclosed Gayo Capital
Apr-21 Clodeo Seed Funding SaaS undisclosed Telefast
Asiantrust Capital, Prasetia
Apr-21 Doogether Pre-Series A Wellness undisclosed
Dwidharma, Angel Investor
Astra Digital, Syngenta
Group Ventures, Global Brain
Apr-21 Sayurbox Series B Online Grocery undisclosed
Corporation, Ondine Capital,
Strategic Year Holdings
MDI Ventures, Telkomsel
Apr-21 TADA Series B Loyalty undisclosed Mitra Inovasi, Finch Capital,
Sovereign’s Capital
Softbank Ventures Asia,
Amasia, Insignia Ventures
Social
Apr-21 Super Series B $28,000,000 Partners, Y Combinator, DST
Commerce
Global, TNB Aura, Angel
Investor
Intudo Ventures, Quest
Apr-21 Populix Pre-Series A Survey Platform $1,200,000
Ventures
May-21 Modal Rakyat Seed Funding Fintech undisclosed Fazz Financial Group
Sequoia Capital India, Prosus
Ventures, Tencent, Harvard
May-21 Bibit Series B Wealthtech $65,000,000
Management Company, AC
Ventures, East Ventures
Women’s World Banking, MDI
Ventures, Mandiri Capital
May-21 Amartha Series C Fintech $28,000,000
Indonesia, YOB Venture
Management
PT Gamma Persada
May-21 Foodstory Seed Funding Cloud Kitchen $200,000
Solusindo
L Catterton, Indies Capital,
May-21 Sociolla Series F E-commerce $57,000,000 East Ventures, Jungle
Ventures
MDI Ventures, Central Capital
May-21 Cermati Series C Fintech undisclosed
Ventura
 78

Announced Startup Round Vertical Amount Investor

May-21 Bonza Seed Funding Big Data $2,000,000 East Ventures, Elev8.vc
AC Ventures, 500 Startups,
Azure Ventures, Prasetia
May-21 ProSpark Seed Funding Edtech undisclosed
Dwidharma, Assembly
Ventures, Angel Investor
OCBC NISP Ventura, Angel
May-21 GajiGesa Seed Funding Fintech undisclosed
Investor
AngelCentral, GK Plug and
May-21 Bizhare Pre-Series A Fintech $520,000
Play, GDILab, Angel Investor
Money Forward, PT Mitratama
Grahaguna, EV Growth, PT
Supra Primatama Nusantara,
May-21 Mekari Series D SaaS $18,000,000
PT Karang Mas Investama, PT
Mitra Dutamas, PT Perkom
Indah Murni, Alto Partners
May-21 Transfez Seed Funding Fintech undisclosed East Ventures, BEENEXT
E-commerce
May-21 SIRCLO Series B $45,000,000 SMDV, East Ventures
Enabler
MDI Ventures, UOB Global
Capital, Vertex Ventures,
Telkomsel Mitra Inovasi,
May-21 Tanihub Series B Agritech $65,500,000 BRI Ventures, Add Ventures,
Flourish Ventures, Intudo
Ventures, Openspace
Ventures, Tenaya Capital
Coinbase, Blockchain
Ventures, Castle Island
May-21 Pintu Series A Cryptocurrency $6,000,000 Ventures, Intudo Ventures,
Alameda Ventures, Angel
Investor
May-21 EVOS Esports Seed Funding Esports undisclosed Telkomsel Mitra Inovasi
May-21 Inspigo Seed Funding Podcast undisclosed Telkomsel Mitra Inovasi
Alpha JWC Ventures, Unifam
Jun-21 Lemonilo Series B New Economy undisclosed
Capital, Seqouia Capital India
Sovereign’s Capital, SALT
Jun-21 goKampus Series A Edtech undisclosed Ventures, Azure Ventures,
Angel Investor
Global Brain, ASLI RI,
Jun-21 Qlue Series B Smart City undisclosed
Telkomsel Mitra Inovasi
Jun-21 Amartha Debt Funding Fintech $7,500,000 Norfund
MDI Ventures, Trans-Pacific
Jun-21 Prixa Seed Funding Healthtech $3,000,000 Technology Fund, Siloam
Hospitals Group
MDI Ventures, Samsung
Jun-21 Alodokter Venture Round Healthtech undisclosed
Ventures
Integra Partners, Asian
Development Bank Ventures,
Jun-21 Wagely Seed Funding Fintech $5,600,000
PT Triputra Trihill Capital,
1982 Ventures, Angel Investor
Valar Ventures, Goodwater
Jun-21 BukuWarung Series A SaaS $60,000,000 Capital, Golden Gate Ventures,
Blue Fund, Angel Investor
 79

Announced Startup Round Vertical Amount Investor

Global Founders Capital,

East Ventures, Future Shape,
Partech Partners, Saison
Jun-21 Finantier Seed Funding Fintech undisclosed Capital, GMO VenturePartners,
AC Ventures, Y Combinator,
Genesia Ventures, Two
Culture Capital, Angel Investor
CyberAgent Capital, Spiral
Social
Jun-21 Dagangan Pre-Series A undisclosed Ventures, 500 Startups,
Commerce
Bluebird Group
Paragon
Jun-21 Pre-Series A OTT undisclosed SALT Ventures, Inter Studio
Pictures
Jun-21 Justika Seed Funding Legaltech undisclosed East Ventures, Skystar Capital
Jun-21 Kredivo Debt Funding Fintech $100,000,000 Victory Park Capital
Jun-21 KLAR Seed Funding Wellness undisclosed AC Ventures, Kenangan Fund
Sequioa Capital India,
Hedosophia, Gemini
Investment, Cormano Trade
& Investment, Saison Capital,
Dogan Online, Cambium
Jun-21 BukuKas Series B SaaS $50,000,000
Grove Capital, Alter Global,
Delaware, January Capital,
Orion Advisor, TS Guardians,
Endeavor Catalyst, Angel
Investor
Jun-21 Typedream Seed Funding SaaS undisclosed Y Combinator, Angel Investor
Warung East Ventures, Vertex
Jul-21 Series B New Retail $6,000,000
Pintar Ventures
PT Gamma Persada
Jul-21 Foodstory Seed Funding Cloud Kitchen $200,000
Solusindo
Intudo Ventures, Vertex
Jul-21 GREDU Series A Edtech $4,000,000
Ventures
Go-Ventures, RTP Global,
Alpha JWC Ventures, Surge,
Jul-21 BukuGaji Seed Funding SaaS $4,800,000
FEBE Ventures, Taurus
Ventures
Sumba
Jul-21 Sustainable Seed Funding New Energy undisclosed New Energy Nexus
Solutions
Jul-21 Xurya Seed Funding New Energy undisclosed New Energy Nexus
Jul-21 Solar Kita Seed Funding New Energy undisclosed New Energy Nexus
Right People
Jul-21 Renewable Seed Funding New Energy undisclosed New Energy Nexus
Energy
Jul-21 Greenly Seed Funding New Economy $800,000 East Ventures, Sage Capital
Jul-21 GetCraft Seed Funding Online Media undisclosed SOSV
5Y Capital, Fosun RZ Capital,
Social
Jul-21 Desty Pre-Series A $3,200,000 January Capital, IN Capital,
Commerce
East Ventures
Monk’s Hill Ventures, Jungle
Jul-21 Hypefast Series A New Economy $14,000,000 Ventures, Strive, Amand
Ventures
 80

Announced Startup Round Vertical Amount Investor

Prosus Ventures, East

Ventures, SIG, AC Ventures,
Jul-21 Aruna Series A Agritech $35,000,000
MDI Ventures, Vertex
Ventures
Vertex Ventures SEA, Kinesys
Jul-21 Dailybox Series A New Economy $3,000,000
Group
Asia Partners, Falcon Edge,
Sequoia Capital India, Alpha
Jul-21 GudangAda Series B Logistic $100,000,000
JWC Ventures, Wavemake
Partners
Ribbit Capital, Goodwater
Capital, Insignia Ventures
Jul-21 Pinhome Series A Proptech $25,500,000
Partners, Global Founder
Capital
Jul-21 Bonza Seed Funding SaaS $500,000 Future Shape
Jul-21 dr soap Seed Funding New Economy undisclosed SALT Ventures
Naver Financial Corporation,
Gafina B.V., Mirae Asset-
Jul-21 Happy Fresh Series D Online Grocery $65,000,000
Naver Asia Growth Fund, Z
Venture Capital
CyberAgent Capital, Angel
Jul-21 Moladin Series A Automotive $4,500,000
Investor, East Ventures
Corporate
Jul-21 AnterAja Logistic $31,000,000 IFC
Round
Jul-21 Moni Seed Funding Wealthtech undisclosed Angel Investor
Telkomsel Mitra Inovasi,
Aug-21 Feedloop Pre-Series A SaaS undisclosed Aksara Ventures, East
Ventures
Aug-21 SWAP Seed Funding Automotive undisclosed Orbit Fund
Aug-21 Yummy Corp Series B Cloud Kitchen undisclosed BRI Ventures
Aug-21 DOKU Series B Fintech $32,000,000 Apis Partners
GGV Capital, East Ventures
Growth, SMDV, Golden Gate
Aug-21 Fuse Series B Insurtech undisclosed
Ventures, Heyokha Brothers,
Emtek
Lightspeed Venture
Partners, Alameda Ventures,
Aug-21 Pintu Series A Cryptocurrency $35,000,000 Blockchain.com Ventures,
Castle Island Ventures, Intudo
Ventures, Pantera Capital
Surge, AC Ventures, Kenangan
Aug-21 Durianpay Seed Funding Fintech $2,000,000
Fund, angel investor
Quona Capital, East Ventures,
Aug-21 ALAMI Series B Fintech $17,500,000 AC Ventures, K9 Industries,
Angel Investor
ProBatus Capital, Cathay
Innovation, Insignia Ventures
Aug-21 Lifepal Series A Insurtech $9,000,000
Partners, ATM Capital, Hustle
Fund
East Ventures, Hustle Fund,
Aug-21 Mindtera Seed Funding Edtech undisclosed
Angel Investor
 81

Announced Startup Round Vertical Amount Investor

Surge, East Ventures, 500

RaRa
Aug-21 Seed Funding Logistic $3,250,000 Startups, Angel Central, GK
Delivery
Plug and Play, angel investor
Nexter Ventures, KTB
Aug-21 Dekoruma Series C E-commerce $15,000,000 Network, Blibli, OCBC NISP
Ventura, Foundamental
Southeast Asia Venture
Aug-21 Zi.Care Seed Funding Healthtech $500,000 Capital, Iterative VC, TINC,
Choco-Up
TransTRACK. Cocoon Capital, Accelerating
Aug-21 Seed Funding Logistic $570,000
id Asia, PT Modal Ventura YCAB
Accial Capital, Bank OCBC
Aug-21 AwanTunai Debt Funding Fintech $45,000,000
NISP
BRI Ventures, OCBC NISP
Aug-21 AwanTunai Series B Fintech $11,200,000 Ventura, Insignia Ventures,
Global Brains
Monk’s Hill Ventures, Jungle
Aug-21 Hypefast Series A New Economy $5,500,000 Ventures, Strive, Amand
Ventures
Mandiri Capital Indonesia,
Patamar Capital, angel
Sep-21 Ayoconnect Pre-Series B Fintech $10,000,000 investor, BRI Ventures, AC
Ventures, Kakaku, Finch
Capital
Alpha JWC Ventures, Go-
Sep-21 Noice Pre-Series A Online Media undisclosed Ventures, Kinesys Group,
Kenangan Kapital
Go-Ventures, SIG, Alfamart,
Gunung Sewu Group, Intrinity
Sep-21 Segari Series A Online Grocery $16,000,000
Capital, Beenext, AC Ventures,
Saison Capital
East Ventures, SMDV, Skystar
Social Capital, Amand Ventures,
Sep-21 Pasarnow Seed Funding $3,300,000
Commerce Prasetia Dwidharma, angel
investor
Sep-21 Legit Group Seed Funding New Economy $3,000,000 East Ventures, AC Ventures
E-commerce East Ventures, Saratoga,
Sep-21 Sirclo Series B $36,000,000
Enabler Traveloka
Square Peg, SIG, UOB Venture
Sep-21 Pluang Series B Wealthtech $35,000,000 Management, Go-Ventures,
Openspace Ventures
Jungle Ventures, Alpha
Digital
Sep-21 VIDA Pre-Series A undisclosed JWC Ventures, Monk's Hill
Signature
Ventures
Sep-21 McEasy Seed Funding Logistic $1,500,000 East Ventures
Corporate
Sep-21 Migo Online Media $40,000,000 MNC Group
Round
Tiger Global Management,
Sep-21 Xendit Series C Fintech $150,000,000
Accel, Amasia, Goat Capital
Rey Trans-Pacific Technology
Sep-21 Seed Funding Insurtech $1,000,000
Assurance Fund
eWTP Technology and
Investment Fund, CE
Sep-21 Fuse Series B Insurtech undisclosed
Innovation Capital, Saratoga
Investama Sedaya
 82

Announced Startup Round Vertical Amount Investor

Sep-21 TADA Series B Loyalty undisclosed Giftee

Sep-21 Asumsi Seed Funding Online Media undisclosed East Ventures
Sep-21 Komunal Series A Fintech $2,100,000 East Ventures, Skystar Capital
UOB Venture Management,
MDI Ventures, Telkomsel
Social
Sep-21 Evermos Series B $30,000,000 Mitra Inovasi, Future Shape,
Commerce
Jungle Ventures, Shunwei
Capital
Sep-21 Indepay Seed Funding Fintech undisclosed BEENEXT, T8 Capital Partners
Monk's Hill Ventures, MMS
Social
Sep-21 Dagangan Series A $11,500,000 Group, K3 Ventures, Spiral
Commerce
Ventures, Plug and Play
Tekton Ventures, Next Billion
Sep-21 Dropezy Pre-Series A Online Grocery $2,500,000 Ventures, Nordstar, angel
investor
Sep-21 Sribuu Seed Funding Wealthtech undisclosed BEENEXT, angel investor
Sep-21 Sayurbox Series A Online Grocery $500,000 Metrodata
SoftBank Ventures Asia, MDI
Ventures, Pavilion Capital,
AC Venture, Central Capital
Sep-21 Oy! Series A Fintech $30,000,000 Ventura, Wavemaker, PT SAT,
Saison Capital Pte. Ltd., Orion
Advisors,Temasek, Alternate
Ventures
Social Kenangan Capital, Banana
Sep-21 KitaBeli Series A undisclosed
Commerce Capital, Angel Investor
BEENEXT, Kinesys Group,
Sep-21 Makmur Seed Funding Wealthtech undisclosed Trihill Capital, Kenangan
Kapital, Angel Investor
iSeed Asia, Prasetia
Sep-21 PINA Seed Funding Wealthtech undisclosed Dwidharma, Oberyn Capital,
angel investor
Insignia Venture Partners,
Digital Central Capital Ventura,
Sep-21 Verihubs Seed Funding $2,800,000
Signature Armand Ventures, Angel
Investor
MDI Ventures, Cathay
Sep-21 Kredivo PIPE Fintech $125,000,000 Innovation, Endeavour
Catalyst
Skystar Capital, East
Ventures, Antler, iSeed
Sep-21 Base Pre-Series A New Economy undisclosed Southeast Asia, Pegasus Tech
Ventures, XA Network, angel
investor
Sequoia Capital, Y
Oct-21 Srika.io Seed Funding Healthtech undisclosed
Combinator, angel investor
Prosus Ventures, Tencent, dan
B-Capital, Bezos Expeditions,
Oct-21 Ula Series B Supply Chain $87,000,000
Northstar Group, AC Ventures,
Citius
DST Global, Alpha JWC
Ventures, Ribbit Capital,
Oct-21 Ajaib Series B Wealthtech $153,000,000 Horizons Ventures, Insignia
Ventures, SoftBank Ventures
Asia
 83

Announced Startup Round Vertical Amount Investor

Helicap Investments, Social

Oct-21 Modalku Debt Funding Fintech $18,000,000
Impact Debt Fund
Cocoon Capital, Indonesian
Oct-21 Shoplinks Seed Funding SaaS $900,000
Women Empowerment Fund
Alpha JWC Ventures, Beenext,
Esensi Solusi
Oct-21 Series A SaaS $7,600,000 Vulcan Capital, AC Ventures,
Buana
Skystar Capital
Risjadson Holding, Gaido
Oct-21 KlinikGo Seed Funding Healthtech undisclosed
Group, 5Digital Ventures
AppWorks, Openspace
Oct-21 iSeller Pre-Series B SaaS $8,400,000 Ventures, Mandiri Capital
Indonesia, Indogen Capital
Arise, MDI Ventures, Beenext,
Oct-21 GoCement Seed Funding B2B Commerce undisclosed
Ideosource
Oct-21 Segari Series A Online Grocery undisclosed Angel investor
Mandiri Capital Indonesia,
Oct-21 Crowde Series B Agritech $9,000,000 Monk's Hill Ventures, Gunung
Sewu
Oct-21 Emtrade Seed Funding Wealthtech undisclosed Angel investor
Oct-21 Bicarakan.id Seed Funding Wellness undisclosed East Ventures
GGV Capital, Endeavor
Catalyst, Buana Sejahtera
Digital Group, MDI Ventures,
Oct-21 Privy Series B $17,500,000
Signature Telkomsel Mitra Inovasi,
Mandiri Capital, Gunung Sewu
Group
AC Ventures, BRI Ventures,
Oct-21 majoo Pre-Series A SaaS $4,000,000
Xendit
Oct-21 Sejasa Series A On-Demand $4,000,000 Morning Crest Capital, BTFV
Arise, MDI Ventures, iSeed
Oct-21 DELOS Seed Funding Aquatech undisclosed
Asia, Angel Investor
Oct-21 Investree Debt Funding Fintech $10,000,000 responsAbility Investments
Tigalapan Investama
Oct-21 Shinta VR Pre-Series A Virtual Reality undisclosed Group, Investa Syailendra
Nuswantara
Nov-21 Lakuuu Seed Funding Fintech undisclosed Angel Investor
Nov-21 Bareksa Series C Wealthtech undisclosed Grab
Boyu Capital, Hillhouse
Capital Group, Sequoia Capital
Corporate
Nov-21 J&T Express Logistic $2,500,000,000 China, Tencent Holdings,
Round
SIG China, Susquehanna
International Group
Kaizenvest, Heritas Capital,
Blue7, Earlsfield Capital,
Nov-21 Pintek Series A Fintech $7,000,000 Finch Capital, Global Founder
Capital, Accion Venture Lab,
Strive, Fox Ventures
MassMutual Ventures,
January Capital, Wagestream,
Nov-21 GajiGesa Pre-Series A Fintech $6,600,000
Bunda Group, Smile Group,
Angel Investor
The Meloy Fund, Real Tech
Nov-21 JALA Tech Series A Aquatech $6,000,000
Fund, Mirova
East Ventures, Fosun RZ,
Nov-21 Desty Pre-Series A SaaS $5,000,000
January Capital
 84

Announced Startup Round Vertical Amount Investor

Posco Venture Capital, A

Ventures, ES Investor, Enlight
Nov-21 OKHOME Series A On-Demand $3,000,000
Ventures, Honest Ventures,
Angel Investor
BEENEXT, Prasetia
Nov-21 Jago Coffee Seed Funding New Retail $250,000
Dwidharma, Angel Investor
NAMA AC Ventures, SiCepat Ekspres,
Nov-21 Seed Funding New Economy $5,000,000
Beauty DMMX
Nov-21 Dash Sports Seed Funding Wellness undisclosed Angel investor
Corporate
Nov-21 Vidio Online Media $150,000,000 Affinity
Round
Global Founders Capital, AC
Nov-21 Astro Seed Funding Online Grocery $4,500,000 Ventures, Lightspeed Venture
Partners, Goodwater Capital
Openspace, Capsquare Asia
Nov-21 JIWA Group Seed Funding New Economy undisclosed
Partners
AppWorks, AC Ventures,
Trihill Capital, OCBC Ventures,
Nov-21 Eden Farm Series A Agritech $19,000,000
Investible, Corin Capital,
Global Founders Capital
Black Dragon Capital,
Dragonfly Capital, Moonwhale
Initial Dex Creator Capital, Digital Renaissance,
Nov-21 Paras Digital $5,000,000
Offering Marketplace GFS Ventures, Global Coin
Research, OKEx Blocdream
Ventures
Nov-21 Kasual Seed Funding New Economy undisclosed East Ventures
Reciprocus Moduit Holding,
Nov-21 Moduit Pre-Series A Wealthtech $4,500,000 Helicap, Alto Network, angel
investor
Genting Group, Insignia
Venture Partners, Stonewater
Ventures, Ratio Ventures,
Nov-21 DishServe Pre-Series A Cloud Kitchen undisclosed
Rutland Ventures, 300x
Ventures, MyAsiaVC, angel
investor
Tencent, Altos Korea, Warburg
Nov-21 OnlinePajak Series C SaaS $17,000,000
Pincus, Visa
Abu Dhabi Investment,
Avanda Investment
Management, Fidelity
International, Google,
Nov-21 GoTo Pre-IPO Super App $1,300,000,000
Permodalan Nasional Berhad,
Primavera Capital Group,
SeaTown Master Fund,
Temasek, Tencent, Ward Ferry
Creator Accelerating Asia, Sketchnote
Nov-21 KaryaKarsa Seed Funding $500,000
Marketplace Partners, angel investor
Nov-21 Ula Series B Supply Chain $23,100,000 Tiger Global, Angel Investor
Golden Gate Ventures, BMHS,
Nov-21 Klinik Pintar Series A Healthtech $4,150,000
Skystar Capital, Sequis Life
Rey
Nov-21 Seed Funding Insurtech undisclosed Undisclosed
Assurance
Nov-21 Hey! Kafe Seed Funding New Economy undisclosed Trihill Capital
Dec-21 Praktis Pre-Series A New Retail undisclosed East Ventures, Triputra Group
 85

Announced Startup Round Vertical Amount Investor

Dec-21 Japang Seed Funding Agritech undisclosed Angel Investor

Dec-21 Pitik Seed Funding Agritech undisclosed Arise, Wavemaker Partners
Dec-21 Agriaku Seed Funding Agritech undisclosed Arise
Dec-21 Otozilla Seed Funding Automotive undisclosed Angel Investor
Dec-21 Keyta Seed Funding SaaS undisclosed Women Empwerment Fund
Dec-21 Kalbu Seed Funding Wellness undisclosed Undisclosed
Tybourne Capital
Kopi Management, Horizons
Dec-21 Series C New Retail $96,000,000
Kenangan Ventures, Kunlun, B Capital,
Falcon Edge Capital
Sequoia Capital India, Insight
Dec-21 Flip Series B Fintech $48,000,000 Partners, Insignia Venture
Partners
Sofina Ventures SA, Sequoia
Dec-21 Lemonilo Series C New Retail $36,000,000
Capital India
East Ventures, GGV Capital,
Dec-21 Fuse Series B Insurtech $25,000,000
eWTP, EMTEK
Dec-21 Xurya Series A New Energy $21,500,000 East Ventures, Saratoga
Centauri Fund, Heritas Capital,
Dec-21 Cakap Series B Edtech $10,000,000
KB Investment
Alpha JWC Ventures, AC
Dec-21 Otoklix Series A Automotive $2,000,000 Ventures, Surge, Angel
Investor

List of Funding in Q1 2022

The first quarter (Q1) 2022 has just closed. DSInnovate noted that there were 76 startup funding
announced to the public during that period. Of the 50 funding that mentioned nominal, it raised
$1.22 billion.

This amount has doubled (2x) when compared to Q1 2021. There were 40 funding transactions
valued at $554.7 million out of 24 announced nominal transactions. Consistently, the funding
obtained in the first quarter continuously increased 2x from 2020. It indicates that the pandemic
has not discouraged investors from supporting startups in Indonesia.

Announced Startup Round Category Funding Investor

Y Combinator, Alpha JWC

Ventures, Alto Partners,
Jan-22 Upbanx Seed Funding Fintech $5,200,000.00 Number Capital, UBI
Capital, Rans Ventures,
Angel Investor
East Ventures, Orbit
Jan-22 Smarter Health Seed Funding Healthtech $4,000,000.00 Malaysia, Citrine Capital,
HMI Group, EMTEK
Jan-22 Atur Toko Seed Funding SaaS Undisclosed Angel Investor
Community
Jan-22 Showwcase Seed Funding Undisclosed Init-6
Platform
 86

Announced Startup Round Category Funding Investor

Insignia Ventures
Jan-22 Brankas Series B Fintech $20,000,000.00 Partners, Beenext, Integra
Partners
Social BEENEXT, Rans Ventures,
Jan-22 VCGamers Seed Funding $2,600,000.00
Commerce Angel Investor
E-commerce PT Interport Mandiri
Jan-22 PowerCommerce Series A Undisclosed
Enabler Utama, PT SAP Express
Jan-22 Olsera Seed Funding SaaS $2,500,000.00 Kejora-SBI Orbit Fund
Temasek, SoftBank
Vision Fund 2, Sequoia
Capital India, Northstar
Jan-22 eFishery Series C Aquatech $90,000,000.00
Group, Go-Ventures,
Aqua-Spark, Wavemaker
Partners
Corporate
Jan-22 KedaiSayur Online Grocery $3,500,000.00 Undisclosed
Round
East Ventures, Saratoga,
Jan-22 Xurya Series A New Energy $21,500,000.00 Schneider Electric, New
Energy Nexus Indonesia
Accel, BRI Ventures, Gold
House, Square Peg, Go-
Jan-22 Pluang Series B Wealthtech $55,000,000.00 Ventures, UOB Venture
Management, Openspace
Ventures, Angel Investor
Alpha Wave Incubation,
Social
Jan-22 Raena Pre-Series B $10,000,000.00 AC Ventures, Alto
Commerce
Partners, Alfamart
Jan-22 Fine Counsel Seed Funding D2C Undisclosed Azure Ventures
MDI Ventures, Quona
Capital, Triodos
Jan-22 Koinworks Series C Fintech $43,000,000.00 Investment Management,
Saison Capital, AC
Ventures, East Ventures
Tiger Global, Sequoia
Jan-22 Bukukas Series C SaaS $80,000,000.00 Capital India, CapitalG,
angel investor
Jan-22 Bindcover Seed Funding Insurtech Undisclosed Undisclosed
East Ventures, Benson
Capital, Sankalpa
Jan-22 Riliv Seed Funding Healthtech Undisclosed
Ventures, Teja Ventures,
Indigo, Angel Investor
KVision, Vertex Ventures,
Social
Jan-22 RateS Pre-Series B $4,500,000.00 Insignia Ventures,
Commerce
Genesis Ventures
Job Y Combinator, Alpha JWC
Jan-22 Lumina Seed Funding Undisclosed
Marketplace Ventures
Prasetia Dwidharma,
Jan-22 Fresh Factory Seed Funding Logistic $1,500,000.00 Numbers Capital, Y
Combinator
Selera Kapital, Angel
Jan-22 Grouu Seed Funding Food Tech $400,000.00
Investor
 87

Announced Startup Round Category Funding Investor

TNB Aura, KTBN Venture,

PT Binus Investama
Indonesia, AC Ventures,
Jan-22 CoLearn Series A Edtech $17,000,000.00
Leo Capital, January
Capital, Alpha Wave
Incubation, Surge
Vertex Ventures, Prosus
Ventures, AC Ventures,
Jan-22 Aruna Series A Aquatech $30,000,000.00 East Ventures, Indogen
Capital, SMDV, SIG
Venture Capital
AC Ventures, Agung
Ventures, Monk’s
Jan-22 Gajiku Seed Funding Fintech $1,100,000.00 Hill Ventures Scouts
Program, Sampoerna,
Angel Investor
Northstar, Sequoia India,
Jan-22 Moladin Series A Car Marketplace $42,000,000.00
East Ventures, GFC
Artificial
Jan-22 Pensieve Seed Funding Undisclosed Angel Investor
Intelligence
Tiger Global, firma
modal ventura yang
juga berinvestasi di JD,
Jan-22 Ayoconnect Series B Fintech $15,000,000.00
Microsoft, Amazon, Alto
Parteners, PayU, Angel
Investor
Accel, Sequoia Capital
India, AC Ventures,
Feb-22 Astro Series A Online Grocery $27,000,000.00 Global Founders Capital,
Lightspeed, Goodwater
Capital, Angel Investor
East Ventures, SMDV,
Feb-22 Bananas Seed Funding Online Grocery $1,500,000.00
Arise, Y Combinator
Sequoia Capital India,
Social
Feb-22 Grupin Seed Funding $3,000,000.00 Skystar Capital, East
Commerce
Ventures
AC Ventures, Wavemaker
Feb-22 Sirka Seed Funding Wellness $2,600,000.00
Group, Angel Investor
Credit Saison Asia
Pacific, PT Surya Nuansa
Feb-22 JULO Series B Fintech $35,300,000.00 Cerita, Quona Capital, AC
Ventures, Gobi Partners,
Central Capital Ventura
Quona Capital, Xendit,
Feb-22 majoo Pre-Series A SaaS $5,000,000.00
BRI Ventures
Feb-22 NOICE Seed Funding Online Media Undisclosed RANS
Kargo Corporate
Feb-22 Logistic Undisclosed AirAsia Group
Technologies Round
Kinesys Group, Alto
Feb-22 Ternak Uang Seed Funding Wealthtech Undisclosed
Partners, Angel Investor
Insignia Ventures
Feb-22 Tentang Anak Seed Funding Parenting Undisclosed
Partners, Angel Investor
Corporate
Feb-22 IDN Media Online Media Undisclosed Undisclosed
Round
 88

Announced Startup Round Category Funding Investor

Flourish Ventures, Antler,

Trihill Capital, Tomorrow
Feb-22 Brick Series A Fintech $8,500,000.00
Ventures, Rally Cap
Ventures, Angel Investor
Brand AC Ventures, East
Feb-22 Grow Commerce Seed Funding $7,000,000.00
Aggregator Ventures, IRONGREY
Intudo Ventures, Cardig
Feb-22 Andalin Series A Logistic $4,000,000.00
Group, Beenext
Sequoia Capital India,
Feb-22 Semaai Seed Funding Agritech $1,250,000.00
Beenext, Angel Investor
Corporate
Feb-22 Akulaku Fintech $100,000,000.00 Siam Commercial Bank
Round
Trash
Feb-22 Jangjo Seed Funding Undisclosed Darmawan Capital
Management
Feb-22 Monit.id Seed Funding Fintech Undisclosed Init 6, 1982 Ventures
SBI Group, Bee
Accelerate, Beenos Asia,
Feb-22 Ralali Series D E-commerce $10,900,000.00
ICMG Partners, Arbor
Venture
Softbank Vision Fund 2,
VNG Corporation, Rapyd
Ventures, EDBI, Indies
Feb-22 Modalku Series C Fintech $144,000,000.00
Capital, Ascend Vietnam
Ventures, Sequoia Capital
India, BRI Ventures
Go-Ventures, Angel
Feb-22 KitaLulus Seed Funding Edtech Undisclosed
Investor
Brand TNB AURA, Venturra
Feb-22 Tjufoo Pre-Series A Undisclosed
Aggregator Discovery
AC Ventures, Appworks,
Skystar Capital Cakra
Feb-22 NOBI Seed Funding Cryptocurrency $4,000,000.00 Ventures, Global
Founders Capital, angel
investor
Feb-22 HiPajak Seed Funding SaaS Undisclosed 1982 Ventures
AC Ventures, Quona
Feb-22 Broom Seed Funding Car Marketplace $3,000,000.00
Capital, Angel Investor
Mar-22 Jendela360 Seed Funding Proptech Undisclosed Sinar Mas Group
MDI Ventures,
Susquehanna
International Group (SIG),
Mar-22 Paxel Series B Logistic $9,400,000.00 PT Luminary Media
Nusantara, Bamboo Gold
Services, Galilee Capital
Ventures, Centauri Fund
Corporate PT Dian Swastika
Mar-22 DANA Fintech $200,000,000.00
Round Sentosa Tbk
Y Combinator, Number
Mar-22 Blocknom Seed Funding Cryptocurrency $500,000.00
Capital, Magic Fund
Go-Ventures, Arise,
Centauri, Mercy Corps
Mar-22 Agriaku Pre-Series A Agritech $6,000,000.00
Social Venture Fund,
angel investor
 89

Announced Startup Round Category Funding Investor

Venture
Mar-22 Zenius Edtech Undisclosed MDI Ventures
Round
International Finance
Corporation, Global Brain,
Mar-22 AwanTunai Series A Fintech $8,500,000.00
Insignia Ventures, OCBC
NISP Ventures
East Ventures, Central
Capital Ventura,
Integra Partners, Asian
Mar-22 Wagely Pre-Series A Fintech $8,300,000.00 Development Bank,
Global Founders Capital,
Trihill Capital, Blauwpark
Partners, 1982 Ventures
Antler, Iterative, angel
Mar-22 Envio Seed Funding Logistic Undisclosed
investor
Dragonfly Capital,
Sequoia Capital India,
Three Arrows Capital,
Saison Capital, MSA
Mar-22 Finblox Seed Funding Cryptocurrency $3,900,000.00 Capital, Coinfund,
Venturra Discovery, Kyros
Ventures, First Check
Ventures, Rasio Ventures,
Angel Investor
Kejora-SBI Orbit,
Baramulti Group, Living
Mar-22 SWAP Energy Pre-Series A Mobility Undisclosed
Lab Ventures, New
Energy Nexus Indonesia
Basis Global, AC
Mar-22 SoulParking Seed Funding Mobility $3,750,000.00 Ventures, Akohara, Angel
Investor
Northstar, Alpha JWC
Ventures, Finance
Mar-22 Sayurbox Series C Online Grocery $120,000,000.00 Corporation (IFC),
Astra, Syngenta Group
Ventures, Global Brain
Insignia Ventures
Partners, Arise, KK Fund,
Mar-22 FishLog Seed Funding Aquatech Undisclosed
Ango Ventures, Captain
Fresh, Angel Investor
Centauri Fund, Alpha
JWC Ventures, Number
Mar-22 DELOS Seed Funding Aquatech $8,000,000.00 Capital, Arise, iSeed SEA,
Alto Partners, Mahanusa
Capital, Angel Investor
GK-Plug and Play
Indonesia, East Ventures,
Mar-22 ARIA Seed Funding Agritech Undisclosed
Triputra Group, Waresix,
Sahabat Group
Intudo Ventures, Vulcan
Mar-22 Nalagenetics Series A Biotech $12,600,000.00 Capital, East Ventures, AC
Ventures, Angel Investor
Venture
Mar-22 Cakap Edtech Undisclosed Indonesia Impact Fund
Round
 90

Announced Startup Round Category Funding Investor

East Ventures, Vertex

Mar-22 Tip Tip Seed Funding Online Media $10,000,000.00
Ventures, EMTEK, SMDV
Mar-22 Aldmic Series A SaaS Undisclosed Coop Marketing
Corporate
Mar-22 Akulaku Fintech $10,000,000.00 Lend East
Round
Social
Mar-22 Berkahi Seed Funding $1,000,000.00 Angel Investor
Commerce
Alpha JWC Ventures,
Apr-22 Hangry Pre-Series B Food Tech $14,250,000.00 Orzon Ventures, Angel
Investor
DS/innovate is a Jakarta-based innovation
consultant and research firm.

We help companies and enterprises

connect to Indonesia’s startup ecosystem
through advisory, research, hackathons
and incubators/accelerator programs.
Engage with our team to discuss how
innovation ecosystem can benefit your
company both short and long term.

Contact us to know more:

bizdev@dailysocial.id
dsinnovate.com and dailysocial.id