Indonesia is the largest island country in the world with over seventeen thousand islands. It is a newly industrialised country and the biggest economy in Southeast Asia. It is also the third fastest-growing country after India and China.
There are various factors that make this nation one of the best for starting up a company. Whether it is the efficient and digitally-inclined Government or the diverse market of over 267 million people or the ease of doing business, Indonesia is a favorite for both startup founders as well as investors. In fact, Indonesia’s internet economy is forecasted to grow to $100 billion by 2025, according to a report by Google-Temasek.
The island country is home to four unicorn startups in the Southeast Asian region –Go-Jek, Tokopedia, Bukalapak, and Traveloka. Below is a list of companies who raised more than US$25M in 2019 in a funding round.
| Organization Name | Last Funding Amount Currency (in USD) | Last Funding Date |
| Traveloka | $420,000,000 | 2019-04-11 |
| KinerjaPay | $200,000,000 | 2019-01-07 |
| NWP Retail | $200,000,000 | 2019-02-11 |
| FinAccel | $90,000,000 | 2019-12-02 |
| Sicepat Express | $50,000,000 | 2019-04-23 |
| Akulaku | $40,000,000 | 2019-01-10 |
| Sociolla | $40,000,000 | 2019-08-09 |
| Alodokter | $33,000,000 | 2019-10-15 |
| Fore Coffee | $30,000,000 | 2019-11-06 |
| Warung Pintar | $27,500,000 | 2019-01-21 |
Traveloka
Traveloka was founded in 2012 by Albert Albert, Derianto Kusuma, and Ferry Unardi with a mission to help customers choose and book their next travel location easily. In April 2019, company obtained a funding of US$420M in a private equity round. GIC and EV Growth were the two investors in which the former was the leading one.
KinerjaPay
This start-up was founded in 2016 for providing digital payment solutions for brick and mortar businesses in Indonesia. KinerjaPay went through a Post-IPO equity funding round in Jan 2019 in which investors invested US$200M. Investa Wahana Group was the sole investor. This funding round eventually improved the company’s net worth in the market. The company is planning to effectively utilize these funds in strategic investments and to make corporate acquisitions.
NWP Retail
NWP Retail is Indonesia’s fastest growing retail real estate platform. Being active since 2015, the company has managed to do well and has grown exponentially. In Feb 2019, the company received a hefty fund of US$200M from several investors. The list of investors includes CLSA, Korean Teachers’ Credit Union and Warburg Pincus. Warburg Pincus was the leading investor in this private equity round.
FinAccel
It is a credit risk and consumer lending platform. FinAccel is currently focused on disruption in the unsecured lending space. Founded in 2015 by Akshay Garg, Alie Tan, and Umang Rustagi, the company has come a long way in the FinTech niche. In a Series C funding round held in Dec 2019, FinAccel got US$90M from several investors out of which SAGFII and Square peg Capital emerged to be the leading investors. FinAccel plans to utilize the funds for doubling its growth in Southeast Asian region.
Sicepat Express
Founded in 2014, this company has earned a unique reputation for providing efficient solutions for the e-commerce sector. In Apr 2019, Sicepat Express secured US$50M from Barito Teknologi, and Kejora Ventures as a part of Series A funding round.
Akulaku
This company aims to provide financial services to the urban working class. William Li founded it in May 2014 and the company has so far done great in its core niche. Jan 2019 proved to be an important month for Akulaku in terms of funding received. In a Series D funding round, the company secured $40M from Ant Financial.
Sociolla
Sociolla started up with a vision to provide greater convenience to Indonesian women in cosmetics and makeup. It was founded in 2014 by Chrisanti Indiana, Christopher Madiam, and John Rasjid. The company managed to raise a funding of US$40M in Aug 2019 in a Series D funding round from EV Growth and Temasek Holdings. Sociolla planned to develop a new platform Soco which means Sociolla Connect by using the funds.
Alodokter
It is a leading health portal which provides high-quality and efficient content and interaction with experienced doctors. Nathanael Faibis founded this company in 2014. In a recent Series C funding round held in Oct 2019, the company secured US$33M. Sequis Life was the leading investor. The other investors include Softbank Ventures Asia, Golden Gate Ventures, Hera Capital, Philips, Heritas Capital Management, and Dayli Partners. The company has plans to utilize the funds in expanding its hospital network and to further develop its health insurance service.
Fore Coffee
Fore Coffee operates a specialty coffee shop in Indonesia. Recently founded in 2018, the company has its headquarters in Jakarta. A venture funding round in Nov 2019 proved to be highly lucrative for this firm and it helped the company to raise US$30M. Fore Coffee has a keen insight on opening more than 1000 stores in the future all at Airy’s hotels.
Warung Pintar
It is a micro retail technology company founded in Oct 2017 by Agung Bezharie, Harya Putra, and Sofian Hadiwijaya. The company has a vision to impart digitalization for the grassroots population of Indonesia. In Jan 2019, the company secured US$27.5M in a Series A funding round. Jerry Yang, Triputra Group, OVO Fund, Pavilion Capital, Digital Garage, SMDV, LINE Ventures, EV Growth, Agaeti Venture Capital, and Vertex Ventures participated in the funding round. The company had plans to increase the number of its kiosks to 500.
Keep an eye on our investor darling series on AsiaTechDaily. We would be covering all major countries in Asia.
