Indonesian tech startups are hot property as the Southeast Asian region continues emerging as a tech hub. Many new Indonesian startups are sprouting up in the country at an unprecedented pace. The vibrant tech ecosystem in the country has seen the rise of some of the most innovative startups in the region, and many of these companies are poised to make an impact in the coming years. In this article, we look at the top 5 startups in Indonesia to watch out for in 2023
Evermos
Evermos, a social commerce platform, helps connect brands with resellers and customers across Indonesia. The startup primarily targets the Muslim community, which makes up the majority of the Indonesian population. It deals with over 1000 brands owned by small Indonesian businesses in the fashion, halal health, beauty products, and food beverage vertical.
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Reports indicate that the company is finalising a funding round of USD 40 million led by the International Finance Corporation(IFC). Several existing investors, including Jungle Ventures and Telkomsel Mitra Inovasi, are also participating in this round. The funding will support the eCommerce sector’s geographical inclusiveness since Evermos currently operates in tier 2 and 3 cities. The firm aims to onboard one million active resellers by the year 2025.
eFishery
Indonesian aquatech startup eFishery provides a platform for all things seafood, working with fish and shrimp farmers to provide feeding solutions, offering a pay-later feature to help farmers manage their cash flow in cooperation with financial companies and educational opportunities. It also facilitates direct sales from fish and shrimp farms to the public to help provide easy access to a quality protein source to the population of Indonesia.
In January 2022, the startup announced it successfully closed USD 90 million in its Series C round, making it the world’s most significant fundraising by an aquaculture technology startup. Sequoia Capital India, Temasek Holdings, and SoftBank Vision Fund 2 led the round, with Go-Ventures and others pitching in. The startup plans to offer new products this year while pushing for accelerated growth in terms of users and customers with further regional expansion to other countries like China and India.
GoTo
PT Goto Gojek Tokopedia Tbk is an eCommerce platform that offers mobility, food delivery, logistics and financial technology solutions. GoTo Group is a merger between two of Indonesia’s largest startup companies, Gojek and Tokopedia. GoTo provides several services, such as GoRide, a motorcycle taxi ride-hailing service, GoMar, an on-demand grocery and convenience stores delivery service, and GoPay, a payment gateway that processes online and offline payments for merchants.
On 8 February 2023, the company announced changes to its leadership structure to focus on corporate governance and drive it towards profitability. The proposed changes to the GoTo board of commissioners and board of directors include appointing a former finance minister and central bank governor. It hopes the new commissioners will provide sound guidance to the company and bridge gaps to help GoTo become a better company.
Pertamedika
Indonesian state-owned hospital group operator PT Pertamina Bina Medika IHC, or PT Pertamedika IHC, was built to support the 5th RI Government Nawacita Program and 3 Pillars towards a healthier country. Its goal is to create a collaborative ecosystem within the healthcare industry, take corporate actions to advance the sector and develop new business models and digital-based solutions.
Recently the company is said to be raising more than USD 300 million from investors, according to DealStreetAsia’s interview with Nicke Widyawanti, Pertamina’s CEO. The new capital will build Bali International Hospital, which will likely be complete by the end of this year.
EdenFarm
EdenFarm is an agritech startup based on a B2B eCommerce platform for fresh produce. It creates a food market with affordable prices and aims to improve the quality of life of local producers.
Recently, the startup secured USD 13.5 million in a pre-Series B round led by Telkomsel’s TMI Ventures, alongside AppWorks, AC Ventures, and Capria Ventures. It plans to use the injection of funds to expand its reach across Indonesia enhancing customer experience and increasing its technology development. The latest funding brings EdenFarm’s total capital investments to USD 34.2 million from five funding rounds.
The Indonesian tech startup ecosystem has experienced significant growth over the past few years. With more and more investors focusing on the country’s potential, Indonesian startups have been able to secure funding and scale their operations, which have led to the birth of multiple unicorns. Today, the top 5 startups in Indonesia are leading the charge, pushing boundaries and breaking through barriers. These companies have demonstrated their ability to innovate and disrupt industries, paving the way for other startups to follow in their footsteps.