I. Introduction to Indonesia Tech Deals

The growing technology and digital economy market in Indonesia have been attracting many foreign and domestic technology investors from Venture Capital to tech company giants. There have been many major transactions in this sector and based on expert's observation, there interests from investors are still going strong.

Having said that, we compile herein the recent Tech Deals that have been completed. The information we provide in this article is complied based on the deals that have been announced and publicly known.

II. Start Up & Tech Investment Deals between 1st January – 31st May 2021 Period

Please refer to the table below on the list of Tech Deals that have been completed during the period of 1st January to 21 May 2021:

No Company Name Sector Stage Investor Funding Date
1 PT Pintu Kemana Saja (Pintu) Blokchain Platform; Fintech Series A Blockchain Ventures, Coinbase, Intudo Ventures, PT Gesit Perkasa, Pantera Capital, The Spartan Group 26 May
2 Qontak Software as a Service M&A Mekari / PT. Mid Solusi Nusantara 25 May
3 Lemonilo Health, F&B Series B Sequoia Capital 25 May
4 PT Tanihub Indonesia (TaniHub) E-commerce; AgroTech Series B BRI Ventures, Flourish Ventures, Intudo Ventures, MDI Ventures, Openspace Ventures (NSI Ventures), Tenaya Capital (Lehman Brothers Venture Partners), UOB Venture Management, Vertex Ventures 21 May
5 Transfez Fintech Seed Beenext, East Ventures 18 May
6 PT Five Jack (Itemku) E-commerce M&A Bukalapak 18 May
7 GoTo Group (Gojek) Logistic & Transportation M&A GoTo Group (Tokopedia) 17 May
8 Mekari Software as a Service Series D EV Growth, MidPlaza Holding, MoneyForward 17 May
9 GoTo Group (Tokopedia) E-commerce M&A GoTo Group (Gojek) 17 May
10 BukuKas Software as a Service Series B - 17 May
11 Bizhare Fintech Pre-series A AngelCentral, GK-Plug and Play Indonesia, PT Generasi Digital International (GDILab) 17 May
12 Lifty Media Media Pre-series A - 17 May
13 GoTo Group (Gojek) Logistic & Transportation Strategic investment Telkomsel 12 May
14 GajiGesa Fintech Strategic investment OCBC NISP Ventura 10 May
15 SIRCLO E-commerce Series B East Ventures, SMDV 7 May
16 Bonza Analytics Series A East Ventures, Elev8 6 May
17 Cermati Financial Advisor Series C Centauri Fund, Djarum Group, MDI Ventures 5 May
18 PT. Social Bella Indonesia (Sociolla) E-commerce Series F East Ventures, Indies Capital Partners, Jungle Ventures, L Catterton 5 May
19 Modal Rakyat Fintech Early Stage Fazz Financial 4 May
20 Hangry F&B Series A Alpha JWC Ventures, Atlas Pacific Capital, Heyokha Brothers, Salt Ventures 3 May
21 Bibit Fintech Early Stage AC Ventures, East Ventures, Harvard Management Company, Prosus Ventures, Sequoia Capital, Tencent 3 May
22 Amartha Fintech Series C MDI Ventures, Mandiri Capital Indonesia (MCI), UOB Venture Management, Women's World Banking Capital Partners II fund 3 May
23 SayurBox E-commerce Series B Astra Digital, Global Brain Corporation, Ondine Capital, Strategic Year Holdings, Syngenta 30 April
24 iGrow Fintech M&A LinkAja 30 Apr
25 Populix Analytics Pre-Series A Intudo Ventures, Quest Ventures 29 Apr
26 Super Social Commerce Series B Amasia, Insignia Ventures Partners, SoftBank Ventures Asia (SoftBank Ventures Korea), Y Combinator 29 Apr
27 TADA Fintech Series B Finch Capital, MDI Ventures, Sovereign's Capital, Telkomsel Mitra Inovasi (TMI) 29 Apr
28 DOOgether Lifestyle Pre-series A PT Prasetia Dwidharma 27 Apr
29 SayurBox E-commerce Strategic Investment PT Astra International Tbk 22 Apr
30 Halodoc ID Health-tech Series C Allianz X, Astra, Bangkok Bank, Blibli, Novo Holdings, Openspace Ventures (NSI Ventures), Singtel Innov8, Telkomsel Mitra Inovasi (TMI), Temasek Holdings, UOB Venture Management 21 Apr
31 CoLearn Ed-Tech Series A AC Ventures, Alpha Wave Incubation (AWI), GSV Ventures, Surge 20 Apr
32 Ruangguru.com Ed-Tech Series C East Ventures, GGV Capital, Tiger Global Management, UOB Venture Management, Venturra Capital 19 Apr
33 Bukalapak E-commerce Series F BRI Ventures, Emtek Group, GIC-Government of Singapore Investment Corporation, Microsoft, NAVER, SC Ventures 15 Apr
34 Shipper Logistic & Transportation Series B AC Ventures, DST Global, FLOODGATE, Insignia Ventures Partners, LightSpeed, Prosus Ventures, Sequoia Capital, Y Combinator 15 Apr
35 Orami E-commerce M&A SIRCLO 7 Apr
36 Flash Coffee F&B Series A Conny & Co., DX Ventures, Global Founders Capital, White Star Capital 6 Apr
37 J&T Express Logistic & Transportation Late Stage Boyu Capital, Hillhouse Capital, Sequoia Capital 2 Apr
38 Atome Finance Indonesia (Mega Finadana Finance)

Fintech M&A Atome Insignia Ventures Partners, Saison Capital, Sovereign's Capital 1 Apr
39 Nimbly Technologies Enterprise Solution Pre-series A Insignia Ventures Partners, Saison Capital, Sovereign's Capital 30 Mar
40 Ajaib Fintech Series A Alpha JWC Ventures, Bangkok Bank, Horizons Ventures, ICONIQ Capital, Insignia Ventures Partners, Ribbit Capital, SoftBank Ventures Asia (SoftBank Ventures Korea), Y Combinator 29 Mar
41 Binar Academy Ed-Tech Seed EduSpaze, Indonesia Women Empowerment Fund (IWEF), SAVEarth Fund, Teja Ventures 25 Mar
42 YukStay Software as a Service M&A Flokq 25 Mar
43 KitaBeli E-commerce Series A AC Ventures, East Ventures, Go-Ventures 24 Mar
44 IDCloudHost Cloud Computing Series A Init 6 23 Mar
45 Segari E-commerce; AgroTech Seed AC Ventures, Beenext, Saison Capital 22 Mar
46 Pluang (Emas Digi) Fintech Bridge Go-Ventures, Openspace Ventures (NSI Ventures) 22 Mar
47 Brick Fintech Seed 1982 Ventures, PT Prasetia Dwidharma, Rally Cap Ventures 18 Mar
48 Andalin Logistic & Transportation Series A Sembrani Nusantara Fund 16 Mar
49 PT Esensi Solusi Buana Enterprise Solution Series A AC Ventures, Beenext, Skystar Capital 15 Mar
50 LinkAja Fintech Series B Gojek 9 Mar
51 SiCepat Logistic & Transportation Series B DEG, Daiwa Securities Group Inc., Falcon House Partners, Indies Capital Partners, Kejora Ventures, MDI Ventures, Pavilion Capital, Trihill Capital, Your-insurer.com 5 Mar
52 Xendit Fintech Series B Accel Partners, Y Combinator 3 Mar
53 Advotics Analytics Early Stage East Ventures 2 Mar
54 Dropezy Logistic & Transportation Bridge Kopi Kenangan, Taurus Ventures 2 Mar
55 PT. Eden Pangan Indonesia (Eden Farm) E-commerce; AgroTech Pre-series A AC Ventures, Corin Capital, Investible 1 Mar
56 NgeLESin Ed-Tech Seed Astra Ventura 1 Mar
57 Amartha Fintech Debt Lendable 24 Feb
58 Bizzy E-commerce M&A Warung Pintar 24 Feb
59 Saturdays Lifestyle Seed Alpha JWC Ventures, Kinesys Group 23 Feb
60 FUNDtastic Fintech Series A Ascend Capital Group,INDIVARA GROUP 22 Feb
61 Member.id Loyalty Software Seed Alto Partners,East Ventures 17 Feb
62 GajiGesa Fintech Seed Alto Partners, Defy, GK-Plug and Play Indonesia, Kanmo Group, Next Billion Ventures, Quest Ventures 4 Feb
63 Brick Fintech Seed Antler 4 Feb
64 PasarPolis Fintech Strategic investment International Finance Corporation (IFC) 4 Feb
65 BukuWarung Software as a Service Early Stage Adyen, Nubank, Revolut, rocketship.vc 3 Feb
66 Stockbit Fintech Early Stage Sequoia Capital 2 Feb
67 Ula E-commerce Series A B Capital Group, LightSpeed, Quona Capital, Sequoia Capital 28 Jan
68 CrediBook Software as a Service Early Stage Alpha JWC Ventures, Insignia Ventures Partners, Wavemaker Partners 25 Jan
69 Majoo Software as a Service Seed


14 Jan
70 RevivalTV Media Seed Access Ventures 14 Jan
71 BukuKas Enterprise Solution Series A Cambium Grove Capital (CGC), Endeavor Catalyst, Founder Bank Capital, January Capital, Saison Capital, Sequoia Capital 12 Jan
72 Sampingan Enterprise Solution Series A Access Ventures, Altara Ventures, Antler,Golden Gate Ventures,XA Network,iSeed Ventures 12 Jan
73 Titik Pintar Ed-Tech Seed Indonesia Women Empowerment Fund (IWEF) 12 Jan
74 ALAMI Sharia Fintech Series A AC Ventures, Golden Gate Ventures, Quona Capital 11 Jan
75 Ajaib Fintech Series A Alpha JWC Ventures, Horizons Ventures, Insignia Ventures Partners, SoftBank Ventures Asia (SoftBank Ventures Korea), Y Combinator 11 Jan
76 Hangry F&B Series A Alpha JWC Ventures, Surge 7 Jan
77 Nimbly Technologies Enterprise Solution Early Stage Insignia Ventures Partners, Saison Capital, Sovereign's Capital 7 Jan
78 Nusantics Biotechnology Series A East Ventures 6 Jan
79 Bibit Fintech Early Stage 500 Startups, AC Ventures, EV Growth, East Ventures, Sequoia Capital 5 Jan
80 Sayurbox E-commerce Early Stage Astra Digital 4 Jan

III. NLP Commentary to Recent Tech Deals

The capital funding of Indonesia's startups blooms in 2021 despite the economic slowdown in 2020 due to the coronavirus outbreak. Despite the economic impact of the pandemic, the technology sector is still growing given that social restrictions have pushed Indonesia to digitalized its economy. The particular areas which have been attracting many interests are, fintech, e-commerce, and Software as a Service (SaaS), logistic and transportation, ed-tech, and health-tech.

Experts view that fintech sector is potential because there are many Indonesians who have not been engaged in formal financial services i.e., banking. They also predicted that e-commerce would keep emerging within this year.

Transportation and logistics startups are also advantaged due to the emerging e-commerce business and various mobilization restrictions imposed by the Indonesian government during the pandemic. It is not surprising that Gojek is targeting a Series F fundraising of US$3 billion (around Rp50 trillion) according to the disclosed information that we can access publicly. However, the real amount of investment may be different due some investors are reluctant to disclose the same when funding takes place.

In addition, ed-tech and health-tech platforms are found attractive by numerous investors since early 2020. Google, Temasek, and Bain and Company noted that the use of digital health services has quadrupled compared to before COVID-19. Meanwhile, the number of downloads of educational applications has tripled within 2020.

Considering the above points, we predict that the investment climate in the technology industry would keep intensifying in the second half of 2021.

The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances.