Continuing our Tech Deals series (Tech Deals Vol. 1, Vol. 2, Vol. 3, Vol. 4, Vol. 5, Vol. 6, and Vol. 7), we present the latest tech deals completed between 1 May and 31 August 2023, along with our commentary on the same.

In this Indonesia Tech Deals Vol. 8 edition, we highlight the promising investments in e-commerce and the emerging electric vehicle (EV) market, especially in the two-wheeled EV segment. While the continuing "funding winter" has been influenced by corporate efficiency measures, we are optimistic that it may ease, as the macroeconomic crisis reaches its peak in the last quarter of 2023. This suggests that investments in tech sectors will remain active in the coming years.

I. Start Up and Tech Investment Deals in the period between 1 May and 31 August 2023

Please refer to the table below on the list of Tech Deals completed during the period from 1 May to 31 August 2023:

No Company Name Sector Stage Investor(s) Funding Date
1 Coldspace Supply chain solution Seed ITS, Intudo Ventures, MKA, PT Adi Sarana Armada Tbk (ASSA, ASSA Rent), Triputra Group 3-May
2 Kecilin Software-as-a-service (Saas) / Enterprise solution Pre-series A Arkana Ventures, Mandiri Capital Indonesia (MCI), Provident Growth Fund 3-May
3 Praktis ( Supply chain solution Series A East Ventures, SMDV, Triputra Group 4-May
4 Mimin E-commerce enabler Seed Otto Digital 5-May
5 UENA Food and beverage Bridge East Ventures, Trihill Capital 8-May
6 AYO Indonesia Sports application Seed Alpha Momentum 15-May
7 Looyal Software-as-a-service (Saas) / Enterprise solution Bridge AsiaPay Capital 16-May
8 Quipster Equipment and material marketplace Pre-series A Chailease Holding 17-May
10 eFishery Agritech – Aquaculture Series D 42XFund, Northstar Group, SoftBank Vision Fund 24-May
11 Skorlife Fintech Seed AC Ventures, Hummingbird Ventures, QED Investors, Saison Capital 24-May
12 Jumpstart Coffee Indonesia Food and beverage Series B Cool Japan Fund, Living Lab Ventures

13 Evermos E-commerce enabler Series C Endeavor Catalyst, IFC Emerging Asia Fund, International Finance Corporation (IFC), Jungle Ventures, SWC Global, Shunwei Capital, Telkomsel Mitra Inovasi (TMI), UOB Venture Management, Uni-President Asset Holdings 25-May
14 Grow Commerce (Berrybenka) E-commerce Debt Null 26-May
15 Ringkas Fintech Seed 500 Global, Crestone Venture 16Capital, East Ventures, Hustle Fund, Orvel Ventures, Teja Ventures 31-May
16 SIRCLO E-commerce enabler Series C Vertex Ventures SEA & India 13-Jun
17 Finfra Fintech Early Stage Fintech Nation, DS/X Ventures, Seedstars International Ventures, Cento Ventures (Digital Media Partners (DMP)), Hustle Fund, FirstPick, BADideas Fund 14-Jun
18 Amartha Fintech Strategic Investment Community Investment Management (CIM) 15-Jun
19 Ekrut HR tech – job seeking marketplace M&A GetLinks 16-Jun
20 Claude E-commerce Seed Prima Fund I, CyberAgent Capital (CyberAgent Ventures) 16-Jun
21 Slice Group Influencer marketing Seed Arise, Intudo Ventures 21-Jun
22 TransTRACK Hardware / Internet of Things Pre-series A Damson Capital, NP Consulting, Ortus Star, Goldbell Group, YCAB Ventures, Cocoon Capital 23-Jun
23 Baskit E-commerce enabler Seed DS/X Ventures, Forge Ventures, Orvel Ventures, Betatron Venture Group, Investible, 1982 Ventures 27-Jun
24 eFishery Agritech - Aquaculture Series D ADQ 28-Jun
25 eFishery Agritech - Aquaculture Series D 500 Southeast Asia, Kumpulan Wang Persaraan (Diperbadankan) 3-Jul
26 Diary Bunda Healthtech M&A Alodokter 5-Jul
27 Eratani Agritech Seed SBI Ven Capital, Orvel Ventures, Ascend Angels, Genting Ventures 10-Jul
28 KarirLab HR tech – job seeking marketplace Bridge Alpha JWC Ventures, M Ventures 11-Jul
29 Orderfaz E-commerce enabler Bridge 1982 Ventures 13-Jul
30 Jagofon E-commerce Seed Null 15-Jul
31 Finture (Yup) Fintech Bridge SWC Global, XVC, Antao Capital, Tortola Capital, MindWorks Ventures 17-Jul
32 Maka Motors EV manufacturing Seed Kinesys Group, Shinhan Venture Investment, Northstar Group, BEENEXT, AC Ventures, East Ventures, Peak XV Partners, AlfaCorp, SV Investment, Skystar Capital, M Venture Partners (MVP), Openspace Ventures (NSI Ventures), Provident 20-Jul
33 Segari E-commerce Series B Null 24-Jul
34 eFishery Agritech - Aquaculture Debt The Norinchukin Bank 28-Jul
35 Halodoc ID Healthtech Series D Astra Digital 28-Jul
36 Beleaf Farms Agritech Series A Openspace Ventures (NSI Ventures), Alpha JWC Ventures 1-Aug
37 Genexyz Influencer marketing Seed Massive Music, East Ventures, Trinity Optima, Future Creative Network, Emtek Group, MDI Ventures 2-Aug
38 E-commerce enabler M&A Komerce 3-Aug
39 Rekosistem ESG Series A Skystar Capital, East Ventures, Saratoga 3-Aug
40 BintanGO Influencer marketing Seed Transcend Capital Partners, eWTP Capital, Contents Technologies, Investible 7-Aug
41 GORO Fintech Bridge Iterative, StashAway, XA Network 9-Aug
42 Saweria Influencer marketing M&A IDN Media 10-Augu
43 Baskit E-commerce enabler / Supply chain solution Seed Korea Investment Partners (KIP) 10-Aug
44 OLX Indonesia E-commerce M&A ASTRA Group (The Arab Supply Trading Company) 11-Aug
45 VKTR EV trading and manufacturing Debt PT Bank Central Asia Tbk (BCA) 14-Aug
46 PasarMIKRO Social enterprise Pre-series A Ceniarth, DEG 15-Aug
47 Ilectra Motor Group (IMG) (ALVA) EV trading and manufacturing Series B Foxconn Co-GP Fund, Horizons Ventures, Brama One Ventures (BOV), Indika Energy 21-Aug
48 PrimaKu Healthtech Pre-series A Northstar Group, BIG Ventures, AppWorks, BRI Ventures 24-Aug
49 Charged Asia EV trading and manufacturing Debt Geo Energy 28-Aug

II. NLP Commentary on the Recent Tech Deals and Growing Enthusiasm in the Green Tech Market

Continuing the trend of the first quarter, e-commerce is still attractive despite of the current recent ban on TikTok Shop. Sirclo, a prominent e-commerce enabler in Indonesia, notably secured USD 10.5 million in series C funding from Vertex Ventures SEA. This funding will be strategically utilized to enhance their infrastructure technology across their key services, such as Sirclo Store, Swift, Sirclo Commerce, and ICUBE, thereby accelerate the digitization of retail businesses in Indonesia. It is also important to note that there has been a major development in the regulatory aspect of e-commerce business in Indonesia, namely the issuance of Ministry of Trade Regulation No. 31 of 2023 on Business Licensing, Advertisement, Development, and Supervision of Business Actors in Electronic Systems Trading ("MoTR 31/2023"), replacing the previous MoTR 50/2020. The newly issued regulation prohibits social media platforms from facilitating payments and applying various foreign merchant compliance standards. There are also newly established licensing standards that foreign e-commerce operators have to comply with, such as the requirement to obtain an e-commerce license if their platforms have met certain thresholds of users from Indonesia.

Additionally, we also note a significant interest in the green tech market, particularly in the two-wheeled electric vehicle ("EV") sector. As highlighted in our previous article on "Electric Vehicles (EV) Regulations in Indonesia: A General Overview," the potential EV market is aligned with government initiatives, through the enactment of President Regulation No. 55 of 2019 on the Acceleration of the BEV Program for Road Transportation ("PR 55/2019"). PR 55/2019 has the key provisions to ensure that the growth of EV aligns with the requirements, such as the relevant business licensing, local manufacture, minimum local content (Tingkat Komponen Dalam Negeri or "TKDN"), import procedures, and fiscal and non-fiscal incentives. Consequently, the increasing interest in the green tech market, combined with the government's support through enactment of various new regulations would sustain a continued growth of EV business in Indonesia.

Despite these positive trends in e-commerce and green tech market, we note that the general volume of investment in the second quarter of the year declined compared to that of the first quarter. This is due to the ongoing macroeconomic challenges leading investors to a more conservative approach, a trend that has persisted since last year.

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.