In continuation of our Tech Deals series (see previous publications: Tech Deals Vol. 1, Vol. 2, Vol. 3, Vol. 4, Vol. 5, Vol. 6, Vol. 7, and Vol. 8)
we provide in this edition the deals concluded in the technology sector between 1 September until 31 December 2023, along with our brief commentary regarding the recent tech deals.
Despite the "tech winter" trend that overshadowed the start-up and technology industry in 2023 and the major shutdown that forced start-up companies to reduce all critical costs including their employees. We note that there has been a significant increase of transactions in the technology sector during the last four months of 2023. This significant increase shows that some of the major investors remain active, and Indonesia is still an attractive investment jurisdiction for the tech businesses.
I. Start Up and Tech Investment Deals in the period between 1 September and 31 December 2023
For further context, please refer to the table below on the list of Tech Deals completed during the period from 1 September to 31 December 2023:
II. NLP Commentary on the Recent Tech Deals
In the last quarter of 2023, particularly in September, the total startup funding in Indonesia experienced a significant increase. Such an increment was supported by the total amount of funding that increased from USD727,218,000 in the previous quarter of the year, to USD3,034,050,000 in the last quarter of the year. M&A also contributed a significant portion in this period, amounting to USD1,723,140,000 out of USD3,034,050,000 total investment. Among the companies contributing to the numbers are Tokopedia, Mojiken Studio, Home Credit Indonesia, DDI, and RateS.
One sector that benefited from this increase was the e-commerce sector, which contributed more than 50% of the total funding value, surpassing the other sectors. As shown in the diagram below, the highest total funding was in the e-commerce sector, followed by sectors on financial technology, logistics and transportation, and general internet.
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