This year’s list of top funding rounds in Indonesia features quite a few familiar faces. Startups that already set previous records, like Go-Jek and Tokopedia, continued to raise impressive boosts in capital, as the funding gap between top players and the mid-field is widening.
Another trend we saw in 2016 was the rise of what could be called a corporate venture startup: newly formed companies that are affiliated with large and established conglomerates, from which they draw funds and resources.
Here are ten of Indonesia’s largest internet company investments this year. Note that this collection only includes firms that disclosed how much they raised. A considerable proportion of startup funding rounds are undisclosed and unreported.
With its US$550 million round in August, ride-hailing app Go-Jek shot to unicorn status.
It was the single largest funding round for a local startup to date.
The investment came from big names in private equity, like KKR, Warburg Pincus, Farallon Capital, and Capital Group Private Markets. Existing shareholders also chipped in again.
Tokopedia’s US$147 million round wasn’t officially announced, but Tech in Asia’s Willis Wee got the scoop.
Tokopedia is Indonesia’s largest online marketplace.
Its total disclosed funding should now sit at a total of $247.7 million. The startup did not disclose the specific investors that participated in this latest round. Among Tokopedia’s previous investors are SoftBank and Sequoia.
MatahariMall, the ecommerce site associated with Indonesian conglomerate Lippo Group, got a US$100 million cash injection from Japanese firm Mitsui.
Mitsui is a long-term investment partner of Lippo Group. In 2014, the latter “invited Mitsui to invest up to US$5 billion in Indonesia” across multiple joint ventures in technology, media, and telecommunications, as well as agriculture. It’s possible that the US$100 million for MatahariMall is part of Lippo’s and Mitsui’s broader cooperation.
Elevenia, the ecommerce marketplace born out of a joint venture between South Korean company SK Planet and Indonesian telco XL Axiata, topped up with US$50 million this year.
Since its inception in 2014, Elevenia has had a steady yet somewhat quiet presence in Indonesia’s crowded ecommerce landscape. It differs from competitors like Tokopedia in that it charges merchants for sales made through the platform. In return, it offers merchants additional services, such as providing a photo studio so vendors can take professional shots of their products.
Automobile information site Oto is a joint venture between Indian startup Girnar Software and Indonesian media conglomerate Emtek.
Girnar had already been operating an Indonesian version of its Indian site CarDekho under the name CarBay.
An Oto spokesperson told Tech in Asia that both parties have committed US$25 million to building the new company.
Payments startup EasyPay is based in Bali, an Indonesian island primarily known as a holiday destination.
EasyPay makes terminals that people can use to pay for services online, like e-tickets, electricity bills, games, and so on. The machines take cash and send the receipts to your phone. The idea is to make it easy for people to purchase digital goods, as few Indonesians own credit cards or have access to other digital payment methods.
EasyPay, which started in Bali, said this year it’s expanding to Jakarta and beyond. It claims to have raised US$17 million from “European funds.”
Orami is the result of a merger between Indonesia’s mom-and-baby ecommerce site Bilna and Thailand’s Moxy.
This year it raised US$15 million in a round led by Sinar Mas Digital Ventures, the venture capital firm linked to Indonesian conglomerate Sinar Mas Group.
Healthcare startup HaloDoc launched its flagship app this year. It aims to offer a broad range of digital health services, including online consultation, medicine delivery, on-demand lab tests at patient’s homes, a hospital and doctor directory, as well as an appointment scheduler.
HaloDoc is a spin-off of one of Indonesia’s largest pharmaceutical and medical equipment suppliers, Mensa Group. To achieve its goal, HaloDoc says it managed to raise US$13 million from, among others, private equity firm Clermont and NSI Ventures, an early-stage investment fund part of North Star Group.
News reader app Kurio raised US$5 million from a similar company in Japan called Gunosy.
The investment in Kurio is part of Gunosy’s efforts to expand into Southeast Asia. It needs to step up its game. Gunosy listed on the Tokyo Stock Exchange last year, and it now has a market cap of US$107 million—down from US$263 million at the time of IPO.
Tenth on this list is Nida Rooms, a startup that helps budget hotels market its rooms. It’s like Oyo Rooms in India, or Zenrooms and Reddoorz, which also operate in Southeast Asia.
Nida Rooms covers a handful of Southeast Asian countries, but its biggest market is Indonesia, and it also employs its largest team here.
The company reported having raised US$4.2 million this year. But soon trouble arose, with employees complaining about unpaid salaries and vendors about outstanding bills – a solemn reminder that startups need more than cash to succeed.
This post Indonesia’s biggest funding rounds this year appeared first on Tech in Asia.
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