Leading startups Indonesia 2022, by funding amount

As of November 2022, GoTo Group, a merger of Indonesia's two most valuable startups, ride-hailing giant Gojek and e-commerce firm Tokopedia, was Indonesia's leading startup based on its total funding amount. The startup had a total funding amount of 4.82 billion U.S. dollars. The growth of startups and venture capital financing in Indonesia are tightly linked. In 2021, the value of venture capital funding in Indonesia amounted to 9.3 billion U.S. dollars.

The rise of Indonesian startups

There were over 2.3 thousand startup companies in total in Indonesia as of January 2022. While most Indonesian startups are digital startups, their unicorns span a range of industries, from travel and ticketing to financial technology services.

Indonesia has nine unicorns and two decacorns: GoTo Group and J&T Express. The first five Indonesian e-commerce platforms to attain unicorn status, Gojek, Tokopedia, Traveloka, Bukalapak, and OVO, did so before the pandemic hit the country between 2016 and 2019. In 2021, Gojek and Tokopedia merged to create GoTo Group.

Leading startups in Indonesia are currently facing difficulties

In 2021, Bukalapak became the country’s first unicorn to be listed on the Indonesian Stock Exchange (IDX). However, it was reported that Bukalapak.com has lost more than half its value since raising 1.5 billion U.S. dollars in Indonesia's highest public offering. GoTo Group, one of Indonesia’s decacorns, also faced difficulties in 2022 after its IPO on the IDX in 2021. Due to the unfavorable macroeconomic conditions, GoTo Group had to lay off 1,300 people, or about 12 percent of its total employees in November 2022 to cut expenses and improve their finances.