Leading startups Indonesia 2024, by funding amount
As of January 2024, Akulaku, a growing banking and digital finance platform in Southeast Asia, was Indonesia's leading startup based on its total funding amount in the past two years. The startup had a total funding amount of around 310 million U.S. dollars. The growth of startups and venture capital financing in Indonesia are tightly linked. In 2022, the value of venture capital funding in Indonesia amounted to over 3.6 billion U.S. dollars.
Indonesia has eight unicorns and two decacorns: GoTo Group and J&T Express, and GoTo Group launched their initial public offering (IPO) in 2022. 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. Not long after the merger, GoTo announced the sale of 75 percent of Tokopedia's shares to TikTok in December 2023.
The rise of Indonesian startups
Having the largest market size in Southeast Asia, Indonesia benefits from its predominantly young, internet-savvy workforce, enabling the creation of notable startups and unicorns for its own domestic economy. While most Indonesian startups are digital startups, their unicorn companies span a range of industries, from logistics, travel and ticketing, to financial technology services.Indonesia has eight unicorns and two decacorns: GoTo Group and J&T Express, and GoTo Group launched their initial public offering (IPO) in 2022. 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. Not long after the merger, GoTo announced the sale of 75 percent of Tokopedia's shares to TikTok in December 2023.
