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///LATE STAGE • Sociolla • US$ 250M • Commerce///POLICY • Gold Export Duties: Progressive Reference-Price Ladder Kicks In///SERIES A • Hangry • US$ 10.5M • F&B///POLICY • Coal Export Tax 2026: Indonesia Signals a New Resource-Rent Phase///SERIES B • Honest • Undisclosed • Fintech///POLICY • Export FX Repatriation: Proceeds Routed Through State Banks From 2026///SEED • Arummi Foods • US$ 2M • F&B///POLICY • OJK POJK 4/2025: Financial Aggregators Move Into a Licensing Regime///PRE-SEED • IDRX • US$ 300k • Web3///POLICY • Finfluencer Rules: OJK Tightens Conduct Around Securities Marketing///SERIES C • Yup • US$ 32M • Fintech///POLICY • Dormant Accounts: New Standardization Changes Bank Data and Ops///LATE STAGE • Sociolla • US$ 250M • Commerce///POLICY • Gold Export Duties: Progressive Reference-Price Ladder Kicks In///SERIES A • Hangry • US$ 10.5M • F&B///POLICY • Coal Export Tax 2026: Indonesia Signals a New Resource-Rent Phase///SERIES B • Honest • Undisclosed • Fintech///POLICY • Export FX Repatriation: Proceeds Routed Through State Banks From 2026///SEED • Arummi Foods • US$ 2M • F&B///POLICY • OJK POJK 4/2025: Financial Aggregators Move Into a Licensing Regime///PRE-SEED • IDRX • US$ 300k • Web3///POLICY • Finfluencer Rules: OJK Tightens Conduct Around Securities Marketing///SERIES C • Yup • US$ 32M • Fintech///POLICY • Dormant Accounts: New Standardization Changes Bank Data and Ops
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PT Saratoga Investama Sedaya
PE

Jakarta| Est. 1997

Indonesia's premier active investment company (IDX: SRTG). NAV grew 10.5% to IDR 53.9T in 2024. IDR 3.8T dividend income 2024. Key portfolio: Adaro (AADI IPO Dec 2024), TBIG (42K tenants), Merdeka (MBMA EV battery). LP/backer of Skystar Capital. 2025 focus: healthcare, digital infra, consumer, renewables.

StageGrowth
TicketLarge Cap ($50M+)
StatusActive (Public)

Investment Thesis

Saratoga Investama Sedaya (IDX: SRTG) is Indonesia's leading active investment company, founded 1997 during Asian Financial Crisis. 20+ years experience identifying, growing, and generating value from portfolio companies. Listed portfolios reached $21B combined market cap in 2024. Investment Director: Devin Wirawan. Finance Director: Lany D. Wong.

Operating Model

  • 01Active portfolio management
  • 02Long-term value creation
  • 03Infrastructure/resources core
  • 04Digital/healthcare expansion
  • 05LP in Skystar Capital

Notable Investments

Adaro/AADITower Bersama (TBIG)Merdeka Copper GoldMBMAXurya

Verified Deal Flow (2019-2025)

StartupDateStageAmountSector
ReyOct 2024Series AUS$ 3.5MFintech
CrowdeMar 2021Series BUS$ 9MAgritech

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