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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
Market Operators

Startups Directory

The operators building Indonesia's future economy.

Tracking 87 Companies

99 Group

Late Stage
HQJakarta
Est.2014
FundingUS$ 45M+

Leading property marketplace after 99.co-Rumah123 merger. Comprehensive listings for sale and rent.

PropTech
Dossier

Agate

Growth
HQBandung
Est.2009
FundingUS$ 1M+

Indonesia's largest game development studio with 250+ published games. Pioneer of Indonesian gaming industry. Bandung-based.

Gaming
Dossier

Ajaib

Series B
HQJakarta
Est.2018
FundingUS$ 245M

Indonesia's first WealthTech unicorn enabling stock, ETF, and mutual fund trading with 3M+ retail investors. Fastest company to unicorn status in SEA.

FintechWealthTech
Dossier

Akulaku

Series E
HQJakarta
Est.2014
FundingUS$ 522M

Banking and digital finance platform serving 10M+ customers across Indonesia, Philippines, Thailand, and Malaysia with BNPL, P2P lending, and digital banking (Bank Neo Commerce).

FintechDigital Banking
Dossier

Alodokter

Series D
HQJakarta
Est.2014
FundingUS$ 49.7M

Health information and telemedicine platform with 30M+ MAU and 43K+ doctors. Indonesia's most visited health website.

Healthtech
Dossier

Amartha

Late Stage
HQJakarta
Est.2010
FundingUS$ 55M+

Micro-financing platform connecting lenders with women entrepreneurs in rural villages. 99% women borrowers with low NPL via Grameen model.

FintechMicrofinance
Dossier

Astro

Series B
HQJakarta
Est.2021
FundingUS$ 148M

Only surviving quick commerce player in Indonesia offering 15-minute grocery delivery in high-density Jakarta areas. Amazon-backed.

Quick Commerce
Dossier

Ayoconnect

Series B+
HQJakarta
Est.2016
FundingUS$ 43M

First licensed Open Bill Network in Indonesia connecting billers with payment channels. Enabling bill payments across 15,000+ products.

FintechBill Payments
Dossier

Bareksa

Late Stage
HQJakarta
Est.2013
FundingUS$ 20M

First mutual fund marketplace in Indonesia. Partner with OVO for OVO Invest. 3M+ investors on platform.

FintechWealthTech
Dossier

Base

Series A
HQJakarta
Est.2019
FundingUS$ 6M+

Personalized skincare brand using AI skin analysis to recommend customized products. Female-founded D2C brand.

ConsumerBeauty
Dossier

Binar Academy

Pre-Series A
HQYogyakarta
Est.2017
Funding-

Tech bootcamp founded by ex-Gojek engineers. Strong corporate training partnerships. Yogyakarta-based.

EdTechBootcamp
Dossier

Blibli

Public (IDX: BELI)
HQJakarta
Est.2011
FundingUS$ 513M (IPO)

Diversified e-commerce platform with omnichannel strategy, subsidiary of Djarum Group. Owns Tiket.com OTA and Ranch Market grocery chain.

E-commerce
Dossier

Bobobox

Series B
HQBandung
Est.2018
FundingUS$ 22M+

IoT-enabled capsule hotel (Bobopod) and outdoor glamping (Bobocabin) operator disrupting budget hospitality.

PropTechHospitality
Dossier

Brankas

Series B
HQJakarta
Est.2016
FundingUS$ 30M

Open banking infrastructure enabling fintechs to connect with banks via APIs. Operating across Southeast Asia.

FintechOpen Banking
Dossier

BukuWarung

Series A
HQJakarta
Est.2019
FundingUS$ 80M+

Digital bookkeeping and financial services platform serving 6.5M+ micro-merchants (warungs) across Indonesia.

FintechSME
Dossier

Cakap

Series C1
HQJakarta
Est.2014
FundingUS$ 16M+

Leading language and upskilling platform with live tutoring for English, Mandarin, Japanese, and Korean. EBITDA positive 3+ years.

EdTech
Dossier

Dagangan

Series B+
HQYogyakarta
Est.2019
FundingUS$ 18M+

Rural commerce platform bringing FMCG and essential goods to Tier 3/4 cities through community agents.

Social CommerceRural
Dossier

Dailybox

Series C
HQJakarta
Est.2018
FundingUS$ 30M

Multi-brand cloud kitchen operating Dailybox, Shirato, and other virtual restaurant brands across Indonesia.

FoodTech
Dossier

DANA

Series D
HQJakarta
Est.2017
FundingUS$ 250M+

Leading digital wallet with 200M+ registered users and 10M+ daily transactions, powered by Ant Group/Alipay technology.

FintechE-wallet
Dossier

DOKU

Late Stage
HQJakarta
Est.2007
Funding-

Indonesia's first payment gateway provider. Pioneer in digital payments serving enterprise clients for 17+ years.

FintechPayments
Dossier

Electrum

Growth
HQJakarta
Est.2021
FundingUS$ 15M

Electric two-wheeler ecosystem JV between GoTo, Pertamina, and Hyundai. 260+ battery swap stations across Indonesia.

EVInfrastructure
Dossier

Eratani

Series A
HQJakarta
Est.2021
FundingUS$ 12M+

Rice farming platform connecting 34K+ farmers with financing, inputs, and offtake. Focus on staple crop productivity.

Agritech
Dossier

Evermos

Series C
HQBandung
Est.2018
FundingUS$ 78M

Social commerce platform empowering 967K resellers to sell Halal and Sharia-compliant products in Tier 2/3 cities.

Social Commerce
Dossier

Feedloop AI

Seed
HQJakarta
Est.2019
Funding-

Low-code AI platform enabling enterprises to build and deploy AI applications without extensive coding.

AILow-Code
Dossier

Flip

Series B
HQJakarta
Est.2015
FundingUS$ 120M

Consumer and business payments platform enabling fee-free interbank transfers and international remittances to 45+ countries for 13M+ users.

FintechPayments
Dossier

Fore Coffee

Public (IDX: FORE)
HQJakarta
Est.2018
FundingUS$ 53M

Specialty coffee chain with 217+ outlets. Just completed IPO on IDX in 2024. Competitor to Kopi Kenangan.

ConsumerF&B
Dossier

Funding Societies | Modalku

Series C+
HQJakarta
Est.2016
FundingUS$ 290M (regional)

Leading P2P lending platform for SME financing across 5 countries. Disbursed IDR 65T regionally; strong 1.96% TWP90 delinquency rate.

FintechP2P Lending
Dossier

Fuse

Series B
HQJakarta
Est.2017
FundingUS$ 70M+

Largest insurtech by GWP with 60K+ agents. B2B and B2A platforms for insurance distribution across Indonesia.

FintechInsurTech
Dossier

GoTo

Public (IDX: GOTO)
HQJakarta
Est.2010
FundingUS$ 8.1B+

Indonesia's largest digital ecosystem combining on-demand transport (Gojek), e-commerce (Tokopedia), and financial services (GoPay). Contributes ~2% to national GDP.

Super App
Dossier

Hacktiv8

Pre-Series A
HQJakarta
Est.2016
FundingUS$ 3M

First Asian coding bootcamp on CIRR standards. Producing job-ready software developers with 90%+ placement rate.

EdTechBootcamp
Dossier

Halodoc

Series D
HQJakarta
Est.2016
FundingUS$ 258M+

Indonesia's largest healthtech platform providing telemedicine, medicine delivery, and lab tests to 20M+ monthly active users across 20,000+ doctors and 4,900 pharmacies.

Healthtech
Dossier

Hukumonline

Series A
HQJakarta
Est.1999
Funding-

Indonesia's oldest and largest legal platform providing legal database, news, and services. 25+ years operating.

LegalTech
Dossier

IDN Media

Series D
HQJakarta
Est.2014
FundingUS$ 44M

Multi-platform media company reaching 80M+ MAU through IDN Times, Popbela, GGWP, and more. Also owns JKT48 idol group.

MediaEntertainment
Dossier

Indodax

Late Stage
HQJakarta
Est.2014
FundingBootstrapped

Indonesia's oldest and largest crypto exchange with 7.5M+ members. OJK-licensed digital asset exchange.

FintechCrypto
Dossier

J&T Express

Public (HKEX: 9618)
HQJakarta
Est.2015
FundingUS$ 3.3B+

Southeast Asia's largest e-commerce logistics provider operating across 13 countries, processing 2.5M+ packages daily in Indonesia alone.

Logistics
Dossier

JALA Tech

Series A
HQYogyakarta
Est.2017
FundingUS$ 16M+

IoT-powered shrimp farming platform improving yields through data-driven aquaculture. Female-led, Yogyakarta-based.

AgritechAquaculture
Dossier

JULO

Series B
HQJakarta
Est.2016
FundingUS$ 105M

Digital lending platform providing personal loans and credit lines to underbanked Indonesians. Approaching $100M revenue with IPO planned.

FintechDigital Lending
Dossier

Kalibrr

Series B
HQJakarta
Est.2012
Funding-

AI-powered recruitment platform connecting employers with talent across Philippines and Indonesia. Y Combinator alumni.

HRTech
Dossier

Kargo Technologies

Series B
HQJakarta
Est.2018
FundingUS$ 38.6M

Digital trucking platform connecting shippers with truck owners. Backed by Travis Kalanick's 10100 Fund.

Logistics Tech
Dossier

Kata.ai

Series B
HQJakarta
Est.2015
FundingUS$ 3.5M

Natural Language Processing platform for Bahasa Indonesia powering 3B+ conversations. Pioneer in Indonesian AI.

AINLP
Dossier

Klinik Pintar

Series A1
HQJakarta
Est.2018
FundingUS$ 9M+

Clinic digitization platform serving 5%+ of all Indonesian clinics with SaaS tools, supply chain, and telemedicine integration.

Healthtech
Dossier

Kontrak Hukum

Seed
HQJakarta
Est.2018
Funding-

First digital notary platform in Indonesia enabling online contract creation, e-signing, and notarization.

LegalTech
Dossier

Kopi Kenangan

Series C
HQJakarta
Est.2017
FundingUS$ 240M

Indonesia's largest grab-and-go coffee chain with 850+ stores across Indonesia, Malaysia, Singapore, Philippines, and Australia. First F&B unicorn in Southeast Asia.

ConsumerF&B
Dossier

Kredivo Group

Series D
HQJakarta
Est.2015
FundingUS$ 660M (equity + debt)

Southeast Asia's leading digital credit platform with instant BNPL, personal loans, and digital banking (Krom Bank) across Indonesia, Vietnam, and Thailand.

FintechBNPL
Dossier

LegalKu

Seed
HQBandung
Est.2017
Funding-

SME-focused legal services platform serving 12K+ businesses across 30 cities with company registration and compliance.

LegalTech
Dossier

Majoo

Series A
HQJakarta
Est.2019
FundingUS$ 19M

All-in-one business application for MSMEs including POS, inventory, HR, and accounting. 35K+ clients.

SaaSSME
Dossier

MAKA Motors

Seed
HQCikarang
Est.2021
FundingUS$ 37.6M

R&D-led electric motorcycle manufacturer building specifically for Indonesian riders. Largest Seed round in SEA history.

EVAutomotive
Dossier

Mamikos

Series A
HQYogyakarta
Est.2015
FundingUS$ 750K+

Leading kost (boarding house) marketplace with 140K+ listings across Indonesia. Yogyakarta-based.

PropTech
Dossier

Mekari

Series E
HQJakarta
Est.2015
FundingUS$ 83M

Indonesia's largest B2B SaaS company serving 35K+ clients with HR (Talenta), accounting (Jurnal), tax (Klikpajak), and CRM solutions.

B2B SaaS
Dossier

Nanovest

Growth
HQJakarta
Est.2021
Funding-

Multi-asset investment app offering crypto, US stocks, and gold in single platform for Indonesian investors.

FintechMulti-Asset
Dossier

Nodeflux

Series A
HQJakarta
Est.2016
Funding-

Vision AI company providing facial recognition and video analytics. NIST-certified for accuracy. Government and enterprise clients.

AIComputer Vision
Dossier

OVO

Acquired (90% Grab)
HQJakarta
Est.2017
FundingUS$ 120M+

Leading digital payment platform integrated with Grab ecosystem, offering e-wallet, bill payments, OVO PayLater, and investment products.

FintechE-wallet
Dossier

PasarPolis

Series B
HQJakarta
Est.2015
FundingUS$ 59M

Microinsurance platform serving 35M+ customers through embedded insurance across Gojek, Shopee, and other platforms.

FintechInsurTech
Dossier

Paxel

Series C
HQJakarta
Est.2017
FundingUS$ 58.8M

Same-day delivery platform with unique relay model enabling inter-city delivery at low cost. Strong cold chain capabilities.

Logistics
Dossier

Pinhome

Series B
HQJakarta
Est.2020
FundingUS$ 50M

Full-stack property platform with 1M+ listings covering search, transactions, mortgages, and home services across Indonesia.

PropTech
Dossier

Pintarnya

Series A
HQJakarta
Est.2022
FundingUS$ 31M+

Digital platform for blue-collar recruitment and financial inclusion, serving 10M+ job seekers and 40K employers.

HRTech
Dossier

Pintu

Series B
HQJakarta
Est.2020
FundingUS$ 156M

Leading cryptocurrency exchange with 4M+ downloads and comprehensive educational content. Backed by Pantera and Coinbase.

FintechCrypto
Dossier

Pluang

Series B
HQJakarta
Est.2019
FundingUS$ 110M

Multi-asset investment platform offering gold, US stocks, crypto, mutual funds, and ETFs to 10M+ users with micro-investing from $0.50.

FintechWealthTech
Dossier

Prosa.ai

Seed
HQJakarta
Est.2018
Funding-

Speech-to-text and voice AI platform optimized for Bahasa Indonesia and regional languages.

AISpeech
Dossier

Qoala

Series C
HQJakarta
Est.2018
FundingUS$ 130M+

Omnichannel insurtech providing embedded insurance (B2B2C) through 50+ consumer platforms and 65,000+ agents across 4 countries. 5M+ customers served.

FintechInsurTech
Dossier

Reku

Series A
HQJakarta
Est.2017
FundingUS$ 11M

User-friendly crypto exchange known for lowest fees in Indonesia. Achieved profitability Q1 2024.

FintechCrypto
Dossier

Rey

Series A
HQJakarta
Est.2021
FundingUS$ 4.5M

Integrated health membership combining insurance, telemedicine, gym access, and mental health support in single subscription.

FintechInsurTech
Dossier

Riliv

Seed
HQSurabaya
Est.2015
Funding-

Indonesia's first mental health app providing meditation, journaling, and counseling services. Surabaya-based.

HealthtechMental Health
Dossier

RoomMe

Seed
HQJakarta
Est.2017
Funding-

Virtual kost operator providing standardized coliving experience without owning properties.

PropTechColiving
Dossier

Ruangguru

Series C
HQJakarta
Est.2014
FundingUS$ 205M

Southeast Asia's largest edtech serving 15M+ students and 300,000+ teachers across 100+ subjects through online tutoring, video lessons, and test prep.

EdTech
Dossier

Rukita

Series B1
HQJakarta
Est.2019
FundingUS$ 15M+

Women-led coliving platform offering managed rentals for young professionals. EBITDA positive.

PropTechColiving
Dossier

Sayurbox

Series C
HQJakarta
Est.2016
FundingUS$ 140M

Indonesia's leading B2C e-grocery platform with full supply chain integration from farm to consumer, serving 1M+ customers and 10,000+ farmers.

AgritechE-Grocery
Dossier

Semaai

Seed
HQJakarta
Est.2021
FundingUS$ 1.25M+

Farmers' super app providing inputs, advisory, and financial services through integrated mobile platform.

Agritech
Dossier

Shipper

Series B
HQJakarta
Est.2017
FundingUS$ 132M

One-stop logistics platform providing fulfillment, warehousing, and multi-carrier shipping aggregation for 25,000+ e-commerce sellers.

LogisticsFulfillment
Dossier

SiCepat

Series B
HQJakarta
Est.2014
FundingUS$ 220M+

Leading express logistics company processing 400K+ packages daily with next-day delivery across Indonesia. Primary Shopee logistics partner.

Logistics
Dossier

Sirclo

Late Stage
HQJakarta
Est.2013
FundingUS$ 100M+

E-commerce enabler helping brands sell online via webstore and marketplace integration. $184.4M revenue in 2024.

E-commerce SaaS
Dossier

Social Bella

Series F
HQJakarta
Est.2015
FundingUS$ 226M

Indonesia's largest beauty-tech ecosystem with omnichannel retail (48+ stores), consumer review platform (SOCO), and brand distribution services.

CommerceBeauty
Dossier

SolarKita

Seed
HQJakarta
Est.2020
FundingPart of US$ 31M (Xurya round)

Residential solar platform enabling zero-down-payment solar installation for households.

CleanTechSolar
Dossier

Stockbit/Bibit

Series C
HQJakarta
Est.2013
FundingUS$ 190M

Stockbit is social investing platform for traders; Bibit is robo-advisory for mutual funds. Combined serving millions across 500 cities with highest trading volume on IDX.

FintechWealthTech
Dossier

Super

Series C
HQSurabaya
Est.2018
FundingUS$ 106M

Rural-focused social commerce platform bringing FMCG products to underserved Tier 2-4 cities through community group buying.

Social Commerce
Dossier

SWAP Energy

Series A
HQJakarta
Est.2019
FundingUS$ 22M

Battery swapping network for electric motorcycles with thousands of swap points across Indonesia.

EVInfrastructure
Dossier

Tiket.com

Acquired (Blibli)
HQJakarta
Est.2011
FundingAcquired (Blibli)

Pioneering OTA in Indonesia for flights, hotels, trains, and events. Now part of Blibli ecosystem as "Blibli Tiket".

OTA
Dossier

Toge Productions

Seed
HQTangerang
Est.2009
Funding-

Award-winning indie game studio known for Coffee Talk series. Also operates as indie game publisher for SEA developers.

Gaming
Dossier

Tokocrypto

Acquired (Binance)
HQJakarta
Est.2018
FundingBinance-owned

First certified crypto exchange in Indonesia. 4.5M+ users. Acquired by Binance.

FintechCrypto
Dossier

Travelio

Series B+
HQJakarta
Est.2015
FundingUS$ 30M+

Short-term rental platform managing 4,000+ units across Indonesia. The "Airbnb of Indonesia" with managed services.

PropTechShort-term Rental
Dossier

Traveloka

Late Stage
HQJakarta
Est.2012
FundingUS$ 1.2B+

Southeast Asia's largest OTA with 40M+ monthly active users, commanding 64% market share in Indonesia for flights, hotels, and travel experiences.

OTATravel
Dossier

Verihubs

Growth
HQJakarta
Est.2019
Funding-

KYC and identity verification platform using AI for document verification, liveness detection, and fraud prevention.

AIIdentity
Dossier

Vidio

Late Stage
HQJakarta
Est.2014
FundingEmtek-backed

Leading local OTT platform with exclusive sports rights (Liga 1, Premier League), original content, and live TV streaming.

EntertainmentOTT
Dossier

Wagely

Growth
HQJakarta
Est.2020
FundingUS$ 37M+

Asia's leading Earned Wage Access (EWA) platform allowing workers to access earned salary before payday. Operating in Indonesia and Bangladesh.

FintechEWA
Dossier

Waresix

Series B
HQJakarta
Est.2017
FundingUS$ 150M

Indonesia's largest logistics tech integrator connecting shippers with 40,000+ trucks and 375+ warehouses across 100+ cities.

Logistics Tech
Dossier

Xendit

Series D
HQJakarta
Est.2015
FundingUS$ 538M

The "Stripe of Southeast Asia". Payment gateway building digital financial infrastructure, processing $70B+ annually across Indonesia, Philippines, Malaysia, and Thailand.

FintechPayments
Dossier

Xurya

Growth
HQJakarta
Est.2018
FundingUS$ 90M

Pioneer of zero-upfront-cost rooftop solar rental for commercial & industrial customers, with 100+ MW operational capacity across 200 locations.

CleanTechSolar
Dossier
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