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In focus
- A surprise twist to the on-off Grab-GoTo megadeal
- Blitz Electric sheds employees as it aims for sustainable profitability
- A resignation letter exposes what’s dragging Alibaba down
Hello reader,
Danantara wasn’t supposed to be the headline. But the Indonesian sovereign wealth fund’s (SWF) rumored entry into the also-rumored Grab-GoTo merger has turned a corporate deal into a political power play.
At stake: a US$7 billion union that could end a decade-long turf war, crush smaller rivals, and redraw Indonesia’s tech map.
Danantara brings more than cash – it brings cover. As a local entity, it can ease antitrust fears, calm regulators, and soothe nationalist sentiment in the wake of China-based ByteDance’s controversial Tokopedia takeover.
But should an SWF even play these roles?
Danantara is just four months old, but it’s already facing PR issues. Famed investor Ray Dalio notably exited the fund’s advisory board, while major foreign companies like BASF have pulled out of big projects.
The SWF’s interests in tech are still unproven, despite the impressive track record of its chief investment officer, Pandu Sjahrir. Yet the Grab-GoTo merger might turn out to be the Indonesian government’s most consequential investment into its own digital economy.
Today’s Big Story unpacks how one “minor” stake could tip the scales – not just for Grab and GoTo, but for how state power and startup ambition collide in Southeast Asia.
This isn’t just a merger. It’s a test: of oversight, of optics, and of how far Indonesia is willing to go to keep tech in local hands.
In another development, Indonesia-based Blitz Electric just reduced its headcount by 20% last week. Like many startups, it’s learning that growing revenue doesn’t guarantee profit.
Leasing electric bikes to make last-mile deliveries sounds futuristic … until margins kick in.
Putra Muskita, editor
Top Stories
1️⃣ The wildcard investor in the rumored Grab-GoTo deal: Danantara
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