Traveloka’s shift hits a nerve

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In focus

• A mindset shift behind Traveloka’s HQ move
• A co-founder drama derailing a promising Vietnamese climate tech startup

Hello reader,

Back in high school, one of my classmates got the ASEAN Scholarship and moved to Singapore. For the rest of us, it was like receiving a Hogwarts letter.

That same gravitational pull still exists – only now, it’s tugging at startups and their founders. Traveloka felt it, too. However, its recent transformation into a “Singapore-headquartered, Southeast Asian” company has sparked a backlash, even though the firm clarified it remains operationally based in Indonesia.

On paper, the move is logical. Singapore offers legal clarity, investor trust, and a path to global expansion, which all seem ideal as Indonesia’s tech landscape cools and public markets sputter.

But optics matter. And to many Indonesians, the shift has struck a nerve, especially after Tokopedia’s sale to TikTok and the rise of the #KaburAjaDulu brain drain meme.

In this week’s Big Story, I unpack why startups like Traveloka are drifting north. It’s not about abandoning Indonesia, but navigating around its limits.

Over in Vietnam, climate tech startup Alterno is grappling with a different kind of identity crisis: a rare co-founder feud in the country’s rising startup scene.

Here’s hoping they can move past the fallout and get back to building.

Putra Muskita, editor

Top Stories

1️⃣ Singapore drift: What Traveloka’s shift really tells us

Image credit: Timmy Loen

Indonesia’s startup scene once brimmed with optimism. But now, founders are chasing exits abroad, IPOs have stalled, and Singapore feels like the only safe bet.

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