10 exciting Indonesian startups you should know about in 2019

In the first eight months of 2017, startup investment in Indonesia hit a record high of US$3 billion, according to a report by Google and global management consulting firm AT Kearney. This year, the top 10 best-funded startups in Indonesia have raised around US$2 billion, indicating that the local startup scene is still going strong.

Tech in Asia has selected the 10 most exciting Indonesian startups to watch in 2019, based on the amount of funding they nabbed this year and their plans for the future.

1. Go-Jek

Photo credit: Go-Jek

A name that’s practically synonymous with the Indonesian startup scene, Go-Jek continues to dominate headlines in 2018. The ride-hailing company has added an estimated US$1.5 billion to its war chest so far this year. Participants in its most recent round included Google, Tencent, and JD. Go-Jek has also announced a US$500 million plan to expand beyond its home market for the first time.

It launched in Ho Chi Minh City in August as Go-Viet. Since then, the startup claims it has conquered 35 percent of the city’s motorbike-hailing market. In September, it extended its services to another Vietnamese city, Hanoi.

Go-Jek is also planning to set boots in Singapore, Thailand, and the Philippines, where it will take on current frontrunner Grab. In preparation for its launch in Singapore, Go-Jek has already inked partnerships with six car rental companies locally. It has also worked out a regional strategic partnership with DBS that will see the two companies collaborate on payment services in the city-state.

2. Akulaku

Image credit: Akulaku

Founded by a former employee of Ping An Group, China’s largest insurer, this fintech startup closed a US$70 million series C funding round this year. Akulaku provides installment plans to consumers who want to buy products and services online but do not have a credit card to do so.

So far, the Akulaku app has received over 20 million downloads and has attracted 13 million users who make close to US$100 million in transactions monthly.

Apart from Indonesia, Akulaku also has a presence in the Philippines and Vietnam. In 2019, the company plans to expand its services to include options such as “small payments for catering and convenience stores, and loan services for high-quality small and medium-sized merchants,” said CEO Li Wenbo.

3. Pundi X

Pundi-Pundi payment QR code from Pundi X. / Photo credit: Pundi X

While initial coin offerings were all the rage in 2017, the fever began cooling down this year – but not before Pundi X raised a solid US$35 million in its January public token sale.

4. FinAccel

5. C88

6. Moka

7. KoinWorks

8. Sociolla

9. Carmudi

10. Warung Pintar