Indonesia’s biggest funding rounds this year

Photo credit: tookapic.

This year’s list of top funding rounds in Indonesia features quite a few familiar faces. Startups that already set previous records, like Go-Jek and Tokopedia, continued to raise impressive boosts in capital, as the funding gap between top players and the mid-field is widening.

Another trend we saw in 2016 was the rise of what could be called a corporate venture startup: newly formed companies that are affiliated with large and established conglomerates, from which they draw funds and resources.

Here are ten of Indonesia’s largest internet company investments this year. Note that this collection only includes firms that disclosed how much they raised. A considerable proportion of startup funding rounds are undisclosed and unreported.

Go-Jek

With its US$550 million round in August, ride-hailing app Go-Jek shot to unicorn status.

It was the single largest funding round for a local startup to date.

The investment came from big names in private equity, like KKR, Warburg Pincus, Farallon Capital, and Capital Group Private Markets. Existing shareholders also chipped in again.

Tokopedia

Tokopedia’s US$147 million round wasn’t officially announced, but Tech in Asia’s Willis Wee got the scoop.

Tokopedia is Indonesia’s largest online marketplace.

Its total disclosed funding should now sit at a total of $247.7 million. The startup did not disclose the specific investors that participated in this latest round. Among Tokopedia’s previous investors are SoftBank and Sequoia.

MatahariMall

MatahariMall, the ecommerce site associated with Indonesian conglomerate Lippo Group, got a US$100 million cash injection from Japanese firm Mitsui.

Mitsui is a long-term investment partner of Lippo Group. In 2014, the latter “invited Mitsui to invest up to US$5 billion in Indonesia” across multiple joint ventures in technology, media, and telecommunications, as well as agriculture. It’s possible that the US$100 million for MatahariMall is part of Lippo’s and Mitsui’s broader cooperation.

Elevenia

Elevenia, the ecommerce marketplace born out of a joint venture between South Korean company SK Planet and Indonesian telco XL Axiata, topped up with US$50 million this year.

Since its inception in 2014, Elevenia has had a steady yet somewhat quiet presence in Indonesia’s crowded ecommerce landscape. It differs from competitors like Tokopedia in that it charges merchants for sales made through the platform. In return, it offers merchants additional services, such as providing a photo studio so vendors can take professional shots of their products.

Oto

EasyPay

Orami

HaloDoc

Kurio

Nida Rooms