Financing to boost Moladin’s 2026 profit

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In focus

• A more profitable shift for Moladin
• ​​The Grab-GoTo saga moves one step closer?
• Grab-backed Superbank shines in financial debut

Hello reader,

Knowing if and when to pivot a business can be vital.

Take X, formerly Twitter, for example. It began as Odeo, a platform people used to find podcasts to listen to. But when iTunes treaded onto its territory, its founders quickly came up with new ideas.

This eventually led to X, which is now one of the largest microblogging platforms worldwide today.

The same can be said for Indonesia’s Moladin. The company was founded in 2017 as a used-car marketplace.

While it was racking up hundreds of millions in revenue, widening losses followed suit.

So in 2023, Moladin acquired Pro Car International Finance, which it later turned into its financing unit MoFi. With its focus shifted toward this segment, its revenue from selling vehicles dropped 93%.

Moladin’s earnings from MoFi have increased year on year since 2022.

The company also said that its monthly EBITDA turned positive late last year, and it’s now targeting full-year net profitability by 2026. When the company files its financial statement next year, we’ll be sure to let you know how close Moladin is to hitting this goal.

Indonesia also delivered two notable developments on Tuesday. GoTo Group formally approved a new chief executive, a move that could bring the company closer to an anticipated merger with longtime rival Grab.

Meanwhile, Superbank jumped 24% and hit the daily trading limit in its IPO. It raised US$168 million through issuing 4.4 billion new shares.

Indonesia’s tech landscape is busy again, this time with more encouraging signals.

Miguel Cordon, journalist

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