Indonesian startup CEO involved in gun incident steps down

Restock, a peer-to-peer (P2P) lending startup based in Indonesia, has appointed Tiar Nabilla Karbala as its “temporary” CEO.

Karbala took the post after the company’s founder and former chief executive, Muhammad Farid Andika, was held in police custody due to a gun-related case. Interestingly, Karbala is also the founder of Tunas Nusantara Kapital, an investor in Restock.

Tiar Nabilla Karbala, Restock’s “temporary” CEO / Photo credit: Restock

Restock says that Andika was looking to resign several months before, and a succession plan has been in place since last year. However, he was still in charge of signing partnerships with the company’s partners as late as March 18.

The change became effective on April 3, a day after the gun-related incident involving Andika, according to a company spokesperson.

The representative also said that Karbala will continue to hold his post at Tunas Nusantara Kapital while leading Restock as CEO.

Karbala is the son of Amir Mahpud, owner of Primajasa Group. The company is a subsidiary of transportation giant Mayasari Group in Indonesia, which operates a network of inter and inner-city buses, shuttles, and taxis in the country.

In 2017, Karbala established Tunas Nusantara Kapital to invest in pre-seed and seed stage startups. Beside Restock, he has also invested in software-as-a-service startup Gadjian and logistics firm Pakde, which was acquired by Shipper in 2020.

Andika is being kept in police custody after he aimed a gun at a motorcycle rider after his car crashed into the bike.

The ex-CEO is also a vice chairperson of the productive loan cluster at AFPI, the Indonesian association for P2P lenders. Tech in Asia has reached out to AFPI for comment on whether Andika will keep his position in the organization.