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In focus
- Ajaib’s top line accelerates as bottom-line growth eases in 2025
- Five years on, Hmlet CEO is back in the saddle with big plans
- Another day, another perp walk for Indonesian tech
Hello reader,
Indonesia’s capital market boomed last year. Purbaya Yudhi Sadewa’s appointment as the country’s new finance minister in September 2025 helped fuel positive sentiment in the market through his policies.
Many new investors also entered the market last year as stock prices declined, driven by factors such as US President Donald Trump’s tariffs.
Transaction values on investment platforms like Ajaib and Stockbit rose sharply in October, with the surge maintained in the following months. The number of retail investors also grew by 36% year on year in 2025.
This momentum helped Ajaib achieve a 152% surge in revenue and a 38% profit increase for the year. It was a rare piece of positive news from Indonesia’s tech industry, which has been hit by a wave of negative headlines (more on that later).
In today’s first story, I look into Ajaib’s 2025 financial results. The firm enjoyed soaring revenue and net profit, though its operating expenses also shot up. It’s fair to ask if it can keep the momentum, especially with the factors that helped it skyrocket also drawing deep-pocketed foreign competitors to the market.
Meanwhile, in our second story, Benjamin Cher from The Business Times interviews Yoan Kamalski, CEO of co-living operator Hmlet. The business leader shares his reasons for returning to the company after stepping away for five years, the lessons he learned, and the firm’s plans.
And, by the way, Indonesia has another tech scandal. Three KoinWorks executives were recently arrested for their alleged involvement in a corruption case. Read on to find out what this could mean for the country’s tech scene.
Jofie Yordan, journalist
Top Stories
1️⃣ Ajaib revenue jumps 152% in 2025 amid Indonesia’s trading boom
Photo credit: Ajaib
Competition between Ajaib and Stockbit has intensified amid the surge in trading. Both companies ramped up spending aggressively last year, even as their revenues increased.
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