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Putra Muskita · · 6 min readSingapore drift: What Traveloka’s shift really tells us
Recently in Indonesia, #KaburAjaDulu has been catching fire.
The viral hashtag, loosely translated as “just run away first,” began as a meme about young professionals chasing better pay and opportunities abroad. It’s since curdled into something bleaker: a coping mantra in an economy battered by layoffs, stalled IPOs, and shaky consumer confidence.
Startups, it seems, are also running.
Image credit: Timmy Loen
Take Traveloka. The travel unicorn has never been so tightly wrapped in the “local hero” narrative – at least compared to Gojek or Tokopedia.
However, its move to brand itself as a “Singapore-headquartered, Southeast Asian” firm still raised eyebrows among the public, prompting a clarification from a spokesperson that its core operations remain in Indonesia.
It’s common for startups to set up a Singapore entity. But Traveloka is one of the few major Indonesian tech firms to actually move its headquarters to the city-state.
The shift makes strategic sense as it supports the company’s global ambitions and potential IPO plans. More than that, it reflects a changing mindset: Like the young professionals behind #KaburAjaDulu, Indonesia’s tech companies are realizing they don’t have to stick to a local identity to grow or to survive.
Why homegrown pride can be a trap
The public mood isn’t surprising, given how sour things have turned for some local tech icons.
Tokopedia’s sale to TikTok Shop in January 2024 was widely perceived as a foreign takeover – a blow to national pride. Gojek, once hailed as a symbol of Indonesian innovation, now feels like a faded success story, especially as it faces a possible billion-dollar takeover by Grab.
Image credit: Timmy Loen
David Yin, a partner at US-based Informed Ventures, points out the obvious: Being based in Singapore just looks better.
“Investors also assume that having Singapore headquarters means better governance and investor protection, as well as easier capital controls – which is usually true,” he explains.
Traveloka may be writing a new playbook
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“Singapore HQ” used to raise eyebrows. Now it’s a survival tactic. This piece unpacks why Traveloka and other tech firms are outgrowing the homegrown hero script.
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