The key players in Indonesia’s SaaS industry

Indonesia’s SMEs, which numbered 65 million in 2021, are thriving – and so are the software-as-a-service players that cater to them.

Indonesia’s SaaS market will grow from US$200 million in 2020 to over US$1 billion by 2025, research firm RedSeer estimates. Indeed, funding has caught up too: In 2021, SaaS companies collectively raised US$400 million – a record.

SaaS is an umbrella term for a variety of solutions such as point of sales, human resource information systems, management software, and web hosting plus ecommerce.

Based on an analysis of funding rounds, SaaS firms serving the retail sector have banked the most cash to date (around US$272 million), powered by the likes of MSME bookkeeping apps BukuWarung and Lummo. Those serving the POS sector come next, including firms like Gojek-backed Moka. Management software is in third place in terms of funding, with firms such as e-logistics platform Waresix and food and beverage enterprise solution ESB, which bagged US$151 million.

You can find the breakdown below.

Some companies have diversified beyond their initial SaaS offerings. Sirclo, for instance, began as a Shopify-like web store for burgeoning online businesses but has now expanded into a full-fledged ecommerce enabler.

Much of that happened through mergers and acquisitions. Sirclo merged with ecommerce agency Icube in 2020, before going on to acquire new-retail startup Warung Pintar and parenting platform Orami.

Mekari is another acquisition-heavy company. Last year, it acquired CRM platform Qontak shortly after raising US$18 million in series D funding. Qontak joined Mekari’s suite of products, which includes accounting apps Sleekr and Jurnal, as well as HR management system Talenta.

In this landscape report, we map out the key players in Indonesia’s SaaS space, look at investment trends, and provide data on the funding rounds we’re aware of.

Here are the details on the funding rounds that we’ve tracked: