🚀Bukalapak, Blibli revenue soar. 📉Sirclo raises US$38M amid downround. 📜Indonesia tightens crypto tax.
Dear subscribers,
Indonesia’s tech scene continues to thrive despite tightening regulatory frameworks and funding challenges. This week, Bukalapak, Blibli report impressive profits fueled by strategic restructuring, while Sirclo, McEasy raise additional capital even amidst a downround. Meanwhile, Indonesia implements stricter crypto tax rules to bring clarity and compliance to the rapidly growing digital asset market.
Simultaneously, Southeast Asia's innovation space heats up, as Sea Limited collaborates with OpenAI to accelerate AI adoption across the region, highlighting a shift towards essential technological integration.
Let's dive into the latest updates shaping the startup ecosystem.
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🚨 What’s New
Indonesian tech firms' Q2 financial highlights:
Bukalapak (IDX: BUKA) posted robust growth in H1 2025, reporting a net profit of IDR 467.1 billion, reversing last year's losses, driven by cost efficiencies and investment recoveries. Revenue rose to IDR3.09 trillion, primarily from the Gaming segment (IDR2.46 trillion). The company maintains strong liquidity (cash position IDR17.2 trillion) and low liabilities (IDR717.6 billion). In Q2 alone, revenue grew 12% QoQ to IDR 1.6 trillion, and net profit jumped 218% to IDR355 billion. [Read More]
Blibli internal warehouse team / Doc. Blibli Blibli (IDX: BELI) recorded consolidated net revenue growth of 25% YoY in Q2 2025 (IDR4.9 trillion) and 22% YoY in H1 (IDR9.6 trillion), driven by electronics sales, physical store expansions, and OTA business. Despite a net loss of IDR1.27 trillion, Blibli improved operational cost efficiency and strengthened its omnichannel strategy, logistics, and ecosystem synergy with Blibli Tiket. [Read More]
Sirclo and McEasy raise fresh funds despite Indonesia's startup funding decline:
Sirclo, an e-commerce enabler, secured US$38 million in additional funds from existing investors East Ventures, SMDV, and Vertex Ventures, despite facing a downround with reduced share prices and increased liquidation preferences. Sirclo plans to expand e-commerce services.
McEasy, a transportation SaaS provider, raised US$3 million from Granite Asia in Series A2, bringing the total to US$13 million, aiming to enhance technology and logistics partnerships. [Read More]
Indonesia's OJK introduces stricter fintech governance rules. OJK officially released POJK No. 16/2025, effective from October 1, 2025, tightening requirements for integrity, financial standing, and competency assessments for key individuals in fintech, digital assets, and crypto sectors. Key positions must secure prior OJK approval, with re-evaluations possible if breaches are suspected, enhancing governance and public trust. [Read More]
Interview of the Week:
CMO Nanovest Jovita Widjaja / Doc. Nanovest Jovita Widjaja, Nanovest’s CMO, emphasizes personal empathy and business acumen in strategies targeting High Net-Worth Individuals (HNWI). Leveraging her capital market experience, Jovita fosters relatable financial literacy and initiatives like “This is My Wealth” to redefine perceptions of wealth. Nanovest is enhancing user experience through exclusive services like the IDDR VIP program. Jovita's perspective as a mother further informs her approach, empowering women and young professionals to view investments as long-term self-care. [Read More]
Corruption scandal hits TaniHub Group. South Jakarta Prosecutors have detained three suspects in alleged corruption and money laundering involving a US$25 million investment from MDI Ventures and BRI Ventures into TaniHub Group. The suspects, including executives from MDI Ventures and TaniHub, are accused of unlawful fund disbursement and data manipulation for personal gain, highlighting governance risks in agritech investments. [Read More]
👏 What’s Exciting
Sea Limited partners with OpenAI
Sea Limited (NYSE: SE) signed an MOU with OpenAI to boost AI adoption in Southeast Asia, integrating advanced AI tools into commerce, payments, and distribution. Shopee VIP members in Indonesia, Thailand, and Vietnam will receive three months free of ChatGPT Plus during the 8.8 Sales Campaign, gaining faster response and advanced model access.
Ares Management acquires Northstar Group:
Ares Management finalized the acquisition of Northstar Group's business, including three investment funds and all employees. The deal, excluding Northstar founders Patrick Walujo and Glenn Sugita, marks Ares' fourth Asian expansion, amidst scrutiny over Northstar’s alleged involvement in eFishery's $300 million investor loss.
🚀 What’s Next: Indonesia Tightens Crypto Tax Rules
Indonesia implemented PMK No. 50/2025, effective August 1, 2025, detailing new VAT and income tax requirements for crypto transactions. Under the regulation, crypto assets are treated similarly to securities, exempting asset transfers from VAT. However, crypto exchange platforms and miners now face VAT rates of approximately 11% and 2.2%, respectively, reflecting efforts to clearly define tax responsibilities within the crypto industry.
Additionally, the regulation introduces a final income tax rate of 0.21% on the transaction value, to be collected directly by appointed crypto trading platforms. This move is intended to streamline tax collection, enhance compliance, and expand the country's tax base in response to the significant growth of the digital asset market.
Since its initial implementation in 2022, crypto taxation has substantially boosted state revenues, peaking at IDR620 billion in 2024. This growth underscores the sector’s expanding role within Indonesia’s economy, prompting authorities to tighten regulations to sustain and secure future development, while simultaneously ensuring adequate investor protection.
Industry players, notably INDODAX, have largely welcomed these regulatory updates. CEO Oscar Darmawan emphasized that the new VAT exemption provides clarity and simplicity, reducing reporting complexities for users and encouraging increased adoption of local, compliant trading platforms. He also noted the importance of maintaining a balanced taxation approach to avoid inadvertently pushing users towards unregulated foreign exchanges, advocating ongoing government-industry dialogue to achieve sustainable growth.