Fore Preps for IPO☕, Tencent Doubles Down on Indonesia☁️, and a Tumbling Market📉
Dear Subscribers,
In the last week of work before the week-long Eid holiday, the tech scene shows no sign of slowing down. While the ongoing Grab-GoTo merger rumors continue to spark conversations, this past week has brought several noteworthy developments across the startup ecosystem—from Bukalapak’s FY24 earnings report and fresh fintech investments to Fore Coffee’s upcoming IPO amidst a turbulent public market.
We’ve curated the highlights below for you to enjoy. But before we let you go, we want to wish all of you a festive Eid holiday, as our team will also take a break and we will be back on the second week of April to bring more updates on Indonesia’s tech scene. Cheers!
Best regards,
The DailySocial Team
🚨 Key Updates from Indonesia’s Startup Ecosystem
Bukalapak FY24: A Strategic Pivot Amid Revenue Shift
Bukalapak closed 2024 with IDR 4.46 trillion in revenue—56% of which came from its now-discontinued physical goods marketplace. While this segment saw a 40% YoY drop in contribution margin, the O2O business recorded a 420% increase in margin despite a 5% revenue decline.
Bukalapak business units performance in FY24 / Bukalapak The company posted a net loss of IDR 1.55 trillion but saw core earnings soar nearly 10x to IDR 443 billion and a 28% improvement in adjusted EBITDA. With IDR 19.1 trillion in cash reserves, Bukalapak is well-positioned to double down on its digital product strategy. But a key question remains: Without its marketplace, can Bukalapak sustain growth and remain relevant in Indonesia’s increasingly competitive digital economy? [Read More]
Funding Societies Secures Strategic Investment from Gobi Partners
Amid challenging fintech headwinds, lending platform Funding Societies received new backing from Gobi Partners, reaffirming investor confidence. The platform has disbursed over US$4 billion to 100,000 SMEs, with an annual GTV of US$1.4 billion. This investment will support further tech innovation and service expansion—building on previous funding from Cool Japan Fund, Maybank, and HSBC. [Read More]Digital Realty Enters Indonesia Through Joint Venture with BDIA
Digital Realty has launched a 50:50 joint venture with Bersama Digital Infrastructure Asia (BDIA), named Digital Realty Bersama, to develop data center infrastructure in Jakarta. The JV’s flagship facility, CGK11, begins with 5MW capacity, expandable to 32MW. It features direct connectivity to APJII and PlatformDIGITAL®, supporting Indonesia’s digital economy—particularly in AI workloads and hybrid IT. The partnership is backed by a US$100 million investment from Digital Realty. [Read More]Market Turbulence: IDX Halts Trading After 7% Drop
On March 18, 2025, the IDX suspended trading following a sharp 7% drop in the Jakarta Composite Index (IHSG). The sell-off was driven by foreign investor concerns over rumors of Finance Minister Sri Mulyani’s resignation, controversial fiscal policies (e.g., the free meals program and state wealth fund Danantara), and broader political uncertainty. While startups weren’t directly impacted, many rely on foreign capital. A dip in investor confidence could delay IPOs or affect valuations amid ongoing volatility. [Read More]
👏 Regional & Global Tech Highlights
Grab Begins Due Diligence on GoTo Merger
Grab has officially begun due diligence on Indonesia’s GoTo, reviewing its financials, contracts, and operations. While no final agreement has been reached, discussions continue with shareholders on valuation and deal structure. Notably, GoTo Financial is reportedly excluded from the merger and may be spun off. Singapore’s competition authority has yet to receive formal notification but is open to pre-merger discussions. If finalized, the merger could create a formidable tech powerhouse in Southeast Asia.Tencent Cloud Commits Over US$650M to Global Expansion
Tencent Cloud announced plans to invest more than US$650 million in global infrastructure, including US$150 million for its first Saudi Arabia data center and US$500 million for its third facility in Indonesia. The company currently supports 10,000 clients across 80+ countries and collaborates with 40+ Fortune 500 firms. This move aligns with similar expansions by AWS, Microsoft, Alibaba Cloud, and Google Cloud.Southeast Asia Sees Signs of Recovery in Tech Funding
Southeast Asia’s tech ecosystem raised US$909 million in Q1 2025—up 30.79% from Q4 2024, though still down 9.1% YoY. Late-stage funding surged to US$700 million, largely driven by Digital Edge’s US$640 million Series D. Enterprise Infrastructure led sectoral growth with a 5,600% YoY increase, while early and seed-stage funding dropped over 40%. Singapore accounted for 95% of all regional funding, followed by Thu Duc and Jakarta. Despite no IPOs this quarter, long-term growth prospects remain strong.
SEA startup funding quarter over quarter / Tracxn
🚀 What’s Next: Fore Coffee’s Bet Move to Go Public
Fore Coffee, a premium tech-driven coffee chain, is set to debut on the Indonesia Stock Exchange (IDX) on April 11, 2025, under the ticker symbol FORE. The company will offer 1.88 billion shares—21.08% of its issued capital—targeting up to IDR 379.8 billion in proceeds. This marks Fore’s transition into its next growth phase, having already achieved profitability with a 187% YoY EBITDA increase and IDR 727 billion in sales as of September 2024.
However, the IPO comes at a time of market uncertainty, with macroeconomic pressures—including IHSG volatility, currency depreciation, and fiscal unpredictability—prompting greater investor caution. This presents challenges for Fore in maintaining valuation and attracting public market interest.
Competing in a saturated grab-and-go coffee segment known for thin margins and volume dependence, Fore stands out through digital innovation, aggressive outlet expansion, and a focus on tier-2 and tier-3 cities. The company also leverages a robust mobile app, seasoned management, and backing from major investors like East Ventures.
But the big question remains: Is now the right time for Fore to go public—and how will it sustain its growth momentum amid mounting competition and market headwinds?