Indonesian historic SWF launched💰, GajiGesa distress sale 📉, Indonesia finally gets its iPhone 📱
Dear Subscribers,
Indonesia's newly launched sovereign wealth fund, Danantara, has been a hot topic over the past week following its official inauguration by the President and the appointment of key figures. The next big question is: What will be its execution strategy, and what are its investment hypotheses? Danantara's leadership has provided initial insights to the media to shed light on these questions.
Aside from Danantara, there are several key updates you won’t want to miss. From funding rounds in local startups to significant moves by global companies, we’ve got you covered in this week’s newsletter.
Best regards,
The DailySocial Team
🚨 What’s New in Indonesia's Startup Ecosystem
Here are some of the latest highlights from Indonesia’s local startup ecosystem:
Investment Updates: This week saw two major investment moves.
First, conglomerate EMTEK, through its digital arm PT Kreatif Media Karya (KMK), increased its ownership in PT Bukalapak.com Tbk (BUKA) to 34.05% from 24.61%, with a transaction valued at US$82 million. [Read More]
Second, healthcare service provider Bumame secured a pre-Series A funding round led by Alpha JWC Ventures, with participation from 500 Global and Kopital Ventures. [Read More]
GajiGesa Distress Sale: Earned Wage Access platform GajiGesa has been acquired by Kredivo. Sources indicate that the acquisition was valued at ~US$5-6 million, significantly lower than its last valuation. Regulatory filings show that GajiGesa raised US$9 million in equity funding, with its last valuation reaching ~US$33 million. Major investors included MassMutual Ventures, Defy VC, January Capital, Quest Ventures, and OCBC NISP Ventura. [Read More]
eFishery Fraud Scandal Update: The eFishery fraud investigation and reconciliation process continue, following the scandal that surfaced in late 2024. Co-Founder & former CEO Gibran Huzaifah recently broke his silence, stating: "There was no fund misappropriation and no dual reporting." However, FTI Consulting is still leading the forensic audit. Investors, including SoftBank and Temasek, now face potential major losses, with recovery estimates of less than 10% of their total investments. The latest report deems eFishery “commercially unviable”, recommending partial dissolution of its operations. [Read More]
Exclusive Interview with Pinhome CEO Dayu Dara Permata: Gain fresh insights into Indonesia's proptech sector. She shares how government policies, interest rate cuts, VAT exemptions, and infrastructure development influenced the market, with mortgage transactions surging by over 50% in Q3 2024. [Read More]
Founder & CEO Pinhome Dayu Dara Permata / Doc. Pinhome
👏 What’s Exciting in the Regional Tech Scene
Apple can sell its newest iPhone in Indonesia again: Apple has secured TKDN certification through Scheme 3, fulfilling US$10 million in investment obligations for 2020-2023 and committing an additional US$150 million via ICT Luxshare to manufacture AirTags in Batam. Apple also plans to invest US$160 million in initiatives like the Apple Software Innovation and Technology Institute, Apple Developer Academy, and R&D partnerships with universities.
ByteDance's US$8.8 Billion Investment in Thailand: TikTok's parent company ByteDance is set to invest US$8.8 billion in Thailand’s data center infrastructure over five years. While Indonesia remains TikTok Shop’s second-largest market, ByteDance's investment in Malaysia and Thailand surpasses its US$840 million acquisition of Tokopedia (75% stake).
Apple’s New Age Verification Feature: Apple is introducing an “age assurance” tool allowing parents to share their child’s age range with app developers without revealing sensitive data. This aligns with Indonesia’s Ministry of Communication and Digital Affairs’ ongoing regulatory efforts to restrict social media access for minors.
Tencent Cloud Expands in Indonesia: Tencent Cloud is building its third data center in Indonesia, part of a US$500 million investment plan through 2030. Announced at the Indonesia-China Business Forum in Beijing, Tencent Cloud’s expansion aims to bolster local innovation with AI and cloud solutions.
Indonesia Startup Report 2025: The latest Indonesia Startup Report highlights US$3 billion in new venture capital funds focused on Indonesian startups. Intudo Ventures Founding Partner Edy Chan notes that Indonesia is no longer a primary VC target for institutional investors, making it a niche market for those willing to take strategic risks. Download the full report here.
🚀 What’s Next: Danantara’s Debut in ‘Boring’ Investment Sectors
Indonesia's government has officially launched Danantara, a Sovereign Wealth Fund (SWF) aimed at optimizing state-owned assets and accelerating economic growth.
Key Highlights of Danantara’s Strategy:
Initial $20 billion funding secured in its first 100 days
Targeting over $900 billion in assets over time
Focusing on long-term, stable investments in sectors.
Backed primarily by state-owned enterprise (SOE) dividends, not the state budget
Phase 1 focuses on Indonesia, with plans to expand internationally by partnering with investors from the U.S., the Middle East, and Asia
Danantara is set to play a critical role in shaping Indonesia’s economic future. CIO Pandu Sjahrir describes its investment strategy as “boring but essential”, prioritizing low-risk, high-impact projects. COO Dony Oskaria emphasized that Danantara’s structure ensures financial sustainability while avoiding dependency on state funding.
The fund’s priority investment areas include:
Downstreaming of strategic commodities such as nickel, bauxite, and copper
Development of AI-powered data centers to boost digital transformation
Building energy infrastructure to strengthen national resilience
Enhancing food security through sustainable agricultural projects
With its ambitious scope and long-term vision, Danantara is poised to be a major economic driver, attracting both domestic and global investors eager to participate in Indonesia’s transformation.
Danantara’s C-Level Profile
Rosan Perkasa Roeslani (CEO) — He is the Minister of Investment and Downstreaming/Head of BKPM. Previously, he served as Minister of Investment (2024-2025), Indonesian Ambassador to the U.S. (2021-2023), Deputy Minister of BUMN (2023), and Chairman of Kadin Indonesia (2015-2021). He is the Founder & CEO of Recapital Advisors and was listed 87th on Forbes Indonesia’s Richest (2021) with a net worth of US$450 million. Rosan has played key roles in economic policy, leading the Omnibus Law Task Force, KPC-PEN, and BANI Advisory Board. Born in Jakarta (December 31, 1968), he has been active in business, investment, and government sectors. He also received Belgium’s Commander in the Order of Leopold II (2017) for strengthening bilateral economic ties.
Pandu Patria Sjahrir (CIO) —Previously, he served as Vice President Director of TBS Energi Utama (2024-present), Chairman of the Indonesian Coal Mining Association (APBI, 2018-2021), and Commissioner at the Indonesia Stock Exchange (IDX, since 2020). He is the Co-Founder of AC Ventures, Managing Partner at Indies Capital, and President Commissioner of SEA Group (Shopee’s parent company). Pandu is also active in fintech and digital economy, serving as Chairman of the Indonesian Fintech Association (since 2021) and Commissioner at Gojek (since 2017). Born in Boston, USA (May 17, 1979), he holds a Bachelor’s degree from the University of Chicago, an MBA from Stanford, and an Executive MBA from Tsinghua University.
Dony Oskaria (COO) — Previously, he served as Deputy Minister of BUMN, President Director of InJourney (2021-2024), and Deputy CEO of Garuda Indonesia. He also held key positions in CT Corp, including CEO of Trans Kalla Makassar, AntaVaya, Trans Studio, Trans Hotel, and Trans Mall. Born in Tanah Datar, West Sumatra (1969), he studied at Universitas Andalas and Universitas Padjadjaran. In 2016, he was appointed by President Joko Widodo as an Economic and Industry Advisor in the National Economic and Industry Committee (KEIN).
Stay tuned for more updates on Indonesia’s startup ecosystem, investment trends, and global tech developments!