💰Indonesia investigates online loan cartel. 🚗Toyota Asia acquires OLXmobbi. ⚖️Grab-Gojek merger alarms regulators.
Dear subscribers,
Wishing you a peaceful Vesak Day and a refreshing long weekend ahead. Amid the holiday spirit, the region’s tech landscape shows no signs of slowing down. From bold acquisitions and regulatory scrutiny to funding flows across sectors, we’ve wrapped up all the essential updates you might’ve missed over the past week.
Let’s dive in.
Best regards,
The DailySocial Team
🚨 What’s New
Here are the key updates from Indonesia’s startup and tech ecosystem over the past week, curated by DailySocial:
💸 Funding Announcements
Rekosistem raised US$7 million Series A to scale its sustainable waste management platform. The round was co-led by Saratoga Investama Sedaya and K3 Ventures, joined by AppWorks, Skystar Capital, Bali Investment Club (BIC), Orvel Ventures, and Michael Sampoerna’s family office. [Read More]
Rekosistem offers waste management services through Waste Station / Doc. Rekosistem One% Nutrition, a sugar-free protein drink brand, secured pre-seed funding from Init-6 (founded by Bukalapak’s Achmad Zaky & Nugroho Herucahyono), with participation from Malaysia’s First Move, founded by Joel Neoh (ex-Fave). [Read More]
Arysun, a climate-tech startup focused on solar energy access for Southeast Asia’s middle-class households, raised US$575K pre-seed led by Wavemaker Impact, with support from First Move Fund. [Read More]
🏎️ Toyota Acquires Stake in OLXmobbi
Toyota Motor Asia has acquired 40% of PT Astra Digital Mobil (ADMO) for US$120 million (Rp2 trillion). This move expands its partnership with Astra International into the used car market. ADMO, known for OLXmobbi and OLX.co.id, operates over 30 O2O inspection and retail centers across 10 major cities. Astra retains 60% ownership via Astra Digital Internasional. [Read More]
🍱 DailyCo Acquires Waku
F&B multi-brand operator DailyCo has acquired Wadah Kuliner (Waku), a major catering and institutional canteen player. The acquisition bolsters DailyCo’s ambitions in the institutional catering segment. Waku previously raised US$1M from Australia’s Nasa Ventures and 11th Space. DailyCo last raised US$24M in a 2022 Series B led by Northstar Group and Vertex Growth. [Read More]
🌐 Kubix x D3 Labs Web3 Partnership
Thailand-based Kubix Digital Asset (under Orbix Holdings) has entered a strategic partnership with Indonesia's D3 Labs, announced at Money 20/20 Asia. The collaboration aims to expand global access for Thai investment token projects by focusing on regulatory compliance, tech readiness, and cross-border scalability. [Read More]
⚖️ KPPU Investigates Alleged Loan Interest Cartel
Indonesia’s Competition Commission (KPPU) has opened formal proceedings against 97 platforms under AFPI for allegedly colluding on daily interest rates in the online lending sector. The investigation could significantly impact Indonesia’s Rp829 trillion (~US$50 billion) digital lending market. AFPI has pledged to cooperate, while KPPU calls for stronger oversight and industry standards. [Read More]
👏 What’s Exciting
From regional developments, here are two notable moves shaping the future of fintech and digital finance in Southeast Asia:
Validus Group and Fintech Nation launched a $10 million Embedded Finance Fund to support underserved MSMEs in Thailand and Indonesia via Siam Validus and Batumbu. This effort addresses the $320B+ MSME credit gap in ASEAN, aligning with UN SDG goals for sustainable economic growth.
Sea Limited rebranded SeaMoney to Monee and inaugurated its new HQ in Singapore. The move reflects its growing fintech ambitions and alignment with Shopee branding. In Indonesia, Monee operates SeaBank, which reported a Rp378.8bn (US$23mn) net profit and 17 million users in 2024. Monee also runs the SPayLater service, a key driver in Sea’s digital finance ecosystem.
🚀 What’s Next: Grab-Gojek Acquisition – Pros and Cons
Grab is reportedly eyeing a US$7 billion acquisition of Gojek, GoTo's ride-hailing arm, with a deal expected in Q2 2025. While GoTo confirmed it’s reviewing offers, no final decisions have been made. The deal would see GoTo retain only its financial services division, raising competition and regulatory concerns across multiple jurisdictions.
🛂 Regulatory Watch
Indonesia: Grab would need approvals from OJK, KPPU, and Ministry of Law & Human Rights, including shareholder consent and public disclosure obligations.
Singapore: The CCCS must assess risks of market dominance.
US: As a Nasdaq-listed entity, Grab must also meet SEC requirements for ownership and transparency.
⚖️ Merger Impact Analysis
If the merger happens, its impact could be wide-ranging across different stakeholders:
For consumers, the integration may lead to more seamless, efficient services—such as unified payment systems and app features. However, the merger could also reduce competition in Indonesia’s ride-hailing market, where the combined entity would control up to 91% market share. This may eventually lead to higher fares or fewer promotional incentives.
For drivers and merchants, a larger platform could mean greater access to customers and increased income potential. On the downside, the reduced number of platforms may limit their bargaining power when negotiating commissions or terms of service.
For business competition, the merger could improve operational efficiency by eliminating duplicated services and infrastructure, potentially boosting profitability. However, it may also discourage new entrants and reduce the pace of innovation due to monopolistic tendencies.
For the digital ecosystem, this consolidation might create a more cohesive infrastructure that links e-commerce, payments, and logistics. Yet, over-dependence on a single dominant platform could limit diversity and flexibility for consumers and partners alike.