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Indonesian Startup investment Exceeds $100 Million During the Pandemic

Gojek, Traveloka, and Kopi Kenangan secured massive funding during pandemic, Bukalapak reportedly in negotiation

Randi Eka - 30 July 2020

The second quarter of this year put a new color on the Indonesian startups dynamics. In addition to news about several business shutdowns, during the first half of 2020, funding flows for startups tend to increase compared to the same period in the previous year. In fact, some startups gain funding with a value above $100 million (equivalent to 1.4 trillion Rupiah).

The following are the some startups reportedly raised fresh funding during the pandemic:

Tokopedia (reportedly) raised $500 million

As first reported by DealStreetAsia, sources said the company, led by William Tanuwijaya, received additional capital worth of US$500 million or equivalent to 7.3 trillion Rupiah. Previously, Tokopedia is said to raise new funding up to 21 trillion Rupiah since last year. One of the objectives is to prepare the company to be listed on the stock market. Whether this is true, this acquisition will be the largest in Southeast Asia in the first half of 2020.

Gojek bags US$300 million

In early June, Gojek announced some new investors in their F series rounds. Two of them are Facebook and Paypal. Although it was undisclosed, it was widely publicized that the funds raised reached $ 300 million or equivalent to IDR 4.3 trillion. One of its main focuses is to strengthening GoPay, which driven Gojek’s subsidiary to get filing with unicorn valuation.

Traveloka secured US$250 million

Yesterday, (7/28), Traveloka announced the new funding worth of $250 million or equivalent to 3.6 trillion Rupiah. The fresh money is to support the company rise from the Covid-19 downfall, which kinda hit the OTA business hard in Indonesia and throughout the world. Some strategies are re-planned, although they remain focused on the domestic accommodation business. Some new services, such as Xperience (online), are being promoted to become new revenue streams in the midst of minimal travel ticket sales transactions.

Kopi Kenangan received $109 million

The new retail startup Kopi Kenangan received Series B funding worth of $109 million, equivalent to 1.6 trillion Rupiah in May 2020. This round adds to the total investment raised by the company at $137 million. In addition to expanding business-coverage, the main agenda is to work on the “cloud kitchen” business model, thus enabling many new food and beverage products to be immediately served to its customers.

Bukalapak is to finalize $100 million funding

The latest case comes from Bukalapak. They are currently raising new funding of (at least) US$100 million or equivalent to 1.4 trillion Rupiah. DealStreetAsia said two of its main investors, EMTEK and Ant Financial, had first injected funds in March 2020. It is yet to discover, the agenda for the recent fund. Bukalapak currently operates without any of the founding members in the management, after Fajrin Rasyid appointed as Telkom’s Board of Directors member.

Investment dominated around Southeast Asia

To put rank on the largest funding throughout 2020, the five names above will fill the top 10 list. Some startups in other Southeast Asian countries that have also received new funds reaching at least $100 million, such as Ninja Van (Singapore) $279 million, RWDC Industries (Singapore) $133 million, Tiki (Vietnam) $130 million, and Voyager Innovations (Philippines) $120 million.


Original article is in Indonesian, translated by Kristin Siagian

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