Indonesia’s tech startup landscape is flourishing, with a total of eight companies achieving “unicorn” status, indicating a market valuation of at least $1 billion, as reported by technology market intelligence firm, CB Insights. Leading the pack is J&T Express, an online delivery company, boasting a remarkable market valuation of $20 billion, establishing itself as a “decacorn.”
Notable Indonesian unicorn companies include Traveloka, an online hotel-booking platform valued at $3 billion, online lender Akulaku at $2 billion, fishery farming company eFishery with $1.3 billion, fintech firm Dana at $1.13 billion, payment gateway provider Xendit at $1 billion, investment firm Ajaib also at $1 billion, and popular coffee shop chain Kopi Kenangan, valued at $1 billion.
Indonesia currently boasts nearly 2,500 startups, solidifying its position as the largest tech ecosystem in Southeast Asia, accounting for over half of the region’s total startups.
Despite the impressive growth, the startup ecosystem has faced some challenges due to global economic conditions, including geopolitical tensions, US interest rate hikes, and rising global inflation. Some industry experts suggest that Indonesia’s startup landscape is entering a “winter tech” era, with cautious investors taking a more prudent approach. However, funding remains available for promising startups, providing optimism for the industry’s future.
CB Insights’ unicorn list includes notable global companies, with China’s ByteDance, owner of TikTok, topping the list with a market valuation of $225 billion, followed by SpaceX and SHEIN from Singapore.
Indonesia’s digital economy continues to expand, with expectations of reaching $130 billion by 2025 and a staggering $360 billion by 2030, according to a joint research effort by Google, Temasek, and Bain & Company.
