Indonesia Tech Deals Vol. 6 | January 2023 – Fin Tech


In continuation to our previous Tech Deals series (Tech Deals Vol. 1, Vol. 2, Vol. 3, Vol. 4, and Vol. 5), we provide herein, the recent
tech deals completed between 16 July and 31 December 2022, and our
brief commentary regarding the tech investment environment in
Indonesia during the period.

During the third and fourth quarters of 2022, the tech
investment environment in Indonesia remained affected by the
current climate of the global economy, inflation, and crisis of the
cost of living on the other side of the world. We have frequently
seen news on layoffs in tech sector and decrease in funding for
many start-ups. Despite these challenges and economic downturn,
fundraising in tech sector in Indonesia has remained active. Some
businesses have even managed to secure significant amounts of
funding.

The Indonesian government has remained committed to develop the
technology sector and continued to actively promoting it. The
government has issued new regulations on this sector, including the
one issued by the Financial Services Authority (Otoritas Jasa
Keuangan
or “OJK“), which imposes a
maximum loan interest rate of 0,46% per day on the fintech lending
sector (the previous limit was 0.4% per day), also business actors
who are members of Indonesia Co- Financing Fintech Association
(Asosiasi Fintech Pendanaan Bersama Indonesia or
AFPI“). OJK also issued OJK Regulation
No. 10 of 2022 on Information Technology-Based Co-Financing
Services stipulating that peer-to-peer lending providers must
maintain a minimum capital of IDR 25 billion, with any capital
increase in the form of cash, cash deposit, or stock dividend.

On a related matter, the governing authority for crypto assets,
BAPPEBTI, would be moved to OJK to anticipate risks and protect
customers and investors. It has been viewed that crypto assets have
grown significantly and affected the economic stability.

Please refer to the table below on the list of completed Tech
Deals in the period from 16 July to 31 December 2022:

No

Company Name

Sector

Stage

Investor(s)

Funding Date



1

Chickin

Farming

Seed

East Venture

16 Jul



2

KitaBeli

Marketplace

Series B

AC Ventures, Glade Brook Capital Partners, Go
Ventures, InnoVen Capital SEA

18 Jul



3

Pintarnya

Human Resources

Seed

East Ventures, Vertex Ventures SEA &
India

19 Jul



4

Djoin

SaaS

Seed

null

20 Jul



5

Home Credit Indonesia

Lending, loans, and credit

Early Stage

Deutsche Bank

22 Jul



6

Kedai Sayur (KedaiMart, KedaiBiz,
KedaiVenture)

Retail Food

Series A

Kejora-SBI Orbit Fund, Triputra Group

25 Jul



7

Ideal Indonesia

Lending, loans, and credit

Bridge

AC Ventures, Alpha JWC Ventures, Ciputra Group,
Living Lab Ventures

27 Jul



8

Traveloka

Travel & Tourism

Strategic investment

PTT Oil and Retail Business (PTTOR/OR)

28 Jul



9

GREENS

Agriculture Tech

Bridge

East Ventures

2 Aug



10

FishLog

B2B ecommerce

Seed

Accel Partners, BRI Ventures

3 Aug



11

Paxel

Logistics

Series C

Amsaka Investama Sejahtera, Astra Digital, Central
Capital Ventura (CCV), Endeavor Catalyst, FJ Labs, MDI Ventures,
SIG (Susquehanna International Group)

9 Aug



12

DANA Indonesia

Payments and remittance

Bridge

Sinar Mas Group

11 Aug



13

Lifepack

Pharmaceutical s

Series A

Golden Gate Ventures

11 Aug



14

Diri Care

mHealth

Seed

East Ventures, Surge

11 Aug



15

Momofin

Internet Technology

Seed

null

15 Aug



16

NusaTrip

Marketplace, Online Travel

M&A

Society Pass

15 Aug



17

Majoo

SaaS

Series A

AC Ventures, BRI Ventures, Quona Capital,
Xendit

15 Aug



18

Ahikoza

Retail (fashion and beauty)

Strategic investment

null

16 Aug



19

Algobash

SaaS

Bridge

Init 6

18 Aug



20

Kabina

Construction

Seed

East Ventures

18 Aug



21

Superkul

Logistics

Seed

East Ventures

25 Aug



22

Esensi Solusi Buana (ESB)

SaaS

Series B

AC Ventures, Alpha JWC Ventures, Beenext,
Northstar Group, Vulcan Capital

29 Aug



23

Aria (PT Aria Agri Indonesia)

Agriculture Tech

Seed

Arkana Ventures, East Ventures, GK- Plug and Play
Indonesia, Triputra Group

29 Aug



24

PT Jet Technology Commerce (Jet Commerce)

Ecommerce seller tools and services

Series B

ATM Capital, Hidden Hill Capital
(隐山资本), Hui Capital
(惠友资本), Jinqiu Capital, Zhejiang
SilkRoad Fund/ZSF (浙
江丝路基金)

30 Aug



25

Kripto Maksima Koin

Financial Exchange

M&A

GoTo Group

30 Aug



26

KLAR Smile

Dental

Pre-series A

AC Ventures, East Ventures, Venturra Capital

31 Aug



27

Charged

Automotive

Seed

DeClout Ventures

1 Sep



28

Danai.id (PT Adiwisista Finansial Teknologi)

Lending, loans, and credit

Series A

Luminor Financial Holdings

2 Sep



29

Skorlife

Financial accounting and admin

Bridge

AC Ventures, Saison Capital

5 Sep



30

Gokomodo

B2B ecommerce

Series A

East Ventures, Indogen Capital, K3 Ventures, PT
Sahabat Grup Indonesia (Sahabat Group), SMDV, Sampoerna Strategic
Group, Triputra Group, Waresix

6 Sep



31

Alfabeta

Artificial Intelligence

Strategic investment

Parkee

6 Sep



32

Genexyz

Virtual Reality (VR)

Seed

Ekonomi Baru Investasi Teknologi, Future Creative
Network, Infia Group

7 Sep



33

KARUN

Human Resources

Bridge

REAPRA Ventures

9 Sep



34

UENA

Restaurants & Food

Seed

East Ventures, IDN Media

12 Sep



35

Grouu

Retail (food)

Bridge

Arkana Ventures, Javas Capital, Teja Ventures

13 Sep



36

Fazz Financial

Payments and remittance

Series C

ACE & Company, B Capital Group, DST Global,
EDBI Pte Ltd, Insignia Ventures Partners, InterVest, Lendable,
Tiger Global Management, llham

14 Sep



37

Reku (Rekeningku)

Investments tools and platforms

Series A

AC Ventures, Coinbase Ventures, Skystar
Capital

15 Sep



38

Sermorpheus

Cryptocurrency

Seed

500 Global, AlphaLab Capital, BRI Ventures,
Caballeros Capital, FEBE Ventures (For Entrepreneurs, By
Entrepreneurs Ventures), Intudo Ventures

16 Sep



39

Agridesa

Agriculture Tech

Bridge

Multifield, Triputra Agro Persada Group

17 Sep



40

Nusantics

Biotechnology

Series B

illumina

19 Sep



41

Ralali

B2B ecommerce

Series D

ACA Investments

19 Sep



42

Koltiva

Agricultue Tech

Bridge

Blue7, Development Finance Asia, Planet Rise,
Silverstrand Capital, The Meloy Fund

22 Sep



43

HappyFresh

Marketplaces (food)

Debt

Genesis Alternative Ventures, InnoVen Capital SEA,
Mars Growth Capital

22 Sep



44

Mycotech Lab (MYCL)

Biotechnology

Pre-series A

AgFunder, Fashion for Good, Lifely VC, Rumah
Group, Temasek Life Sciences Accelerator, Third Derivative

27 Sep



45

Traveloka

Travel & Tourism

Late Stage

Allianz Global Investors, BlackRock, Indonesia
Investment Authority (INA), Orion Capital Asia

29 Sep



46

Cosmart

Retail (general)

Seed

East Ventures, Lightspeed, Vertex Ventures SEA
& India

3 Oct



47

Bioma

Marketplaces (general)

Bridge

East Ventures, Init 6

4 Oct



48

Ecoxyztem

Environmental Innovation

Early Stage

Konservasi Indonesia, Pegasus Tech Ventures,
Triputra Agro Persada Group

4 Oct



49

Waku (Wakuliner)

Restaurants & Food

Seed

Nasa Ventures

4 Oct



50

Axle Asia

Insurance Tech

M&A

bolttech

6 Oct



51

Jaring Pangan (JaPang)

B2B ecommerce

Pre-series A

Gayo Capital

6 Oct



52

Qalboo

Health & Wellness

Bridge

Antler, Iterative

6 Oct



53

eFishery

Internet of Things

Debt

DBS Bank

7 Oct



54

Handyman Technology

Internet Technology

Pre-series A

null

7 Oct



55

Wahyoo

Ecommerce seller tools and services

Series B

East Ventures, EvoWood, Global Brain Corporation,
Indogen Capital, Intudo Ventures, NH Absolute Return Partners,
Nitto Prima Ventura

10 Oct



56

ALAMI Sharia

Lending, loans, and credit

Bridge

AC Ventures, Capria Ventures (Capria Fund), East
Ventures, FEBE Ventures (For Entrepreneurs, By Entrepreneurs
Ventures), Quona Capital

10 Oct



57

FinAccel (Kredivo)

Lending, loans, and credit

Series D

Cathay Innovation, Endeavor Catalyst, GMO Global
Payment Fund, Jungle Ventures, Mirae Asset Venture Investment
(미래에셋벤처
투자), Openspace Ventures (NSI Ventures), Square Peg
Capital

11 Oct



58

Ayoconnect

Internet Technology

Series B

CE Innovation Capital (CEIC), PayU, SIG Venture
Capital

13 Oct



59

Waste4Chan ge

Environmental Innovation

Series A

AC Ventures, Barito Mitra Investama, Basra
Corporation, Delapan Satu Investa, Living Lab Ventures, Paloma
Capital, SMDV, Urban Gateway Fund

14 Oct



60

Beleaf Farms

Agriculture Tech

Seed

Alpha JWC Ventures, Arise, Sembrani Nusantara
Fund

17 Oct



61

Pocket

Financial accounting and admin

Bridge

East Ventures

17 Oct



62

PT. Social Bella Indonesia (Sociolla)

Retail (fashion and beauty)

Bridge

East Ventures, Jungle Ventures, L Catterton,
Temasek Holdings

18 Oct



63

Crewdible

Self storage

Series A

Bukalapak

20 Oct



64

Xurya

Renewable Energies

Series A

Mitsui & Co., PT Surya Semesta Internusa Tbk
(SSIA)

20 Oct



65

Runchise

SaaS

Seed

Alto Partners, Arise, East Ventures, Genesia
Ventures, Init 6, Prasetya Dwidharma

21 Oct



66

YOUVIT

Retail

Series B

Unilever Ventures, Wipro Ventures

21 Oct



67

FitHappy

Health & Wellness

Bridge

East Ventures

24 Oct



68

Jago Coffee

Retail (food)

Pre-series A

Arkblu Capital, BEENEXT, CyberAgent Capital
(CyberAgent Ventures), Intudo Ventures

27 Oct



69

FishLog

B2B ecommerce

Pre-series A

BRI Ventures, Triputra Agro Persada Group,
Insignia Ventures Partners, Indogen Capital, Accel Partners,
Patamar Capital

3 Nov



70

PasarMIKRO

B2B ecommerce

Seed

Genting Ventures, 1982 Ventures, Resolution
Ventures, Trihill Capital

4 Nov



71

Base (PT Basis Inovasi Global)

Retail (fashion and beauty)

Series A

Antler, Rakuten Capital, East Ventures, Skystar
Capital, Pegasus Tech Ventures

5 Nov



72

Broom

Retail (automobiles)

Debt

DBS Bank

10 Nov



73

Privy ID

Services, Internet Technology

Series C

MDI Ventures, Telkomsel Mitra Inovasi (TMI),
Singtel Innov8, KKR (Kohlberg Kravis Roberts & Co), GGV
Capital

14 Nov



74

Amilo Indonesia (Kahago)

Logistics

M&A

Amilo

15 Nov



75

PASTechnologies (Pastech/Pashouses)

Real Estate

Bridge

QED Investors

18 Nov



76

Healthpro

Human Resource

Early Stage

Accelerating Asia

22 Nov



77

AgriAku

Agriculture Tech

Series A

Indogen Capital, Go- Ventures, TNB Aura, Gentree
Fund

28 Nov



78

TipTip

Professional Networking

Series A

East Ventures, Vertex Ventures SEA & India,
SMDV, BIG Ventures

28 Nov



79

ESQA

Retail (fashion and beauty)

Series A

East Ventures, Unilever Ventures

29 Nov



80

Fairatmos

Environmental Innovation

Seed

Go-Ventures, Kreasi Terbarukan TBS, Vertex
Ventures SEA & India

5 Dec



81

Logol (Logistic Online)

Logistics

M&A

Haulio

6 Dec



82

Kiddo.id

Education Tech

M&A

Flying Cape

6 Dec



83

Anantarupa Studios

Games

Seed

Greenwillow Capital Management

6 Dec



84

Assemblr

Augmented Reality (AR)

Seed

Ficus Capital

7 Dec



85

Eratani

Agriculture Tech

Seed

AgFunder, BIG Ventures, TNB Aura, Trihill
Capital

14 Dec



86

Plugo

Ecommerce seller tools and services

Series A

Access Ventures, Altos Ventures, BonAngels,
Mahanusa Capital, Pearl Abyss Capital (PAC)
(펄어비스캐피 탈),
Prodigy Investment (프로디지
인베스트먼트)

15 Dec


Throughout 2022, the economic slowdown impacted many industries,
including start-ups. In the latter part of the year, there were
reports of layoffs, closures, and pivots. The reasons for this
uncertainty are varied. Conflicts and hyperinflation in some
countries, as well as difficulties in recovering from the COVID-19
pandemic, are just a few of the causes.

There has been a significant decline in the total value of
investments in Indonesian start-ups. The total amount raised by
Indonesian start-ups from the beginning of the year until November
2022 was USD 3.7 billion, with some 347 investors participating in
the fundraising. It represents a 67.4% decrease of investment
compared to that of the previous year, when the total amount
reached USD 11.35 billion with 308 investors.

In Asia, decreasing venture capital funding for Asian start-ups
and low liquidity activities have resulted in a wave of layoffs
impacting more than 111,000 workers in various start-ups across the
region. Businesses with the most layoffs in Southeast Asia were
those in edtech and fintech sectors. Many start-ups that cut their
workforce were in the development phase, particularly affecting
those with Series B funding.

Due to the rapid changes in economic conditions, some start-ups,
including Chope, JD.ID, Shipper, and Glints, have had to make the
difficult decision to lay off employees. In terms of investment
deals, the sectors with the most funding announcements were fintech
lending and software as a service (SaaS), each of which, with 13
announcements. The start-up that raised the largest amount of
investment was Xendit, with USD 300 million. Traveloka, which also
received a large investment, could secure funding through a
strategic agreement with investors including the Indonesia
Investment Authority (INA). October saw the most investment deals,
while December had the fewest. The total disclosed funding for the
period was USD 1 billion.

The content of this article is intended to provide a general
guide to the subject matter. Specialist advice should be sought
about your specific circumstances.



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