Indonesia has one of the largest economies in Southeast Asia with some top startups that should be watched throughout 2024. There are currently over 2,300 Indonesian startups entering their respective markets. Within that figure, there are nine unicorn startups and two decacorn startups. You might already be familiar with the startup term unicorns, but decacorns are much more rare, with only 47 in the world. A decacorn is a company with a value of $10 billion or more.
There is also a large amount of support from investors in the country, with more than 50 VC firms operating in the far-eastern country. There is also a lot of support from angel investors, with more than 60 startup incubators and accelerators in Indonesia that give their support to startups in the earliest growth stages.
The Indonesian government has put in the work to help support its new businesses and its entrepreneurs to become top startups. There are multiple grants on offer for startups in Indonesia, to get a foot in the door. One of the schemes launched is called the 'Startup Incubator Program' and was designed to promote local startups. There is also the 'Credit for Business Grant', which is supported by Non-Profit organisations and provides startups with grants to help in various areas of business.
1. Kopi Kenangan
Year Founded: 2017
HQ: Jakarta, Jakarta Raya, Indonesia
Size: 51-100
Founders: Edward Tirtanata, James Prananto
The first Indonesian startup on our list to follow in 2023 is Kopi Kenangan. Our list of top startups from Indonesia is starting off strong with this unicorn. Kopi Kenangan is a coffee company, offering its customers a speedy grab-and-go style setup. Customers can use the Kopi Kenangan mobile app to order their coffee, then they can select if they want to pick it up or if they want delivery. This saves the hassle for customers not wanting to stand waiting in a queue. Through the app, customers also have access to exclusive membership deals, that get them offers on coffee.
Since its launch, the coffee startup has managed to raise a large total funding amount of $333M. This was raised through six different funding rounds, which were supported by a total of seventeen investors, with three lead investors. The first funding round took place on the 18th of October, 2018, and the most recent funding round took place on the 27th of December, 2021.
2. iSeller
Year Founded: 2016
HQ: Jakarta, Jakarta Raya, Indonesia
Size: 251-500
Founders: Jimmy Petrus
iSeller is an Indonesian startup that was founded in 2016 and is currently based in the city of Jakarta. The business works in the IT sector and provides a variety of high-quality technology services to enterprise level businesses on a global scale. They provide a variety of different solutions to allow business owners to sell to their customers through payment gateways, EPOS and more.
Since being founded, the business has raised an impressive amount of startup funding. In total, the business has raised $20 Million in funding from four investors. This funding has also allowed the company to complete the acquisition of another startup. It is unclear whether the business will seek further funding in the near future.
3. Lemonilo
Year Founded: 2015
HQ: Jakarta, Jakarta Raya, Indonesia
Size: 51-100
Founders: Johannes Ardiant, Ronald Wijaya, Shinta Nurfauzia
Lemonilo is a healthcare marketplace startup from Indonesia. The company offers its customers an alternative to products with harmful synthetic ingredients in them. Lemonilo's platform marketplace gives its customers a space to access a healthy lifestyle ecosystem. Within the marketplace, there are natural, affordable products for sale so that Indonesian customers can live healthier lives.
The Indonesian startup has completed five funding rounds, raising a total funding amount of $72M, with help from five investors. Lemonilo's first funding round took place on the 6th of October, 2015. After this, there was one funding round closed in 2018, and two more in 2021, before the most recent funding round that took place on the 14th of December, 2021.
4. BELITONG INFO
Year Founded: 2022
HQ: Pangkalpinang, Kepulauan Bangka Belitung, Indonesia
Size: 1-10
Founders: Sec Analysts
The next top startup on the list to follow in 2023 is the information technology startup BELITONG INFO. This startup is also known as Belitong Info and PT BELITONG INFO MEDIA. It works in the information technology, internet, news, media, and entertainment industries. This business is an information platform that provides its customers with the latest information for the news.
The company has completed just one funding round so far, since being founded in 2022. In that funding round, the Indonesian startup raised $1K. This funding round took place on the 23rd of January, 2023.
5. Paxel.co
Year Founded: 2017
HQ: Jakarta, Jakarta Raya, Indonesia
Size: 51-100
Founders: Johari Zein
Next on the list of the top startups to follow in 2023 from Indonesia, is Paxel.co. The lifestyle, logistics, and supply chain management company offer a technology-based delivery service. It is unique and works to make delivery perfect for each customer. Paxel.co does this by allowing the customers to have control, so what the customer wants, will be ready when they are ready for it. This Indonesian startup has an on-demand app and also offers offline locker networks.
Through six completed funding rounds, the company has raised a total funding amount of $49.4M. Twelve investors supported this journey from 2019 when the first two funding rounds took place. The next funding rounds took place in 2020, 2021, and 2022. Paxel.co closed its last funding round on the 4th of July, 2022, which was supported by seven investors.
6. Astro
Year Founded: 2021
HQ: Jakarta, Jakarta Raya, Indonesia
Size: 251-500
Founders: Jessica Jap, Marcella Moniaga, Sherlyn Gautama, Vincent Tjendra, Wandi Budianto
Astro is a delivery, e-commerce startup from Indonesia. This top startup has created a platform for customers to get their groceries and essentials as quickly as 15 minutes. The platform can deliver the order in 15 minutes, 24 hours a day, every single day of the week. Astro was created to solve the problem of delivery difficulties, now, customers can have an easier life and save time, energy, and money with a simple and fast delivery service.
Through four funding rounds, the startup has raised a total funding amount of $91.6M. This funding was made with support from ten investors, seven lead investors. Astro's first funding round was closed on the 1st of January, 2021. The most recent funding round was closed on the 30th of May, 2022, and was supported by eight investors.
7. VIDA
Year Founded: 2018
HQ: Jakarta, Jakarta Raya, Indonesia
Size: 51-100
Founders: Niki Luhur
VIDA is another top startup from Indonesia that is working on taking its industry by storm. This startup works in the security and compliance industries, helping protect data with its digital platforms. The startup also operates in the information technology and software industries, as the IT company creates platforms that improve compliance and security.
This Indonesian startup raised $47.7M in total funding amount by completing three funding rounds. Across the three funding rounds, the company has been supported by ten different investors, who helped raise the total funding amount. The first funding round took place on the 16th of May, 2021, the next on the 13th of September, 2021, and the final round on the 9th of May, 2022.
8. Dagangan
Year Founded: 2019
HQ: Kembangan, Jakarta Raya, Indonesia
Size: 251-500
Founders: Ryan Manafe, Wilson Yanaprasetya
Dagangan is another top startup working in the delivery services sector that is worth mentioning. The company has created a social commerce platform that allows customers to buy household items. Dagangan was founded to help get entrepreneurs from rural areas online, so more people support them and their products or services. This helps support the local economy and networks within communities.
The total funding amount for the startup currently sits at $18.1M. This was made possible by four funding rounds that were supported by ten investors, including three lead investors. The most recent funding round took place on the 3rd of June, 2022.
9. Pluang
Year Founded: 2019
HQ: Jakarta, Jakarta Raya, Indonesia
Size: 51-100
Founders: Claudia Kolonas, Iwan Tjam, Richard Chua
Pluang is an Indonesian startup that was founded in 2019 and is currently based in the city of Jakarta. The company operates in the Fintech market and makes it easier for the average person in the country to get access to investment opportunities through their own custom-built application. This is achieved through gold and other investments, which is kept through a government-backed institution.
The business has secured a large amount of startup funding since being founded, with the business raising $113 Million from 19 investors. The company's most recent funding round took place in January 2023, when it raised $55 Million in startup funding from Accel.
10. Mandaya Medical International
Year Founded: 2017
HQ: Jakarta, Jakarta Raya, Indonesia
Size: 1-10
Founders: Unknown
Mandaya Medical International is the next Indonesian-based startup on the list to follow in 2023. It is a business working in the healthcare industry as well as the hospital, medical, and hospitality sectors. Mandaya Medical International focuses its time working in the hospitality, healthcare, and property areas as a healthcare company.
Since being founded, the company has managed to raise an impressive total funding amount of $72M. This was made through just two funding rounds and was supported by two lead investors. The first funding round took place on the 19th of October, 2018, and the second took place as recently as the 3rd of January, 2023.
11. Finku
Year Founded: 2021
HQ: Jakarta, Jakarta Raya, Indonesia
Size: 51-100
Founders: Reinaldo Tendean, Shyam Kalairrajah, Shylla Estee Pramadhani
Finku is an Indonesian startup that was founded in 2021 and is currently based in the city of Jakarta, Indonesia. The company operates in the Fintech market and has created a personal finance platform for people in the country, this aims to help people in the country to become more financially literate and make them able to leverage the potential in the Indonesian startup ecosystem.
The business has gone through a single round of startup funding, with this round taking place in May 2022, when it raised a total of $2.8 Million from a total of seven investors. It is currently unclear whether the business will seek further funding in the near future.
12. Neurosensum
Year Founded: 2017
HQ: Kuningan, Jakarta Raya, Indonesia
Size: 11-50
Founders: Rajiv Lamba, Tanuj Diwan, Vivek Thomas
Neurosensum is the next startup on the list to follow in 2023. It is an artificial intelligence startup company operating in the consumer, consumer research, neuroscience, and machine learning industries. The company uses neuroscience tools to help understand consumers' subconscious responses. Neurosensum uses electroencephalogram (EEG), eye tracking, virtual reality (VR), and reaction time tools to help break down responses which companies can use to adapt their business for their market and consumers.
Since being founded in 2017, the top startup has completed four funding rounds, raising a total funding amount of $8.4M. Three investors were involved across the four funding rounds. The most recent funding round took place on the 4th of November, 2020. Two other funding rounds took place in 2018, and the other round took place in 2019.
13. Desty
Year Founded: 2020
HQ: Jakarta, Jakarta Raya, Indonesia
Size: 251-500
Founders: Boyang Xie, Chengkai Lin Lin, Mulyono Xu
Desty is a startup in Indonesia that was founded in 2020 and is currently based in the city of Jakarta, Indonesia. The business operates an online platform where influencers and creators are easily able to promote and sell their products to their fans. This opens up an opportunity for more earning potential for these influencers and merchandisers alike.
The business has been through a number of funding rounds since being founded, with the business raising a total of $12.6 Million from six investors. The company's last funding round was a Seed Round in January 2023 when it raised $4.3 Million from East Ventures. It is unclear whether the startup will seek more funding in the immediate future.
14. KitaLulus
Year Founded: 2021
HQ: Jakarta, Jakarta Raya, Indonesia
Size: 1-10
Founders: Stevien Jimmy, Wei-Chuan Chew
KitaLulus is the name of the next top startup operating in the mobile apps industry to follow in 2023. It calls itself the 'safest job search platform in Indonesia' and the platform has 3 million users. The job platform provides its customers with courses relevant to their profession and also allows them to build professional networks. This means that when its users come to apply for jobs found in the app, they are prepared and stand out from other candidates.
$8.2M total funding is the amount this top startup has raised through two funding rounds since 2022. The company's first funding round took place on the 16th of February, 2022, and the most recent funding round took place on the 24th of March, 2022. Between the two funding rounds, the Indonesian startup has been supported by nine investors, two lead investors.
15. Mindtera
Year Founded: 2021
HQ: Jakarta, Jakarta Raya, Indonesia
Size: 11-50
Founders: Bayu Bhaskoro, Tita Ardiati
The next top startup is a brilliant ed-tech business called Mindtera. This Indonesian startup provides its customers with a platform for their personal growth. The learning platform teaches its users about several types of intelligence, including Emotional Intelligence, Physical Intelligence, Social Intelligence, and Occupational Intelligence. The aim is to enhance the platform users' quality of life through life coaching.
Mindtera's financial status currently sits at $850K in total funding amount. This was raised across four funding rounds, having been supported by five investors, two lead investors. The first funding round took place on the 8th of April, 2021. After that, further funding rounds took place on the 22nd of August, 2021, the 8th of December, 2022, and the most recent funding round took place on the 16th of January, 2023.
16. Academix
Year Founded: 2021
HQ: Jakarta, Jakarta Raya, Indonesia
Size: 11-50
Founders: Adji Pramono, Radityo Susilo
Academix is another top startup from Indonesia, working in the education and online portal sectors. The company is also working in the ed-tech, e-learning, and training sectors, working to help unskilled workers gain skills. The purpose of the company is to help these workers get better opportunities and to make Indonesia's workforce more competitive. Academix's online learning platform also helps its users to be hired for international jobs whilst making the recruiting process easier, cheaper, and more efficient with analytics.
So far, the Indonesian startup has raised $100K in total funding amount. The money was made through just one funding round, which was financed by one investor. Academix's funding round took place on the 22nd of April, 2022.
17. Plugo
Year Founded: 2022
HQ: Jakarta, Jakarta Raya, Indonesia
Size: 11-50
Founders: Kyungmin Bang
Plugo is an Indonesian startup that was founded in 2022 and is currently based in Jakarta. The company operates in the SaaS market and has developed a platform that allows its users to build their own websites and online stores. This allows them to quickly and easily begin marketing themselves and selling their products to customers.
The business has gone through a single round of startup funding since being founded, with this round taking place in December 2022. During this funding round, the company managed to raise a figure of $9 Million from Access Ventures and five other investors. This funding will help the business reach the next level.
18. Halodoc
Year Founded: 2016
HQ: Jakarta, Jakarta Raya, Indonesia
Size: 251-500
Founders: Doddy Lukito, Jonathan Sudharta
Halodoc is an Indonesian startup that was founded in 2016 and is currently based in the city of Jakarta. The company operates in the healthcare sector and has created a mobile application that allows citizens to get connected with a range of medical professionals, from doctors, insurance providers for medical, labs and pharmacies, all in one place.
The company is one of the best funded in Indonesia, with the company raising a figure of $145 Million from 18 investors. If the company plans to further expand, with potential international aims then it is likely that the company will seek further funding.
19. KBM
Year Founded: 2020
HQ: Jakarta, Jakarta Raya, Indonesia
Size: 11-50
Founders: Dewa Eka Prayoga, Isa Alamsyah, Oki Maulana, Risan Awaludin, Tendi Murti
KBM is a startup in Indonesia that was founded in 2020 and is currently based in the city of Jakarta. The business operates in the media and marketing sector and has developed a platform that allows writers and readers to connect through content on the site. They are then able to directly interact with one another.
The business has successfully run a pre-seed round of startup funding, with a total of 2 Billion IDR being raised from an unknown number of investors. It is unclear whether the business has plans to raise further funding in the immediate future.
20. GajiGesa
Year Founded: 2020
HQ: Jakarta, Jakarta Raya, Indonesia
Size: 11-50
Founders: Martyna Malinowska, Vidit Agrawal
GajiGesa is an Indonesian startup that was founded in 2020 and is currently based in Jakarta, Indonesia. The company operates in the Fintech market and has provided a platform that allows users to improve their financial freedom and literacy through education and allowing them to get access to the wages that they have already earned throughout a month when they need it.
The business has been through a number of funding rounds since being founded, with the most recent being a $6.6 Million funding round in November 2022. In total, the company has raised a figure of $9.1 Million from eighteen investors.
21. Waresix
Year Founded: 2017
HQ: Jakarta, Jakarta Raya, Indonesia
Size: 251-500
Founders: Andree Susanto, Edwin Wibowo
Waresix is an Indonesian startup that was founded in 2017 and is currently based in Jakarta, Indonesia. The company operates in the logistics market and has created a platform that makes the processes of freight forwarding, warehouse management and land transportation easier and more efficient.
Since being founded, the company has received a large amount of startup funding, with a total of $179 Million being raised from thirteen investors. The most recent of these funding round was a Series A Round in September 2022 when it raised $26 Million from nine investors.
FAQs
How Many Startups Are There in Indonesia?
There are currently more than 2300 startups in Indonesia.
What Startup Industries Are The Strongest in Indonesia?
The strongest startup industries in Indonesia are E-Commerce, Sales & Marketing and Education.
