Indonesia is renowned for its business acumen and spirit, with over 500 startups flourishing in the country. The country ranks fourth in Asia and 31st in the world as the most popular destination to launch a business or a startup. Indonesia aims for robust economic growth of 5.2% in 2024, powered by investment and consumption.
The country supports its startup ecosystem with more than 50 venture capital firms and over 60 entrepreneurial accelerators and incubators. With a number of programs and initiatives, such as the "Credit for Business Grant" and the "Startup Incubator Program," the Indonesian government actively assists top startups in getting off the ground.
Indonesia’s Ministry for Industry launched the Startup4Industry program in 2020 to promote Industry 4.0 technologies. The core of Startup4Industry is its annual competition, which is open to Indonesian tech startups. Participants are required to have a genuine product and preferably be legally registered entities that have been operational for at least a year. The competition selects 20 finalists who receive project implementation funding totaling 800 million IDR, and the top 5 startups are awarded prizes amounting to 100 million IDR.
Foreign direct investment (FDI) in the country totaled about $12.5 billion during Q1 of 2024, making up 50.9% of all investments. Due to the favorable business climate that these funding and support activities have created, the number of Indonesian startups and unicorns has significantly increased. Let’s take a look at the top 15 Indonesian startups to keep on your ringer in 2024.
1. GajiGesa
Year Founded: 2020
HQ: Jakarta
Size: 51-200
Founders: Martyna Malinowska, Vidit Agrawal
GajiGesa is a financial wellness startup in Indonesia that helps you attain financial security and dignity. The app allows member employees to improve their long-term financial health with financial management tools, financial education, and Earned Wage Access (EWA). The platform integrates financial services directly into the salary disbursement process, allowing employees to receive earned wages ahead of payday.
GajiGesa gives its employer partners access to an enterprise-grade HR analytics solution that boosts worker productivity and minimizes financial burden on the staff.
GajiGesa raised over $11.1 million during a pre-series A funding round led by MassMutual Ventures along with 15 other investors. The startup intends to develop new products, expand throughout Indonesia, and penetrate new Southeast Asian markets with the money it recently raised.
2. Kitalulus
Year Founded: 2021
HQ: Jakarta Raya
Size: 1-10
Founders: Wei-Chuan Chew and Stevien Jimmy
KitaLulus is the next big Indonesian startup to watch in the mobile apps space. With over 3 million members, the platform bills itself as the safest job search network in Indonesia. It lets you create professional networks and access courses related to your line of work. This implies that you will be well-prepared and differentiated from other applicants when you apply for jobs listed on the app.
Kitalulus offers courses specifically designed to cater to the educational needs and preferences of Indonesian students. This includes content that aligns with local curricula, cultural context, and language, which differentiates it from global online learning platforms.
Kitalulus has raised a total of $8.2 million in funding since 2022. The company's most recent funding round was held in March 2022, while its initial funding round happened in February 2022 with 9 investors. The company intends to employ more people, create new products, and grow with the additional funds.
3. Compawnion
Year Founded: 2020
HQ: Tangerang, Banten
Size: 11-50
Founders: Stephani Herman
Compawnion, a lifestyle startup founded in 2020, places a strong emphasis on improving the general health and well-being of pets — mainly cats and dogs. The company sells two pet food brands, UGO and Pawmeals, that focus on creating healthful, fresh diets for pets. Compawnion prides itself on sourcing only the highest quality, human-grade ingredients for its pet food recipes. This commitment to quality means that pets receive nutritious meals made from real meat, vegetables, and grains without artificial additives, fillers, or by-products commonly found in mass-produced pet foods.
Compawnion specializes in creating personalized nutrition plans tailored to the specific needs and health conditions of individual pets. It obtained fresh capital in 2023, led by East Ventures. The money will be used to expand the company's product line, speed up distribution, support R&D projects, and successfully reach a wider range of pet owners who are searching for more sustainable and health-conscious options for their cherished friends.
4. Amoda
Year Founded: 2021
HQ: Gondangdia, Jakarta
Size: 51-200
Founders: Robin Yovianto
Amoda is a technology startup focused on properties and construction that is revolutionizing the traditional construction process. It integrates advanced technologies such as Building Information Modeling (BIM), which allows for detailed digital representations of buildings. It offers custom construction solutions to companies of different sizes, ranging from huge organizations to high-growth SMEs. Amoda constructs buildings with a high degree of flexibility and dependability.
East Ventures, a top sector-agnostic venture capital firm that funds Indonesian startups, has provided Amoda with an undisclosed sum of pre-seed money in 2022. The money will be used to increase the company's operational, technological, and productional capabilities.
5. Bababos
Year Founded: 2022
HQ: South Jakarta, Indonesia
Size: 51-200
Founders: Fajar Adiwidodo, CEO. Hendrik Panca, CFO
Bababos is a platform that helps manufacturers of small and medium-sized enterprises find the finest suppliers for their raw materials. The platform gives SME manufacturers quick access to a wide range of premium raw materials, including polymers, chemicals, steel, and other metal items, without having to handle several vendors. This helps manufacturers reduce risks related to inconsistent product quality or supply chain disruptions.
Bababos aims to digitize administrative chores for a smooth experience in order to transform the procurement procedure. The company secured $3 million in Seed funding, led by East Ventures, in September of 2023. According to Bababos, the additional funding will be utilized to boost the company's growth and expand its market penetration outside of Surabaya and Greater Jakarta.
6. Hukumku
Year Founded: 2022
HQ: Jakarta, Indonesia
Size: 2-10
Founders: Fritz Hutapea, CEO. Michael Jagadpramana, COO
Hukumku is one of the few legal technology startups in Indonesia that wants to completely transform Indonesia's legal market. It offers a range of services, including educational resources, legal document processing, online consultations, and more. The platform offers detailed lawyer profiles, practice licenses, areas of expertise, and user ratings to maintain transparency.
Hukumku's goal is to dispel the myth that legal services are excessively costly and difficult by democratizing the delivery and accessibility of legal services in Indonesia. In September 2023, the company secured finance led by East Ventures. The money will be used to improve the company's efforts in marketing and product development.
7. UENA
Year Founded: 2022
HQ: Jakarta, Indonesia
Size: 11-50
Founders: Alvin Arief
UENA is a hyperlocal food & beverage startup that aims to solve daily food issues in the country. The F&B convenience facility connects it to the Indonesian mass market as a one-stop shop for the most ordered daily menu products obtained through online delivery. UENA’s goal is to improve the overall well-being of the residents as far as meals consumed on a daily basis are concerned.
UENA has recently raised an undisclosed sum of fresh capital led by East Ventures and Trihill Capital. After raising seed capital in September 2022, UENA's financial sheet was strengthened by this fresh round, which closed in Q1 of 2023. The company will be using the money to expand its reach and services to more customers.
8. Desty
Year Founded: 2020
HQ: Jakarta Indonesia
Size: 251-500
Founders: Chengkai Lin Lin, Boyang Xie, and Mulyono Xu
Desty is a startup company that was established in 2020. The company has an online storefront where creators and influencers can conveniently promote to their followers and close deals on merchandise. This creates the possibility of increased revenue for both merchandisers and influencers. One of Desty's significant advantages is its free features. You can access tools like link-in-bio landing pages and chat management systems without incurring additional costs.
Since its founding, Desty has gone through many investment rounds, collecting a total of $12.6 million. The business raised $4.3 million from East Ventures in its most recent fundraising round which took place in January 2023. The company plans to invest this money into developing a better user interface for its users. It wants to add multiple features and increase its user base.
9. Octopus Waste Management PTE LTD
Year Founded: 2020
HQ: Jakarta, Indonesia
Size: 50-200
Founders: Daud, Moehammad Ichsan, Dimas Ario, and Niko Adi Nugroho
Octopus is among the several Indonesian startups working towards making the country more sustainable. Octopus has developed a real-time dashboard to track users’ post-consumption products that get collected in the ecosystem. It has also built three mobile apps for trash collection stakeholders: consumers, collectors, and other related businesses that have an interest in extending credit collections.
Octopus provides an efficient AI technology for pricing of recyclable materials, which is then supplied to recycling businesses in ways that promote transparency for the local waste managers. Octopus has raised over $3 million from Orbit Startups and four other investors. The company will use the funding to continue building tech that keeps waste out of Indonesia’s landfills.
10. Ringkas
Year Founded: 2022
HQ: Jakarta, Indonesia
Size: 11-50
Founders: Ilya Kravtsov
Ringkas is among the many Indonesian startups that hope to address the housing crisis by automating the whole value chain. It has developed an intelligent platform that streamlines the mortgage application process, matches client profiles and targets assets to the risk tolerance of financial institutions.
Ringkas offers instant pre-qualification and allows you to apply for mortgages with multiple banks simultaneously. This reduces the time and complexity typically involved in mortgage applications. Ringkas completely reimagines the KPR procedure using technology to make it quicker and more effective while ensuring a positive client experience with reliable partners.
It is funded by 9 investors and has managed to secure $5.8 million. Ringkas aims to scale and advance its platform across multiple cities in Indonesia with the funds raised.
11. ReturnKey
Year Founded: 2020
HQ: Jakarta, Indonesia
Size: 51-200
Founders: Will Henry
ReturnKey is one of Southeast Asia's first full-stack recommerce solution. It has developed a reverse logistics software to enhance returns handling by integrating with logistic providers and merchants. It has also set up a recommerce network to sell returned and overstock products across secondary channels in order to address the $19 billion of e-commerce returns that the region receives each year. Liquidating inventory is now more profitable, effective, and sustainable thanks to this recommerce solution.
ReturnKey has 6 investors backing the company, including Vertex Ventures and Argor Capital. It has managed to raise over $3.7 million from its last funding round which took place on May 1, 2024. This money will be used to manage e-commerce returns across the country.
12. CoLearn
Year Founded: 2020
HQ: Jakarta Selatan, Indonesia
Size: 201-500
Founders: Marc Irawan, Abhay Saboo, and Sandeep Devaram
CoLearn started during the pandemic in 2020 out of a need for online learning systems. It wants to propel Indonesia into the top 50% of the world PISA rankings. Since its official introduction in August 2020, CoLearn has assisted millions of Indonesian students in strengthening their mathematical concepts. With its weekly explanation videos to millions of questions, CoLearn seeks to raise the bar for Indonesian students' required level of arithmetic comprehension.
CoLearn has raised an overall amount of $27 million across five investment rounds. It raised funds through a Non-equity Assistance round on February 2, 2022. CoLearn plans to use its recently raised funds to strengthen its brand presence and expand its paid user base in Indonesia.
13. Green Rebel Foods
Year Founded: 2020
HQ: Tangerang Selatan, Banten
Size: 51-200
Founders: Helga Angelina Tjahjadi and Max Mandias
Green Rebel is a food technology startup in Indonesia that produces whole-cut plant-based beef and poultry with real Asian flavors. Its goal is to make plant-based meat delicious, healthful, and accessible throughout Asia and beyond.
Green Rebel's focus on meats with authentic Asian flavors addresses regional preferences and culinary traditions, potentially resonating more deeply with consumers in Southeast Asia. It has introduced innovative products such as Asia's first plant-based whole-cut steak. This product diversification helps it stand out and meet the diverse culinary demands of Asian consumers. This also helps peg Green Rebel against strong competitors in the industry, such as Beyond Meat, that are facing challenges in sustaining interest and diversifying product ranges.
In two investment rounds, Green Rebel Foods secured a total of $7 million. On December 30, 2022, they closed a Venture-Series Unknown financing round. Green Rebel Foods is concentrating on growing in the Asia-Pacific region. It has plans to expand into Vietnam, Thailand, Australia, and then ultimately sell its products in the UK and other EU countries.
14. Mekari
Year Founded: 2020
HQ: Tangerang Selatan, Banten
Size: 1001-5000
Founders: Suwandi Soh
Mekari is a Software as a Service (SaaS) provider of cloud-based business automation solutions. Offering B2B software as a service, it assists businesses of all sizes, from multinational corporations (MNCs) to small and medium-sized enterprises (MSMEs), in digitizing and automating their processes with effective and user-friendly business technology solutions.
Mekari combines multiple business automation tools into a single platform, including human resources management, payroll, billing, accounting, customer relationship management (CRM), and tax management systems. By merging various functions into one ecosystem, Mekari helps businesses save time, reduce errors, and improve overall productivity.
Mekari has a total funding of $71 million from over 4 rounds. This money will be used to further support digital transformation for their clients.
15. Astro
Year Founded: 2021
HQ: Jakarta, Indonesia
Size: 251-500
Founders: Marcella Moniaga, Jessica Jap, Vincent Tjendra, Sherlyn Gautama, and Wandi Budianto
Astro is an Indonesian e-commerce and delivery startup that helps you avail groceries and necessities 24/7, in as little as 15 minutes. Astro offers various promotions, such as free delivery and special discounts, and has introduced private label products like coffee and bread, further differentiating its offerings from its competitors.
The firm has raised $91.6 million in total capital across four funding rounds. Ten investors, including seven lead investors, helped to make this funding possible. Astro plans to use this money for product development and team expansion. It wants to build out their network of dark stores and improve delivery logistics to maintain its 15-minute delivery promise.
FAQs
What are the strongest industries in Indonesia?
The strongest industries in Indonesia include manufacturing, agriculture, mining, and services. Manufacturing is a key sector, particularly in textiles, automotive, and electronics. Agriculture remains vital with significant outputs in palm oil, rubber, and rice. The mining sector is also on the rise, especially in coal and nickel.
What is the average investment in the startup industry in Indonesia?
The average investment in Indonesian startups is $27,773,728 but it varies widely. In recent years, many startups have raised millions in their funding rounds. For example, early-stage investments typically range from $1 million to $10 million, while later-stage funding can exceed $100 million, depending on the sector and growth potential.
How many startups are there in Indonesia?
Greater Jakarta, usually referred to as the Jakarta metropolitan area, has approximately 539 startups as of January 2024, making it the Indonesian region with the most number of startups. Indonesia's economic hub, Jakarta, was ranked 29th out of 1,000 cities globally in 2023 for its startup ecosystem.
How fast is the startup industry growing in Indonesia?
The startup industry in Indonesia is growing rapidly, with significant year-on-year increases in the number of new startups, funding amounts, and overall market activity. There are several Indonesian startups gaining popularity all over the world. This growth is fueled by a young, tech-savvy population, increased internet penetration, and supportive government policies.
