Top Startups / July 7, 2021
Asaf Fybish

Asaf Fybish is a growth marketing professional. He likes all things organic, especially when it comes to growth. He's our Chief of Stash at StartupStash

Top Indonesian Startups to Watch in 2021

Indonesia has one of the must exciting and rapdily growing startup ecosystems in the entirety of East Asia. Startup Genom's report in 2020, even listed the capitol, Jakarta as the second of the most exciting emerging ecosystems. The Intenet economy in Indonesia is also expected to reach a valuation of $40 Billion by the end of this year. A large reason for a lot of this growth and development is the fact that the country has a young population, with 60% of people being under the age of 40.

It should be noted that the mobile industry in the country has also exploded, which has led to the creation of many mobile based startups that are looking to exploit the current situation. There are other emergencing countries with top startups, which we have also created lists for.

1. OVO

Year Founded: 2017 

HQ: Jakarta, Indonesia

Size: 1001-5000

Founder(s): Karaniya Dharmasaputra

OVO is an Indonesian startup that was founded in 2017 and is currently based in Jakarta, Indonesia. The company itself works in the fintech sphere and provides finance, payment, and rewards app that allows users to collect points on purchases from a variety of well-known merchants within the country itself. The company is now one of the premier startups in Indonesia for the fintech sector.

So far, the company has raised a significant amount of startup funding, which shows just how exciting OVO is among the Indonesia startup ecosystem. The company has disclosed that it has raised a total of 105 Million Euros of funding since being founded four years ago. The company has also been active in the acquisitions and investment market, making two deals for each of these business activities.

2. Akulaku

Year Founded: 2014 

HQ: Jakarta, Indonesia

Size: 1001-5000

Founder(s): William Li

Akulaku is an Indonesian fintech and banking startup that was founded in 2014 and is based in Jakarta, Indonesia. The company operates an online marketplace for financial services and specific financial products such as loans, installment shopping and much more. This offering has allowed the company to greatly expand to become one of the biggest startups in Indonesia by headcount, with more than one thousand employees.

Akulaku has received a substantial amount of startup funding since being founded seven years ago, with the company raising a total of $218 Million. This was achieved from a group of thirteen investors. The business has also been known to have made an investment effort into another local fintech company in 2019.

3. Sirclo

Year Founded: 2013 

HQ: Jakarta Pusat, Indonesia

Size: 501-1000

Founder(s): Andreas Thamrin, Brian Marshal, Leontius Adhika Pradhana

Sirclo is an Indonesian SaaS startup that was founded in 2013 and is currently based in Jakarta Pusat, Indonesia. The company has developed a technological solution that allows its customers to create their own websites specifically for use as an e-commerce platform. The company is aiming to take the hassle and difficulty out of designing an e-commerce website, which has led to them becoming one of the most successful entrants into the Indonesia startup market.

Sirclo has managed to raise an impressive amount of funding in the years since the company was launched. In total, the company has managed to raise a figure of $56.1 Million in funding from a group of six investors. One of the lead investors in this company was Google Launchpad Accelerator and the company has even gone as far as to acquire another company to be put under their umbrella.

4. PAYFAZZ

Year Founded: 2016

HQ: Jakarta, Indonesia

Size: 251-500

Founder(s): Hendra Kwik, Jefriyanto Guang, Ricky Winata

PAYFAZZ is an Indonesian startup that was founded in 2016 and is currently headquartered in Jakarta, Indonesia. The company itself operates a financial platform where users can pay for goods and services. The company aims to make the whole payment process easier for the Indonesian people, especially those that don't typically have access to banks and financial services themselves. This helps to bring a marginalized group back into the country's formal economy.

The company has received a lot of investment support to further its growth and development, with the total investment reaching $74.1 Million from a group of twelve investors. The company has also had a sole venture into investing in other companies, showing that they are not opposed to assisting a company that could benefit them.

5. KoinWorks

Year Founded: 2015

HQ: Jakarta, Indonesia

Size: 251-500

Founder(s): Benedicto Haryono, Willy Arifin

Koinworks is an Indonesian fintech startup that was founded in 2015 and currently operates from Jakarta, Indonesia. The company operates a revolutionary app within the country that allows users to easily find and get access to financial assets and liabilities. All of this is done under a single platform, which means that Indonesian people won't have to go to numerous vendors to get the same offers.

Despite only being founded six years ago, the company itself has managed to raise a massive amount of startup funding. In total, the company has raised $72.1 Million from a group of investors, numbering nine.

6. Waresix

Year Founded: 2017 

HQ: Jakarta, Indonesia

Size: 101-250

Founder(s): Andree Susanto

Waresix is an Indonesian startup that was founded in 2017 and is currently working from Jakarta, Indonesia. The company operates a logistics platform that helps businesses to manage their freight, warehouses and overall delivery services. Waresix is aiming to take advantage of the growing e-commerce market in their country and it is currently leading to a lot of success.

The company has made a lot of money from startup funding, with a total of $129 Million being provided for further growth and development. This was given to the company collectively by a group of 11 investors. The company has also been active in the acquisition market, which is a display of the overall ambition that exists within the company.

7. OnlinePajak

Year Founded: 2014

HQ: Jakarta, Indonesia

Size: 101-250

Founder(s): Charles Guinot

OnlinePajak is an Indonesian startup that was founded in 2014, with the company currently being settled in Jakarta, Indonesia. The company itself operates a platform that allows businesses to manage their corporate taxes and the management of their administration processes. This makes the process of filing taxes less time-consuming, so business owners can focus on what's most important to them.

So far, the company has managed to attract a large amount of startup funding to accelerate its growth and development. In total, the company has managed to raise $29 Million across its seven years of trading and this funding came from a group of six different investors.

8. Tada

Year Founded: 2012 

HQ: Jakarta, Indonesia

Size: 101-250

Founder(s): Antonius Taufan

Tada is an Indonesian startup that was founded almost a decade ago, with the company operating out of Jakarta, Indonesia at this time. The company operates a SaaS customer retention platform that aims to retain customers through the use of subscriptions, rewards, referrals and many more. They also offer full product demos to ensure that customers understand the system before deciding to make a purchase.

Tada has been quite popular with investors over the years, with a group of nine investors having pledged their money to the fledgling startup. The most recent of these funding rounds was conducted by Finch Capital, where the company secured investment from them in April 2021.

9. CoHive

Year Founded: 2015 

HQ: Jakarta, Indonesia

Size: 101-250

Founder(s): Carlson Lau, Ethan Choi, Jason Lee

CoHive is an Indonesian startup that was founded in 2015 and currently works from Jakarta, Indonesia. The company claims to be the largest provider of co-working spaces in the entire country. The world is changing and more people are starting to use co-working spaces in an effort to get away from the office, or to even get away from home working in some situations. They also offer shared living and event spaces.

CoHive has been very popular among investors, with the company having raised a total of $37.8 Million since being founded in 2015. This amount was raised by a total of fifteen investors that have pledged their money to the company. In the future, it won't be surprising to see them as one of the biggest startups in Indonesia.

10. HappyFresh

Year Founded: 2014

HQ: Cilandak, Indonesia

Size: 251-500

Founder(s): Benjamin Koellmann, Fajar Budiprasetyo, Kai Kux, Konstantin Lange, Tim Marbach

HappyFresh is an Indonesian e-commerce startup that was founded in 2014 and is currently working from Cilandak, Indonesia. The company operates an online grocery platform that allows customers to get products from a variety of different brands and grocers all under one roof. This makes the process of grocery shopping much easier for the average Indonesian, especially in a country that currently has a thriving e-commerce market.

Investors clearly agree with our assessment of HappyFresh, as the company has managed to secure funding from a total of 18 investors. In total, these investors have sunk $30 Million into the company so that they can further the growth and development of the company's platform.

11. Snapcart

Year Founded: 2015

HQ: Jakarta, Indonesia

Size: 101-250

Founder(s): Araya Hutasuwan, Laith Abu Rakty, Reynazran Royono, Teresa Condicion

Snapcart is an Indonesian analytics and mobile app startup that was founded in 2015 and currently works from Jakarta, Indonesia. The company operates a cashback app on mobile phones that gives customers an incentive to scan their receipts in return for cashback rewards. This data is then sent off to the businesses which use that data for analytics and research purposes.

The company itself has proven the success of its business model, especially considering that the company has managed to amass investment from a group of 11 investors. In total, the company received $14.7 Million in funding from these investors.

12. Sorabel

Year Founded: 2014

HQ: Jakarta, Indonesia

Size: 501-1000

Founder(s): Jeffrey Yuwono, Lingga Madu, Stanislaus Mahesworo Christandito Tandelilin

Sorabel is an Indonesian startup that was founded in 2014 and is currently working from Jakarta Indonesia. The company operates from its website where customers can get access to high-quality clothing, without paying ridiculous prices

The company has already managed to gain a notable amount of investment since being founded seven years ago. In total, Sorabel has managed to raise $27 Million, from a group of twelve investors. All of these investors were venture capital firms. Their website is currently undergoing maintenance, which is why we have used the above image.

13. JULO

Year Founded: 2014 

HQ: Jakarta, Indonesia

Size: 11-50

Founder(s): Adrianus Hitijahubessy, Hans Sebastian, Victor Darmadi

JULO is an Indonesian startup that was founded in 2014 and is currently working from Jakarta, Indonesia. The company aims to make the process of getting a personal loan much easier for people in Indonesia. This is achieved through the use of their mobile-based system and their loans are much cheaper than other options on the market. Furthermore, these loans are unsecured and customers are properly vetted.

Investors have shown that they have faith in the business model of the company, with the evidence for this being the fact that investors have sunk a total of $15 Million into the company to further its growth and development. This level of investment was put in by a group of eight investors. 

14. Ralali

Year Founded: 2013 

HQ: Tangerang, Indonesia

Size: 101-250

Founder(s): Joseph Aditya

Ralali is an Indonesian startup that was founded in 2013 and is currently based in Tangerang, Indonesia. The company makes its name through the operation of its B2B e-commerce platform where businesses can easily be connected with buyers and suppliers. This is important for businesses, especially when so many have been impacted by the COVID-19 pandemic. Anything that has the opportunity to make them more money is essential.

Ralali has managed to convince investors that they have a solid foundation as a business. In return for their successful pitches, the company has managed to raise a total of $22.5 Million in startup funding. This was founded by a group of ten investors over the eight years of life that the business has had.

15. Warung Pintar

Year Founded: 2017

HQ: Jakarta, Indonesia

Size: 251-500

Founder(s): Agung Bezharie, Harya Putra, Sofian Hadiwijaya

Warung Pintar is an Indonesian startup that was founded four years ago and is currently based in Jakarta, Indonesia. The company makes itself known through the provision of its micro-retail technology which attempts to make sure that the grassroots levels of society have access to digital services and products. This is very important in a country that is rapidly developing, as is the case with Indonesia.

Warung Pintar has managed to impress a group of 13 investors so much that they decided to part with a collective $35.5 Million in the four short years that they have been going. The company has also had two interactions in the acquisitions market, showing that they have the ambition to continue with their growth and development.

16. Halodoc

Year Founded: 2016

HQ: Jakarta, Indonesia

Size: 101-250

Founder(s): Jonathan Sudharta

Halodoc is an Indonesian healthcare startup that was founded in 2016 and is currently working from an HQ in Jakarta, Indonesia. The company provides a one-stop health solution for people in the country by allowing them to get access to doctors, medical insurance, laboratories, and pharmacy services. This means that the whole process of getting medical treatment and medication is made much easier and quicker.

The company has managed to convince a very large group of investors that their service offering is worth buying into. In total, the company has managed to amass $145 Million in startup funding in only five years. This funding was collectively achieved through the funding given by a group of 19 investors.

17. Alodokter

Year Founded: 2014

HQ: Jakarta, Indonesia

Size: 501-1000

Founder(s): Nathanael Faibis, Suci Arumsari

Alodokter is another example of a medical care startup from Jakarta, Indonesia. Although, this company was first founded in 2014. The company itself offers a digital health platform, where users can easily get access to medical care, support and information over the telephone, with fully qualified and trained doctors. This can be integrated with the use of the company's app, which gives convenient access to these services.

Alodokter is another example of an Indonesian healthcare startup that has managed to get a lot of funding. So far, the company has managed to make a total of $45.1 Million in startup funding. This total was achieved by the combined efforts of twelve investors.

18. AGretail

Year Founded: 2020

HQ: Jakarta, Indonesia

Size: 11-50

Founder(s): Mochammad Nasrulyani, Oki Maulana, Risan Awaludin, Slamet Riyanto 

AGretail is an agriculture startup that was founded last year and is currently based in Jakarta, Indonesia. The company acts as an aggregator and retail platform, whereby farmers can benefit from selling their goods and normal Indonesians can conveniently get good produce, at affordable prices.

Despite the fact that the company is still incredibly young, it has already managed to attract some amount of startup funding in the last year. This funding amounted to a total of $200,000 to further the growth and development of the platform.

19. Petskita

Year Founded: 2020

HQ: Medan, Indonesia

Size: 1-10

Founder(s): Gunawan Wahab, Herpeiriati Peri, Taufin Rusli 

Petskita is an Indonesian startup that was also founded last year and is currently based in Medan, Indonesia. The company itself operates a B2C marketplace for everything related to the care of pets. In addition to simple products, customers also have the option to pay for certain treatments for their animals, such as medical care, insurance, hotels and many more.

Despite the fact that the company is still very young, it has managed to gain a small amount of startup funding to further its growth and development. In total, the company had managed to raise $50,000 in investment.

20. Wagely 

Year Founded: 2020

HQ: Jakarta, Indonesia

Size: 11-50

Founder(s): Kevin Hausburg, Sasanadi Ruka, Tobias Fischer 

Wagely is an employee benefit and financial wellness startup that was founded in 2020 and currently has a headquarters in Jakarta, Indonesia. The company is providing a revolutionary service in its country as their solution allows employees to claim a portion of the pay that they have already earned, which gives workers the flexibility they need if any unexpected bills suddenly pop up.

The company has already managed to raise a nice amount of funding, especially considering it was only founded last year. In total, the company has raised $5.6 Million to further its growth and development. This was achieved as there were a total of seven investors who pledged their money to the startup.

21. Kitabeli

Year Founded: 2020

HQ: Jakarta, Indonesia

Size: 11-50

Founder(s): Prateek Chaturvedi

Kitabeli is an Indonesian startup that was founded in 2020 and is currently based in Jakarta, Indonesia. The company makes its name by selling consumer goods that are in constant and rapid demand. These are the daily essentials that keep a household moving and stops it from becoming a disaster.

Despite the fact that the company was founded last year, it has already managed to gain a wealth of startup funding to support it. In total, the company has managed to amass a startup booster of $10 Million, from a group of three investors.

Top Indonesian Startups to Watch...
Asaf Fybish

Asaf Fybish is a growth marketing professional. He likes all things organic, especially when it comes to growth. He's our Chief of Stash at StartupStash

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