Indonesia

WasteX, a Singapore-based climate tech company operating in Indonesia and the Philippines, has secured $450,000 in funds from P4G Partnerships, an initiative that helps businesses working on climate mitigation and adaptation solutions in food, water, and energy.

Indonesian fisheries startup FishLog announced Tuesday that it has successfully closed its Pre-Series A extension round funding. The round saw participation from Mandiri Capital Indonesia, BNI ventures, Accel Partners, Insignia Ventures Partners, and Saison Capital. With investments from Mandiri Capital and BNI Ventures.

Vietnamese automaker VinFast has officially opened its first dealer store in Indonesia. In addition to partnering with PT Gallerie Setia Utama, VinFast plans to significantly expand its EV distribution network across major cities in Indonesia throughout 2024.

PasarPolis, a Insurtech company based in Indonesia, has reported a 2 times revenue growth since its last funding round until 2023. It has maintained a positive gross margin since its first year of operation, demonstrating its financial strength and stability.

The Indonesia tech sector secured a total funding of $91.7 million in the first quarter of 2024 to date (till March 15, 2024), which is a drop of 36 percent from $143 million raised in the same period last year (till March 15, 2023). Tracxn said Thursday.

Indonesian digital wallet LinkAja announced its corporate action on Wednesday by securing strategic investment from Mitsui & Co., Ltd. (Mitsui).

Indonesian omnichannel InsurTech Qoala has on Tursday announced the completion of its Series C funding round, raising $47 million. The funding was co-led by PayPal Ventures and MassMutual Ventures.

Indonesian logistics service provider J&T Global Express Limited (J&T Express) have achieved positive adjusted earnings before tax, interest, depreciation, and amortization (EBITDA) for the first time, reaching $147 million in 2023, underpinned by higher revenue.

Indonesian aqua-tech startup eFishery has on last Thursday announced the integration of Andri Yadi and his team, who were previously the driving force behind one of Indonesia’s most innovative and pioneering artificial intelligence of things (AIoT) startups, into its AIoT & Cultivation Intelligence Division.

Indonesian e-commerce firm Bukalapak has reported higher revenue in 2023, with the marketplace division delivering excellent growth of 47 percent over the year, primarily supported by the continued success in gaming.