Indonesia

Within five years, Privy has been enabling 18.5 million users to open bank saving accounts, stock trading accounts, apply for credit cards, insurance policy, lease a motor vehicle, submit invoice financing, take loans from fintech lending companies, sign rental contracts, and accept job offers without the need to travel and sign on hardcopy documents.

With its new funding, Majoo will accelerate its instant online store's product development and market penetration for MSMEs.

GoTo Group has entered into an agreement with Abu Dhabi Investment Authority (ADIA) to lead GoTo's pre-IPO fundraising with a $400 million investment.

ARTOTEL Group will utilize the proceeds of this financing to drive expansion through an aggressive merger and acquisition strategy in Indonesia’s hospitality sector and invest in strengthening the group’s core business infrastructure, digitizing operations, and enhancing sustainability throughout the organization.

With the new funds, the company plans to enable more merchants to start, run, and grow businesses more easily, manageably, and efficiently, the company said in a statement. This will be achieved by aggressively expanding its e-commerce solutions and offline presence to 50 cities across Indonesia, building off the company’s current footprint in the Greater…

Indonesia’s retail market is estimated to be around $300 billion, of which 70-80 percent is traditional retail--with this market growing 8 percent year on year, the potential is enormous.

With this fresh funding, ESB will further expand its proposition including tech-enabled upselling features, enhanced business intelligence (BI) platform, delivery solutions, payment solutions, financing, and human resources information system (HRIS) to become the dominant end to end F&B business operating platform.

Shoplinks will use the funds to strengthen its foothold in Indonesia before expanding into other Southeast Asian markets. Additionally, the funds will be used to grow its team and invest more in product development.

TransTRACK.ID will use the funds to scale product development and expand its network of partners across Indonesia to dominate the market.

While we are still in the midst of a long-drawn pandemic, I believe startups are still presented with advantages in this season as COVID has kicked off the acceleration of the digital economy, mostly arising from the shift in consumer habits from offline to online.