Indonesia

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.

Indonesia-based telecommunications provider Indosat Ooredoo Hutchison (Indosat) group has on Thursday announced it’s ready to integrate the NVIDIA Blackwell platform into its infrastructure, with the goal of propelling Indonesia into a new era of sovereign artificial intelligence (AI) and technological advancement.

Indonesian biggest tech firm GoTo has foreseen its 2024 group adjusted earnings before interest, taxes, depreciation, and amortization (EBITDA) to breakeven after achieving first quarterly profit.

Through a $200 million loan to PT Bank Shinhan Indonesia (BSI) — a corporate and retail finance bank in the country —IFC aims to boost sustainable financing while supporting the nation's climate goals, including a first of its kind blue finance component.

Xendit, a unicorn startup based in Indonesia, has entered the Thai market by offering comprehensive digital payment solutions and embedded finance, aiming to enhance the growth potential of Thailand’s digital economy.