Indonesia

Malaysia’s unicorn Carsome cutting “hundreds of jobs” to reach profit – report

Carsome “makes adjustments to its workforce where necessary,” the company said in an emailed response to Bloomberg's questions, declining to comment on specific numbers. “We remain committed to investing in all of our current markets and plan to accelerate profitable growth in 2024.”

Deloitte: Southeast Asia raises about $5.5 billion year to date, the lowest in eight years

Southeast Asia has raised approximately $5.5 billion via initial public offering (IPO) in the first 10.5 months of 2023, the lowest in eight years, Deloitte said Thursday. The total IPO raised down from $7.6 billion in 2022. Meanwhile, the IPO amount for the first 10.5 months of 2023 stands at 153, also down from 163 in the full year of 2022.

Indonesia’s VC deal value expected to decline 70-80% in 2023, says report

Despite a degree of cautious optimism, Indonesia's venture capital deal value is expected to decline 70 percent to 80 percent in 2023, according to a report revealed by Indonesia-based venture capital firm AC Ventures and global consultancy Bain & Company on Wednesday.

Mandiri Capital Indonesia partners Investible to launch new global climate tech fund

Indonesian financial institution Bank Mandiri corporate venture capital subsidiary Mandiri Capital Indonesia (MCI) and Sydney and Singapore-based early stage venture capital firm Investible have teamed up to launch new global climate tech fund.

South Korea’s Shinhan EZ enters Indonesian insurance market via partnership with Tap Insure

Shinhan EZ General Insurance, a subsdiairy of South Korean conglomerate Shinhan Financial Group Co. Ltd, is entering Indonesian insurance market via the partnership with Tap Insure, a strategic partner within the PasarPolis insurtech ecosystem.

Indonesian pet health and nutrition company secures new funding led by East Ventures

Compawnion, an Indonesian pet food company, has secured a new funding led by East Ventures, a sector-agnostic venture capital firm in Indonesia and Southeast Asia. The fund will be allocated to accelerate their distribution, research and development initiatives, broaden the company’s product portfolio, and effectively reach a larger demographic of pet…

Indonesian startup Mimin expands Generative AI services to Malaysia and Singapore

Mimin, the Indonesian platform enabler revolutionizing customer service through artificial intelligence (AI)-driven chat, has announced its expansion into Malaysia and Singapore.

Indonesia’s GoTo reports significant drop in third quarter losses

PT GoTo Gojek Tokopedia Tbk (GoTo), the largest digital ecosystem in Indonesia, on Monday announced that the firm has reported significant drop in third quarter losses, driven by improved monetization and disciplined management of operating expenses. The firm reported adjusted losses before interest, taxes, depreciation and amortization 942 billion rupiah…

Bukalapak’s 3Q revenue up 29 percent on year, on track for profitability by year end

Indonesia-based technology firm Bukalapak announced Friday that its revenue grew 29 percent year-over-year to IDR 1.16 trillion ($72.79 million) in the third quarter ended September 30, 2023, underpinned by marketplace segment. The group's adjusted earnings before interest, taxes, depreciation and amortization (EBITDA) improved by 71 percent year-over-year…

Indonesia’s J&T Express makes HKEX debut, raises $450M from global offering

J&T Global Express Limited (J&T Express), a global logistics service provider, has officially listed on the Main Board of the Hong Kong Stock Exchange on Friday under the stock code “1519”. The public offer price was HK$ 12 ($1.53) per offer Share, with net proceeds from the global offering amounting to HK$ 3.53 billion ($450 million).