Best Startup Companies In Indonesia

Indonesia, the world’s largest archipelago, lies in the Indian and Pacific Oceans between mainland Southeast Asia and Australia. This strategic location connects East Asia, South Asia and Oceania with major sea routes. Indonesia ranks 61st in the Global Innovation Index. 

Indonesia has a young, talented, tech-savvy workforce. It is one of the best countries in Asia to start a business. Indonesia’s startup scene is thriving in transportation, e-commerce, retail, and food tech. It is in the top 1000 for startups with five cities on the list. Indonesia has some of the best startups in southeast asia.

Indonesia has strong support from investors, with more than 50 venture capital firms. It has more than 60 startup incubators and accelerators. The Indonesian government is actively supporting new businesses with various schemes and initiatives, including the ‘Startup Incubator Programme’ and ‘Credit for Business Grant’ to help startups get off the ground.

Public initiatives such as Startup Studio Indonesia and the Gerakan Nasional 1000 Startups digital programme support technology and IT startups, while programmes such as Startup4Industry promote Industry 4.0 technologies. These initiatives have fostered a favourable business environment, which is resulting in a significant growth in startups and unicorns in the local market.

The Digital Nomad Visa aims to attract foreign talent and boost startup growth as Indonesia looks to improve its digital infrastructure. Bali is a favourite among digital nomads, providing a great opportunity for new startup hubs. Indonesia continues to be a leader in tech investment and welcomes both local and global entrepreneurs with a thriving ecosystem.

In the first quarter of 2024, Indonesia recorded foreign direct investment (FDI) of Rp 204.4 trillion (about $12.5 billion), which accounted for 50.9 percent of total investment. Domestic investors added Rp 197.1 trillion, bringing the total to Rp 401.5 trillion. FDI grew by 15.5 percent year-on-year and 10.9 percent quarter-on-quarter.

The manufacturing industry received 55 percent of FDI (Rp 112.5 trillion), while infrastructure and services attracted Rp 64.7 trillion (31.7 percent). The primary sector, including mining and plantations, attracted Rp 27.2 trillion in FDI. 

There are more than 2,300 startups in Indonesia, including nine unicorns and two decacorns. Indonesia’s expansion in tech investment is indicated by unicorns like J&T Express, Xendit, and Traveloka. The Next Indonesia Unicorns initiative aims to help emerging startups secure global investors. The capital of Indonesia, Jakarta, is the centre of entrepreneurship, it hosts many of these thriving unicorns.

Top startups in indonesia

Here are some of the best startups in Indonesia that are thriving

Tokopedia

Founded in 2009 in Jakarta by Herman Widjaja, Leontinus Alpha Edison, Melissa Siska Juminto, William Tanuwijaya, Tokopedia is an Indonesian e-commerce startup. It has become one of the most popular e-commerce, Internet, Marketplace and  Shopping platforms in Indonesia.

With over 350 million product listings and 42 digital products, Tokopedia serves over 100 million monthly active users and over 10 million merchants. Its customer-to-customer platform is free for both sellers and buyers. The brands can set up verified, official stores on the platform. Tokopedia offers products in 25 categories, including food, beverages, beauty and fashion, as well as digital services such as credit, bill payments and ticket purchases.

Bukalapak

Founded in 2011 in Jakarta by Achmad Zaki, Fajrin Rasid and Nugroho Herukayono, Bukalapak is an Indonesian e-commerce startups.it is one of the best startups in Indonesia.  It serves as an online marketplace for small and medium enterprises, facilitating online commerce. Through its Mitra program, the startup engages in operations in approximately 25% of Indonesian warungs.

As one of the largest e-commerce firms in Indonesia, Bukalapak became the fourth startup to reach unicorn status. Its business lines include marketplace, online-to-offline, business-to-business, financial and logistics services. The marketplace offers a variety of products, both physical and virtual, across categories such as gadgets, fashion, daily necessities and games. Additionally, Bukalapak provides financial services such as insurance, loan financing, mutual funds and gold investments, and digital banking.

TaniHub

Founded in 2015 in Jakarta by Edwin Setiawan, Ivan Ari Sustiawan, Michael Jovan Sugianto, Miftahul Choiri, Oki Setiawa, Pamtra Winneka, Wahu Setia Nugroho, Wawan B Setiawan, William Setiawan.it is an indonesian startups which make connection From farmers to businesses and end users.

It enables ordering fresh produce directly from farmers. This standard provides guidance on pricing and ensures quality. The platform aggregates big data to help farmers maximise their potential. TaniHub provides fresh produce at affordable prices by cutting out the intermediate layers, benefiting both consumers and farmers. It stabilises supply and prevents price fluctuations by using demand data.

BukuKas

Founded in 2019 by Krishnan Menon and Lorenzo Parachione in Jakarta, Bukucas provides cloud-based accounting solutions for businesses.

It includes features like account management, invoice processing, stock and expense management, income statement analysis, invoice summary reporting and tax reporting. Accessible from a variety of devices such as iPad, Android tablets, and smartphones, Bookukas works on a monthly subscription plan for pricing.

Traveloka

Founded in 2012 by Albert Albert, Darianto Kusuma and Ferry Unardi in Jakarta. Traveloka is an Indonesian technology firm specialising in travel and ticketing services. Traveloka operates in six countries.

It is the leading online travel app in Southeast Asia, it provides attraction tickets, activities, transportation fares, restaurant vouchers, and financial services such as credit and insurance. It is one of the best startups in Indonesia.

Amartha

Founded by Andy Taufan Garuda Putra in Jakarta in 2010, Amartha is a leading microfinance technology platform dedicated to achieving shared prosperity by developing digital financial infrastructure for the grassroots economy. It links rural micro enterprises, especially women-led enterprises, with affordable capital.

Evolving as a technology startup, Amartha is expanding its microfinance ecosystem to provide capital, investment and payment services by integrating with the growing digital economy. Amartha aims to boost the competitiveness of micro and small entrepreneurs at the base of the economic pyramid, empower more women MSMEs, create jobs and promote inclusive economic growth.

Gojek

Founded in 2010 in Jakarta by Kevin Aluwi, Michelangelo Moran and Nadim Makarim. Gojek Indonesia is an on-demand multi-service platform and digital payments technology group. It works as a mobile application that provides various services like payments, food delivery, transportation and logistics.

Initially operating as a call centre for courier delivery and ride-hailing services, Gojek expanded to include four main services: GoRide, GoSend, GoShop, and GoFood after launching its application in 2015. With time, it has evolved into a super app. Now providing more than 20 services. It is the biggest startup in Indonesia.

Mekari

Founded in 2015 by Anthony Kosasih, Daniel Witono, Dirman Suharno, Joshua Kevin and Suwandi Soh Maker, in Jakarta, Indonesia. Makeri is a Software-as-a-Service (SaaS) startup in Indonesia, dedicated to empowering businesses and professionals across various industries.

Their innovative cloud-based solutions, including Makeri Talenta for HR, Makeri Journal for Accounting, Makeri Kontakt for Sales, Makeri ClickPajak for Tax, Makeri Sign for Electronic Signatures and Makeri Flex for Benefits, are used across Indonesia. Used by thousands of businesses in the U.S. They generate revenue through subscription fees and primarily target small and medium enterprises (SMEs) and professionals. Makeri aims to support the growth of strong businesses and individuals while driving digital transformation.

FinAccel

Founded in 2015 by Akshay Garg, Eli Tan and Umang Rustagi in Jakarta, is a financial technology startup operating in Southeast Asia, the world’s 7th largest economy. They use advanced data analytics to automate credit risk scoring and provide access to credit.

Their core product, Credivo, offers a “buy now, pay later” option for e-commerce buyers, allowing instant credit eligibility and repayment over time. Merchants using Credivo can offer Point of Sale financing to eligible buyers with a simple 2-click checkout process.

Alodokter

Founded by Nathanael Fabis and Susie Arumasari in Jakarta in 2014, Allodoctor is an Indonesian online health consultation service available through an application and website. Since its inception, AlloDoctor has provided various digital health services, including health information, connecting patients to doctors, and health insurance.

Some of its key features include chat with doctors, appointment booking, e-pharmacy, health articles and insurance. The most popular features among users are health information and doctor consultation. Since May 2020, Allodoctor has collaborated with the Indonesian Ministry of Health to provide free online consultations for COVID-19 patients in self-quarantine.

Conclusion

Indonesia is home to some of the best startups that are taking Indonesia to new heights with innovative solutions like e-commerce, fintech, agritech and healthtech, these startups are reshaping Indonesia’s economic story on the global stage. Their success serves as an inspiration for future entrepreneurs, highlighting the vast opportunities in Indonesia’s digital landscape.

The Indonesian government is launching programs aimed at growing the economy and promoting startups. This ecosystem will contribute to Indonesia’s development and increase in per capita income. With increased investment opportunities, startups in Indonesia can secure funding for their innovations and operations, a factor that positions the country for growth.