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1. TRACXN MONTHLY REPORT
MARCH 2022
INDONESIA TECH

2. Indonesia Tech - March 2022 Copyright © 2022, Tracxn Technologies Limited. All rights reserved.
Contents
2
Indonesia Tech Snapshot 3
Investment Snapshot 4
List of Funding Rounds 5
New Investors 7
Top Funded Business Models - last 1 year 9
New Analyst Picks 10
Acquisitions 11
Recent News 12

3. Indonesia Tech - March 2022 Copyright © 2022, Tracxn Technologies Limited. All rights reserved.
Indonesia Tech Snapshot – March 2022
Indonesia Tech: Snapshot – March 2022
Note : "Investors" refers to "Institutional Investors" only
3
$262M
6
Overall Geo Stats
17
3
42
8
11
Funding Rounds $ Invested Analyst Picks
PT Zenius
Education
Upgraded to
SOONICORN
New Investors
Magic Fund
ICMG Partners
Series A+ rounds Active Investors IPOs Acquisitions
DANA
Chilibeli
Top Funding Rounds Top Markets Top Investors Top Cities
Monthly Leader Board
Jakarta
(10 Rounds, $254M)
Menteng
(1 Rounds, $8M)
$120M - Series C
Sayurbox (2016, Jakarta, $140M)
$69.5M - Series C
Allofresh (2022, Jakarta, $69.5M)
$40M - Series B
PT Zenius Education (2007, Jakarta,
$60M)
$8.5M - Series A
AwanTunai (2017, Jakarta, $28.3M)
Alpha JWC Ventures
(3 Investments)
MDI Ventures
(3 Investments)
International Finance
Corporation
(2 Investments)
Global Brain
(2 Investments)
Online Grocery
Sayurbox
K-12 EdTech
PT Zenius Education
Alternative Lending
AwanTunai
HRTech
Wagely
Market Size
Companies Covered 6,996
Funded Companies 895
Total Funding $21.9B
Funding in last 12 months $8.5B
Top Exits
IPOs 12
Acquisitions 89
Company Stage
Unicorns 4
Soonicorns 36
Minicorns 87
Editor Picks 446
Series A+ 209
Series C+ 46
Acqui-Hires 7
Deadpooled 994
Top Cities
Jakarta (779 Rounds, $20.2B)
Tangerang (35 Rounds, $889M)
Top Investors
East Ventures (100 Investments)
ACVentures (45 Investments)

4. Indonesia Tech - March 2022 Copyright © 2022, Tracxn Technologies Limited. All rights reserved.
Investment Snapshot
Investment Snapshot of Indonesia Tech as of March 2022
Indonesia Tech: Investment Snapshot
4
# Rounds
$ Funding
Investment Trend Top Investments (March 2022)*
Sayurbox
(2016, Jakarta, $140M)
$120M - Series C Alpha JWC Ventures
Allofresh
(2022, Jakarta, $69.5M)
$69.5M - Series C Bukalapak
PT Zenius Education
(2007, Jakarta, $60.0M)
$40.0M - Series B MDI Ventures
AwanTunai
(2017, Jakarta, $28.3M)
$8.5M - Series A
International Finance
Corporation
Wagely
(2019, Jakarta, $14.0M)
$8.3M - Seed Central Capital Ventura
DELOS Aqua
(2021, Menteng, $8.0M)
$8.0M - Seed Alpha JWC Ventures
AgriAku
(2021, Jakarta, $6.0M)
$6.0M - Seed Go Ventures
Opaper
(2021, Jakarta, $1.0M)
$1.0M - Seed Ratio Ventures
Blocknom
(2021, Jakarta, $500K)
$500K - Seed Y Combinator
*Shows only the lead Investors

5. Indonesia Tech - March 2022 Copyright © 2022, Tracxn Technologies Limited. All rights reserved.
List of Funding Rounds (1/2)
List of Funding Rounds in Indonesia Tech in March 2022
Indonesia Tech: List of Funding Rounds
Note: Seed Stage (Seed, Angel), Early Stage (Series A, Series B), Late Stage (Series C+), PE
5
LATE STAGE
$69.5M - Series C
Allofresh (2022, Jakarta, $69.5M)
Platform offering multi-category grocery supplies
Transmart, Bukalapak, Growtheum Capital
LATE STAGE
$120.0M - Series C
Sayurbox (2016, Jakarta, $140.0M)
Farm-to-table grocery delivery platform
Alpha JWC Ventures, Northstar Group Services,
International Finance Corporation, Global Brain, Astra
Digital, and 1 more
LATE STAGE
Series D
Ralali (2015, Jakarta, $22.5M)
Online B2B marketplace for multi-category products
SBI Holdings, ICMG Partners, Arbor Ventures, Beenos
EARLY STAGE
$8.5M - Series A
AwanTunai (2017, Jakarta, $28.3M)
Onine marketplace for invoice financing
International Finance Corporation, OCBC NISP Ventura,
Battery Road Digital, Global Brain, Insignia Ventures
Partners, and 1 more
EARLY STAGE
$40.0M - Series B
PT Zenius Education (2007, Jakarta, $60.0M)
Provider of app-based courses for school education
MDI Ventures, Openspace Ventures, Northstar Group,
Beacon VC, Alpha JWC Ventures
EARLY STAGE
Series B
Cakap (2015, Jakarta, $13.0M)
SaaS and app-based platform providing multiple
language learning solutions
Indonesia Impact Fund
SEED STAGE
$500.0K - Seed
Blocknom (2021, Jakarta, $500.0K)
App-based platform to manage crypto portfolio and
earn rewards
Y Combinator, Magic Fund, Number
SEED STAGE
$1.0M - Seed
Opaper (2021, Jakarta, $1.0M)
Platform offering order management solution for
online businesses
Ratio Ventures, On Deck, Precursor Ventures
SEED STAGE
$6.0M - Seed
AgriAku (2021, Jakarta, $6.0M)
Distribution enabler for crop inputs
Go Ventures, MDI Ventures, Mercy Corps, Arise

6. Indonesia Tech - March 2022 Copyright © 2022, Tracxn Technologies Limited. All rights reserved.
List of Funding Rounds (2/2)
List of Funding Rounds in Indonesia Tech in March 2022
Indonesia Tech: List of Funding Rounds
Note: Seed Stage (Seed, Angel), Early Stage (Series A, Series B), Late Stage (Series C+), PE
6
SEED STAGE
$8.0M - Seed
DELOS Aqua (2021, Menteng, $8.0M)
Operators of land-based recirculating aquaculture
systems for sustainable production of shrimp
Alpha JWC Ventures, MDI Ventures, Mahanusa Capital,
Number Capital, Arise, and 4 more
SEED STAGE
$8.3M - Seed
Wagely (2019, Jakarta, $14.0M)
Online platform for payday loans
Central Capital Ventura, Trihill Capital, Global Founders
Capital, Blauwpark Partners, Asian Development Bank,
and 3 more

7. Indonesia Tech - March 2022 Copyright © 2022, Tracxn Technologies Limited. All rights reserved.
New Investors (1/2)
List of New Investors in Indonesia Tech in March 2022
Indonesia Tech: List of New Investors
7
Investor Company Info Round Amount Round Name
Magic Fund
19 portfolio companies | Venture capital firm focused on multiple sectors
Blocknom
App-based platform to manage crypto portfolio and earn rewards
$500K Seed
ICMG Partners
3 portfolio companies | Infrastructure fund focused on multiple sectors
Ralali
Online B2B marketplace for multi-category products
Undisclosed Series D
Blauwpark Partners
3 portfolio companies | Multifamily office providing wealth management
services
Wagely
Online platform for payday loans
$8.30M Seed
Northstar Group Services
1 portfolio companies | Provider of construction management services
Sayurbox
Farm-to-table grocery delivery platform
$120M Series C
Ratio Ventures
3 portfolio companies | Limited information available
Opaper
Platform offering order management solution for online businesses
$1.00M Seed
Growtheum Capital
2 portfolio companies | Provider of investment management services
Allofresh
Platform offering multi-category grocery supplies
$69.53M Series C
Indonesia Impact Fund
1 portfolio companies | Venture capital firm focused on impact investments
Cakap
SaaS and app-based platform providing multiple language learning
solutions
Undisclosed Series B
On Deck
7 portfolio companies | Provider of recruitment services
Opaper
Platform offering order management solution for online businesses
$1.00M Seed
Number Capital
1 portfolio companies | DELOS Raises US$8M Seed Extension Round Co-Led by
Alpha JWC
DELOS Aqua
Operators of land-based recirculating aquaculture systems for
sustainable production of shrimp
$8.00M Seed
Transmart
1 portfolio companies | Transmart Delivery
Allofresh
Platform offering multi-category grocery supplies
$69.53M Series C

8. Indonesia Tech - March 2022 Copyright © 2022, Tracxn Technologies Limited. All rights reserved.
New Investors (2/2)
List of New Investors in Indonesia Tech in March 2022
Indonesia Tech: List of New Investors
8
Investor Company Info Round Amount Round Name
Asian Development Bank
42 portfolio companies | Provides advisory services, and mobilizing financial
resources
Wagely
Online platform for payday loans
$8.30M Seed
Battery Road Digital
2 portfolio companies | Limited information available
AwanTunai
Onine marketplace for invoice financing
$8.50M Series A
Mercy Corps
10 portfolio companies | Provider of humanitarian services and venture capital
fund focused on impact investments
AgriAku
Distribution enabler for crop inputs
$6.00M Seed
Bukalapak
2 portfolio companies | Online marketplace platform offering multi-category
products
Allofresh
Platform offering multi-category grocery supplies
$69.53M Series C
Mahanusa Capital
1 portfolio companies |
DELOS Aqua
Operators of land-based recirculating aquaculture systems for
sustainable production of shrimp
$8.00M Seed
Number
1 portfolio companies | Number Capital
Blocknom
App-based platform to manage crypto portfolio and earn rewards
$500K Seed
Precursor Ventures
111 portfolio companies | Tech focused seed & early stage micro VC firm
investing in the US
Opaper
Platform offering order management solution for online businesses
$1.00M Seed

9. Indonesia Tech - March 2022 Copyright © 2022, Tracxn Technologies Limited. All rights reserved.
Top Funded Business Models - last 1 year
* Rank is based on $Invested in last 1 year in the Business Model. ▲- Indicates change in Rank from previous 1
year.
9
Rank Business Model $ Funding # Rounds Top Funding Round
1 ▲2 Digital Wallets $348M 2 Gojek | $300M | Series H
2 ▲2 Hyperlocal Delivery $300M 2 Gojek | $300M | Series H
3 ▲2 Two Wheeler Ride Hailing $300M 1 Gojek | $300M | Series H
4 -- Internet First Point of Sale Financing Marketplaces $250M 2 FinAccel | $125M | Series C
5 ▼-4 B2C Multi Product Marketplaces $234M 1 Bukalapak | $234M | Series G
6 -- Advertisement Based Video On Demand $150M 1 Vidio | $150M | Series D
7 ▲1 Business Payments Solutions $150M 2 Xendit | $150M | Series C
8 -- Video Sharing Platforms $150M 1 Vidio | $150M | Series D
9 ▲8 Internet First P2P Business Loans $146M 2 Modalku | $144M | Series C
10 ▲1 B2B Horizontal Marketplaces $110M 3 Ula | $87.0M | Series B

10. Indonesia Tech - March 2022 Copyright © 2022, Tracxn Technologies Limited. All rights reserved.
New Analyst Picks
Interesting Companies identified by Analysts in Indonesia Tech in March 2022
Indonesia Tech: Analyst Picks
10
Upgraded to SOONICORN
PT Zenius Education (2007, Jakarta, Undisclosed,
Series A)
Provider of app-based courses for school education
MDI Ventures, Northstar Group, Alpha JWC Ventures
and 8 other Investors
Upgraded to SOONICORN
Allofresh (2022, Jakarta, $69.5M, Series C)
Platform offering multi-category grocery supplies
Bukalapak,Growtheum Capital,Transmartand
Upgraded to MINICORN
AgriAku (2021, Jakarta, Undisclosed, Seed)
Distribution enabler for crop inputs
Go Ventures, Arise, MDI Ventures and 2 other
Investors
Upgraded to MINICORN
DELOS Aqua (2021, Menteng, $8.0M, Seed)
Operators of land-based recirculating aquaculture
systems for sustainable production of shrimp
Alpha JWC Ventures, MDI Ventures, Arise and 6 other
Investors
Added to Editor's Pick
Blocknom (2021, Jakarta, $500K, Seed)
App-based platform to manage crypto portfolio and
earn rewards
Y Combinator,Magic Fund,Numberand
Added to Editor's Pick
HSB (2018, Jakarta, Unfunded)
App-based brokerage platform for trading in the forex
market
Added to Editor's Pick
Samsat Digital Nasional (2021, Jakarta, Unfunded)
App-based payment solutions for motor vehicle taxes
Added to Editor's Pick
Wilov (2021, Jakarta, Unfunded)
Mobile app for reproductive health management

11. Indonesia Tech - March 2022 Copyright © 2022, Tracxn Technologies Limited. All rights reserved.
Acquisitions
List of Acquisitions in Indonesia Tech in March 2022
Indonesia Tech: Acquisitions
11
Acq. Date Company Acquirer Deal Size
02 Mar 2022
DANA(2017, Jakarta)
Digital wallet
Dian Swastatika Sentosa $200.0M
15 Mar 2022
Chilibeli(2019, Jakarta, $10.0M)
Online community-based platform offering fruits and vegetables
WEBUY
30 Mar 2022
Sribu(2011, Jakarta)
Crowdsourced design website
Mynavi

12. Indonesia Tech - March 2022 Copyright © 2022, Tracxn Technologies Limited. All rights reserved.
Recent News (1/2)
Recent News in Indonesia Tech in March 2022
Indonesia Tech:News
12
Exit News
.
● Lending platform Kredivo scraps $2.5 billion SPAC deal Reuters
.
● Webuy Snaps Up Group Buying Rival Chilibeli PYMNTS.com
.
● Bukalapak on the rise, 6.49% stronger after lock-up ended IDNFinancials
.
● Indonesian fintech startup FinAccel scraps SPAC merger Nihon Keizai Shimbun
.
People News
.
● dentsu Indonesia promotes Aloysia Dian Anggraeni, names first growth lead
MARKETING-INTERACTIVE
.
Company News
.
● Adagene, Merck gets FDA clearance to advance ADG126/Keytruda combo in
solid tumor studySeeking Alpha

13. Indonesia Tech - March 2022 Copyright © 2022, Tracxn Technologies Limited. All rights reserved.
Explore more on Tracxn
Explore more about Indonesia Tech on Tracxn Platform
Indonesia Tech: Explore more on Tracxn Platform
13
Companies
Recent Companies Covered
Funded Companies
Editor's Pick
Soonicorn Club
SaaS Companies in Indonesia
AI Companies in Indonesia
Fintech Companies Indonesia
Consumer Digital in Indonesia
Company Due Diligence
Detailed profile of Traveloka
Competitors of Akulaku
Cap Tables of Ajaib
Investment Activity
Recent Investments
Investment Trend of last 10 years
Mega Investments Rounds
Investors
Most Active Investors
Most Active Angel Investors
Unicorn Investors
Exits
IPO'd Companies
Recent Acquisitions
Most Active Acquirers
Recent Acquihires
News & Events
Recent News
News on People
News on Unicorns
Upcoming Events
Library
Recent Reports
Tracxn Blog
Global Sector Landscape

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