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1. TRACXN TOP BUSINESS MODELS REPORT
January 24, 2022
INDONESIA TECH

2. Indonesia Tech - Top Business Models Report Copyright © 2021, Tracxn Technologies Limited. All rights reserved.
Contents
IndonesiaIndonesia Tech Funding -
Overview
3
Top Funded Business Models 4
One pagers 9
Appendix 59
2

3. Indonesia Tech - Top Business Models Report Copyright © 2021, Tracxn Technologies Limited. All rights reserved.
Indonesia Tech - Funding in last 1 year
3
Payments $694M
Investment Tech $411M
Horizontal E-Commerce $234M
OTT Video $150M
Aquaculture Tech $131M
Y-o-Y Funding
Top Investors by Funding Rounds
Seed
Stage
East Ventures
ACVentures
Beenext
8
7
6
Early
Stage
ACVentures
East Ventures
MDI Ventures
13
10
8
Late
Stage
MDI Ventures
Tiger Global Management
East Ventures
5
4
4
Funding by Geography
Top Feeds by $ Funding
Top Funding Rounds
$ Funding # Rounds
Gojek
(2010, Jakarta)
$300M - Series H
Bukalapak
(2010, Jakarta)
$234M - Series G
SiCepat
(2014, Jakarta)
$170M - Series B
Ajaib
(2018, West Jakarta)
$153M - Series B
Vidio
(2014, Jakarta)
$150M - Series D
Xendit
(2015, Jakarta)
$150M - Series C
FinAccel
(2015, Jakarta)
$125M - Series C
GudangAda
(2019, Tangerang)
$100M - Series B
eFishery
(2013, Bandung)
$90.0M - Series C
Ula
(2019, Jakarta)
$87.0M - Series B
Halodoc
(2016, Jakarta)
$80.0M - Series C
BukuKas
(2019, Jakarta)
$80.0M - Series C
Jakarta (80%)
West Jakarta (9%)
Tangerang (6%)
Bandung (4%)
Depok (1%)
Others (0%)

4. Copyright © 2021, Tracxn Technologies Limited. All rights reserved.
Indonesia Tech - Top Business Models Report
Indonesia Tech - Top Funded Business Models - last 1 year (1/5)
4
Rank Business Model $ Funding # Rounds Top Funding Round Details
1<> 0 Digital Wallets $348M 2 Gojek | $300M | Series H Link
2<> 0 B2C Hyperlocal Delivery $300M 1 Gojek | $300M | Series H Link
3<> 0 Two Wheeler Ride Hailing $300M 1 Gojek | $300M | Series H Link
4<> 0 Multi Products Marketplaces $234M 1 Bukalapak | $234M | Series G Link
5-- Business Payments Solutions $215M 3 Xendit | $150M | Series C Link
6▲3 Last Mile Ecommerce Delivery Services $170M 1 SiCepat | $170M | Series B Link
7-- Advertisement Based Video On Demand $150M 1 Vidio | $150M | Series D Link
8-- Video Sharing Platforms $150M 1 Vidio | $150M | Series D Link
9▲1 B2B Horizontal Marketplaces $130M 3 Ula | $87.0M | Series B Link
10▲14 B2B Grocery Marketplace $130M 3 Ula | $87.0M | Series B Link
* Rank is based on $Invested in last 1 year in the Business Model. ▲- Indicates change in Rank from previous 1 year.

5. Copyright © 2021, Tracxn Technologies Limited. All rights reserved.
Indonesia Tech - Top Business Models Report
Indonesia Tech - Top Funded Business Models - last 1 year (2/5)
5
Rank Business Model $ Funding # Rounds Top Funding Round Details
11-- Internet First Point of Sale Financing Marketplaces $125M 1 FinAccel | $125M | Series C Link
12▲18 Mutual Fund Investment Platforms $110M 5 Pluang | $55.0M | Series B Link
13▲1 B2B E-Commerce Software Suite $100M 1 GudangAda | $100M | Series B Link
14▲5 B2B Farm Produce Marketplaces $84.5M 4 TaniHub | $65.5M | Series B Link
15▲11 CPG Brands E-Commerce Software Suite $81.0M 2 SIRCLO | $45.0M | Series B Link
16-- Web Based Platform for Doctor Consultation $80.0M 1 Halodoc | $80.0M | Series C Link
17-- E-Commerce Storefronts $80.0M 1 LummoSHOP | $80.0M | Series C Link
18-- Online Business Payments $75.0M 2 OY! | $45.0M | Series A Link
19▲1 B2B Farm Produce Marketplace $65.5M 1 TaniHub | $65.5M | Series B Link
20-- Drugs for Multiple Cancer Types $55.0M 1 KGbio | $55.0M | Series C Link
* Rank is based on $Invested in last 1 year in the Business Model. ▲- Indicates change in Rank from previous 1 year.

6. Copyright © 2021, Tracxn Technologies Limited. All rights reserved.
Indonesia Tech - Top Business Models Report
Indonesia Tech - Top Funded Business Models - last 1 year (3/5)
6
Rank Business Model $ Funding # Rounds Top Funding Round Details
21-- Online Subscription Based K-12 Academic Tutoring $55.0M 1 Ruangguru | $55.0M | Series C Link
22-- Nephrology Drugs $55.0M 1 KGbio | $55.0M | Series C Link
23▼7 Internet First P2P Lenders $43.0M 1 KoinWorks | $43.0M | Series C Link
24-- Cryptocurrency Trading Platforms $41.0M 2 Pintu | $35.0M | Series A Link
25-- Social Reselling Platforms $30.0M 2 Evermos | $30.0M | Series B Link
26-- B2B Fruits and Vegetables Marketplace $19.0M 2 Eden Farm | $19.0M | Series A Link
27-- SMB Accounting $18.0M 1 Mekari | $18.0M | Series D Link
28-- Electronic Signature $17.5M 1 PrivyID | $17.5M | Series B Link
29-- Electronic Signature $17.5M 1 PrivyID | $17.5M | Series B Link
30▼13 Internet First Invoice Financing Marketplace $17.5M 1 Alami Sharia | $17.5M | Series A Link
* Rank is based on $Invested in last 1 year in the Business Model. ▲- Indicates change in Rank from previous 1 year.

7. Copyright © 2021, Tracxn Technologies Limited. All rights reserved.
Indonesia Tech - Top Business Models Report
Indonesia Tech - Top Funded Business Models - last 1 year (4/5)
7
Rank Business Model $ Funding # Rounds Top Funding Round Details
31-- Home Furnishing Products and Services Ecommerce $15.0M 1 Dekoruma | $15.0M | Series C Link
32-- On Demand Pay $14.7M 4 Gaji Gesa | $6.6M | Seed Link
33-- Internet First Education Loans $12.0M 3 Pintek | $7.0M | Series A Link
34-- Corporate Tax Accounting $12.0M 1 OnlinePajak | $12.0M | Series C Link
35-- Online B2B Horizontal Retailers $11.5M 2 Dagangan | $11.5M | Series A Link
36▼8 Open Banking Aggregation APIs $10.0M 2 Ayoconnect | $10.0M | Series A Link
37▼8 Open Banking APIs for Payments $10.0M 2 Ayoconnect | $10.0M | Series A Link
38-- C2B Used Cars Marketplaces $10.0M 1 Moladin | $10.0M | Series A Link
39-- Online K-12 Math Tutoring $10.0M 1 CoLearn | $10.0M | Series A Link
40-- Group Buying Platforms $10.0M 2 KitaBeli | $10.0M | Series A Link
* Rank is based on $Invested in last 1 year in the Business Model. ▲- Indicates change in Rank from previous 1 year.

8. Copyright © 2021, Tracxn Technologies Limited. All rights reserved.
Indonesia Tech - Top Business Models Report
Indonesia Tech - Top Funded Business Models - last 1 year (5/5)
8
Rank Business Model $ Funding # Rounds Top Funding Round Details
41▼10 Online Multi Language Tutoring $10.0M 1 Cakap | $10.0M | Series B Link
42-- Agriculture Crowdfunding Platforms $9.0M 1 Crowde | $9.0M | Series B Link
43-- ERP for SMBs $8.8M 2 majoo | $4.8M | Seed Link
44-- College Education Loans Platforms $7.0M 2 Pintek | $7.0M | Series A Link
45--
Internet First Banks for Businesses with Partner
Bank's License
$5.2M 1 UpBanx | $5.2M | Seed Link
46▼34 Insurance Comparison Platforms $5.0M 3 PasarPolis | $5.0M | Series B Link
47-- Audit Management System $4.6M 1 Nimbly Technologies | $4.6M | Seed Link
48-- Concierge Healthcare Booking Services $4.1M 1 Klinik Pintar | $4.1M | Series A Link
49-- ERP for Schools $4.0M 1 Gredu | $4.0M | Series A Link
50-- School Management Software $4.0M 1 Gredu | $4.0M | Series A Link
* Rank is based on $Invested in last 1 year in the Business Model. ▲- Indicates change in Rank from previous 1 year.

9. Copyright © 2021, Tracxn Technologies Limited. All rights reserved.
Indonesia Tech - Top Business Models Report
Recent Funding Rounds
Gojek (2010, Jakarta)
$300M - Series H - May 2021
Flip (2016, Depok)
$48.0M - Series B - Dec 2021
Digital Wallets - Indonesia
01
9
Back to index
Payments (Xendit)
(# Cos: 273 | $5.5B)
Consumer Payments (LinkAja)
(# Cos: 148 | $5.0B)
Wallets (Gojek)
(# Cos: 57 | $5.0B)
Taxonomy
$ Invested in last 1 year in Indonesia
Tech
Key Stats
# Funding Rounds in last 1 year in
Indonesia Tech
$348M (▼74.2%)
2(▼77.8%)
Funded Companies
Companies
Acquisitions
Total $ Invested
IPOs
Soonicorn Club
5
$5.0B
10
-
57
4
Gojek
(2010, Jakarta, $4.9B)
LinkAja
(2019, Jakarta, $100M)
OVO
(2015, Jakarta)
Note: The last node in the Taxonomy represents the Business Model addressed in the title of the slide.

10. Copyright © 2021, Tracxn Technologies Limited. All rights reserved.
Indonesia Tech - Top Business Models Report
Recent Funding Rounds
B2C Hyperlocal Delivery - Indonesia
02
10
Back to index
Taxonomy
$ Invested in last 1 year in Indonesia
Tech
Key Stats
# Funding Rounds in last 1 year in
Indonesia Tech
$300M (▼77.8%)
1(▼80%)
Funded Companies
Companies
Acquisitions
Total $ Invested
IPOs
Soonicorn Club
-
$4.9B
3
-
38
1
Logistics Tech (Shipper)
(# Cos: 236 | $5.5B)
Parcel (Paket)
(# Cos: 111 | $4.9B)
Hyperlocal Delivery (Rapid Rabbits)
(# Cos: 68 | $4.9B)
B2C (Gojek)
(# Cos: 38 | $4.9B)
Gojek
(2010, Jakarta, $4.9B)
OL-JEK Teknojek
(2015, Tangerang)
Note: The last node in the Taxonomy represents the Business Model addressed in the title of the slide.
Gojek (2010, Jakarta)
$300M - Series H - May 2021

11. Copyright © 2021, Tracxn Technologies Limited. All rights reserved.
Indonesia Tech - Top Business Models Report
Recent Funding Rounds
Gojek (2010, Jakarta)
$300M - Series H - May 2021
Two Wheeler Ride Hailing - Indonesia
03
11
Back to index
Road Transport Tech (Bustiket)
(# Cos: 178 | $4.9B)
Ride Hailing (OL-JEK)
(# Cos: 74 | $4.9B)
Motorized Two-Wheelers (Gojek)
(# Cos: 30 | $4.9B)
Taxonomy
$ Invested in last 1 year in Indonesia
Tech
Key Stats
# Funding Rounds in last 1 year in
Indonesia Tech
$300M (▼77.8%)
1(▼80%)
Funded Companies
Companies
Acquisitions
Total $ Invested
IPOs
Soonicorn Club
-
$4.9B
3
-
30
1
Gojek
(2010, Jakarta, $4.9B)
Teknojek
(2015, Tangerang)
Bojek
(2016, Bogor)
Note: The last node in the Taxonomy represents the Business Model addressed in the title of the slide.

12. Copyright © 2021, Tracxn Technologies Limited. All rights reserved.
Indonesia Tech - Top Business Models Report
Recent Funding Rounds
Multi Products Marketplaces - Indonesia
04
12
Back to index
Horizontal E-Commerce (Bukalapak)
(# Cos: 152 | $4.7B)
Marketplace (Tokopedia)
(# Cos: 61 | $4.0B)
Taxonomy
$ Invested in last 1 year in Indonesia
Tech
Key Stats
# Funding Rounds in last 1 year in
Indonesia Tech
$234M (▼79.7%)
1(▼75%)
Funded Companies
Companies
Acquisitions
Total $ Invested
IPOs
Soonicorn Club
4
$4.0B
10
1
61
0
Tokopedia
(2009, Jakarta, $3.3B)
Bukalapak
(2010, Jakarta, $584M)
Blibli.com
(2011, Jakarta)
Note: The last node in the Taxonomy represents the Business Model addressed in the title of the slide.
Bukalapak (2010, Jakarta)
$234M - Series G - Apr 2021

13. Copyright © 2021, Tracxn Technologies Limited. All rights reserved.
Indonesia Tech - Top Business Models Report
Recent Funding Rounds
Xendit (2015, Jakarta)
$150M - Series C - Sep 2021
Xendit (2015, Jakarta)
$64.6M - Series B - Mar 2021
Doku (2007, Jakarta)
$32.0M - PE - Aug 2021
Business Payments Solutions - Indonesia
05
13
Back to index
Payments (Gojek)
(# Cos: 273 | $5.5B)
Business Payments (PAYFAZZ)
(# Cos: 107 | $456M)
Diversified (Xendit)
(# Cos: 9 | $270M)
Taxonomy
$ Invested in last 1 year in Indonesia
Tech
Key Stats
# Funding Rounds in last 1 year in
Indonesia Tech
$215M ( -- )
3( -- )
Funded Companies
Companies
Acquisitions
Total $ Invested
IPOs
Soonicorn Club
3
$270M
2
-
9
1
Xendit
(2015, Jakarta, $238M)
Doku
(2007, Jakarta, $32.0M)
Indopay
(2005, Jakarta)
Note: The last node in the Taxonomy represents the Business Model addressed in the title of the slide.

14. Copyright © 2021, Tracxn Technologies Limited. All rights reserved.
Indonesia Tech - Top Business Models Report
Recent Funding Rounds
SiCepat (2014, Jakarta)
$170M - Series B - Mar 2021
Last Mile Ecommerce Delivery Services -
Indonesia
06
14
Back to index
Logistics Tech (Gojek)
(# Cos: 236 | $5.5B)
Ecommerce Logistics (Shipper)
(# Cos: 26 | $413M)
Last Mile (SiCepat)
(# Cos: 6 | $324M)
Taxonomy
$ Invested in last 1 year in Indonesia
Tech
Key Stats
# Funding Rounds in last 1 year in
Indonesia Tech
$170M (▲70%)
1(▼50%)
Funded Companies
Companies
Acquisitions
Total $ Invested
IPOs
Soonicorn Club
-
$324M
1
-
6
1
SiCepat
(2014, Jakarta, $324M)
Ninja Xpress
(2014, Jakarta)
JETexpress
(2015, Tangerang)
Note: The last node in the Taxonomy represents the Business Model addressed in the title of the slide.

15. Copyright © 2021, Tracxn Technologies Limited. All rights reserved.
Indonesia Tech - Top Business Models Report
Recent Funding Rounds
Advertisement Based Video On Demand
- Indonesia
07
15
Back to index
Taxonomy
$ Invested in last 1 year in Indonesia
Tech
Key Stats
# Funding Rounds in last 1 year in
Indonesia Tech
$150M ( -- )
1( -- )
Funded Companies
Companies
Acquisitions
Total $ Invested
IPOs
Soonicorn Club
1
$150M
1
-
10
0
OTT Video (Nonolive)
(# Cos: 52 | $151M)
OTT Streaming Platforms (Bigo Live)
(# Cos: 34 | $151M)
Video On Demand (VOD) (Mola TV)
(# Cos: 22 | $150M)
Film & TV (Genflix)
(# Cos: 19 | $150M)
Ad-Supported (AVOD) (Vidio)
(# Cos: 10 | $150M)
Vidio
(2014, Jakarta, $150M)
vlix.id
(2018, Jakarta)
Kineria
(2013, Jakarta)
Note: The last node in the Taxonomy represents the Business Model addressed in the title of the slide.
Vidio (2014, Jakarta)
$150M - Series D - Nov 2021

16. Copyright © 2021, Tracxn Technologies Limited. All rights reserved.
Indonesia Tech - Top Business Models Report
Recent Funding Rounds
Vidio (2014, Jakarta)
$150M - Series D - Nov 2021
Video Sharing Platforms - Indonesia
08
16
Back to index
Social Platforms (Female Daily)
(# Cos: 113 | $156M)
Horizontal (Yogrt)
(# Cos: 54 | $155M)
Video Sharing (Vidio)
(# Cos: 4 | $150M)
Taxonomy
$ Invested in last 1 year in Indonesia
Tech
Key Stats
# Funding Rounds in last 1 year in
Indonesia Tech
$150M ( -- )
1( -- )
Funded Companies
Companies
Acquisitions
Total $ Invested
IPOs
Soonicorn Club
1
$150M
1
-
4
0
Vidio
(2014, Jakarta, $150M)
meTube
(2016, Jakarta)
Penontoon
(2015, Jakarta)
Note: The last node in the Taxonomy represents the Business Model addressed in the title of the slide.

17. Copyright © 2021, Tracxn Technologies Limited. All rights reserved.
Indonesia Tech - Top Business Models Report
Recent Funding Rounds
Ula (2019, Jakarta)
$87.0M - Series B - Oct 2021
Ula (2019, Jakarta)
$23.1M - Series B - Nov 2021
Ula (2019, Jakarta)
$20.0M - Series A - Jan 2021
B2B Horizontal Marketplaces - Indonesia
09
17
Back to index
B2B E-Commerce (TaniHub)
(# Cos: 99 | $610M)
Horizontal (Ralali)
(# Cos: 26 | $326M)
Marketplace (Ula)
(# Cos: 14 | $291M)
Taxonomy
$ Invested in last 1 year in Indonesia
Tech
Key Stats
# Funding Rounds in last 1 year in
Indonesia Tech
$130M (▲95.9%)
3(▼25%)
Funded Companies
Companies
Acquisitions
Total $ Invested
IPOs
Soonicorn Club
1
$291M
7
-
14
3
Ula
(2019, Jakarta, $141M)
Ralali
(2015, Jakarta, $22.5M)
GudangAda
(2018, Tangerang, $36.0M)
Note: The last node in the Taxonomy represents the Business Model addressed in the title of the slide.

18. Copyright © 2021, Tracxn Technologies Limited. All rights reserved.
Indonesia Tech - Top Business Models Report
Recent Funding Rounds
B2B Grocery Marketplace - Indonesia
10
18
Back to index
Taxonomy
$ Invested in last 1 year in Indonesia
Tech
Key Stats
# Funding Rounds in last 1 year in
Indonesia Tech
$130M (▲1139%)
3(▲50%)
Funded Companies
Companies
Acquisitions
Total $ Invested
IPOs
Soonicorn Club
-
$141M
2
-
2
1
Online Grocery (Lemonilo)
(# Cos: 123 | $481M)
B2B Ecommerce (TaniHub)
(# Cos: 19 | $255M)
Multi-Category (KlikDaily)
(# Cos: 3 | $141M)
Marketplace (Ula)
(# Cos: 2 | $141M)
Ula
(2019, Jakarta, $141M)
KlikDaily
(2015, Tangerang)
Note: The last node in the Taxonomy represents the Business Model addressed in the title of the slide.
Ula (2019, Jakarta)
$87.0M - Series B - Oct 2021
Ula (2019, Jakarta)
$23.1M - Series B - Nov 2021
Ula (2019, Jakarta)
$20.0M - Series A - Jan 2021

19. Copyright © 2021, Tracxn Technologies Limited. All rights reserved.
Indonesia Tech - Top Business Models Report
Recent Funding Rounds
Internet First Point of Sale Financing
Marketplaces - Indonesia
11
19
Back to index
Taxonomy
$ Invested in last 1 year in Indonesia
Tech
Key Stats
# Funding Rounds in last 1 year in
Indonesia Tech
$125M ( -- )
1( -- )
Funded Companies
Companies
Acquisitions
Total $ Invested
IPOs
Soonicorn Club
-
$380M
3
-
7
2
Alternative Lending (UangTeman)
(# Cos: 177 | $971M)
Online Lenders (Investree)
(# Cos: 152 | $831M)
Consumer Loans (FinAccel)
(# Cos: 82 | $583M)
Point of Sale Financing (Kredivo)
(# Cos: 18 | $520M)
Marketplace (Akulaku)
(# Cos: 7 | $380M)
Akulaku
(2014, Jakarta, $220M)
FinAccel
(2015, Jakarta, $160M)
Shoot Your Dream
(2013, Jakarta)
Note: The last node in the Taxonomy represents the Business Model addressed in the title of the slide.
FinAccel (2015, Jakarta)
$125M - Series C - Sep 2021

20. Copyright © 2021, Tracxn Technologies Limited. All rights reserved.
Indonesia Tech - Top Business Models Report
Recent Funding Rounds
Mutual Fund Investment Platforms -
Indonesia
12
20
Back to index
Taxonomy
$ Invested in last 1 year in Indonesia
Tech
Key Stats
# Funding Rounds in last 1 year in
Indonesia Tech
$110M (▲3007%)
5(▲400%)
Funded Companies
Companies
Acquisitions
Total $ Invested
IPOs
Soonicorn Club
2
$117M
3
-
7
1
Investment Tech (Ajaib)
(# Cos: 169 | $478M)
Online Trading Platforms (Stockbit)
(# Cos: 84 | $362M)
Public Market Funds (Bareksa)
(# Cos: 7 | $117M)
Mutual Funds (Pluang)
(# Cos: 7 | $117M)
Pluang
(2013, Jakarta, $113M)
Bareksa
(2013, Jakarta, $3.5M)
tanamduit
(2015, Jakarta)
Note: The last node in the Taxonomy represents the Business Model addressed in the title of the slide.
Pluang (2013, Jakarta)
$55.0M - Series B - Jan 2022
Pluang (2013, Jakarta)
$35.0M - Series B - Sep 2021
Pluang (2013, Jakarta)
$20.0M - Series A - Mar 2021
Bareksa (2013, Jakarta)
Undisclosed - Series C - Nov 2021
Makmur (2020, Jakarta)
Undisclosed - Seed - Sep 2021

21. Copyright © 2021, Tracxn Technologies Limited. All rights reserved.
Indonesia Tech - Top Business Models Report
Recent Funding Rounds
GudangAda (2019, Tangerang)
$100M - Series B - Jul 2021
B2B E-Commerce Software Suite -
Indonesia
13
21
Back to index
B2B E-Commerce (Ula)
(# Cos: 99 | $610M)
Technology Enablers (Indoproc)
(# Cos: 10 | $135M)
E Commerce Software Suite
(GudangAda)
(# Cos: 3 | $135M)
Taxonomy
$ Invested in last 1 year in Indonesia
Tech
Key Stats
# Funding Rounds in last 1 year in
Indonesia Tech
$100M (▲294%)
1( <> 0% )
Funded Companies
Companies
Acquisitions
Total $ Invested
IPOs
Soonicorn Club
-
$135M
1
-
3
1
GudangAda
(2019, Tangerang, $135M)
Desain Bareng
(2020, Sukoharjo)
SMOL
(2020, Balikpapan)
Note: The last node in the Taxonomy represents the Business Model addressed in the title of the slide.

22. Copyright © 2021, Tracxn Technologies Limited. All rights reserved.
Indonesia Tech - Top Business Models Report
Recent Funding Rounds
B2B Farm Produce Marketplaces -
Indonesia
14
22
Back to index
Taxonomy
$ Invested in last 1 year in Indonesia
Tech
Key Stats
# Funding Rounds in last 1 year in
Indonesia Tech
$84.5M (▲397%)
4(▲300%)
Funded Companies
Companies
Acquisitions
Total $ Invested
IPOs
Soonicorn Club
1
$115M
6
-
10
2
B2B E-Commerce (Ula)
(# Cos: 99 | $610M)
Food & Beverages (Stoqo)
(# Cos: 21 | $115M)
Groceries (KlikDaily)
(# Cos: 18 | $115M)
Farm Products (Eden Farm)
(# Cos: 13 | $115M)
Marketplace (TaniHub)
(# Cos: 10 | $115M)
TaniHub
(2015, Jakarta, $94.0M)
Eden Farm
(2017, West Jakarta, $20.8M)
PanenID
(2016, Denpasar)
Note: The last node in the Taxonomy represents the Business Model addressed in the title of the slide.
TaniHub (2015, Jakarta)
$65.5M - Series B - May 2021
Eden Farm (2017, West Jakarta)
$19.0M - Series A - Nov 2021
Eden Farm (2017, West Jakarta)
Undisclosed - Seed - Mar 2021
AgriAku (2021, Jakarta)
Undisclosed - Seed - Dec 2021

23. Copyright © 2021, Tracxn Technologies Limited. All rights reserved.
Indonesia Tech - Top Business Models Report
Recent Funding Rounds
CPG Brands E-Commerce Software Suite
- Indonesia
15
23
Back to index
Brands Tech (Snapcart)
(# Cos: 4 | $107M)
ECommerce Software (SIRCLO)
(# Cos: 1 | $92.0M)
Taxonomy
$ Invested in last 1 year in Indonesia
Tech
Key Stats
# Funding Rounds in last 1 year in
Indonesia Tech
$81.0M (▲1250%)
2(▲100%)
Funded Companies
Companies
Acquisitions
Total $ Invested
IPOs
Soonicorn Club
-
$92.0M
1
-
1
1
SIRCLO
(2013, Tangerang, $92.0M)
Note: The last node in the Taxonomy represents the Business Model addressed in the title of the slide.
SIRCLO (2013, Tangerang)
$45.0M - Series B - May 2021
SIRCLO (2013, Tangerang)
$36.0M - Series B - Sep 2021

24. Copyright © 2021, Tracxn Technologies Limited. All rights reserved.
Indonesia Tech - Top Business Models Report
Recent Funding Rounds
Web Based Platform for Doctor
Consultation - Indonesia
16
24
Back to index
Taxonomy
$ Invested in last 1 year in Indonesia
Tech
Key Stats
# Funding Rounds in last 1 year in
Indonesia Tech
$80.0M ( -- )
1( -- )
Funded Companies
Companies
Acquisitions
Total $ Invested
IPOs
Soonicorn Club
-
$181M
5
-
23
1
Healthcare Booking Platforms (Prixa)
(# Cos: 155 | $241M)
Doctors (Alodokter)
(# Cos: 72 | $232M)
Telemedicine (MeetDoctor)
(# Cos: 39 | $181M)
Teleconsultation (Riliv)
(# Cos: 39 | $181M)
Diversified (Halodoc)
(# Cos: 23 | $181M)
Halodoc
(2016, Jakarta, $180M)
MeetDoctor
(2011, Jakarta, $480K)
Tele Sehat Indonesia
(2015, Depok)
Note: The last node in the Taxonomy represents the Business Model addressed in the title of the slide.
Halodoc (2016, Jakarta)
$80.0M - Series C - Apr 2021

25. Copyright © 2021, Tracxn Technologies Limited. All rights reserved.
Indonesia Tech - Top Business Models Report
Recent Funding Rounds
LummoSHOP (2019, Jakarta)
$80.0M - Series C - Jan 2022
E-Commerce Storefronts - Indonesia
17
25
Back to index
E-Commerce Enablers (SIRCLO)
(# Cos: 67 | $500M)
Storefronts (LummoSHOP)
(# Cos: 26 | $83.2M)
Diversified (TokoTalk)
(# Cos: 16 | $83.2M)
Taxonomy
$ Invested in last 1 year in Indonesia
Tech
Key Stats
# Funding Rounds in last 1 year in
Indonesia Tech
$80.0M ( -- )
1( -- )
Funded Companies
Companies
Acquisitions
Total $ Invested
IPOs
Soonicorn Club
-
$83.2M
3
-
16
0
TokoTalk
(2018, Jakarta, $3.2M)
LummoSHOP
(2019, Jakarta, $80.0M)
Jarvis Store
(2013, Bali)
Note: The last node in the Taxonomy represents the Business Model addressed in the title of the slide.

26. Copyright © 2021, Tracxn Technologies Limited. All rights reserved.
Indonesia Tech - Top Business Models Report
Recent Funding Rounds
OY! (2017, Jakarta)
$45.0M - Series A - Jul 2021
OY! (2017, Jakarta)
$30.0M - Series A - Sep 2021
Online Business Payments - Indonesia
18
26
Back to index
Payments (Gojek)
(# Cos: 273 | $5.5B)
Business Payments (Xendit)
(# Cos: 107 | $456M)
Online Payments (OY!)
(# Cos: 30 | $75.1M)
Taxonomy
$ Invested in last 1 year in Indonesia
Tech
Key Stats
# Funding Rounds in last 1 year in
Indonesia Tech
$75.0M ( -- )
2( -- )
Funded Companies
Companies
Acquisitions
Total $ Invested
IPOs
Soonicorn Club
1
$75.1M
4
-
30
1
OY!
(2017, Jakarta, $75.0M)
Midtrans
(2012, Jakarta)
Smart In Pays
(2016, Jakarta)
Note: The last node in the Taxonomy represents the Business Model addressed in the title of the slide.

27. Copyright © 2021, Tracxn Technologies Limited. All rights reserved.
Indonesia Tech - Top Business Models Report
Recent Funding Rounds
B2B Farm Produce Marketplace -
Indonesia
19
27
Back to index
Taxonomy
$ Invested in last 1 year in Indonesia
Tech
Key Stats
# Funding Rounds in last 1 year in
Indonesia Tech
$65.5M (▲285%)
1( <> 0% )
Funded Companies
Companies
Acquisitions
Total $ Invested
IPOs
Soonicorn Club
-
$94.0M
2
-
6
1
Online Grocery (Lemonilo)
(# Cos: 123 | $481M)
B2B Ecommerce (Ula)
(# Cos: 19 | $255M)
Farm Produce (Eden Farm)
(# Cos: 12 | $115M)
Multi-Category (Sipanen)
(# Cos: 7 | $94.0M)
Marketplace (TaniHub)
(# Cos: 6 | $94.0M)
TaniHub
(2015, Jakarta, $94.0M)
Sipanen
(2016, Yogyakarta)
Inacom
(2018, Bogor)
Note: The last node in the Taxonomy represents the Business Model addressed in the title of the slide.
TaniHub (2015, Jakarta)
$65.5M - Series B - May 2021

28. Copyright © 2021, Tracxn Technologies Limited. All rights reserved.
Indonesia Tech - Top Business Models Report
Recent Funding Rounds
Drugs for Multiple Cancer Types -
Indonesia
20
28
Back to index
Drugs (KGbio)
(# Cos: 2 | $55.0M)
Diversified (Eisai)
(# Cos: 2 | $55.0M)
Taxonomy
$ Invested in last 1 year in Indonesia
Tech
Key Stats
# Funding Rounds in last 1 year in
Indonesia Tech
$55.0M ( -- )
1( -- )
Funded Companies
Companies
Acquisitions
Total $ Invested
IPOs
Soonicorn Club
-
$55.0M
2
1
2
1
Eisai
(1941, Jakarta)
KGbio
(2016, Jakarta, $55.0M)
Note: The last node in the Taxonomy represents the Business Model addressed in the title of the slide.
KGbio (2016, Jakarta)
$55.0M - Series C - Jan 2021

29. Copyright © 2021, Tracxn Technologies Limited. All rights reserved.
Indonesia Tech - Top Business Models Report
Recent Funding Rounds
Online Subscription Based K-12
Academic Tutoring - Indonesia
21
29
Back to index
Taxonomy
$ Invested in last 1 year in Indonesia
Tech
Key Stats
# Funding Rounds in last 1 year in
Indonesia Tech
$55.0M ( -- )
1( -- )
Funded Companies
Companies
Acquisitions
Total $ Invested
IPOs
Soonicorn Club
-
$205M
1
-
2
1
K-12 EdTech (Quipper)
(# Cos: 173 | $262M)
B2C Learning Solutions (Cakap)
(# Cos: 65 | $248M)
School Curriculum (CoLearn)
(# Cos: 45 | $235M)
Multi Subject (Zenius Education)
(# Cos: 41 | $225M)
Online Tutoring (PT Zenius Education)
(# Cos: 9 | $225M)
Subscription (Ruangguru)
(# Cos: 2 | $205M)
Ruangguru
(2014, Jakarta, $205M)
Douroosi
Note: The last node in the Taxonomy represents the Business Model addressed in the title of the slide.
Ruangguru (2014, Jakarta)
$55.0M - Series C - Apr 2021

30. Copyright © 2021, Tracxn Technologies Limited. All rights reserved.
Indonesia Tech - Top Business Models Report
Recent Funding Rounds
Nephrology Drugs - Indonesia
22
30
Back to index
Drugs (KGbio)
(# Cos: 1 | $55.0M)
Taxonomy
$ Invested in last 1 year in Indonesia
Tech
Key Stats
# Funding Rounds in last 1 year in
Indonesia Tech
$55.0M ( -- )
1( -- )
Funded Companies
Companies
Acquisitions
Total $ Invested
IPOs
Soonicorn Club
-
$55.0M
1
-
1
1
KGbio
(2016, Jakarta, $55.0M)
Note: The last node in the Taxonomy represents the Business Model addressed in the title of the slide.
KGbio (2016, Jakarta)
$55.0M - Series C - Jan 2021

31. Copyright © 2021, Tracxn Technologies Limited. All rights reserved.
Indonesia Tech - Top Business Models Report
Recent Funding Rounds
Internet First P2P Lenders - Indonesia
23
31
Back to index
Taxonomy
$ Invested in last 1 year in Indonesia
Tech
Key Stats
# Funding Rounds in last 1 year in
Indonesia Tech
$43.0M (▲115%)
1( <> 0% )
Funded Companies
Companies
Acquisitions
Total $ Invested
IPOs
Soonicorn Club
1
$93.1M
1
-
19
1
Alternative Lending (Investree)
(# Cos: 177 | $971M)
Online Lenders (Kredivo)
(# Cos: 152 | $831M)
Diversified (UangTeman)
(# Cos: 28 | $115M)
Marketplace (Asetku)
(# Cos: 22 | $93.1M)
P2P (KoinWorks)
(# Cos: 19 | $93.1M)
KoinWorks
(2015, Jakarta, $93.1M)
Asetku
(2013, Jakarta)
DanaRupiah
(2017, Jakarta)
Note: The last node in the Taxonomy represents the Business Model addressed in the title of the slide.
KoinWorks (2015, Jakarta)
$43.0M - Series C - Jan 2022

32. Copyright © 2021, Tracxn Technologies Limited. All rights reserved.
Indonesia Tech - Top Business Models Report
Recent Funding Rounds
Cryptocurrency Trading Platforms -
Indonesia
24
32
Back to index
Taxonomy
$ Invested in last 1 year in Indonesia
Tech
Key Stats
# Funding Rounds in last 1 year in
Indonesia Tech
$41.0M ( -- )
2( -- )
Funded Companies
Companies
Acquisitions
Total $ Invested
IPOs
Soonicorn Club
-
$41.0M
1
-
10
1
Cryptocurrencies (Tokocrypto)
(# Cos: 109 | $41.0M)
Financial Services (Pundi X)
(# Cos: 73 | $41.0M)
Investment Industry (Indodax)
(# Cos: 56 | $41.0M)
Online Trading Platforms (Coinone
Indonesia)
(# Cos: 15 | $41.0M)
Regular Trading (Pintu)
(# Cos: 10 | $41.0M)
Pintu
(2016, Jakarta, $41.0M)
Coinone Indonesia
(2017, Jakarta)
Botxcoin
(2018, Jakarta)
Note: The last node in the Taxonomy represents the Business Model addressed in the title of the slide.
Pintu (2016, Jakarta)
$35.0M - Series A - Aug 2021
Pintu (2016, Jakarta)
$6.0M - Series A - May 2021

33. Copyright © 2021, Tracxn Technologies Limited. All rights reserved.
Indonesia Tech - Top Business Models Report
Recent Funding Rounds
Social Reselling Platforms - Indonesia
25
33
Back to index
Taxonomy
$ Invested in last 1 year in Indonesia
Tech
Key Stats
# Funding Rounds in last 1 year in
Indonesia Tech
$30.0M ( -- )
2( -- )
Funded Companies
Companies
Acquisitions
Total $ Invested
IPOs
Soonicorn Club
-
$38.3M
3
-
4
1
Social Commerce (Chilibeli)
(# Cos: 20 | $97.5M)
Reselling Platforms (Tokobox)
(# Cos: 6 | $38.3M)
Multi Category (RateS)
(# Cos: 5 | $38.3M)
Diversified (Evermos)
(# Cos: 4 | $38.3M)
Evermos
(2018, Bandung, $38.3M)
RateS Selleri
(2021, Jakarta)
Note: The last node in the Taxonomy represents the Business Model addressed in the title of the slide.
Evermos (2018, Bandung)
$30.0M - Series B - Sep 2021
RateS (2019)
Undisclosed - Series A - Feb 2021

34. Copyright © 2021, Tracxn Technologies Limited. All rights reserved.
Indonesia Tech - Top Business Models Report
Recent Funding Rounds
B2B Fruits and Vegetables Marketplace -
Indonesia
26
34
Back to index
Taxonomy
$ Invested in last 1 year in Indonesia
Tech
Key Stats
# Funding Rounds in last 1 year in
Indonesia Tech
$19.0M ( -- )
2( -- )
Funded Companies
Companies
Acquisitions
Total $ Invested
IPOs
Soonicorn Club
1
$20.8M
2
-
2
1
Online Grocery (Lemonilo)
(# Cos: 123 | $481M)
B2B Ecommerce (Ula)
(# Cos: 19 | $255M)
Farm Produce (TaniHub)
(# Cos: 12 | $115M)
Fruits and Vegetables (PanenID)
(# Cos: 3 | $20.8M)
Marketplace (Eden Farm)
(# Cos: 2 | $20.8M)
Eden Farm
(2017, West Jakarta, $20.8M)
PanenID
(2016, Denpasar)
Note: The last node in the Taxonomy represents the Business Model addressed in the title of the slide.
Eden Farm (2017, West Jakarta)
$19.0M - Series A - Nov 2021
Eden Farm (2017, West Jakarta)
Undisclosed - Seed - Mar 2021

35. Copyright © 2021, Tracxn Technologies Limited. All rights reserved.
Indonesia Tech - Top Business Models Report
Recent Funding Rounds
SMB Accounting - Indonesia
27
35
Back to index
Taxonomy
$ Invested in last 1 year in Indonesia
Tech
Key Stats
# Funding Rounds in last 1 year in
Indonesia Tech
$18.0M ( -- )
1( -- )
Funded Companies
Companies
Acquisitions
Total $ Invested
IPOs
Soonicorn Club
1
$18.0M
6
-
57
2
Finance & Accounting Tech (OnlinePajak)
(# Cos: 123 | $312M)
Accounting Solutions (BukuKas)
(# Cos: 104 | $312M)
Accounting Suite (Mekari)
(# Cos: 60 | $18.0M)
SMBs (Jurnal)
(# Cos: 57 | $18.0M)
Jurnal
(2014, Jakarta)
Mekari
(2015, Jakarta, $18.0M)
ERZ4P
(2010, Bali)
Note: The last node in the Taxonomy represents the Business Model addressed in the title of the slide.
Mekari (2015, Jakarta)
$18.0M - Series D - May 2021

36. Copyright © 2021, Tracxn Technologies Limited. All rights reserved.
Indonesia Tech - Top Business Models Report
Recent Funding Rounds
Electronic Signature - Indonesia
28
36
Back to index
Taxonomy
$ Invested in last 1 year in Indonesia
Tech
Key Stats
# Funding Rounds in last 1 year in
Indonesia Tech
$17.5M ( -- )
1( -- )
Funded Companies
Companies
Acquisitions
Total $ Invested
IPOs
Soonicorn Club
-
$24.0M
1
-
3
1
Legal Tech (Justika)
(# Cos: 25 | $24.0M)
Legal Contract Management (Xegel)
(# Cos: 5 | $24.0M)
Contract Creation (Trusti)
(# Cos: 5 | $24.0M)
e-Signature (PrivyID)
(# Cos: 3 | $24.0M)
PrivyID
(2016, Jakarta, $24.0M)
Xegel
(2017, Jakarta)
SERTISIGN
(2020, Jakarta)
Note: The last node in the Taxonomy represents the Business Model addressed in the title of the slide.
PrivyID (2016, Jakarta)
$17.5M - Series B - Oct 2021

37. Copyright © 2021, Tracxn Technologies Limited. All rights reserved.
Indonesia Tech - Top Business Models Report
Recent Funding Rounds
Electronic Signature - Indonesia
29
37
Back to index
Digital Transaction Management (Konvergen AI)
(# Cos: 11 | $24.0M)
Electronic Signature (PrivyID)
(# Cos: 4 | $24.0M)
Taxonomy
$ Invested in last 1 year in Indonesia
Tech
Key Stats
# Funding Rounds in last 1 year in
Indonesia Tech
$17.5M ( -- )
1( -- )
Funded Companies
Companies
Acquisitions
Total $ Invested
IPOs
Soonicorn Club
-
$24.0M
1
-
4
1
PrivyID
(2016, Jakarta, $24.0M)
Xegel
(2017, Jakarta)
SERTISIGN
(2020, Jakarta)
Note: The last node in the Taxonomy represents the Business Model addressed in the title of the slide.
PrivyID (2016, Jakarta)
$17.5M - Series B - Oct 2021

38. Copyright © 2021, Tracxn Technologies Limited. All rights reserved.
Indonesia Tech - Top Business Models Report
Recent Funding Rounds
Internet First Invoice Financing
Marketplace - Indonesia
30
38
Back to index
Taxonomy
$ Invested in last 1 year in Indonesia
Tech
Key Stats
# Funding Rounds in last 1 year in
Indonesia Tech
$17.5M (▼12.5%)
1( <> 0% )
Funded Companies
Companies
Acquisitions
Total $ Invested
IPOs
Soonicorn Club
1
$47.6M
3
-
6
2
Alternative Lending (UangTeman)
(# Cos: 177 | $971M)
Online Lenders (Kredivo)
(# Cos: 152 | $831M)
Business Loans (Investree)
(# Cos: 36 | $132M)
Trade Finance (ASYX)
(# Cos: 8 | $47.6M)
Invoice Financing (Alami Sharia)
(# Cos: 6 | $47.6M)
Marketplace (AwanTunai)
(# Cos: 6 | $47.6M)
AwanTunai
(2017, Jakarta, $8.6M)
Alami Sharia
(2017, Jakarta, $39.0M)
ASYX
(2006, Jakarta)
Note: The last node in the Taxonomy represents the Business Model addressed in the title of the slide.
Alami Sharia (2017, Jakarta)
$17.5M - Series A - Aug 2021

39. Copyright © 2021, Tracxn Technologies Limited. All rights reserved.
Indonesia Tech - Top Business Models Report
Recent Funding Rounds
Home Furnishing Products and Services
Ecommerce - Indonesia
31
39
Back to index
Home Improvements (Fabelio)
(# Cos: 51 | $35.0M)
Commerce & Services (Dekoruma)
(# Cos: 2 | $15.0M)
Taxonomy
$ Invested in last 1 year in Indonesia
Tech
Key Stats
# Funding Rounds in last 1 year in
Indonesia Tech
$15.0M ( -- )
1( -- )
Funded Companies
Companies
Acquisitions
Total $ Invested
IPOs
Soonicorn Club
-
$15.0M
1
-
2
1
Dekoruma
(2015, Jakarta, $15.0M)
Venoue
(2016, Jakarta)
Note: The last node in the Taxonomy represents the Business Model addressed in the title of the slide.
Dekoruma (2015, Jakarta)
$15.0M - Series C - Aug 2021

40. Copyright © 2021, Tracxn Technologies Limited. All rights reserved.
Indonesia Tech - Top Business Models Report
Recent Funding Rounds
On Demand Pay - Indonesia
32
40
Back to index
Taxonomy
$ Invested in last 1 year in Indonesia
Tech
Key Stats
# Funding Rounds in last 1 year in
Indonesia Tech
$14.7M ( -- )
4( -- )
Funded Companies
Companies
Acquisitions
Total $ Invested
IPOs
Soonicorn Club
-
$14.7M
2
-
3
2
HRTech (Sampingan)
(# Cos: 306 | $39.9M)
Employee Benefits (EBenefit)
(# Cos: 9 | $14.7M)
Financial Benefits (Wagely)
(# Cos: 5 | $14.7M)
On Demand Pay (Gaji Gesa)
(# Cos: 3 | $14.7M)
Gaji Gesa
(2020, Jakarta, $9.1M)
Wagely
(2019, Jakarta, $5.6M)
Kini
(2021, Jakarta)
Note: The last node in the Taxonomy represents the Business Model addressed in the title of the slide.
Gaji Gesa (2020, Jakarta)
$6.6M - Seed - Nov 2021
Wagely (2019, Jakarta)
$5.6M - Series A - Jun 2021
Gaji Gesa (2020, Jakarta)
$2.5M - Seed - Feb 2021
Gaji Gesa (2020, Jakarta)
Undisclosed - Seed - May 2021

41. Copyright © 2021, Tracxn Technologies Limited. All rights reserved.
Indonesia Tech - Top Business Models Report
Recent Funding Rounds
Internet First Education Loans -
Indonesia
33
41
Back to index
Taxonomy
$ Invested in last 1 year in Indonesia
Tech
Key Stats
# Funding Rounds in last 1 year in
Indonesia Tech
$12.0M ( -- )
3( -- )
Funded Companies
Companies
Acquisitions
Total $ Invested
IPOs
Soonicorn Club
-
$17.7M
4
-
4
3
Alternative Lending (UangTeman)
(# Cos: 177 | $971M)
Online Lenders (Investree)
(# Cos: 152 | $831M)
Consumer Loans (Kredivo)
(# Cos: 82 | $583M)
Education Financing (Dana Cita)
(# Cos: 4 | $17.7M)
Loans (Pintek)
(# Cos: 4 | $17.7M)
Direct Lender (CICIL)
(# Cos: 4 | $17.7M)
CICIL
(2016, Jakarta, $5.0M)
Pintek
(2018, Jakarta, $7.7M)
Dana Cita
(2017, Jakarta, $5.0M)
Note: The last node in the Taxonomy represents the Business Model addressed in the title of the slide.
Pintek (2018, Jakarta)
$7.0M - Series A - Nov 2021
Dana Cita (2017, Jakarta)
$5.0M - Series A - Feb 2021
GoKampus (2018, Jakarta)
Undisclosed - Seed - Jun 2021

42. Copyright © 2021, Tracxn Technologies Limited. All rights reserved.
Indonesia Tech - Top Business Models Report
Recent Funding Rounds
Corporate Tax Accounting - Indonesia
34
42
Back to index
Taxonomy
$ Invested in last 1 year in Indonesia
Tech
Key Stats
# Funding Rounds in last 1 year in
Indonesia Tech
$12.0M ( -- )
1( -- )
Funded Companies
Companies
Acquisitions
Total $ Invested
IPOs
Soonicorn Club
-
$37.0M
1
-
7
1
Finance & Accounting Tech (BukuWarung)
(# Cos: 123 | $312M)
Accounting Solutions (Jurnal)
(# Cos: 104 | $312M)
Record to Report (BukuKas)
(# Cos: 23 | $269M)
Taxation (OnlinePajak)
(# Cos: 7 | $37.0M)
OnlinePajak
(2014, Jakarta, $37.0M)
HiPajak
(2018, Jakarta)
Klikpajak
(2019, Jakarta)
Note: The last node in the Taxonomy represents the Business Model addressed in the title of the slide.
OnlinePajak (2014, Jakarta)
$12.0M - Series C - Jul 2021

43. Copyright © 2021, Tracxn Technologies Limited. All rights reserved.
Indonesia Tech - Top Business Models Report
Recent Funding Rounds
Dagangan (2008, West Jakarta)
$11.5M - Series A - Sep 2021
Dagangan (2008, West Jakarta)
Undisclosed - Seed - Jun 2021
Online B2B Horizontal Retailers -
Indonesia
35
43
Back to index
B2B E-Commerce (TaniHub)
(# Cos: 99 | $610M)
Horizontal (Ula)
(# Cos: 26 | $326M)
E-Distributor (Dagangan)
(# Cos: 6 | $33.5M)
Taxonomy
$ Invested in last 1 year in Indonesia
Tech
Key Stats
# Funding Rounds in last 1 year in
Indonesia Tech
$11.5M ( -- )
2( -- )
Funded Companies
Companies
Acquisitions
Total $ Invested
IPOs
Soonicorn Club
-
$33.5M
2
-
6
1
Dagangan
(2008, West Jakarta, $11.5M)
Bhinneka
(1993, Jakarta, $22.0M)
INAEXPORT
(2019, Jakarta)
Note: The last node in the Taxonomy represents the Business Model addressed in the title of the slide.

44. Copyright © 2021, Tracxn Technologies Limited. All rights reserved.
Indonesia Tech - Top Business Models Report
Recent Funding Rounds
Ayoconnect (2016, Jakarta)
$10.0M - Series A - Sep 2021
Brick (2019, Jakarta)
Undisclosed - Seed - Mar 2021
Open Banking Aggregation APIs -
Indonesia
36
44
Back to index
Banking Tech (Cermati)
(# Cos: 56 | $24.7M)
Open Banking (Brick)
(# Cos: 6 | $16.0M)
Aggregation APIs (Ayoconnect)
(# Cos: 4 | $16.0M)
Taxonomy
$ Invested in last 1 year in Indonesia
Tech
Key Stats
# Funding Rounds in last 1 year in
Indonesia Tech
$10.0M (▲100%)
2(▲100%)
Funded Companies
Companies
Acquisitions
Total $ Invested
IPOs
Soonicorn Club
-
$16.0M
2
-
4
1
Ayoconnect
(2016, Jakarta, $16.0M)
Brick
(2019, Jakarta)
Finfini
(2016, Yogyakarta)
Note: The last node in the Taxonomy represents the Business Model addressed in the title of the slide.

45. Copyright © 2021, Tracxn Technologies Limited. All rights reserved.
Indonesia Tech - Top Business Models Report
Recent Funding Rounds
Ayoconnect (2016, Jakarta)
$10.0M - Series A - Sep 2021
Brick (2019, Jakarta)
Undisclosed - Seed - Mar 2021
Open Banking APIs for Payments -
Indonesia
37
45
Back to index
Payments (Gojek)
(# Cos: 273 | $5.5B)
Enablers (Brick)
(# Cos: 17 | $30.0M)
Open Banking APIs (Ayoconnect)
(# Cos: 3 | $16.0M)
Taxonomy
$ Invested in last 1 year in Indonesia
Tech
Key Stats
# Funding Rounds in last 1 year in
Indonesia Tech
$10.0M (▲100%)
2(▲100%)
Funded Companies
Companies
Acquisitions
Total $ Invested
IPOs
Soonicorn Club
-
$16.0M
2
-
3
1
Ayoconnect
(2016, Jakarta, $16.0M)
Brick
(2019, Jakarta)
Finfini
(2016, Yogyakarta)
Note: The last node in the Taxonomy represents the Business Model addressed in the title of the slide.

46. Copyright © 2021, Tracxn Technologies Limited. All rights reserved.
Indonesia Tech - Top Business Models Report
Recent Funding Rounds
C2B Used Cars Marketplaces - Indonesia
38
46
Back to index
Taxonomy
$ Invested in last 1 year in Indonesia
Tech
Key Stats
# Funding Rounds in last 1 year in
Indonesia Tech
$10.0M ( -- )
1( -- )
Funded Companies
Companies
Acquisitions
Total $ Invested
IPOs
Soonicorn Club
-
$11.2M
3
-
4
1
Auto E-Commerce & Content (Otoklix)
(# Cos: 91 | $38.2M)
Second Hand Vehicles (Carmudi Indonesia)
(# Cos: 26 | $11.2M)
Cars (Carsome)
(# Cos: 20 | $11.2M)
C2B Marketplace (Moladin)
(# Cos: 4 | $11.2M)
Moladin
(2016, Jakarta, $11.2M)
Carsome
(2015, Jakarta)
CARRO Indonesia
(2015, Jakarta)
Note: The last node in the Taxonomy represents the Business Model addressed in the title of the slide.
Moladin (2016, Jakarta)
$10.0M - Series A - Jan 2022

47. Copyright © 2021, Tracxn Technologies Limited. All rights reserved.
Indonesia Tech - Top Business Models Report
Recent Funding Rounds
Online K-12 Math Tutoring - Indonesia
39
47
Back to index
Taxonomy
$ Invested in last 1 year in Indonesia
Tech
Key Stats
# Funding Rounds in last 1 year in
Indonesia Tech
$10.0M ( -- )
1( -- )
Funded Companies
Companies
Acquisitions
Total $ Invested
IPOs
Soonicorn Club
-
$10.0M
1
-
1
1
K-12 EdTech (Quipper)
(# Cos: 173 | $262M)
B2C Learning Solutions (PT Zenius Education)
(# Cos: 65 | $248M)
School Curriculum (Ruangguru)
(# Cos: 45 | $235M)
Math (TweakNow)
(# Cos: 4 | $10.0M)
Online Tutoring (CoLearn)
(# Cos: 1 | $10.0M)
CoLearn
(2019, Jakarta, $10.0M)
Note: The last node in the Taxonomy represents the Business Model addressed in the title of the slide.
CoLearn (2019, Jakarta)
$10.0M - Series A - Apr 2021

48. Copyright © 2021, Tracxn Technologies Limited. All rights reserved.
Indonesia Tech - Top Business Models Report
Recent Funding Rounds
KitaBeli (2020, Jakarta)
$10.0M - Series A - Mar 2021
KitaBeli (2020, Jakarta)
Undisclosed - Series A - Sep 2021
Group Buying Platforms - Indonesia
40
48
Back to index
Social Commerce (Chilibeli)
(# Cos: 20 | $97.5M)
Group Buying (BoxAladin)
(# Cos: 3 | $10.0M)
Diversified (KitaBeli)
(# Cos: 3 | $10.0M)
Taxonomy
$ Invested in last 1 year in Indonesia
Tech
Key Stats
# Funding Rounds in last 1 year in
Indonesia Tech
$10.0M ( -- )
2( -- )
Funded Companies
Companies
Acquisitions
Total $ Invested
IPOs
Soonicorn Club
-
$10.0M
1
-
3
1
KitaBeli
(2020, Jakarta, $10.0M)
BoxAladin
(2016, Yogyakarta)
Tukulaku
(2018, Jakarta)
Note: The last node in the Taxonomy represents the Business Model addressed in the title of the slide.

49. Copyright © 2021, Tracxn Technologies Limited. All rights reserved.
Indonesia Tech - Top Business Models Report
Recent Funding Rounds
Online Multi Language Tutoring -
Indonesia
41
49
Back to index
Taxonomy
$ Invested in last 1 year in Indonesia
Tech
Key Stats
# Funding Rounds in last 1 year in
Indonesia Tech
$10.0M (▲233%)
1( <> 0% )
Funded Companies
Companies
Acquisitions
Total $ Invested
IPOs
Soonicorn Club
-
$13.0M
2
-
6
0
Continued Learning (Hacktiv8)
(# Cos: 143 | $16.2M)
Vocational (Arkademi)
(# Cos: 61 | $13.2M)
Language Learning (Bahaso)
(# Cos: 26 | $13.0M)
Multi Language (My Dictionary)
(# Cos: 13 | $13.0M)
Online Tutoring (Cakap)
(# Cos: 6 | $13.0M)
Cakap
(2015, Jakarta, $13.0M)
Thunder Teacher
(2019, Bekasi)
BIPALOKA
(2019, Malang)
Note: The last node in the Taxonomy represents the Business Model addressed in the title of the slide.
Cakap (2015, Jakarta)
$10.0M - Series B - Dec 2021

50. Copyright © 2021, Tracxn Technologies Limited. All rights reserved.
Indonesia Tech - Top Business Models Report
Recent Funding Rounds
Crowde (2015, Jakarta)
$9.0M - Series B - Oct 2021
Agriculture Crowdfunding Platforms -
Indonesia
42
50
Back to index
Crop Tech (TaniHub)
(# Cos: 114 | $135M)
Finance (Crowde)
(# Cos: 16 | $10.2M)
Crowdfunding (iGrow)
(# Cos: 13 | $10.2M)
Taxonomy
$ Invested in last 1 year in Indonesia
Tech
Key Stats
# Funding Rounds in last 1 year in
Indonesia Tech
$9.0M ( -- )
1( -- )
Funded Companies
Companies
Acquisitions
Total $ Invested
IPOs
Soonicorn Club
1
$10.2M
8
-
13
0
iGrow
(2014, Depok, $125K)
Crowde
(2015, Jakarta, $10.1M)
Vasham
(2013, Jakarta)
Note: The last node in the Taxonomy represents the Business Model addressed in the title of the slide.

51. Copyright © 2021, Tracxn Technologies Limited. All rights reserved.
Indonesia Tech - Top Business Models Report
Recent Funding Rounds
majoo (2019, Jakarta)
$4.8M - Seed - Jul 2021
majoo (2019, Jakarta)
$4.0M - Seed - Oct 2021
ERP for SMBs - Indonesia
43
51
Back to index
ERP (Gredu)
(# Cos: 144 | $15.4M)
Multi-Industry (Gamatechno)
(# Cos: 48 | $8.8M)
SMB-Focused (majoo)
(# Cos: 22 | $8.8M)
Taxonomy
$ Invested in last 1 year in Indonesia
Tech
Key Stats
# Funding Rounds in last 1 year in
Indonesia Tech
$8.8M ( -- )
2( -- )
Funded Companies
Companies
Acquisitions
Total $ Invested
IPOs
Soonicorn Club
-
$8.8M
1
-
22
1
majoo
(2019, Jakarta, $8.8M)
Pratech
(2017, Jakarta)
RedERP
(2020, Jakarta)
Note: The last node in the Taxonomy represents the Business Model addressed in the title of the slide.

52. Copyright © 2021, Tracxn Technologies Limited. All rights reserved.
Indonesia Tech - Top Business Models Report
Recent Funding Rounds
Pintek (2018, Jakarta)
$7.0M - Series A - Nov 2021
GoKampus (2018, Jakarta)
Undisclosed - Seed - Jun 2021
College Education Loans Platforms -
Indonesia
44
52
Back to index
Higher Education Tech (HarukaEdu)
(# Cos: 49 | $12.1M)
Admissions Support for Students (GoKampus)
(# Cos: 14 | $7.7M)
Loans (Pintek)
(# Cos: 2 | $7.7M)
Taxonomy
$ Invested in last 1 year in Indonesia
Tech
Key Stats
# Funding Rounds in last 1 year in
Indonesia Tech
$7.0M ( -- )
2( -- )
Funded Companies
Companies
Acquisitions
Total $ Invested
IPOs
Soonicorn Club
-
$7.7M
2
-
2
1
Pintek
(2018, Jakarta, $7.7M)
GoKampus
(2018, Jakarta)
Note: The last node in the Taxonomy represents the Business Model addressed in the title of the slide.

53. Copyright © 2021, Tracxn Technologies Limited. All rights reserved.
Indonesia Tech - Top Business Models Report
Recent Funding Rounds
Internet First Banks for Businesses with Partner
Bank's License - Indonesia
45
53
Back to index
Taxonomy
$ Invested in last 1 year in Indonesia
Tech
Key Stats
# Funding Rounds in last 1 year in
Indonesia Tech
$5.2M ( -- )
1( -- )
Funded Companies
Companies
Acquisitions
Total $ Invested
IPOs
Soonicorn Club
-
$5.2M
1
-
2
1
Banking Tech (Cermati)
(# Cos: 56 | $24.7M)
Internet First Banks (Jenius)
(# Cos: 12 | $5.2M)
Through Bank Partnerships (Bank Neo
Commerce)
(# Cos: 7 | $5.2M)
Business Banking (UpBanx)
(# Cos: 2 | $5.2M)
UpBanx
(2021, Jakarta, $5.2M)
Alumak
(2019, Jakarta)
Note: The last node in the Taxonomy represents the Business Model addressed in the title of the slide.
UpBanx (2021, Jakarta)
$5.2M - Seed - Jan 2022

54. Copyright © 2021, Tracxn Technologies Limited. All rights reserved.
Indonesia Tech - Top Business Models Report
Recent Funding Rounds
PasarPolis (2015, Jakarta)
$5.0M - Series B - Feb 2021
Rey (2021, Jakarta)
Undisclosed - Seed - Sep 2021
Cermati (2014, Jakarta)
Undisclosed - Series C - May 2021
Insurance Comparison Platforms -
Indonesia
46
54
Back to index
Internet First Insurance Platforms (Qoala)
(# Cos: 32 | $89.5M)
Insurance Comparison Platforms (Cermati)
(# Cos: 27 | $74.5M)
Diversified (PasarPolis)
(# Cos: 23 | $74.5M)
Taxonomy
$ Invested in last 1 year in Indonesia
Tech
Key Stats
# Funding Rounds in last 1 year in
Indonesia Tech
$5.0M (▼90.7%)
3(▲200%)
Funded Companies
Companies
Acquisitions
Total $ Invested
IPOs
Soonicorn Club
-
$74.5M
7
-
23
3
PasarPolis
(2015, Jakarta, $59.0M)
Cermati
(2014, Jakarta, $3.5M)
Lifepal
(2018, Jakarta, $12.0M)
Note: The last node in the Taxonomy represents the Business Model addressed in the title of the slide.

55. Copyright © 2021, Tracxn Technologies Limited. All rights reserved.
Indonesia Tech - Top Business Models Report
Recent Funding Rounds
Nimbly Technologies (2018, Jakarta)
$4.6M - Seed - Mar 2021
Audit Management System - Indonesia
47
55
Back to index
GRC Software (Canary Whistleblowing System)
(# Cos: 9 | $5.7M)
Compliance (Safepedia)
(# Cos: 7 | $5.7M)
Audit Management System (Nimbly
Technologies)
(# Cos: 1 | $5.7M)
Taxonomy
$ Invested in last 1 year in Indonesia
Tech
Key Stats
# Funding Rounds in last 1 year in
Indonesia Tech
$4.6M ( -- )
1( -- )
Funded Companies
Companies
Acquisitions
Total $ Invested
IPOs
Soonicorn Club
-
$5.7M
1
-
1
1
Nimbly Technologies
(2018, Jakarta, $5.7M)
Note: The last node in the Taxonomy represents the Business Model addressed in the title of the slide.

56. Copyright © 2021, Tracxn Technologies Limited. All rights reserved.
Indonesia Tech - Top Business Models Report
Recent Funding Rounds
Concierge Healthcare Booking Services -
Indonesia
48
56
Back to index
Healthcare Booking Platforms (Alodokter)
(# Cos: 155 | $241M)
Concierge Healthcare Services (Klinik Pintar)
(# Cos: 1 | $4.1M)
Taxonomy
$ Invested in last 1 year in Indonesia
Tech
Key Stats
# Funding Rounds in last 1 year in
Indonesia Tech
$4.1M ( -- )
1( -- )
Funded Companies
Companies
Acquisitions
Total $ Invested
IPOs
Soonicorn Club
-
$4.1M
1
-
1
0
Klinik Pintar
(2019, Jakarta, $4.1M)
Note: The last node in the Taxonomy represents the Business Model addressed in the title of the slide.
Klinik Pintar (2019, Jakarta)
$4.1M - Series A - Nov 2021

57. Copyright © 2021, Tracxn Technologies Limited. All rights reserved.
Indonesia Tech - Top Business Models Report
Recent Funding Rounds
Gredu (2016, Jakarta)
$4.0M - Series A - Jul 2021
ERP for Schools - Indonesia
49
57
Back to index
ERP (majoo)
(# Cos: 144 | $15.4M)
Education (Infra Digital)
(# Cos: 42 | $4.1M)
Schools (Gredu)
(# Cos: 32 | $4.1M)
Taxonomy
$ Invested in last 1 year in Indonesia
Tech
Key Stats
# Funding Rounds in last 1 year in
Indonesia Tech
$4.0M ( -- )
1( -- )
Funded Companies
Companies
Acquisitions
Total $ Invested
IPOs
Soonicorn Club
-
$4.1M
5
-
32
2
Gredu
(2016, Jakarta, $4.0M)
Infra Digital
(2017, Jakarta, $50.0K)
SIKAD
(2015, Jakarta, $50.0K)
Note: The last node in the Taxonomy represents the Business Model addressed in the title of the slide.

58. Copyright © 2021, Tracxn Technologies Limited. All rights reserved.
Indonesia Tech - Top Business Models Report
Recent Funding Rounds
Gredu (2016, Jakarta)
$4.0M - Series A - Jul 2021
School Management Software -
Indonesia
50
58
Back to index
K-12 EdTech (Quipper)
(# Cos: 173 | $262M)
School IT (Infra Digital)
(# Cos: 59 | $4.1M)
Suite (Gredu)
(# Cos: 40 | $4.0M)
Taxonomy
$ Invested in last 1 year in Indonesia
Tech
Key Stats
# Funding Rounds in last 1 year in
Indonesia Tech
$4.0M ( -- )
1( -- )
Funded Companies
Companies
Acquisitions
Total $ Invested
IPOs
Soonicorn Club
-
$4.0M
3
-
40
1
Gredu
(2016, Jakarta, $4.0M)
SIKAD
(2015, Jakarta, $50.0K)
SIAP Online
Note: The last node in the Taxonomy represents the Business Model addressed in the title of the slide.

59. Indonesia Tech - Top Business Models Report Copyright © 2021, Tracxn Technologies Limited. All rights reserved.
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Indonesia Tech - Top Business Models Report
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