List of Startup Unicorn Indonesia in 2021

Startup Unicorn Indonesia

List of Startup Unicorn Indonesia in 2021 – The row of startup from Indonesia that have unicorn status has increased again. The latest is a startup engaged in the field of food and beverage (F&B), namely Kopi Kenangan.

Unicorn is a term given to startup that have a valuation value of 1 billion US dollars or around Rp 14.2 trillion. Quoted from the news (29/12/2021), Kopi Kenangan received a Series C First Phase Funding injection worth Rp 1.3 trillion from Tybourne Capital Management and followed by a number of previous series investors.

The funding made the company’s valuation penetrate $1 billion. Therefore, Kopi Kenangan has now officially “risen through the ranks” to become a Unicorn. CEO and Co-Founder of Kopi Kenangan, Edward Tirtanata, claims the company he leads managed to become the first New Retail F&B Unicorn company in Indonesia and Southeast Asia. In addition to Kopi Kenangan, in Indonesia there are already a number of other startup that have unicorn status. Here’s the list:

Gojek (2016)

Gojek is the first Indonesian startup to hold Unicorn status. The company, founded by Nadiem Makariem in 2010, started from an online motorcycle taxi booking app.

Today Gojek has grown into a superapp where it has provided a variety of services ranging from food delivery, ticket purchases, digital payments etc.

Unicorn status was obtained after Gojek received funds of about 550 million US dollars (Rp 7.2 trillion) from a number of investors in August 2016, such as Formation Group, Sequoia Capital India, to Warburg Pincus.

Now, Gojek has become “Decacorn”, a term for startups that have a valuation value above 10 billion US dollars.

Tokopedia (2017)

Next there is Tokopedia. The e-commerce startup held Unicorn status in 2017 after receiving funding from Alibaba Group of $1.1 billion.

Tokopedia is a company started by William Tanuwijaya in 2009. According to data titled “The Complete List Of Unicorn Companies” from analyst firm CBInsights, at the end of 2018, Tokopedia recorded a valuation of up to 7 billion US dollars (approximately Rp 102 trillion).

In 2021, Gojek Tokopedia Indonesia decided to merge business alias merger under the umbrella of GoTo group.

Traveloka (2017)

Traveloka is a startup engaged in travel and hotel booking. Traveloka became the third Indonesian startup with unicorn status. It comes after Traveloka received $350 million from the same company, Expedia, in July 2017.

Traveloka has a variety of services that can be enjoyed by users in Indonesia, Thailand, Vietnam, Malaysia, Singapore, and the Philippines. Based on CBInsights data, currently, Traveloka is recorded to have a valuation of 3 billion US dollars or equivalent to Rp 42.6 trillion.

Bukalapak (2018)

After Tokopedia, Bukalapak became the next e-commerce startup to hold Unicorn status. The company, founded by Achmad Zaky, Nugroho Herucahyono, and Fajrin Rasyid, earned the title of Unicorn in January 2018, after receiving an injection of funds from several large investor groups. One of them is Emtek Group and 500 Startups.

Bukalapak’s breakthrough also occurred in 2021 after officially listed on the Indonesia Stock Exchange at the end of July 2021. Bukalapak shares (BUKA stock code) are offered to the public at a price of Rp 850 per share.

This strategy makes Bukalapak make a new history as the first Unicorn startup to be listed on the IDX.

Ovo (2019)

Next there is Ovo. This startup engaged in electronic payments holds unicorn status in 2019. This was confirmed by the Minister of Communication and Informatics at the time Rudiantara.

Meanwhile, according to CB Insight, the startup made by Lippo Group is estimated to have a valuation of 2.9 billion US dollars or around Rp 41 trillion. This figure, according to CB Insight, has been reached since March 14, 2018.

J&T Express (2021)

J&T Express became the first startup in 2021 to gain Unicorn status. Unicorn status was successfully carried by startups engaged in the field of delivery of this package after getting an injection of funds worth more than 2 billion US dollars (approximately Rp 29 trillion). The funds were obtained through a funding round which was followed by two Chinese private equity firms, Hillhouse Capital and Boyu Capital; and venture capital firm Sequoia Capital China.

Currently, according to CBInsights data, J&T Express’s valuation has reached 20 billion US dollars or equivalent to Rp 284 trillion.

Xendit (2021)

In September 2021, the list of Startups from Indonesia with Unicorn status again increased. It comes after financial technology (fintech) startup Xendit received an injection of funds worth 150 million US dollars or around Rp 2.1 trillion from investors such as Tiger Global Management and a number of other investors.

Xendit is a company founded by Moses Lo in 2015. This fintech startup provides services in the form of payment gateways to facilitate the transaction process of business people, ranging from MSMEs, startups, e-commerce, to large companies.

Ajaib (2021)

Ajaib is a startup engaged in stock investment and online mutual funds. Magic unicorn status after receiving funds worth 153 million US dollars or around Rp 2.2 trillion from the funding round series B in October 2021 ago.

Ajaib itself is an application developed by Ajaib Group, under the auspices of PT Amaze Teknologi Indonesia. The company was established in 2018 together with PT Ajaib Sekuritas Asia (Ajaib Sekuritas).

In fact, in addition to the nine startups above, there are also Online Tax startups that claim to bear the title of Unicorn.

This tax application service provider reportedly won the title unicorn in July 2021 because it has a valuation of 1.7 billion US dollars or around Rp 24.75 trillion.

However, based on data from Vantage Data owned by media outlet Deal Street Asia, online startup Pajak only has a valuation of 174.4 million US dollars or equivalent to Rp 2.4 trillion. This valuation figure has not reached the unicorn predicate with a valuation of 1 billion US dollars.


Leave a Reply