Half of Southeast Asia's Unicorns Originate from Indonesia

Southeast Asia has the most unicorns (startups with a valuation exceeding US$1 billion) in Asia after China and India. A report by *TheSoutheastasia*, titled *Evolving Southeast Asia*, identifies eight unicorns in ASEAN, four of which originate from Indonesia.

China currently boasts approximately 90 unicorns, and India has 10. Southeast Asia, meanwhile, has eight startups with valuations exceeding US$1 billion. Korea has only three unicorns, while Japan, Australia, and Hong Kong each have only one. The innovative ideas of these startup founders have given birth to these ASEAN unicorns. A prime example is Go-Jek, a motorcycle transportation service app that has expanded into various other services.

In terms of valuation, Grab remains the leading unicorn with the largest capitalization, reaching US$10 billion. Go-Jek follows with a valuation of US$5 billion. The Indonesian founders who have achieved unicorn status have unique stories, and many are graduates of foreign universities. Most importantly, these founders successfully convinced investors to fund their companies from the ground up. With the largest population and internet user base in Southeast Asia, Indonesia represents a highly potential digital market.