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Indonesian Startup Investment Plunges 87% in First Half of 2023, Steepest Drop in ASEAN

Cindy Mutia Annur 04/11/2023 13:11 WIB

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According to the e-Conomy SEA 2023 report, startup investment in Indonesia plummeted 87% year-on-year in the first half of 2023. Investment also declined in five other ASEAN countries.

Southeast Asian Startup Investment Value in the First Half of 2022-2023

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Southeast Asian Startup Investment Value in the First Half of 2022-2023

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Based on the report titled *e-Conomy SEA 2023* by Google, Temasek, and Bain & Company, investment in Indonesian startups plummeted 87% year-on-year (YoY) in the first half of 2023. This represents a decrease from US$3.3 billion to just US$400 million, or approximately Rp6.3 trillion (assuming an exchange rate of Rp15,757/US$).

This decline in startup investment wasn't limited to Indonesia; five other countries in the Association of Southeast Asian Nations (ASEAN) also experienced similar drops. The report indicates that investment in Philippine startups fell by 79% (YoY), from US$800 million to US$200 million in the first half of the year.

Similarly, Singapore saw a 63% (YoY) decrease in startup investment, reaching US$3 billion during the same period.

The trend shows that Indonesia experienced the steepest decline in startup investment in Southeast Asia during the first half of 2023.

However, in terms of nominal value, Singapore had the highest startup investment in Southeast Asia during the first half of this year, while Thailand had the lowest.

Here's a breakdown of startup investment values and their decline in Southeast Asian countries during the first half of 2023:

* Singapore: down 63% from US$7 billion to US$3 billion
* Vietnam: down 24% from US$700 million to US$600 million
* Indonesia: down 87% from US$3.3 billion to US$400 million
* Malaysia: down 52% from US$500 million to US$300 million
* Philippines: down 79% from US$800 million to US$200 million
* Thailand: down 66% from US$300 million to US$100 million

Google, Temasek, and Bain & Company reported that overall Southeast Asian startup investment plunged 69.2% year-on-year (YoY), from US$13 billion to US$4 billion during the first half of 2023.

“Private funding for startups in Southeast Asia has fallen to its lowest level in six years. This is in line with the global shift towards higher capital costs and issues across the funding cycle,” stated Google, Temasek, and Bain & Company in their report.

Editor : Erlina Fury Santika

"Disclosure: This is an AI-generated translation of the original article. We strive for accuracy, but please note that automated translations may contain errors or slight inconsistencies."

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Indonesian Startup Investment Plunges 87% in First Half of 2023, Steepest Drop in ASEAN

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Indonesian Startup Investment Plunges 87% in First Half of 2023, Steepest Drop in ASEAN

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