Indonesia's Largest Funded Startups up to Q3 2022

2022 proved to be a challenging year for digital startups. According to Daily Social, several startups received significant funding through the third quarter of 2022. Notably, DANA reportedly secured US$450 million in Series A funding on August 10, 2022.

Meanwhile, Traveloka and Xendit ranked second and third, respectively, with funding of US$300 million each. Modalku and Sayurbox followed, each securing US$144 million and US$120 million in Series C funding.

Many startups had to adjust their strategies in 2022, focusing intensely on sustainability and profitability. Previously, metrics were heavily focused on achieving maximum growth and traction. This shift reflects a change in startup investment paradigms. Investors have become more conservative, demanding more realistic figures rather than focusing solely on high valuations.

Several Indonesian startups were directly impacted. They had to curb expenses, leading to staff reductions, business efficiency measures (including shutting down less successful sub-units), and pivoting. On the other hand, the relatively resilient ecosystem ensured that capital continued to flow rapidly in the digital sector, particularly for early-stage funding.

In Q1 2022, the Indonesian startup ecosystem recorded 76 funding transactions. Of the 50 rounds with disclosed values, $1.22 billion was raised. This represents a twofold increase compared to the same period in 2021.

During Q2 2022, there were 71 transactions totaling over $1.4 billion. While fewer transactions occurred compared to Q1 2022, the total amount increased by almost $300 million.

Q3 2022 saw a decrease in both the number of transactions and the total amount raised. There were 62 funding transactions with a disclosed value of $983 million. This is comparable to Q3 2021, which saw 68 transactions totaling $974 million.

A closer look reveals that funding stage trends remained relatively consistent. Early-stage funding (pre-seed to Series A) accounted for the highest number of transactions. Similarly, the types of businesses receiving funding followed a consistent trend.

Fintech led in both the number and value of transactions. The logistics and agritech sectors also deserve highlighting, showing increased interest compared to previous periods.