While the rest of the world has taken a beating with a sluggish economy, all eyes are on Southeast Asia due to its steady positive economic growth. One country in particular is soaking up the limelight due to its sheer size and potential growth rates – Indonesia, the rising star of Asia. Billed as the next frontier in ecommerce after China and India, current projections put Indonesia’s e-market value at US$130 billion by 2020.
2016 marks the start of a nationwide policy aimed to create an environment fit for tech startups to accelerate their growth and reach valuations of US$1 billion. Indonesia is home to more than 2,000 startups. But three local startups deserve special mention. They’ve outshone their counterparts and have become market leaders in their own fields.
Go-Jek, the first unicorn
Go-Jek co-founder and CEO Nadiem Makarim at Tech in Asia Jakarta 2015
What first started as a bike-taxi business, has now grown into a juggernaut of on-demand services in its home market, Indonesia. Boasting over 20 million app downloads, Go-Jek has become a market leader in some of their verticals – personal transport, courier services, and hyperlocal shopping. In ten short months, it acquired multiple startups to bolster its foray into the engineering, payments and healthcare space.
The startup grew faster than anyone expected. After a transportation study with the government, Go-Jek linked up with the public bus system to make it easier for people to commute. The startup’s latest funding of US$550 million, the largest round on record in Indonesia’s tech startup industry, has also seeded their position as the first local unicorn. These are some exceptional moves for such a young startup.
Tokopedia, the Alibaba of Indonesia
Tokopedia co-founder and CEO William Tanuwijaya at Tech in Asia Jakarta 2014
There was a time where there were no incubators, no support networks, and no success stories in the local internet industry. It was tough for any tech startup to break out. But one overcame all odds and became one of the most popular homegrown sites in Indonesia today – beating the likes of tech giants Twitter, WordPress and Wikipedia. Tokopedia, a C2C online marketplace, made waves in the country with news of its US$100 million funding. Fast forward two years and it’s done it again, raising US$147 million in its latest financing. Recently the startup reached yet another milestone, hitting the 1 million merchants mark.
Sitting on the advisory board of the Indonesian ecommerce Association, Tokopedia CEO William has a strong desire to support the Indonesian tech community. His ambitions are high, as he wants to use Tokopedia as a vehicle to turn Jakarta into Silicon Valley by bringing in the best international talent. While the valuation of the company is unknown, it could be an undercover unicorn.
Traveloka, the tech boom darling
Traveloka co-founder and CEO Ferry Unardi at Tech in Asia Jakarta 2014
Traveloka started out as a flight search and aggregation platform. Today, it has grown to become the number one flight and hotel booking site in the nation. All this because CEO Ferry Unardi exploited an opportune moment to launch Traveloka when the e-ticketing industry was gaining traction in Indonesia. To survive in such a brutal industry, his strategy to gain a foothold in the market was simple: “If you build a good service, the people will come.”
Traveloka is well-known for being the quiet giant of Southeast Asia’s travel booking industry, and it could also possibly be a unicorn. Traveloka hasn’t disclosed its funding numbers to the public. Ferry doesn’t make many media appearances either. His achievement continues to serve as an inspiration for the tech community that if you find a lucrative, untapped niche anywhere, you can run with it.
For the first time ever…
Nadiem Makarim, William Tanuwijaya and Ferry Unardi have all spoken at past Tech in Asia Jakarta conferences. But for the very first time in our conference history, we’ll be gathering the Three Kings of Indonesia’s tech scene on one stage! They’ll be sharing insights, their vision for the future and their role in shaping Indonesia’s digital economy.
Wondering what’s their secret recipe for success? Find out for yourself at Tech in Asia Jakarta 2016’s Main Stage on November 16 & 17! This is a final call to get your passes at 10 percent off (code: 3kings)! Promotion ends this Friday, October 28 – don’t miss this opportunity!
Dare to dream big – we may just see a few mythical awakenings in no time.
This post Meet the Three Kings shaping Indonesia’s tech scene appeared first on Tech in Asia.
from Tech in Asia https://www.techinasia.com/meet-the-three-kings-shaping-indonesias-tech-scene
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