Indonesia has seven startups classified as unicorns, according to data from World Population Review and CB Insights.

The seven Indonesian unicorns are Traveloka valued at US$3 billion since January 2017, Akulaku valued at US$2 billion since February 2022, eFishery valued at US$1.3 billion since May 2023, DANA valued at US$1.13 billion since August 2022, Xendit valued at US$1 billion since September 2021, Ajaib valued at US$1 billion since October 2021, and Kopi Kenangan valued at US$1 billion since December 2021.

Indonesia ranks 15th globally in the number of unicorn startups.

Traveloka, although classified as an Indonesian unicorn, has reportedly relocated its headquarters to Singapore.

Several prominent Indonesian startups, including Gojek, Tokopedia, Bukalapak, and OVO, are no longer considered unicorns or decacorns.

These companies have gone public or experienced changes in their valuations.

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🔗 Source: Katadata

🧠 Food for thought

1️⃣ Indonesia’s unicorn journey highlights ecosystem maturation challenges

Indonesia’s unicorn story began with Go-Jek becoming the country’s first billion-dollar startup in 2016, establishing a pattern of local solutions addressing Indonesia-specific challenges1.

This growth wasn’t accidental. Indonesia’s large population of 270 million and increasing smartphone penetration created fertile ground for digital innovation, with the region projected to add $1 trillion to its GDP over the next decade2.

Despite this early success, Indonesia now faces the challenge of retaining its unicorns as they mature, with companies like Traveloka shifting headquarters to Singapore while still being counted in Indonesia’s unicorn tally.

The country’s startup ecosystem has evolved through distinct phases: market education around 2011, smartphone revolution in 2013, and payment systems integration in 2015, creating a foundation for digital commerce growth3.

These phases reflect a maturing ecosystem that’s now at a critical juncture where policy stability and talent development will determine whether Indonesia can maintain its position as Southeast Asia’s unicorn hub.

2️⃣ Headquarters migration reveals regional competitive challenges

Traveloka’s headquarters shift to Singapore highlights how regional competition for startup dominance extends beyond funding to regulatory environments and talent pools4.

The migration comes amid significant internal changes at Traveloka, including staff reductions and department closures, suggesting that operational efficiency and access to regional markets are driving these decisions4.

Indonesia’s regulatory instability is explicitly cited as a barrier to startup growth, with frequent policy changes creating uncertainties that make Singapore’s stable business environment more attractive4.

This headquarters migration challenge is compounded by talent concerns, with some tech teams relocating to countries with deeper technical talent pools – pointing to a critical need for educational development in Indonesia4.

The phenomenon raises important questions about whether Indonesia can implement the necessary policy reforms and educational investments to reverse this trend and retain its unicorn headquarters.

3️⃣ Indonesian unicorns demonstrate distinctive super-app evolution

Indonesian unicorns have followed a unique development pattern, evolving from single-service platforms into comprehensive super-apps that address multiple consumer needs, a strategy that differentiates them from many Western counterparts5.

Go-Jek exemplifies this approach, expanding from a motorcycle taxi service to offering 19 different services, contributing approximately $3 billion to Indonesia’s economy by 2018 and improving livelihoods for millions of drivers5.

Similarly, Traveloka evolved from a flight booking platform to a comprehensive lifestyle service, contributing approximately $10 billion to Indonesia’s Gross Value Added between 2019-2022 according to PwC’s impact study6.

This super-app approach responds directly to Indonesia’s unique market conditions, where smartphone-first consumers seek integrated solutions and where 86% of surveyed business partners reported accelerated growth after collaborating with platforms like Traveloka6.

The pattern demonstrates how successful Indonesian unicorns have adapted global tech models to local conditions – solving multiple adjacent problems rather than focusing on single verticals, creating more resilient business models in the process.

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