Meet the Indonesian startups that are the apple of VC eyes

More: ByteDance to hire thousands of staff for its ecommerce arm and Tokopedia gets operating license for its lending unit [Read from your browser]( Daily Newsletter Hello {NAME} Let’s start off Monday with good news: China’s out-of-control rocket debris has landed in the Indian Ocean. Interestingly, I learned about this through TikTok, where someone uploaded a clip of some rocket rubble flying over her house. From getting my news from Reddit and now TikTok, technology is constantly changing our day-to-day activities with every new app that enters our lives. That’s why we love what we do here at Tech in Asia, uncovering news about startups that started from zero but could become game-changers of the future. It’s difficult to pinpoint the next big thing, but here’s what we know. Among the Southeast Asian countries, Indonesia is buzzing with entrepreneurial spirit - the country has the highest percentage of youth who want to start their own businesses. Venture capital firms also shelled out a lot of money last year to finance these entrepreneurs. Today we look at: - The [startups in Indonesia]( that are getting attention these days - An Indonesian ecommerce enabler that banked US$45 million - Other newsy highlights such as ByteDance’s plan to hire thousands of staff for its ecommerce arm and Tokopedia’s new operating license for its lending unit  ---------------------------------------------------------------  PREMIUM SUMMARY  The companies in Indonesia that made the right moves We all probably know this already: Indonesia’s tech industry is growing fast. Last year, the archipelago clinched [70% of the funding]( invested in Southeast Asia. And this year, we’re already seeing some huge funding rounds taking place from companies such as Social Bella, a Jakarta-based beauty and personal care tech startup that [raised US$56 million](. Which other companies are getting attention in Indonesia recently? - Money on my mind: Unsurprisingly, most of the Indonesian startups that have recently raised belong to the fintech sector. What’s interesting, though, is that there has been an increase in the number of investment platforms getting funded, which could stem from the rise of younger investors, as our journalist noted in [his article](. - Hey, big spender: Retail is another sector that’s gaining traction in Indonesia. Among those that secured funds lately are startups selling eyewear, footwear, grocery items, and even made-to-order milk tea. - Going solo: There are also a couple of startups geared towards assisting individuals with businesses be more independent. One of them, for example, helps independent merchants and influencers sell better online. Read more: [50 rising startups in Indonesia]( Similar listicles but in other countries: - [50 rising startups in Singapore]( - [50 rising startups in Vietnam]( - [50 rising startups in Israel](  ---------------------------------------------------------------  STARTUP SPOTLIGHT Riding the ecommerce wave Building an online business is not easy, especially when you’ve been operating a brick-and-mortar store for the last twenty years. This is where Sirclo steps in: The Indonesian ecommerce enabler helps brands develop their online businesses, and it recently [landed US$45 million]( in a series B3 round led by SMDV, a tech-focused VC. - Launched in 2013: The company started as a software-as-a-service (SaaS) platform for creating template-based online shops for small and medium-sized enterprises. Sirclo then launched other products, including one that helps retail brands sell their products on ecommerce platforms such as Tokopedia and Shopee. - Achievements: Sirclo said it has recorded a positive net operational income as of end of 2020, reporting a combined turnover of US$227.6 million.  ---------------------------------------------------------------  UNLOCKED PREMIUM ARTICLE  The untold truth of tourism’s post-lockdown “recovery” Unless you had a valid reason to travel for work in the past year, you likely had to swap out that beach vacation for a staycation or a trip to the local zoo. Amid sweeping border restrictions all over the world, local tourism has become a saving grace for hotel and tour operators alike. In fact, the spike in domestic movement and activities has taken off to a degree that Indonesian unicorn Traveloka recently declared its core travel business as profitable. Several industry observers, however, have doubts about the extent of the tourism and hospitality sector’s recovery so far. While inter-city movement has resumed, spending by locals doesn’t make up for what international tourists are willing to shell out in dollar terms. Every week, we unlock a premium article that’s exclusive to our paying subscribers so that readers like you can take a peek at the stories we do. Here’s this [week unlocked article](.  ---------------------------------------------------------------  QUICK BYTES  1️⃣ Alibaba’s got competition ByteDance, the parent company of popular app TikTok has reportedly [hired thousands of staff]( to build up its ecommerce business selling stuff to its consumers via short videos and livestreams. Last year, ByteDance already broke records by selling about US$26 billion worth of makeup, clothing and other merchandise - a feat that took Alibaba's Taobao six years to achieve.  2️⃣ Betting big on lending Dhanapala, the peer-to-peer lending division of Tokopedia, has [received an operating license]( from the Indonesian Financial Service Authority (OJK). In turn, this will allow the homegrown ecommerce unicorn to expand its loans service, Modal Toko. Other startups that got the license include Payfazz’s lending unit Modal Rakyat and education-focused fintech firms Cicil and Pintek.  3️⃣ Robot waiters: Creepy or cool? China-based Keenon Robotics will be bringing its robot waiters to [at least 10 new countries]( by the end of 2021. Having launched operations in Japan in March, the company is looking to expand to South Korea and Singapore in Asia as well as other markets in Europe, North America, and the Middle East.  4️⃣ OJK shuts down a startup Indonesia’s OJK has [closed down Saling Jaga]( a mutual aid platform set up by Kitabisa, an online donation startup focused on social causes. According to regulator, Kitabisa has agreed to halt Saling Jaga’s operations until it gets an insurance license.  5️⃣ Overseas IPOs may become a pipe dream for Chinese firms China’s securities regulator is [considering tightening the rules]( for companies seeking to list in Hong Kong or outside the country, requiring them to submit listing documents locally first before seeking initial public offerings abroad.  6️⃣ Waterdrop dropped in NYSE The Chinese insurtech firm went public on the New York Stock Exchange last week and saw its [shares tumbled 14.5%](. Tencent-backed Waterdrop is currently focusing more on user growth instead of profitability.  ---------------------------------------------------------------  EVENTS HAPPENING - *Live event* [Workshop] What founders should know about building a startup in Southeast Asia on May 17 SEA is touted as the promised land for tech startups - but there’s little resource focused on building one in the region. If you’re an aspiring (or even experienced) founder looking for the next breakthrough idea, join us on May 17 with experienced entrepreneur Hsu Ken Ooi to get exclusive insights on how to identify multi-million dollar business ideas in SEA, plus a framework for evaluating them. [RSVP today](. (Money saving tip: Subscribe to Tech in Asia Live/Core to have unlimited access to our future events.) - Tech in Asia Pitch Night on June 22 Are you a startup founder looking to get some feedback from investors? Want the chance to walk away after your pitch with prizes of up to US$5,000 in cash as well? Then join us this June as we handpick six startups from across Southeast Asia to pitch to a panel of investor-judges and an audience of founders, investors, and professionals from the region’s top tech companies. [Sign up today to get your pitching slot](  ---------------------------------------------------------------  WHO'S HIRING - [Jakarta Fresh Graduate Associate Program]( at Deliveree Indonesia (Jakarta, Indonesia) - [RnD Software Engineer - Frontend]( at Formulatrix Indonesia (Salatiga, Indonesia) - [Social Media Intern]( at Purwadhika Digital Technology School (Tangerang, Indonesia)  ---------------------------------------------------------------  SHARE WITH YOUR FRIEND If you're feeling generous today, help us share this newsletter with your friends and coworkers so that they can keep up with what’s going on in the region’s tech scene. Feel free to [drop us some feedback]( if our newsletter today got you feeling smarter (or if it didn’t).  ---------------------------------------------------------------  Thanks for reading! Tech in Asia’s newsletters are handcrafted daily with love - and sometimes powered by good kopi (or tea). [ADVERTISE]( | [SUBSCRIBE]( | [HIRE]( | [FIND JOBS]( P.S. Don't miss out on the biggest tech news and analysis. Add newsletter@techinasia.com to your address book, contacts, or safe sender list. Or simply move us into your inbox. Was this forwarded to you? You can read this everyday when you sign up [here](. Don't want to receive these emails anymore? [Unsubscribe](. ---------------------------------------------------------------  Today’s edition was written by Betty Chum, with contributions from Miguel Cordon. It’s edited by Eileen C. Ang. Copyright © 2021 Tech in Asia, All rights reserved. 51 Bras Basah Rd, #05-5061, Singapore 189554