Doogether Secures Pre Series A Funding, to Release a New Feature

Doogether, a startup engaged in the wellness segment, announced the pre-series A funding with an undisclosed value from Asiantrust Capital, Prasetia Dwidharma, Alexander Rusli, and others. The fresh money will be used for the development of optimization, innovation and improvement of products and services.

Prasetia Dwidharma was Doogether’s previous investor involved in the seed round in April 2019. Also, Alexander Rusli entered in the following round. The seed round was led by Gobi Agung, with participation of Everhaus, Prasetia, and Cana Asia.

In an official statement, Doogether’s Co-Founder & CEO Fauzan Gani expressed his gratitude to the ranks of investors who participated in this round. “The series of funding received by Doogether will be used for optimization, innovation and improvement of products and services offered by the company or its applications,” he said, Tuesday (27/4).

Doogether is a startup vertical with blessing in disguise due to pandemic. Since the WFH policy, Doogether has released a live streaming online sports class, Doolive in April 2020. Active users grew by 77 times from early 2020 to Q1 2021. The service has held more than 80 thousand hours of sports class sessions.

“I applaud the Doogether team for using an opportunity during this pandemic and quickly adjusting its business model. It is not easy to see an opportunity in this difficult time, but Doogether managed to do it,” Alexander Rusli added as now serving as Advisor at Doogether  .

Doolive / Doogether

In order to maintain this performance, the company plans to held virtual sports activities together on a regular basis to encourage people to stay active. Doolive is also available for free containing dozens of sports training videos.

Since 2016, Doogether has operated two main products, Doofit for sports classes, and Doofood for healthy catering in collaboration with dozens of vendors and in accordance with users’ personal health goals.

Currently, the company has collaborated with more than 350 sports studios, trainers, located in Greater Jakarta, Bandung and Bali. There are more than 30 thousand sports classes, such as zumba, boxing, barre, yoga, bootcamp, wall climbing, ice skating, and others.


Original article is in Indonesian, translated by Kristin Siagian

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Gayo Capital Announces Two New Portfolios, Alatté Beauty and PasarMIKRO

The venture company under Ideosource, Gayo Capital, officially announced seed funding for two of its newest portfolios, Alatté Beauty and PasarMIKRO. Gayo Capital is reluctant to mention the exact investment value the two have received. However, Alatté Beauty is said to have secured around $100- $500 thousand, while PasarMIKRO around $500 thousand – $1 million.

Gayo Capital’s Co-founder & Managing Partner, Ishara Yusdian said the two portfolios are in line with the company’s vision to provide “impact investment”. He also prepared a business roadmap to encourage future business growth for both of them.

“We are impact investors. Therefore, we incubate first, give mentoring and pre-seed rounds before the product launches. Once launched, we entered as investors for the seed round,” Ishara said in an interview with DailySocial.

Thus, Gayo Capital has nine portfolios now, including in the agricultural segment (Lampung Cocoa Farmers, Inacom, Tunas Farm, PasarMIKRO, AGRetail & AGLogistics), waste management (WLabku, DAUR), and lifestyle (Alatté Beauty and Foom).

Alatté Beauty’s development

Throughout 2020, Gayo Capital saw a trend of increasing sales of beauty products during the pandemic. Moreover, his team began to conduct various researches in Q2 2020 and found that the average local cosmetic brand is still using the retail business model. In order to invest in this sector, Ishara said he wanted to find a business model that could have a broad impact.

He said, Alatté met Gayo Capital’s criteria. With a reseller-based business model, he believes Alatté can have a broad impact, especially for MSMEs in Indonesia. In contrast to most retail cosmetic brands, which are considered to require large capital to become a reseller. In fact, there is no assistance regarding selling, engagement, and transformation to digital selling.

“After our exploration, we found that Alatté has a different model from other brands, partnering with individuals and MSMEs. Think about resellers, such as the Oriflame [model]. Therefore, Alatté prepared the whole thing, the reseller will make sales and they will receive coaching, starting from the framework, marketing, and going to the market. Indirectly, Alatté is one of the medium to increase the GDP contribution from MSMEs,” he explained.

Ishara said, Alatté has achieved organic growth. Moreover, Alatté’s focus in 2021 is to fully increase sales figures through digital platforms, such as Tokopedia and Shopee. In 2022, Alatté will expand to offline stores, such as Watson, Sephora, Sociolla, and Metro.

Next, in the following year, then Alatté will enter into innovation development. One of the use cases that is currently being prepared is the development of face recognition to provide a virtual experience for buyers of Alatté cosmetic products.

“it’s currently on trial. But, we’ll be able to launch it if we have a significant number we can get. Therefore, it depends on the reseller in the area. Alatté’s equity value is different from other brands. The sales forecast seems very close . For example, when the equity value has been built, we want to make Alatté the first local cosmetics brand to be IPO,” he said.

Farmer’s financing facility

Next, the PasarMIKRO, this platform is prepared to synergize with existing portfolios in agriculture, Lampung Cocoa Farmers (PKL) and Inacom. Ishara revealed, PasarMIKRO  has provided financing facilities to more than 50 farmers. This year, his team targets to provide access to finance to 200 farmers in Indonesia.

In a general note, PasarMIKRO provides financing facilities for upstream farmers with risk profiling in accordance with POJK. Ishara assessed that farmers and ranchers in the regions have the ability to supply their crops to large retailers, such as Carrefour and Giant. However, this is considered difficult without the help of middlemen.

“PasarMIKRO has a business model similar to Investree P2P, only it is channeled into the captive market, including farmers and breeders. PasarMIKRO also provides facilities where farmers can trade their crops to agri food companies, such as Japfa Comfeed,” he added.

Target in 2021

During this year, Gayo Capital is preparing some other plans. Ishara revealed that his team would collaborate with the International Design School (IDS) and state-owned subsidiary PT INTI to prepare digital-based learning content. He said, the pre-employment market potential is huge, especially after Lebaran.

As a general note, IDS is owned by Andi Boediman, who is also a Managing Partner at Ideosource. Gayo Capital will announce a new portfolio in the third quarter, a Singapore-based insurtech platform, Ocktolife.

In addition, the company will launch three incubation programs this year. First, Start Camp Asia which aims to consolidate and integrate the MICRO Market with the existing portfolio. Second, Codiac for the integration and collaboration of AGRetail & AGLogistics with external parties.

Third, PILAR, the program that prepares leadership assistance for its portfolio, most of which are from agricultural verticals. “I think we have to have standards for those running the company. Currently, we are still providing one by one assistance,” he added.


Original article is in Indonesian, translated by Kristin Siagian

Champion Women Leadership and Diversity in a Male-Dominated Logistics Industry

Often considered as the male-dominated space, logistics actually holds a big opportunity for women in the workforce. It is a very broad industry, encompasses the physical process of accumulating resources, the transportation or positioning of those resources to the final distribution. However, sometimes it hits different when people move against the major beliefs in society. There’s unconscious gender bias that plastered the mind to act accordingly and hold back the true intention of one’s ambition.

Based on a research by International Labour Organization (ILO) titled Breaking barriers: Unconscious gender bias in the workplace, unconscious gender bias is defined as unintentional and automatic mental associations based on gender, stemming from traditions, norms, values, culture, and/or experience. Automatic associations feed into decision-making, enabling a quick assessment of an individual according to gender and gender stereotypes.

An assistant professor in the University of Denver’s Department of Psychology and the paper’s lead author, Daniel Storage observed, “Stereotypes that portray brilliance as a male trait are likely to hold women back across a wide range of prestigious careers.”

However, that is not the case for Roolin Njotosetiadi. As one of the few female students in mechanical engineering major of Nanyang Technological University, it is never been much of an issue for her to climb the educational ladder along with the other male group. The spirit and unconditional effort are what carried her to the C-Suite position at one of the leading logistics companies in Indonesia, Logisly.

Women in the workforce

Globally, women are underrepresented in corporations, and the share of women decreases with each step up the corporate hierarchy. However, many companies have shown their commitment to gender equality by establishing family-friendly policies and facilitating women’s careers and professional networks. For example, pregnancy leave and other office facilities such as nursing room and so on.

Nevertheless, unconscious gender bias continues to impact women in the workplace, and more must be done to enable highly skilled women to advance into leadership positions. As quoted from The Economic Times, in 2010, women formed only eight percent of the logistics workforce which has steadily increased to 20 percent in 2018.

Since the designation of Raden Ajeng (RA) Kartini as a National Independence Hero based on the Presidential Decree of President Soekarno in 1964, Indonesia has experienced socioeconomic change and rapid growth in women’s educational attainment. However, throughout this period, Indonesian women have remained only moderately engaged in the labor market, with the female-male labor force participation ratio hovering around 0.6, based on Female Labor Force Participation in Asia: Indonesia Country Study by Cornell University ILR School.

For Roolin, there are two things that should be highlighted. First, it’s all about perception, women can never be smarter than men is a very wrong one. Second, as people starting a family, they will face some difficulty adjusting to the work-life balance. However, since there’s this naturalized obligation in women to take charge of the care of familyit sometimes becomes 10 times harder.

“In Logisly, we tried to provide a safe space for women to build a career while also having responsibility in a household. With 40% of our employees are women, I personally want to create a healthy environment for them to develop their talent in logistics,” Roolin added.

In fact, the Indonesian tech industry is getting more support from women’s presence in the field. There are also some initiatives launched, for example, non-profit aims to educate and empower women who are passionate about technology, Girls in Tech. Also, the recent one, Elevate Women program to facilitate womenpreneur in the creative industry.

Women’s presence in the tech industry will always be expected. The thing is, there’s still an inherent perception in some industries that women are less capable than men. Roolin also mentioned that the higher number of male CEO in Indonesia is not due to an unsupportive environment, but sometimes women have their own unconscious bias against themselves, that they think they’re less capable. In fact, they’re not.

“Sit at the table! If you have the opportunity to participate, do it! Don’t ever think that you don’t deserve to be part of something big. Boost your confidence. If you’re there, you deserve to be there.” She added.

The rise of logistics

With the ups and downs due to the restriction policy at the beginning of the pandemic crisis, instead of slowing down, the logistics industry was capable to recover and accelerate, both from its business performance and the additional capital as proven by recent funding news from many local logistics platforms.

Overall, there is a decline in logistics demand last year, but some of the sectors are still growing. Logisly as one of the tech players trying to make diversification, as some of the sectors lay low, they reflexively shifted into the crowded market.  As the pandemic creates unprecedented effects, companies are trying to sustain the cash flow. “Luckily for us, that is our value proposition for the transporter,” Roolin added.

Roolin, through Logisly, is now focused on three things, expanding network with shippers and transporters using the flywheel strategy in order to better its services; improving operations with available automation supported by the latest technology, with the B2B model, performance is essential. They want to build not only tech solutions, but also trust from all our partners to manage their end-to-end performance; growing in terms of people development. Logisly is an asset-light tech company, people are its main asset.

“We continue on our effort to not only recruit really good people to join our team but make sure the team we have actually grown with Logisly and feel that they can see this as a place where they can live to their fullest potential,” Roolin added.

Based on the Startus-insights research, Digital transformation accounts for €1.42 trillion investments in logistics by 2025. However, the digital platform penetration in the logistics industry is still quite low, at least, that is what Roolin observed. In terms of Shipper, it’s time to leave the conventional way of manual ordering to all the paper-based invoicing. Many platforms are available to support digital transformation. Also, for the transporter, it will be more flexible to get an order. With the minimum effort, they can increase truck utilization and basic income. The business will be more seamless and totally digital, cost will be less and less burdening. However, with all the support of all the existing automation, disruption should always happen every day within the people.

“Disruption in logistics is quite extensive and this is just the tip of the iceberg,” she added.

Logistics as an industry intersects with many other industries, especially e-commerce. In Logisly, there are at least two to connect the dots to the e-commerce field. Many of its operations are last-mile, but some are investing in its own warehouse where they need a bigger fleet from warehouse to warehouse. Also, the last-mile players need support with their hub in certain cities. In addition, digital payment is also one of the must-adopted technology. “As a tech company, we need to fastly adapt to the latest automation in order to increase productivity and speed. For as long as I know, the key of logistics is speed,” she added.

As labor is a critical element of any logistics operating model, it holds big opportunities not only for men but also for women to join the workforce and the logistics sector is now supporting talented and energetic women by fostering a culture where women are provided with a various platform to develop and groom themselves. Many companies have taken positive steps by introducing a safe and women-oriented culture as well as work–life balance initiatives.

“Logistics is in a position to serve all parties with goods to its destination. It involves many people and covers all areas. We can’t do everything on our own, therefore, we need partners, in order to develop the hyperlocal-on-demand solution. The key is collaboration. If one should build everything, we wouldn’t have enough cost and there wouldn’t be enough time,” Roolin said.

CoLearn Announces 143 Billion Rupiah Series A Funding, Heating up Local Edtech Competition

CoLearn edtech announced series A funding worth of $10 million or equivalent to 143 billion Rupiah. This investment round involved some investors, including Alpha Wave Incubation, GSV Ventures – as well as venture capitalists in their initial funding round, namely Surge (Sequoia Capital India) and AC Ventures. The company plans to use this fresh fund to develop products, technology and marketing.

“Despite having the fourth largest education ecosystem in the world with 50 million students, 3 million teachers and about half a million schools; the quality of education in Indonesia has remained far below its true potential for decades. A passion to motivate students and ensure them to be succeed in the global world is what drives us all at CoLearn,” CoLearn’s Co-Founder & CEO, Abhay Saboo said.

Abhay continued, “Many Indonesians do not realize that education is a means to improve the country’s economic strength. Parents have not connected the two points. However, it slowly changes. Our mission is to accelerate this change by improving the quality of education.”

Apart from Abhey, CoLearn was also founded by Marc Irawan and Sandeep Devaram. Since the application launching in August 2020, they currently claim to have 3.5 million students. In its debut, CoLearn was supported by several seed investors [apart from those already mentioned above], including Leo Capital, TNB Aura, S7V, January Capital, Alpha JWC Venutres, Taurus Ventures, Alter Global, and Mahanusa Capital.

One of its main features is to allow students asking for solutions in answering questions in a certain lesson (doing homework) – around 5 million questions in average are uploaded per month. There’s an AI technology embedded in the system, therefore, it automates the process of finding solutions.

CoLearn also provides educational content services packaged in on-demand video and live online class sessions, interactively delivered by experienced tutors. It also has a training program for teachers. They have target to train 200 teachers, especially in the STEM field in the next 2 years.

Other edtech startups offer similar services, for example, Ruangguru has a “Roboguru” feature, combining Photo Search and User Generated Content capabilities to help students do homework independently at home. In terms of learning, besides Ruangguru, there are other platform providers such as Zenius and Quipper competing in the field.

The edtech sector has been stepping up the game due to the pandemic. Educational activities are getting online, making edtech services an option to guide school from home activities. Investors can see this as a first step to get serious about working on this business landscape. During Q1 2020 there were at least 3 funding targeting the edtech business –  there were 10 transactions throughout 2020.

GSV Ventures, CoLearn’s investor, specializes in educational technology. In his remarks, Deborah Quazzo as Managing Partner said, “The opportunity to build successful learning solutions for the fourth largest country in the world is enormous. The best businesses are created when entrepreneurs take big and important problems and solve them. CoLearn is doing that thing.”

Until now, Ruangguru has become the edtech startup with the largest valuation in Indonesia. Our internal data says that they have reached the final stage of the unicorn aspiring (valuation is close to $1 billion). Earlier this week, they announced $55 million funding as a follow-on round of the series C.


Original article is in Indonesian, translated by Kristin Siagian

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Binar Academy with Its Mission to Advance Indonesian Digital Talents

One of the sectors that was rapidly growing during the pandemic was edtech. More Indonesian from various backgrounds are adapting to online learning.

As a platform that focuses on developing digital abilities and talents, Binar Academy claims to have successfully educated more than 8 thousand students in 2020 and generated an 80% increase in income.

Was founded in 2017, this startup was developed by Alamanda Shantika who was Gojek’s former VP of Technology and Products along with two other Gojek alumni, Dita Aisyah and Seto Lareno.

“The Covid-19 pandemic has encouraged educational institutions, teachers, students, and also parents in Indonesia to adapt to online learning. It is time for us to innovate in presenting education and create learning experiences that are both interesting and enjoyable. I believe that a combination of experiences contemporary learning, technology, and community will produce it all, “said Founder & CEO of Binar Academy Alamanda Shantika.

Binar Academy offers two main educational programs. Among these are Binar Bootcamp and Binar Insight. The Binar Bootcamp Program, an intensive course for beginners, has four classes of 4 to 6 months, including Product Management, UI / UX Design and Research, Android Engineering, and Fullstack Web Development.

Aslo, Binar Insight, a series of interactive webinars of 1.5 to 2 hours, with more diverse classes such as Product Management, Digital Marketing, and Data Science. The most popular classes are Product Management for Bootcamp Binars and Binar Insights.

In terms of demography, most Binar Academy users are high school graduates, students, and career shifter. This year, the company plans to increase collaboration with educational institutions including the government, universities and vocational schools. In addition, Binar Academy will also collaborate with companies affected by digitalization to upskilling employees to remain relevant.

In Indonesia, the bootcamp program becomes an alternative to non-formal education, especially for those who want to pursue a career in technology and programming. Apart from Binar, there are several other startups that offer similar services, including Hacktiv8, Impact Byte, and Skilvul. One of the unique options they offer is the “Income Share Agreement”, which allows students to gain knowledge first and pay accommodation fees later as they started to earn income.

Seed funding

Binar Academy’s Bootcamp class

In mid-April 2020, Binar Academy received seed funding led by Teja Ventures with the participation of several investors such as the Indonesia Women Empowerment Fund (IWEF – a fund that aims to create social impact, managed by Moonshot Ventures and YCAB Ventures), Eduspaze, The Savearth Fund, as well as several angel investors from ANGIN.

The fresh funds will be used to increase tech-education growth, as well as recruit experts in the fields of education and technology to provide digitalization of content and curricula to continuously train digital talents.

Binar Academy also targetimg to increase the growth of technology education products, as well as to recruit more experts in the fields of education and technology so that they can digitize content and curriculum for 45 thousand students in Indonesia.

“In the last three years, we have continued to develop our main product, namely Binar Bootcamp to meet the learning experience of our students and the market demand for digital talents. Inspiring Indonesian youth and helping them to discover their true potential will always be my mission,” said Alamanda.


Original article is in Indonesian, translated by Kristin Siagian

Behind the Participation of Local Conglomerates in Grab’s Pre-IPO

Grab has officially announced to go public on the United States stock exchange using SPAC in collaboration with Altimeter Growth Corp ($AGC). Although it is not fixed on the finalization process, the market currently shows a positive response.

It is proven by the participation of several conglomerates in Indonesia to for the pre-IPO. There are three Indonesian representatives interested in participating through PIPE (Private Investment in Public Equity), Djarum Group, Sariaatmadja Family (EMTEK Group), and Sinar Mas Group. In total there are 14 investors involved in PIPE.

Grab is targeting $ 39.6 billion (around Rp.580 trillion) valuation and raising $500 million fresh fund from $AGC and $4 billion through PIPE. A total $750 million poured as Altimeter’s commitment.

The arrival of the three local conglomerates deserves attention, as they are also affiliated with various digital businesses in the ecosystem. We tried to make the outline through the following mind map :

The figure above shows an interesting (indirect) relationship. Each of them can be said to be affiliated with digital business leaders in Indonesia today – even though they are also competing in the same market share.

Apart from its own service, Grab in Indonesia is affiliated with Ovo (supported by the Lippo Group) – the local unicorn Tokopedia also owned shares in the payment platform. Regarding payments, Grab also involved in LinkAja’s funding, which Gojek is also part of. It implies that both superapps provide a payment option from the service formerly known as TCash.

Recently, Grab (via H Holdings) also reportedly entered into Emtek through PMTHMETD, along with Naver. It stirs up the rumors of the merger between Ovo and Dana – especially since the disclosure of Emtek that is no longer Dana’s main shareholder. Since 2019, Grab has been one of the parties that encouraged the merger of the two payment platforms.

In the loop of three Indonesian conglomerates that have joined PIPE, Grab has several strategic attachments in supporting startups operating in Indonesia. On the other hand, with its competitors [including the Gojek-Tokopedia merger plan] some of the investors are crossing path.

The entrance of Djarum, Emtek and Sinar Mas in the Grab IPO comes with two perspectives. First, there is activity in corporations to take a deeper share in working on the digital economy in Southeast Asia. Second, it is not impossible if even greater consolidation between players will occur at a later date – previously Grab-Gojek had been rumored to merge before the IPO.

Market enthusiasm for the Grab IPO can also set a good precedent for similar exit initiatives for other unicorns and take the digital ecosystem – particularly in Indonesia – to the next level. The success of their exit [unicorn] can be interpreted as business maturity and open the door of opportunities for the next unicorn-to-be.


Original article is in Indonesian, translated by Kristin Siagian
Gambar Header: Depositphotos.com

Ruangguru Receives 800+ Billion Rupiah Funding, Led by Tiger Global Management

Ruangguru edtech startup announced $55 million (over 800 billion Rupiah) funding led by Tiger Global Management. This is a follow on round of the series C announced in 2019, led by General Atlantic and GGV Capital.

GGV Capital also topped up in this latest round, followed by the ranks of Ruangguru’s early investors, East Ventures, Venturra Capital, UOB Venture Management, and others. The additional fresh funding is said to accelerate Ruangguru’s business expansion in three countries (Indonesia, Vietnam and Thailand) in the K-12 segment (SD, SMP, and SMA) and non-formal education.

In an official statement, Tiger Global Management’s Partner, Evan Feinberg said, as the leading edtech player in Southeast Asia, Ruangguru is ready to further transform and enhance the landscape for K-12 and adult learning. “We are very pleased to be partnering with them as they continue to innovate solutions for this market and advance high quality education for students of all ages,” he said, Monday (19/4).

GGV Capital’s Managing Partner, Jixun Foo added, “Our continued investment in Ruangguru proves our confidence in their commitment to advancing quality education for all [..] We will continue to support companies with a long-term impact on our future through educational technology.”

Edtech is GGV’s premier global investment thesis with portfolio companies such as Zuoyebang, Vedantu, HuoHua, and LiuLiShuo (NYSE: LAIX).

Ruangguru’s Co-Founder and CEO, Belva Devara expressed his high enthusiasm for the entrance of Tiger Global and with the sustainable support from GGV Capital. “We share the same vision of the world with access to quality education for all. Ruangguru has continued to have a strong growth trajectory in the past year and this investment will help us grow our business further and make a significant impact on education, through technology,” Belva said.

Product development at Ruangguru

In addition, with the accelerating adoption of online learning due to the global Covid-19 pandemic, Ruangguru has driven significant user volume growth throughout 2020. It is claimed that Ruangguru has served more than 22 million users throughout the country and achieved the highest Net Promoter Score (NPS) across all product categories and doubled the revenue growth, marking its first year of profitability.

The company arrived in Thailand with StartDee brand in 2020, and under the KienGuru brand the previous year in Vietnam. In Indonesia, it is said that Ruangguru is able to maintain a leadership position (based on user base) in the Live Tutoring segment through the Brain Academy and RuangBelajar+.

Furthermore, they released another product vertical, Roboguru, an AI-supported homework breaker with Photo Search and User Generated Content (UGC) technology to facilitate students in understanding difficult exercises. Also, launching the English Academy, an affordable online live teaching class with a Cambridge curriculum to cater the K-12 students and adults.

“The Skill Academy has served more than 3 million users, Ruangguru’s lifelong learning product is only 1 year after its launch. Skill Academy has positioned itself as a market leader in its category and winning Google Play Best of 2020 for Personal Growth,” Belva added.

In order to deepen market penetration throughout the pandemic, Ruangguru launched several social initiatives to have an impact on education. Among them are Ruangguru Free Online School to ensure learning sustainability, there are more than 10 million students in Indonesia accessing the service.

Also, in order to support distance learning during the lockdown, Ruangguru provides free access to Ruangkelas, the Learning Management System (LMS) platform that has been used by thousands of schools in 480 districts in Indonesia. Teachers are given free access to an online library of more than 250 teaching modules. There are more than 200 thousand teachers accessing the online library.

Ruangguru’s Co-founder & Chief Product and Partnership Officer, Iman Usman, added, “Ruangguru now has strong investors with expertise in the education industry. We plan to leverage their expertise and network to further enhance our products and our team. Therefore, it can help us in offering world-class educational products. We will continue to fulfill our mission to provide quality education for millions of students in Southeast Asia.”


Original article is in Indonesian, translated by Kristin Siagian

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In-depth: On the Potential Integration of Gojek and Tokopedia Merger into “Goto”

The latest news arrived from the potential merger of Gojek and Tokopedia worth $18 billion. Based on a source quoted by The Information, the merger of the two brands will be named “Goto”. He also said that the agreement would be completed at the earliest this month.

The source also said that Kevin Aluwi, Andre Soelistyo, William Tanuwijaya, and Patrick Cao would occupy the top ranks of the joint company’s management.

In early April 2021, Bloomberg reported the company’s executives and commissioners had decided the merger agreement details and were seeking approval from other shareholders. In a general note, the two startups have some related investors, including Google, Temasek, Seqoia Capital India, and Alibaba Group.

The next plan,rumor has it, that the joint company will continue to NASDAQ – using SPAC and seeking a valuation of up to $40 billion.

Gojek’s ecosystem

Debuting as an on-demand transportation service, Gojek currently has a fairly complete service to empower its partnership ecosystem. Some of the sub-features are an integration with third parties, especially startups from acquisitions or those included in the portfolio of venture units.

In terms of business structure, Gojek consists of four main lines, which cover Gojek, GoPay, GoPlay, and Go-Ventures services. Meanwhile, in terms of consumer, it is divided into two separate units, between Gojek and GoPlay. From our in-depth observation into the application and public information, following is a map of Gojek’s ecosystem services:

Ekosistem Layanan Gojek

Tokopedia’s ecosystem

Meanwhile, Tokopedia’s core service is an online marketplace, which is a bridge between goods/service owners and end users. Its role in the midst of making innovation is focused on aspects that can provide transaction effectiveness. This is align with the mission of becoming IaaS to facilitate MSMEs to go digital.

Apart from its core services as a marketplace, there are some strong support services, including financial lines, empowerment of SMEs, entertainment, and on-demand services. Some of the services are supported by strategic partners, some of which are by subsidiaries and their investment portfolios. Based on observations on the applications and public information, the following is a map of Tokopedia’s ecosystem services:

Ekosistem Layanan Tokopedia

Potential synergy

Based on the map, if it’s going to happen eventually, Gojek-Tokopedia merger, and become a joint company, there are some potential synergy that could happen.

  1. SME Empowerment

Both services have a significant concentration of MSMEs, gathering business partners. Gojek with restaurant owners, while Tokopedia with merchants. It is different segments, therefore, it is likely to remain a separate entity with a more integrated service model. For example, for the fulfillment of raw materials, GoFood partners can have direct access to shops on Tokopedia.

The unity allows the creation of hyperlocal services – nearby MSMEs serving the closest market share. For example, when Tokopedia Partners (grocery shop owners) can be integrated with Gojek delivery services, they can speed up the fulfillment process for each customer. In other way, to optimize the Gojek driver partners to be more connected with the TokoCabang fulfillment center to speed up the process of delivering goods.

  1. Financial

For the past few years, the two unicorns have a clear mission to become “fintech” as one of their main business models, it’s no doubt each application has a quite rich financial-based service. The thing is that the merger of the two companies will certainly allow Tokopedia users to have a more comprehensive Gopay payment option. On the other hand, they can work on many areas by combining each capability.

For example, integrating Moka-Gopay [Findaya]-Tokopedia, enabling F&B merchants to get fulfillment of basic ingredients on credit to help them improve their cash flow. As it is deeply examined, this scheme will require a lot of support systems such as credit scoring and disbursement infrastructure – which both companies can complement each other.

The big data is quite a treasure that will be very valuable for various business scenarios, including to help financial inclusion. Especially now that Gojek is starting to enter the digital banking – transaction data is a strong fuel for various decisions related to consumers.

  1. Logistics

The logistics challenges are in the first-mile, mid-mile and last-mile areas. The merger of the logistics infrastructure owned by the two companies allows Tokopedia’s IaaS mission to be realized faster. As the company continues to expand its fulfillment center, delivery service has become an essential. With the strategic affiliation of Gojek Logistic, JX, and SiCepat, deeper integration is possible to bring new breakthroughs in the logistics industry.

  1. Core business

Mobility and trade services are the main capabilities of Gojek and Tokopedia. It is indeed projected to keep going, considering the many users involved. The work lies in how to balance each service – especially if it really becomes one brand – therefore it makes consumers feel comfortable, not the other way around, to get more confused due to fragmented service ecosystem.

Conflict possibility

The fact is, the strategic partnerships has an objective to form mutualism. The merger of the two companies also brings the potential for “conflict” between Gojek and Tokopedia’s important partners. Let’s assume  with independently developed service will be easily merged. However, when other players are involved, this consolidation will become a more complicated discourse.

For example, how the investment service will work at Goto – while there are three other startups affiliated in each platform through share ownership. From the service ecosystem mapping, listed some services as the result of partnerships that can create conflict possibility whether the business merger happen:

  Gojek Tokopedia
Pembayaran GoPay Ovo
Pinjaman Findaya Dhanapala
Investasi Pluang Pegadaian, Bareksa
E-commerce JD.id
Online Grocery AlfaMart, LotteMart SayurBox
Logistik JX SiCepat
Kesehatan Halodoc GoApotik

Gojek and Tokopedia are the two Indonesian startups with the largest valuation and user base with the biggest MSME partners. The unity of two companies should help Indonesia achieve its dream of becoming a leader in the digital economy.

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BRI Ventures Participates in Bukalapak’s Funding Round

BRI Ventures, Bank BRI’s investment arm, announced an undisclosed strategic investment for Bukalapak. This agreement aligns with Bank BRI’s mission to support and digitize the MSME sector throughout the country, which is in line with Bukalapak’s mission. It is said that there are more than 13.5 million MSMEs joining the Bukalapak digital ecosystem.

In an official statement, Bank BRI is to offer banking products and digital loans to Bukalapak’s merchants and customers. It is expected to broaden financial inclusion to develop merchants’ businesses. Based on the data from the Ministry of Cooperatives and SMEs, MSMEs have a large contribution to GDP with a percentage of 60.34% and absorbing 58.18% of total investment in Indonesia.

BRI Ventures‘ CEO, Nicko Widjaja explained, “This strategic investment in Bukalapak is very important as it aligns with BRI Group’s mission in supporting MSMEs. With the massive growth of digital MSMEs nowadays, we believe that they will become the pillars of support for our national economy in the future. This is also part of BRI Ventures’ commitment to strengthen the tech-startup sector in Indonesia.”

The latest data from the country’s central bank shows as many as 87.5% of MSMEs are affected by the economic downturn driven by the pandemic. However, this also shows that 27.6% of MSMEs operating online actually experienced an increase in sales in 2020 and still counting. This illustrates the importance for companies of all shapes and sizes to embrace online business models and digital adaptation in the emerging continent.

In recent years, Bukalapak has shifted from an e-marketplace model to fintech and digital services. Through Mitra Bukalapak’s online-to-offline platform, the company has reached more than 13.5 million MSMEs and more than 100 million users throughout the archipelago.

In 2019, Bukalapak launched a B2B e-procurement business unit through BukaPengadaan Indonesia. Next, it has launched a mutual fund buying and selling platform (BukaReksa). With these products, there will be even more collaboration between the two companies. The Bukalapak business roadmap is very much in line with what the BRI Group brings, not limited to digital loan and savings products for business owners.

BRI Ventures entrance has added to the ranks of Bukalapak investors over the past two years. Yesterday, DailySocial reported a total $ 234 million for Bukalapak’s series G round from various levels of investors, including GIC, Microsoft, EMTEK, Standard Chartered, Naver and Mirae Asset-Naver Asia Growth Fund. Together with Standard Chartered, through Nexus, Bukalapak will become a mouthpiece for the development of Banking-as-a-Service (BaaS) services.


Original article is in Indonesian, translated by Kristin Siagian

Shipper Announces Series B Funding Worth 923 Billion Rupiah

Shipper Logistics aggregator startup announced series B funding worth $63 million or equivalent to 923 billion Rupiah. This round was led by DST Global Partners and Sequoia Capital India with the participation of previous investors, including Prosus Ventures, Floodgate, Lightspeed, Insignia Ventures, AC Ventures and Y Combinator. Previously, the Y Combinator W19 graduate secured series A funding in mid-2020 and was led by Proses Ventures.

Fresh funds will be focused on developing technology and massively expanding its logistics network, serving MSMEs throughout Indonesia. Shipper Services provides fulfillment and delivery services through a network of fulfillment centers, delivery partners, and digitally managed retail points. According to the statistics, the company currently serves thousands of e-commerce businesses that distribute millions of products every day.

“The funding will significantly help Shipper increase its technological and operational capacity, while continuing to expand the company’s service network. We are proud of the achievements of our customers who use our services, and we are excited to continue to achieve success with our customers and logistics partners,” Shipper’s Co-Founder & CEO, Phil Opamuratawongse said.

The pandemic that has driven an increase in delivery packages volume purchased online, which has topped up Shipper’s transaction value. Several strategic efforts over the past year, including partnering with Dana to present logistics solutions in the digital payment application. To expand its business model, Shipper also acquired two logistics startups Porter and Pakde.

“We started Shipper four years ago, starting from personal experience when we observed difficulties in packaging and shipping as online merchants. In building Shipper, we always used an approach from MSME players perspective as it is our identity. We are very happy to be able to contribute and strengthen the MSME segment as well as to help strengthen the national logistics ecosystem,” Shipper’s Co-Founder & COO, Budi Handoko added.

Based on the 2020 Startup Report, there were 8 funding transactions involving logistics startups. The large market demand encourages various related businesses to rapidly accelerate and expand. Apart from Shipper, logistic startup Andalin has secured series A funding from BRI Ventures.


Original article is in Indonesian, translated by Kristin Siagian

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