Over the years, the rapid growth of Indonesian start-ups has led to the development of four unicorns – that is start-ups that are now valued at over US$1billion. The four unicorns are Go-Jek, Traveloka, Tokopedia and Bukalapak. Indonesian E-Commerce Association (idEA) projects that the country will soon have two decacorns – a term for start-ups valued at more than US$10billion – and even more businesses gaining unicorn status this year.
Chairman of IdEA, Ignatius Untung, said on Friday that Go-Jek, the country’s most famous ride-hailing company, has managed to achieve the coveted decacorn status. E-commerce platform Tokopedia, which is currently valued at US$7billion, is set to follow suit. Ignatius cited the several capital injections received by Go-Jek, especially from PT Astra International as a catalyst for their growth. Astra International has led them to become Indonesia’s first decacorn.
Ignatius also commented that there will be more unicorns this year. While he could not name any specific companies, he is currently setting his sights on a digital wallet (e-wallet) platform, an online travel agency, as well as a healthcare start-up. Earlier, Indonesia’s Finance Minister, Sri Mulyani Indrawati, stated that Indonesia is home to four out of the seven unicorn start-ups located in South East Asia.
Image: CNBC Indonesia