Startups ranked by AI-estimated valuation
Indonesia’s 20 most valuable startups
A quarterly ranking of non-listed Indonesian startups that have already raised funds, established by artificial intelligence from public information. The market sets the value; AI models estimate it.
Listed benchmarks
GoTo · Ride-hailing, delivery and fintech (Gojek, GoPay) · IDX · GOTOJ&T Express · Express delivery · HKEX · 1519Blibli · E-commerce (Global Digital Niaga) · IDX · BELIBukalapak · E-commerce and retail services · IDX · BUKABank Jago · Digital bank · IDX · ARTO
Not ranked: no intention is possible on a listed company.
The market at a glance
20companies ranked
56companies on the radar
USD 356Mraised in 2025
91rounds in 2025
Indonesian startups raised about USD 356M across 91 deals in 2025, far below the 2021 peak of USD 6.9bn; early-stage deals made up two thirds of transactions, and fintech, new retail and e-commerce drew the most capital. In 2026, Ajaib’s USD 270M Series C in August was the largest Indonesian tech round since 2022, and Akulaku confidentially filed for a Hong Kong listing. Sources: DiscoveryShift, Indonesia Startup Report 2026 (via Jakarta Globe, 2025), Databoks / Katadata, startup funding 2020-2025. Intention counters will be shown above a threshold of amount and number of Backers.
National ranking · all sectors
Snapshot24 Oct 2026A snapshot taken on 24 Oct 2026
This ranking shows the startups as they stood on 24 Oct 2026. Funding rounds, valuations and other events announced after that date are not included yet. They will be taken into account in the next edition, scheduled for 6 Nov 2026.
Spotted a more recent round? Tell us →First edition: no movements yet.
This ranking shows the startups as they stood on 24 Oct 2026. Funding rounds, valuations and other events announced after that date are not included yet. They will be taken into account in the next edition, scheduled for 6 Nov 2026.
Spotted a more recent round? Tell us →First edition: no movements yet.
| # | Company | Sub-sector | Known funding | Estimated valuation (AI) · range | Pool of InterestsInterest: a free, non-binding declaration on a company, or on a sector within an area, made during the free phase of a pool. Pool: all the Interests declared on the same target. This column shows the number of Backers and the combined amount of their tickets, to validated members only. Terms for Backers → | BackBacking a startup on Uback (pronounced “you back”) can be done in two ways: Interest · free: a non-binding declaration that signals your demand for a company or a sector. You can move or withdraw it at any time, with up to 5 at once. Intention · coming soon: a paid, confirmed declaration, still non-binding. Once its pool reaches critical mass, it is presented to a company by a partner desk. Neither is an order nor a commitment to invest. Terms for Backers → |
|---|---|---|---|---|---|---|
| 1 | AkulakuJakarta · founded 2016 Confidentially filed for a Hong Kong IPO (USD 300-500M targeted), reported September 2026; holds a stake in listed Bank Neo Commerce. |
Fintech › BNPL and consumer credit | USD 430M+ raised Strategic round · USD 200M · 2022 (MUFG); a 2025 report put the company at about USD 2bn ahead of a planned Hong Kong listing |
Last known equity round: Strategic round · USD 200M · Jan 2022 Published valuation: USD 2bn (Jan 2025)Method |
Be the first | Back |
| 2 | XenditJakarta · founded 2015 Licensed payment operator in Indonesia and the Philippines; also operates in Malaysia, Thailand and Vietnam. |
Fintech › payment gateway | USD 538M raised Series D · USD 300M · May 2022 (Coatue, Insight Partners; Accel, Tiger Global, Kleiner Perkins, EV Growth) |
Last known equity round: Series D · USD 300M · May 2022 (Coatue, Insight Partners; Accel, Tiger Global, Kleiner Perkins, EV Growth)Method | Be the first | Back |
| 3 | TravelokaJakarta · founded 2012 Operates in Indonesia, Thailand, Vietnam, Malaysia, the Philippines, Singapore and Australia; SPAC merger with Bridgetown Holdings abandoned in 2022. |
Travel › online travel agency | raised Growth round · USD 300M · Sep 2022 (Indonesia Investment Authority, BlackRock; Allianz Global Investors) |
Last known equity round: Growth round · USD 300M · Sep 2022 (Indonesia Investment Authority, BlackRock; Allianz Global Investors)Method | Be the first | Back |
| 4 | KredivoJakarta · founded 2015 Parent Kredivo Holdings (ex-FinAccel) owns Krom Bank Indonesia and acquired Vietnamese digital bank Timo in March 2026. |
Fintech › BNPL and digital credit | USD 400M+ raised Series D · USD 270M · Mar 2023 (Mizuho); a secondary sale of more than USD 100M of shares to Mizuho in Dec 2025 |
Last known equity round: Series D · USD 270M · Mar 2023 (Mizuho)Method | Be the first | Back |
| 5 | AjaibJakarta · founded 2018 About 600 employees; Series B of USD 153M in 2021 was led by DST Global. |
Fintech › retail investing | USD 500M+ raised Series C · USD 270M · Aug 2026 (SBI Group; existing backers incl. SoftBank, Insignia Ventures, Alpha JWC, Y Combinator) |
Last known equity round: Series C · USD 270M · Aug 2026 (SBI Group; existing backers incl. SoftBank, Insignia Ventures, Alpha JWC, Y Combinator)Method | Be the first | Back |
| 6 | SiCepatJakarta · founded 2014 About 18,000 couriers (2026); targets 25% revenue growth in 2026. |
Logistics › express delivery | raised Series B · USD 170M · Apr 2021 (Falcon House Partners, Kejora Capital, DEG, MDI Ventures) |
Last known equity round: Series B · USD 170M · Apr 2021 (Falcon House Partners, Kejora Capital, DEG, MDI Ventures)Method | Be the first | Back |
| 7 | SayurboxJakarta · founded 2016 | Commerce › online grocery | raised Series C · USD 120M · Mar 2022 (Alpha JWC Ventures, Northstar; IFC) |
Last known equity round: Series C · USD 120M · Mar 2022 (Alpha JWC Ventures, Northstar; IFC)Method | Be the first | Back |
| 8 | PintuJakarta · founded 2020 Licensed crypto asset trader in Indonesia (regulation moved from Bappebti to OJK in 2025). |
Fintech › crypto exchange | USD 150M+ raised Series B · USD 110M · Jun 2022 (Intudo Ventures, Pantera Capital; Coinbase Ventures, Lightspeed) |
Last known equity round: Series B · USD 113M · Jun 2022 (Intudo Ventures, Pantera Capital; Coinbase Ventures, Lightspeed)Method | Be the first | Back |
| 9 | PluangJakarta · founded 2019 Holds Indonesian licences for crypto trading and gold products. |
Fintech › retail investing | USD 110M+ raised Series B with extension · about USD 110M · Jan 2022 |
Last known equity round: Series B with extension · USD 110M · Jan 2022Method | Be the first | Back |
| 10 | FlipJakarta · founded 2015 Says it has served more than 10 million users and processes over USD 12bn a year (2022). |
Fintech › transfers and payments | USD 100M+ raised Series B with extension · about USD 103M · Jun 2022 (Insight Partners, Sequoia Capital India, Tiger Global) |
Last known equity round: Series B with extension · USD 103M · Jun 2022 (Insight Partners, Sequoia Capital India, Tiger Global)Method | Be the first | Back |
| 11 | FazzJakarta · founded 2016 Formed by the merger of Indonesia's Payfazz and Singapore's Xfers; also runs Fazz Capital SME financing. |
Fintech › SME payments and banking | raised Series C · USD 100M · Jun 2022 (Tiger Global, Insignia Ventures) |
Last known equity round: Series C · USD 100M · Jun 2022 (Tiger Global, Insignia Ventures)Method | Be the first | Back |
| 12 | GudangAdaJakarta · founded 2019 | Commerce › B2B FMCG marketplace | raised Series B · USD 100M · Sep 2021 (Asia Partners, Alpha JWC Ventures) |
Last known equity round: Series B · USD 100M · Sep 2021 (Asia Partners, Alpha JWC Ventures)Method | Be the first | Back |
| 13 | HalodocJakarta · founded 2016 Network of 20,000+ medical practitioners, 3,300 hospitals and 4,900 pharmacies; management said in May 2026 an IPO is planned, timing open. |
Healthtech › telemedicine and pharmacy delivery | raised Series D · USD 100M · Jul 2023 (Astra Digital International; Openspace Ventures, Novo Holdings) |
Last known equity round: Series D · USD 100M · Jul 2023 (Astra Digital International; Openspace Ventures, Novo Holdings)Method | Be the first | Back |
| 14 | Kopi KenanganJakarta · founded 2017 Revenue up 62% year on year in H1 2026; more than 1,500 outlets in seven markets. |
Consumer › coffee chain | USD 240M+ raised Series C · USD 96M · Dec 2021 (Tybourne Capital; Horizons Ventures, Alpha JWC, Peak XV Partners) |
Last known equity round: Series C · USD 96M · Dec 2021 (Tybourne Capital; Horizons Ventures, Alpha JWC, Peak XV Partners)Method | Be the first | Back |
| 15 | BibitJakarta · founded 2019 Bibit and Stockbit operate under the same group (PT Bibit Tumbuh Bersama / Stockbit). |
Fintech › robo-advisor and brokerage | USD 190M raised Growth round · USD 80M · May 2022 (GIC; Prosus Ventures, Sequoia Capital India) |
Last known equity round: Growth round · USD 80M · May 2022 (GIC; Prosus Ventures, Sequoia Capital India)Method | Be the first | Back |
| 16 | SuperSurabaya · founded 2018 | Commerce › social commerce | raised Series C · USD 70M · Jan 2022 (SoftBank Vision Fund 2) |
Last known equity round: Series C · USD 70M · Jan 2022 (SoftBank Vision Fund 2)Method | Be the first | Back |
| 17 | RuangguruJakarta · founded 2014 Acquired Vietnamese tutoring platform Mclass in 2023; operates in Indonesia and Vietnam. |
Edtech › K-12 learning and tutoring | USD 205M+ (Series C and C2 only) raised Series C with extension · USD 205M · Apr 2021 (General Atlantic, GGV Capital) |
Last known equity round: Series C with extension · USD 205M · Apr 2021 (General Atlantic, GGV Capital)Method | Be the first | Back |
| 18 | ShipperJakarta · founded 2017 | Logistics › fulfilment | USD 88M+ raised Series B · USD 63M · Apr 2021 (DST Global partners, Sequoia Capital India) |
Last known equity round: Series B · USD 63M · Apr 2021 (DST Global partners, Sequoia Capital India)Method | Be the first | Back |
| 19 | BukuWarungJakarta · founded 2019 Serves millions of micro merchants (figure not verified). |
Fintech › merchant payments | raised Series A · USD 60M · Jul 2021 (Valar Ventures, Goodwater Capital) |
Last known equity round: Series A · USD 60M · Jul 2021 (Valar Ventures, Goodwater Capital)Method | Be the first | Back |
| 20 | SociollaJakarta · founded 2015 Operated by Social Bella; about 48 stores in 15 Indonesian cities plus 13 in Vietnam (2022). |
Commerce › beauty retail | raised Growth round · USD 60M · Oct 2022 (Temasek, L Catterton) |
Last known equity round: Growth round · USD 60M · Oct 2022 (Temasek, L Catterton)Method | Be the first | Back |
Back · Backing on Uback (pronounced “you back”) means declaring an Interest (free) or an Intention (coming soon). Backing does not mean that this company is raising funds or that a shareholder is selling shares, and it is not a commitment to invest. Any deal, through a funding round or a sale by an existing shareholder, is handled by a partner desk: the Fundraising Desk of the country for a round, the Secondary Sales Desk assigned to the company for a sale. · Terms
Ranking in descending order of AI-estimated valuation, based on public information, with no human intervention on the order. The valuations, ranges and brackets shown are editorial estimates produced by AI, purely indicative and imperfect by nature: neither a financial valuation, nor an offer, nor investment advice. Only the market sets a company’s value, through a funding round or a sale. Ranking established by Claude (Anthropic) from public information, following the published rules. A consensus of several AIs will apply from 1 December 2026. Eligibility: at least $1M raised in equity, non-listed company, main operations in Indonesia. Request a correction
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How to read this ranking
Rank
Companies are ranked by AI-estimated valuation, highest first. The market sets the value; AI models estimate it.
Estimate
An AI-estimated valuation, its uncertainty range and its order of magnitude. Indicative, and imperfect by nature.
- Hundreds of k$
- Millions $
- Tens of M$
- Hundreds of M$
- Unicorn
- Decacorn
- Hectocorn
Rankings by sector
Four verticals at launch, more when the feasibility test allows.Coming soon · Top 10
Fintech
Buy now, pay later, payments, investing and crypto apps, insurance and SME finance.
Coming soon · Top 10
Commerce & logistics
Online travel, express delivery, grocery and B2B commerce, coffee chains and beauty retail.
Coming soon · Top 10
Health & education
Telemedicine and online learning for school students.
Software & AIClimate & energyAgritechMobilityProptech
The Uback Fundraising Desk in Indonesia
Introductions made by a Fundraising Desk partner, currently being selected
An adviser licensed by the OJK (Financial Services Authority), the only party entitled to present Backers’ demand to companies for their funding rounds. Sales of existing shares are handled by Secondary Sales Desks, assigned company by company. Uback remains a media: it ranks and aggregates intentions, it takes part in no transaction.
—deals worked on
—deals closed
—average response time
Capital raising advisers
Become Uback’s Fundraising Desk partner in Indonesia
- Foreign investors you would not find on your own
- Your name on every ranking of the country
- Backers’ demand on each company, before its round opens
- The “Uback Fundraising Partner in Indonesia” title on your profiles
Radar · known eligible companies, not ranked
Sorted by date of last round, with no judgement and no AI call. Undisclosed amount: the round is confirmed by the press, not its amount.
- Waresix · Logistics › digital freightGrowth round · USD 27M · Jul 2026 (Granite Asia; East Ventures, Jungle Ventures)Back
- JULO · Fintech › digital consumer lendingFunding round · amount undisclosed · Jul 2026 (Credit Saison, Quona Capital, Skystar Capital, East Ventures)Back
- KoinWorks · Fintech › SME lendingSeries C · USD 43M · Jan 2022; its lending business has been restricted by the regulator since 2026, after its managers were detainedBack
- Hangry · Consumer › restaurant brandsFollow-on round · USD 10M · Oct 2025 (Alpha JWC Ventures)Back
- Astro · Commerce › quick commerceSeries C · USD 52M · Sep 2025 (Amazon; SBI Investment, DST Global, Accel, Peak XV Partners)Back
- Rekosistem · Climate › waste collection and recyclingSeries A · USD 7M · May 2025 (Saratoga Investama Sedaya, K3 Ventures)Back
- Eratani · Agritech › smallholder farming ecosystemSeries A · USD 6.2M · Apr 2025 (Clay Capital)Back
- Kargo Technologies · Logistics › digital freightFunding round · amount undisclosed · Jul 2024 (AC Ventures, Tenaya Capital)Back
- Xurya · Climate › rooftop solar leasingGrowth round · amount undisclosed, mixing equity and debt · Jul 2024 (Norfund, Swedfund, Clime Capital, British International Investment)Back
- Amartha · Fintech › microfinance lendingGrowth round · USD 18M · Jun 2024 (Accion)Back
- Qoala · Insurtech › insurance distributionSeries C · USD 47M · Mar 2024 (PayPal Ventures, MassMutual Ventures; MUFG Innovation Partners, Omidyar Network, Flourish, Eurazeo)Back
- Rukita · Proptech › colivingSeries B1 · USD 15M · Mar 2024 (Openspace, Peak XV Partners, MPower Partners, Golden Gate Ventures)Back
- Swap Energi · Mobility › battery swappingSeries A · USD 22M · Jan 2024 (Qiming Venture Partners; GGV Capital, Ondine Capital)Back
- Klinik Pintar · Healthtech › clinic software and networkSeries A1 · USD 5M · Dec 2023 (Altara Ventures; Infocom, Golden Gate Ventures, Skystar Capital, Venturra)Back
- JALA · Agritech › shrimp farming technologySeries A · USD 13M · Nov 2023 (Intudo Ventures; Sinar Mas Digital Ventures, Mirova, Meloy Fund)Back
- Segari · Commerce › online grocerySeries B · USD 24M · Sep 2023Back
- ALAMI · Fintech › Islamic finance and digital bankSeries B · USD 16M · Sep 2023 (Intudo Ventures; East Ventures Growth, AC Ventures, Quona Capital, Golden Gate Ventures)Back
- Bobobox · Travel › tech-enabled lodgingSeries B · USD 8.3M · Sep 2023 (Kakao Investment, Alpha JWC Ventures, Emtek, Castle Bravo)Back
- DELOS · Agritech › shrimp farming technologySeries A · USD 5.8M · Sep 2023 (Monk's Hill Ventures; earlier MDI Ventures, Finch Capital, Number Capital, iSeed Asia)Back
- Beleaf · Agritech › produce farming and distributionSeries A · USD 6.8M · Aug 2023 (Alpha JWC Ventures)Back
- Maka Motors · Mobility › electric motorcyclesSeed · USD 38M · Jul 2023 (AC Ventures, East Ventures, SV Investment; Northstar, Provident, Peak XV Partners, Openspace)Back
- SIRCLO · Commerce › e-commerce enablementSeries C · USD 10M · Jun 2023 (Vertex Ventures Southeast Asia and India)Back
- Evermos · Commerce › social commerceSeries C · USD 39M · May 2023 (IFC and IFC Emerging Asia Fund; Jungle Ventures, Shunwei, UOB Venture Management, Telkomsel Mitra Inovasi)Back
- Charged Indonesia · Mobility › electric motorcyclesStrategic round · USD 3.2M · Mar 2023 (Vmoto)Back
- EdenFarm · Commerce › B2B fresh foodPre-Series B · USD 14M · Jan 2023 (Telkomsel Mitra Inovasi; AC Ventures, AppWorks, Capria Ventures, OCBC NISP Ventura)Back
- iSeller · B2B software › retail commerce and POSSeries B · USD 12M · Jan 2023 (Intudo Ventures; KASIKORN VISION, Mandiri Capital Indonesia, Openspace Ventures)Back
- Paper.id · B2B software › invoicing and B2B paymentsSeries B · USD 12M · Dec 2022 (Go-Ventures; Skystar Capital, BM Capital, Living Lab Ventures, Redbadge Pacific)Back
- Privy · B2B software › e-signature and digital identitySeries C · USD 48M · Nov 2022 (KKR)Back
- FishLog · Agritech › fisheries cold chainPre-Series A · USD 3.5M · Oct 2022 (BRI Ventures, Accel, Insignia Ventures Partners, Patamar Capital)Back
- Gokomodo · Commerce › agri B2B procurementSeries A · USD 26M · Sep 2022 (East Ventures; SMDV, Eight Capital, K3 Ventures, Triputra)Back
- Waste4Change · Climate › waste managementSeries A · USD 5M · Sep 2022 (AC Ventures, Barito Mitra Investama)Back
- ESB · B2B software › F&B restaurant managementSeries B · USD 29M · Aug 2022 (Northstar Group)Back
- Paxel · Logistics › same-day deliverySeries C · USD 23M · Aug 2022 (Astra Digital Internasional, Central Capital Ventura, MDI Ventures, FJ Labs)Back
- majoo · B2B software › SME point of saleSeries A · USD 10M · Aug 2022 (BRI Ventures)Back
- KitaLulus · B2B software › recruitment platformSeries A · USD 8.2M · Jun 2022 (Tiger Global; Rocketship.vc, Goodwater Capital, Go-Ventures)Back
- IDN · Media › digital publishingSeries D · amount undisclosed · Jun 2022 (Mayapada, KMIF; East Ventures, OCBC NISP Ventura, Dentsu, V Media Ventures)Back
- Pinhome · Proptech › property marketplaceSeries B · USD 50M · May 2022Back
- Mekari · B2B software › SME business suite (HR, accounting, CRM)Series E · USD 50M · May 2022 (Money Forward)Back
- Pitik · Agritech › poultry farming platformSeries A · USD 14M · May 2022 (Alpha JWC Ventures; MDI Ventures, Wavemaker Partners)Back
- NOICE · Media › audio streamingSeries A · USD 22M · Apr 2022 (Northstar; Alpha JWC Ventures)Back
- Ayoconnect · Fintech › open banking APISeries B · USD 15M · Mar 2022 (Tiger Global)Back
- Brick · Fintech › open banking APISeed · USD 8.5M · Feb 2022 (Flourish Ventures, Antler; Better Tomorrow Ventures, Iterative)Back
- Aruna · Agritech › fisheries supply chainSeries A · USD 35M · Jan 2022 (Prosus Ventures, East Ventures Growth; AC Ventures)Back
- CoLearn · Edtech › K-12 tutoring appSeries A with extension · USD 27M · Jan 2022 (Alpha Wave Incubation, GSV Ventures; TNB Aura, KTBN Venture, PT Binus Investama)Back
- Lemonilo · Consumer › packaged food brandSeries C · USD 36M · Dec 2021 (Sofina, Sequoia Capital India)Back
- Cakap · Edtech › language and upskillingSeries B · USD 10M · Dec 2021 (MDI Ventures, KB Investment's Centauri fund, Heritas Capital)Back
- SUN Energy · Climate › commercial solar developerSeries A · USD 25M · Nov 2021Back
- Travelio · Proptech › rental platformSeries B · USD 18M · Nov 2021 (Pavilion Capital, Gobi Partners; Vynn Capital, Insignia Ventures Partners)Back
- Dekoruma · Commerce › home and furnitureSeries C1 · USD 15M · Aug 2021 (Nexter Ventures (SCG), KTB Network; GDN, OCBC NISP Ventura, Foundamental)Back
- Lifepal · Insurtech › insurance marketplaceSeries A · USD 9M · Aug 2021 (Cathay Innovation; Insignia Ventures)Back
- Pahamify · Edtech › exam preparationSeries A · amount undisclosed · Nov 2020 (Shunwei Capital; Insignia Ventures)Back
- Kata.ai · AI › conversational AISeries B · amount undisclosed · Nov 2020 (Trans-Pacific Technology Fund; MDI Ventures, Buana Investama)Back
- EVOS Esports · Media › esportsSeries B · USD 12M · Oct 2020 (Korea Investment Partners; Mirae Asset Ventures, IndoGen Capital, Insignia Ventures Partners)Back
- PasarPolis · Insurtech › embedded insuranceSeries B · USD 54M · Sep 2020 (LeapFrog Investments; Intudo)Back
- Alodokter · Healthtech › health content and teleconsultationSeries C · USD 33M · Oct 2019 (Philips, Heritas Capital, Hera Capital, Dayli Partners)Back
- Nodeflux · AI › computer visionSeries A · amount undisclosed · Jun 2018 (East Ventures)Back
Born in Indonesia, based elsewhere
Companies of Indonesian origin whose main operations are now abroad: not ranked, shown with the law governing their shares.
- RedDoorz · Travel › budget hotel network
Founded in Jakarta in 2015; headquarters moved to Singapore in 2017, with Indonesia as its main marketSeries C · USD 70M · Aug 2019 (Rakuten Capital, Mirae Asset-Naver Asia Growth Fund)Back
Not ranked
- tiket.com · Owned by the Djarum group through Blibli since 2017
- DANA · Created by the Emtek group with Ant Group
- OVO · Created by the Lippo group; now controlled by Grab
- Investree · Licence revoked by the financial regulator in 2024
- eFishery · Being wound down after an accounting fraud uncovered in 2024
- Zenius · Suspended operations in 2024
- Ula · Shut down in 2024
- Warung Pintar · Bought by SIRCLO in 2022
- Ilectra Motor Group · Created as a joint venture of Indika Energy
- Qontak · Bought by Mekari in 2021
The method in Indonesia
Calendar. Quarterly ranking, published on the 6th of February, May, August and November. Next edition: November 6, 2026.
Eligibility: at least $1M raised in equity, non-listed company, main operations in Indonesia.
Fundraising Desk sought. An adviser licensed by the OJK (Financial Services Authority).
Sources. Indonesian and international business and technology press (Kontan, Bisnis Indonesia, DailySocial, Tech in Asia, KrASIA, DealStreetAsia, Jakarta Globe, TechCrunch, Bloomberg, Reuters), e-Conomy SEA data, company and investor announcements.