Overview of Indonesia Tech landscape - Annual 2024
Image: Overall Indonesia Tech Snapshot (Data considered from Jan 01, 2024 till Dec 31, 2024)
Tracxn, a leading global SaaS-based market intelligence platform, has released its Indonesia Tech Annual Report 2024. Based on Tracxn’s extensive database, the report provides insights into the Indonesian Tech space.
Image: Y-o-Y Funding Trends (Note: Funding includes only Equity Funding. It excludes Debt, Grant, Post-IPO and ICO funding.)
In 2024, Indonesian tech startups raised $323 million in funding, representing a 75% decline from the $1.3 billion secured in 2023 and a sharp 90.05% drop compared to the $3.24 billion raised in 2022.
Image: Y-o-Y Stage-wise Funding Trends (Note: Seed includes Seed, Angel rounds. Early Stage includes Series A,B rounds. Late Stage includes Series C+, PE, Pre-IPO rounds)
Stage-wise Investment Trends
Late-Stage Funding: Late-stage investments dropped to $71.2 million in 2024, marking a 91.95% decrease from $884 million in 2023.
Seed-Stage Funding: Seed-stage investments dropped by 61.54%, falling to $30.3 million in 2024 from $78.8 million in 2023.
Early-Stage Funding: Early-stage funding experienced a 32.18% decline, totaling $221 million in 2024, down from $326 million in 2023.
Sectoral Performance
Top-performing sectors in 2024 included FinTech, Enterprise Applications, and InsurTech:
FinTech: Funding decreased by 68.45% compared to 2023 and 89.27% compared to 2022.
Enterprise Applications: Funding dropped by 32.65% in 2024 relative to 2023, and decreased 90.83% compared to 2022.
InsurTech: Funding rose significantly by 431.58% compared to 2023 but declined by 28.39% compared to 2022.
Top cities leading the landscape
Jakarta-based tech firms accounted for 85.36% of all funding raised by Indonesian tech companies.
Klaten followed behind, contributing 6.19% of the total funding.
Leading Investors
East Ventures, AC Ventures, and Alpha JWC Ventures emerged as the top investors in the Indonesian tech ecosystem, actively supporting startups across various stages.
Mergers & Acquisitions
The Indonesian tech ecosystem recorded 9 acquisitions in 2024, down from 12 in 2023. Notable deals include:
IDEAL’s acquisition by Lamudi, RajaOngkir’s acquisition by Komerce and Gredu’s acquisition by PINTAR are some of the acquisitions that occurred in 2024.
This data underscores the evolving dynamics of the Indonesian tech ecosystem, reflecting both growth opportunities and challenges across different funding stages, sectors, and regions.
