✅ TikTok gets greenlight. 🔁 Northstar-Ares in motion. 🔥 Danantara ignites big bets.

Dear subscribers,

This week’s edition brings major shake-ups and strategic moves that could reshape Southeast Asia’s digital economy.

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From TikTok’s officially approved Tokopedia acquisition under strict antitrust conditions to the stalled Grab-GoTo mega-merger, regulatory scrutiny is at an all-time high. On the other end, we’re also seeing bold momentum: UOB funds solar growth in Indonesia, Lazada showcases real ROI from AI adoption, and sovereign wealth fund Danantara rapidly positions itself as a global economic force—just 20 weeks in.

Let’s get into it.

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The DailySocial Team

• Indonesia’s antitrust agency (KPPU) has officially approved TikTok’s acquisition of a 75.01% stake in Tokopedia for US$840 million—on the condition that five key requirements are met. These include: freedom in payment and logistics choices, no abuse of dominant position (e.g., predatory pricing or forced exclusivity), open cross-platform promotion, no exploitative pricing, and special protections for MSMEs. TikTok has agreed to comply, and KPPU will monitor the deal’s implementation through 2027, with potential sanctions for violations. [Read More]

• UOB Indonesia has provided a Rp350 billion (US$21.2 million) green term loan to Xurya Daya Indonesia to scale up rooftop solar adoption in the commercial and industrial sectors. The financing, part of UOB’s U-Solar initiative, will support 50+ companies with a combined capacity of 130 MWp. Xurya’s Managing Director called it a critical milestone in advancing Indonesia’s clean energy transition. [Read More]

  

• Leadership Changes at GoTo and Tiket.com

  • Tiket.com has appointed Co-Founder Dimas Surya Saputra as CEO, replacing George Hendrata, who now serves as President Commissioner. Dimas previously led commercial operations since the company’s acquisition by the Djarum Group. [Read More]

  • GoTo named Catherine Hindra Sutjahyo as Deputy CEO, replacing Thomas Husted, in a restructuring aimed at strengthening governance and driving digital competitiveness. Catherine will work closely with CEO Patrick Walujo, while Hans Patuwo steps in as President of On-Demand Services and Group COO. The board also approved a US$200M share buyback. [Read More]

• Grab’s proposed US$7 billion acquisition of GoTo has run into regulatory headwinds in Indonesia. While still under negotiation, the deal faces mounting concerns from the public and regulators about market concentration, driver welfare, and foreign ownership. Protests have emerged from driver communities, and the Indonesian government is pushing for stronger local control and better partner incentives in any final merger outcome. [Read More]

• SEA Private Equity Moves:

  • Ares Management Corp is set to take over three funds from Northstar Group. Around 20 staff members, including the investment team, will transition to Ares—but Northstar founders Patrick Walujo and Glenn Sugita are not part of the deal. The move comes amid scrutiny over Northstar’s alleged exposure to the collapsed eFishery case, which reportedly led to over US$300 million in investor losses. Ares manages US$546 billion in global assets.

  • Melvin Hade, ex-Managing Director at Northstar, has launched Kayella Consumer Partners, a new investment platform focusing on consumer and retail businesses in Indonesia. Closing its first fund in May 2025, Kayella aims for long-term ownership in cash-generating businesses, moving away from billion-dollar tech valuations. It has backed five local brands with ticket sizes between US$100K to US$2M.

• Shiok Burger Raises Pre-Series A
  Singapore-based Shiok Burger closed a Pre-Series A round led by AC Ventures, with continued support from CFF Fund, SPIRAL RISE Capital, and a major Chinese food group. The capital will be used to expand central kitchens, open new outlets, strengthen digital ops, hire key talent, and build a franchise support system.

• Lazada x Momentum Works: AI = US$131B Opportunity
  A new joint report from Lazada and Momentum Works projects that widespread adoption of generative AI could add US$131 billion in GMV to Southeast Asia’s e-commerce sector by 2030. Despite 91% of consumers expressing trust in AI-assisted shopping, 61% of businesses remain skeptical. Case studies on Lazzie, LISA, and Smart Listing show AI’s impact on conversion and efficiency. The report introduces the POP-Leadership framework to guide AI-native transformation.

  

Indonesia’s sovereign wealth fund, Danantara, is making bold moves just 20 weeks after its formation. Backed by state-owned enterprise (BUMN) dividends and split between operational and investment mandates, Danantara has quickly carved out a role as a key driver of national and global economic transformation.

Recent highlights include:

• A Rp13 trillion (US$800M) joint investment with INA and Chandra Asri Group to build a Chlor-Alkali and Ethylene Dichloride (CA-EDC) plant. The facility will significantly reduce import dependency and serve strategic sectors like water, alumina, and nickel processing.

• A US$2.3 billion (Rp37.7T) strategic investment partnership with Russia’s RDIF—dubbed RIDNIP—covering advanced manufacturing, infrastructure, and food security. The MoU, signed in the presence of Presidents Prabowo and Putin, positions Danantara as a bilateral economic vehicle.

• The appointment of Sunata Tjiterosampurno, former Northstar Co-CIO and early Gojek backer, signals Danantara’s intent to build world-class investment governance and capabilities.

CIO Pandu Sjahrir emphasized that transparency, meritocracy, and global collaboration are foundational to the fund’s success—perfectly in sync with President Prabowo’s vision of “Indonesia Emas 2045.”