Indonesia’s startup ecosystem is maturing amid global challenges, with 2025 funding totaling USD 355.7 million across 91 deals, down from the 2021 peak of USD 6.9 billion but signaling selective strength.
New Retail dominated at USD 130.9 million (15 deals), followed by Fintech (USD 77.2 million, 16 deals) and E-Commerce (USD 35.8 million). Top rounds included Astro’s USD 51.9 million Series C and SIRCLO’s USD 38 million, while debt funding hit USD 264 million across 8 deals, highlighting cash-flow maturity.
Funding Trends
Early-stage (pre-seed/seed) led with 62 deals (67% of total), but capital concentrated later: Series A-C captured 80% (USD 290 million). Sectors like climatetech (USD 10.6 million) and agritech (USD 11.7 million) showed resilience, aligning with Indonesia’s USD 145 billion climate gap by 2030.
Exit Highlights
M&A overtook IPOs as the top liquidity path, enabling consolidation in payments (Airwallex → Skye Sab), SaaS (Qiscus → Kokatto), and more. Secondary transactions rose with longer holding periods; mature firms like Kopi Kenangan and Hypefast eyed profitable IPOs. Singapore structures aided regional access.
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