This is the List of Unicorn Startup Companies in Indonesia 2020

Do you often hear the word startup or unicorn in a company? Yes Startup companies are companies that have not been established for a long time and are still in the development phase. Currently, startup companies usually refer to their services and products based on digital technology. Usually startup companies need investors for their development.

Meanwhile, unicorn is a startup company whose corporate value has reached more than 1 billion US dollars or the equivalent of 14 trillion rupiah. So not all startup companies can become unicorns. A company that does not become a unicorn means that the company does not develop, which means the value of the funds that investors have poured in just disappears.

In Indonesia, there are many startup companies that have been established, some of which have developed into unicorn companies, here is the list

Unicorn startup company in Indonesia 2020

1. GoJek

Founded by Nadiem Makarim, Kevin Aluwi, and Michaelangelo Moran in October 2010. Having the principle of solving daily challenges with technology, the Gojek application is the first startup from Indonesia with the title unicorn. Since its first release, the app has quickly gained a fantastic number of users. Apart from providing cheap and fast transportation, the Gojek app has evolved from only offering rides to a series of more than 20 services today.

Demographic Institute, Faculty of Economics & amp; Business at the University of Indonesia in 2018 showed that Gojek had an economic impact on Indonesia with a contribution of around Rp. 44.2 trillion (US $ 3 billion) to the Indonesian economy by the end of 2018. In addition, the Gojek ecosystem supports the growth of MSMEs in Indonesia. It was recorded that 93% of MSME partners experienced an increase in transaction volume and 55% of partners experienced an increase in income.

2. Tokopedia

Tokopedia was first founded by two friends, William Tanuwijaya and Leontinus Alpha Edison in 2009. This e-commerce startup received the status of an Indonesian unicorn in 2017 and in the same year also announced the acquisition of funding totaling 1.1 billion dollars (or more than 14 trillion Rupiah) led by Alibaba. Alibaba’s entry into Tokopedia confirms the Chinese tech giant’s grip on Southeast Asia.

At the end of 2019, Tokopedia is collecting a new round of funding (fundraising), the value they are targeting to reach $ 1.5 billion or the equivalent of 21.1 trillion Rupiah. It is likely that the additional funds they are raising will focus on increasing the company’s traction, before finally having “green” finances and an IPO. Finally, Tokopedia announced that their GMV has reached 222 trillion Rupiah throughout 2019.

3. Traveloka

Furthermore, there is Traveloka which was founded by Ferry Unardi, Albert Zhang, and Derianto Kusuma in 2012. With a focus on hotel and travel bookings, this company is a travel startup in the Southeast Asia region that holds Unicorn status.

They have won the unicorn title since July 2017 after the funding they received from Expedia strengthened Traveloka’s position as the market leader in the Indonesian travel industry when it obtained an investment from Expedia of US $ 350 million. The last year before that, Traveloka had in total received $ 500 million (more than 6.6 trillion Rupiah) from East Ventures, Hillhouse Capital Group,, and Sequoia Capital.

Now, Traveloka is not only known to us as a vertical unicorn of online travel, Traveloka has now crossed the globe in seven countries. The focus of its services is not only accommodation and transportation. The company’s business has now penetrated into lifestyle and finance.

4. Bukalapak

Bukalapak is one of the e-commerce startups to get the next unicorn title. This startup was founded by Achmad Zaky with two of his friends, Nugroho Herucahyono and Fajrin Rasyid, in 2010.

At that time, they saw a potential opportunity to develop an online store website that we now know as e-commerce. His foresight finally paid off with Bukalapak becoming one of the startups with the title of a unicorn in 2018.

Until the age of 10 this year, the number of active users has reached more than 70 million and visits to the Bukalapak application have reached 42 million times per month. Bukalapak’s valuation value is thought to have reached 2.5 billion US dollars or Rp 34 trillion.

5. Ovo

This startup company in the e-wallet field officially has the status of a unicorn in 2019. OVO itself is a mobile payment application created by LippoX in 2017.

The news of OVO’s unicorn status first emerged from data from a company providing analysis and machine intelligence platforms, CB Insights, which has a list of startups that have won the unicorn title.

In the list, there is the startup name OVO. There are three investors who have joined OVO, namely Grab, Tokopedia, and Tokyo Century Corporation. The OVO valuation is thought to have reached 2.9 billion US dollars or equivalent to Rp 40 trillion as of October 2019.


Earlier this year, the e-commerce platform confirmed to DailySocial that the company’s valuation has exceeded US $ 1 billion. Thus added to the list of Indonesian Unicorn startups 2020 to 6 companies after the previous year Ovo joined the Indonesian Unicorn ranks. There are three startups in this lineup operating in the e-commerce vertical. first started operating in November 2015. This e-commerce site with the jargon of “selling goods with genuine guarantees” came to Indonesia as a result of a strategic partnership between Chinese e-commerce giant and private equity Provident. Capital.

Currently, that means there are 3 e-commerce players who are preparing to win the market. If platforms such as Bukalapak and Tokopedia intensify partnership programs, has on several occasions always conveyed its focus on strengthening logistics.

So that’s the list of Indonesian startup companies that have evolved into unicorns. As Indonesians, it would be nice for us to use domestic services and products to strengthen the domestic economy, of course.

Leave a Reply

Your email address will not be published. Required fields are marked *