International Tech Hubs 3rd ed. - Digital Magazine plugd:in

BDO LLP | INTERNATIONAL TECH HUBS THIRD EDITION

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THE TECH ECO-SYSTEM Culturally, Indonesian people are among the world’s most active when it comes to digital technology, and the region has a vibrant start-up eco-system. The Indonesian start-up ecosystem is worth more than USD$25billion, according to the Global Startup Ecosystem Report 2020 (GSER) , with the capital Jakarta ranking #2 out of 100 cities worldwide on the list of ‘emerging start-up ecosystems’. Indonesia boasts the largest digital economy in Southeast Asia, according to the e-Conomy SEA 2020 report co-authored by Google. For 2020, Indonesia’s digital economy was predicted to reach $44billion. There have been several recent notable successes in the capital investment space, with a number of high-growth tech start-ups achieving unicorn status ($1billion+ valuation in the private market). Popular eCommerce marketspace Bukalapak is one such example. Currently valued at $2.5 billion, Bukalapak has recently received new support from Microsoft to adopt Microsoft Azure as a corporate cloud service. According to sources reported by Bloomberg, the investment value of this contract reaches $100 million. eCommerce unicorn Tokopedia have also announced Google and Temasek as new shareholders, having last year reached 90million monthly active users. The growth of new sellers on Tokopedia recorded an 86% increase during the pandemic. Temasek-affiliated Anderson Investments now owns a 3.3% stake in Tokopedia, and Google now holds 1.6%. Decacorn start-up Gojek received an injection of funds from Facebook and PayPal in June 2020. Based on the Techcrunch report, Gojek received a total funding of up to $3 billion.

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