Indonesia Digital Deconstructed by AC Ventures: Recent Episodes
AC Ventures
We break apart, dive deep into the different parts of the Indonesian tech scene, and get an insider’s look into how each space evolves. Leveraging our proprietary research, insights, and data, Indonesia Digital Deconstructed by AC Ventures, will help you better understand the learnings and opportunities in one of the world’s fastest-growing technology markets.
AC Ventures, in partnership with Boston Consulting Group (BCG) and its tech build and design unit BCG X, as well as the Indonesian Chamber of Commerce and Industry (Kadin Indonesia), launched a marquee sector report titled “Harnessing the Power of (Gen)AI in Indonesian Financial Services.”
Today we speak to two special guests who helped co-author the report. Andy Lees is the Managing Director & Partner at BCG X, while Pandu Sjahrir is the Founding Partner of ACV. He is also the Head of Technology & Digital Finance at Kadin Indonesia.
In this episode, we discuss the impact and implications of AI and GenAI adoption on the Indonesian economy at large, starting in financial services and branching outward.
With us today is Ongki Kurniawan, co-founder and CEO of Skor Technologies. Ongki is a seasoned veteran in Indonesia's tech and financial sectors, with senior experience at major companies like XL Axiata, Grab, and Stripe.
Backed early by AC Ventures, Skor Technologies is driving fundamental change with its flagship product, SkorLife. The innovative tool is designed to provide Indonesians with unprecedented, easy access to their credit information—historically a challenge to obtain from local credit bureaus.
SkorLife aims to enhance understanding of peoples’ credit scores, thereby opening up broader access to loans and working capital for its users.
With us today is Gunawan Woen, the co-founder and CEO of ESB, a restaurant management SaaS providing an interconnected ERP system, POS software, and online ordering mobile app.
The firm recently launched an AI feature named Olin, which among other things, can accurately forecast restaurant sales with up to 90% accuracy, detect cases of fraud, give geographical consumer price points all around Indonesia, and increase customer spending by up to 40% with menu recommendations.
Gunwawan unpacks how Olin’s data collection mechanisms are also allowing ESB to facilitate loans to F&B outlets nationwide.
Want to be on the podcast? Please fill out the guest form: https://forms.gle/rMhJXx8Dj2yGJnPe8
With us today is Martin Reyhan Suryohusodo, co-founder and CEO of Otoklix, the premier platform for automotive aftersales service in Indonesia.
Significant challenges lie ahead as the country navigates its energy transition from gasoline to electric vehicles. Notably, there is a need for widespread infrastructure investment and essential upskilling among the nation’s repair service providers and independent workshops, which make up 80% of the market.
Martin shares how Otoklix is positioning itself to address these issues ahead of the curve, including recent partnerships with regional EV manufacturers to become their official service partner in Indonesia.
Today we’re shining a light on the solar energy sector with Helen Wong, Managing Partner at AC Ventures. Looking through an investor’s lens, Helen breaks down the electrifying surge in renewable energy across the region.
Southeast Asia, blessed with abundant solar resources, is ramping up its sustainability efforts, with solar photovoltaic capacity projected to skyrocket and exceed 100 gigawatts by 2030 in a net-zero scenario.
However, Indonesia's solar market faces unique challenges in ramping up production and competing on a regional scale. Join us as Helen unpacks the complexities and opportunities in making solar power a cornerstone of the nation’s energy transition.
Today we're joined by Jesse Choi of Reku, a prominent crypto exchange based in Indonesia. Following the tumultuous FTX scandal in 2022, the global cryptocurrency landscape experienced a significant downturn. Fast forward to 2024, and we’re witnessing a remarkable resurgence.
Key events, including the Bitcoin halving and the launch of BlackRock’s Bitcoin ETF, have reignited institutional interest and cemented crypto’s status as a legitimate asset class. With the market hitting unprecedented highs this year, Jesse analyzes current trends and discusses Reku’s strategy and performance in recent quarters.
In today's episode, Derisa Zahara, AC Ventures' AVP of Organization and People, talks with fellow practitioners in the Southeast Asian recruiting and HR sector.
Sandi Sadek is the Chief People Officer at global venture capital firm B Capital. Also with us is Sergio Salvador, the former Chief People Officer and current Strategic Advisor at Carsome, as well as a member of ACV's portfolio advisor community.
The group discusses various strategies for attracting and retaining top talent in the region, where competition has always been fierce, as well as the implications of new technologies like AI on the future of talent acquisition in emerging markets.
Each year, Bain & Company releases a comprehensive list of “insurgent brands,” defined primarily as high-growth independent, local consumer brands not owned by a multinational corporation. They compete head-on with the market’s largest incumbents or create new categories altogether.
Indonesia is predicted to be the world’s fourth-largest economy by 2045. Estimates suggest its GDP per capita could reach a tipping point of US$7,500 by 2030. When combining all the market's key ingredients, we end up with an environment where disposable incomes are set to explode and fuel the growth of consumer sectors like wellness, luxury goods, cosmetics, beauty clinics, and more.
With us today to discuss is Melina Anlin, VP of Investment at AC Ventures, a former senior manager at Bain in Indonesia, and an expert on the rise of local insurgent brands.
The real estate and infrastructure sectors are responsible for about 40% of global carbon emissions, and addressing the climate crisis requires reforming these industries. Today, we are talking to Annu Talreja, Founder and CEO of Accacia, an Asian startup that enables large property owners to monitor their carbon footprint in real time by integrating with ERPs and property management systems.
Accacia has already been implemented across more than 20 million square feet of real estate in Asia. Today, the company is expanding across Southeast Asia, the Middle East, the United States, and Canada. Speaking with Annu today is Helen Wong, Managing Partner at AC Ventures.
Today, we look into the strategic communications and storytelling aspects of venture building with two expert guests, both of whom are part of AC Ventures' advisory community for the startups we invest in.
Mike Amour is a seasoned veteran in the global advertising and communications industry. His current role is Founding Advisor and Director at Salamander Advisory, founded by a group of TMT growth professionals to help VC firms and tech companies meet milestones and achieve their potential. Mike's career includes working on Nike’s comms strategy as it boomed in the 1990s, as well as those of other blue-chip global brands. He has held C-level roles at some of the world’s most renowned agencies, including McCann Worldgroup, Wieden+Kennedy, Grey Advertising, Havas, and more.
Also with us is Harumi Supit, a principal at Alur Communications. She’s an indie powerhouse and strategic comms consultant, and the former Head of Corporate Communications for OVO, before and after its acquisition by Grab. If you’re an ACV portfolio founder, both Harumi and Mike are available for consultations by reaching out via our value creation team.
In today's MindShare episode, we dive into Indonesia’s new retail scene. Host Leighton Cosseboom is joined by Tiffany Danielle, co-founder of Rosé All Day Cosmetics (RADC), an Indonesian beauty brand that recently raised a series A round of US$5.41 million led by SWC Global, with participation from AC Ventures and new backer DSG Consumer Partners.
The round came shortly after RADC saw 4x annual revenue growth in 2022 followed by 6x growth in 2023.
Also with us, Jack Zhang is the co-founder of Simplus, a leading Southeast Asian small home appliance brand that tripled sales in 2023. Some of its most popular items include its signature high-speed hair dryers, easy-to-use air fryers, high-quality vacuums, mops, and more.
During the ‘Double 11’ shopping festival in 2023, Simplus ranked number one on TikTok and number two behind Philips on Shopee’s top brands in small home appliances and achieved a record-breaking US$1 million in sales on a single day. Both companies have reported profitability.
In this NewsCast episode, AC Ventures' Adrian Li and Leighton Cosseboom team up with Jianggan Li from Momentum Works to dissect TikTok's strategic acquisition of a controlling 75% stake in GoTo's Tokopedia for US$1.5 billion, a move sure to revolutionize Indonesia's e-commerce arena in 2024 and beyond.
The group unpacks how the acquisition could catapult Tokopedia to e-commerce supremacy in the nation. They discuss the transformative impact on job creation and the potential boon for over 64 million Indonesian MSMEs. Tune in for a deep dive into the intensifying e-commerce rivalry, speculations on possible counter-moves by Shopee and Lazada, and perhaps even collaborations with giants like YouTube or Instagram.
The trio also sheds light on TikTok's ambitious plan to leverage cutting-edge data analytics for unparalleled market influence. Listen as Jianggan, Adrian, and Leighton unravel the extensive implications of this deal for consumers, sellers, investors, and the Indonesian tech ecosystem at large.
In this NewsCast episode, Adrian Li and Leighton Cosseboom dive into the Indonesia Venture Capital 2023 report, produced in partnership between AC Ventures and Bain & Company.
The pair discuss an imminent upswing in sectors like electric vehicles, renewable energy, healthcare, and new retail, despite the global economic downturn. The episode particularly highlights Indonesia's potential in the electric vehicle market, emphasizing its significant global nickel production, crucial for lithium-ion batteries. The local government's ambitious carbon emissions goals and the evolving investment landscape in the electric two-wheeler space are also explored.
The conversation then shifts to the broader picture of Indonesia's digital economy, its growth trajectory, and the potential for funding to pick back up for later-stage deals post-2024 elections.
In this NewsCast episode, Adrian Li and Leighton Cosseboom from AC Ventures analyze the e-Conomy SEA 2023 report by Google, Temasek, and Bain & Company. They dig into Southeast Asia's digital economic growth trajectory, on track to reach an impressive US$100 billion in revenue, outpacing established tech markets like the US despite global macroeconomic headwinds.
Shifting to focus on Indonesia, the pair discuss its growth potential, the build-up of dry powder in the market, local investor insights, and the digital sector's push for profitability – delivering what may be a light at the end of the tunnel in 2024.
The episode covers the region's US$218 billion GMV growth, e-commerce's 22% revenue boost, and the impact of prioritizing more affluent customer segments as it relates to what the report calls the “digital divide” in emerging markets.
On today's NewsCast, Adrian Li and Leighton Cosseboom from AC Ventures analyze J&T Express's scaled-back IPO. Amid a sluggish period for Hong Kong's IPO market—currently at a two-decade low—J&T adjusted its expected IPO from an initial US$1 billion to US$500 million due to market uncertainties and diminished investor appetite linked to China's recent performance.
The episode also touches on how J&T's association with key e-commerce platforms like Shopee and Tokopedia, and tech giants such as Pinduoduo and TikTok, may influence its strategy regarding Indonesia's shifting online transaction laws. The conversation explores J&T's response to these regulations and its potential valuation strategies.
Tune in for a clear understanding of J&T's current market position and strategic outlook in the rapidly evolving Southeast Asian logistics and technology landscape. This discussion is valuable for those looking to understand the dynamics shaping Asia's tech IPO market.
Today, we kick off an interesting series on value creation for startups in emerging markets. AC Ventures Principal Leighton Cosseboom is joined by Natasha Nababan, founder of NABS & Partners in Jakarta.
With over 20 years of legal experience at both private practice and multinational companies, today Natasha is a key advisor for AC Ventures' portfolio companies.
But she is also the guiding legal hand for many other tech companies in Indonesia, namely in the multibillion-dollar and ever-evolving e-commerce and fintech sectors.
Today marks the debut of AC Ventures' latest NewsCast series. Host Leighton Cosseboom is joined by ACV's Founder and Managing Partner Adrian Li to discuss the nuances of Indonesia's latest regulation pertaining to TikTok Shop.
China's TikTok has 125 million monthly active users in Indonesia, its second-largest market in the world. In 2022, TikTok Shop Indonesia recorded a gross merchandise value of US$2.5 billion. But as per regulation No.31/2023, Indonesia's Ministry of Trade now says that social media platforms cannot facilitate sales, e-commerce sites cannot directly sell imported items under US$100, and e-commerce platforms cannot act as producers or manufacturers. Players like TikTok Shop have a seven-day grace period to adapt.
Meanwhile, shares of publicly traded Sea Limited (NYSE: SE) and GoTo (IDX: GOTO) jumped significantly after the news broke. Adrian and Leighton also discuss the current state and future of the local technology investment space. Hear the pair's analysis and predictions of what is next to come.
Rounding out our latest series on fintech in Indonesia, host Leighton Cosseboom is joined again today by AC Ventures’ Founder and Managing Partner Adrian Li, as well as Ben Haryono, Co-founder and CEO of KoinWorks, a leading fintech company and one of Indonesia’s largest SME lenders.
KoinWorks started out as a P2P lending platform and has since grown to become a full-fledged financial super app – complete with a suite of neo-banking services and complex financial instruments.
In this episode, we dive into the early days of KoinWorks and map the influence it has had on Indonesian fintech over the past decade.
Continuing our series on fintech in Indonesia, host Leighton Cosseboom is joined by Adrian Li, Founder and Managing Partner of AC Ventures (ACV), as well as Adrianus Hitijahubessy, Co-founder and CEO of Julo, a fast-growing consumer lending fintech company in the archipelago.
With a focus on productive and constructive financing, Julo operates in a landscape that's anticipated to reach US$254 billion by 2025.
The group unpacks Julo’s unique approach to the complex emerging market and explores the broader implications for the region's financial ecosystem as a whole.
Kicking off a fresh series on fintech in Indonesia, host Leighton Cosseboom of AC Ventures is joined today by Pandu Adi Laras, Co-founder and CEO of Broom.
The startup is a digital used car showroom platform that makes it easier for auto dealers to run and develop their businesses nationwide. Broom is also making a name for itself as a fast-rising fintech player, as it provides working capital solutions to local dealers – many of whom are informal MSMEs and thereby underserved by formal financial institutions when it comes to lending.
All of this is taking place against a backdrop where the Indonesian used car market is now valued at more than US$50.77 billion and is expected to exceed US$70.5 billion by 2028.
The much-anticipated launch of the carbon exchange in Indonesia is set to take place in September 2023. Officials say trading value can reach between US$1 billion and US$15 billion annually, as the nation is one of the few places in the world capable of absorbing carbon dioxide
Rounding out our series on decarbonization and Indonesia’s green growth potential, today we’re joined by multiple experts. Lauren Blasco, ACV's Principal of ESG is with us, along with Dharsono Hartono, Legacy Lead for the ASEAN Business Advisory Council’s Carbon Center of Excellence, which recently inducted Lauren to serve a five-year tenure to help launch and scale voluntary carbon markets across Southeast Asia. Also with us today is Reuben Lai, the former head of financial services and senior MD at Grab who is now building an exciting carbon platform and marketplace called Arkadia.
The group discussed the issue just days after the release of the nation’s premier report on the decarbonization sector, titled “Catalyzing Indonesia’s Green Growth Potential,” jointly released by AC Ventures and Boston Consulting Group.
Kicking off a series on decarbonization and Indonesia’s green growth potential, Leighton Cosseboom of Indonesia’s leading early-stage venture capital firm AC Ventures is joined by Manfred Borer, Co-founder and CEO of agritech startup Koltiva. The business offers a robust online and offline solution that cultivates eco-friendly, traceable global supply chains, from seed to table.
It is a lesser-known sector in the tech space, but is already a multi-billion dollar industry and growing, as the world’s largest brands must meet global demand in a way that is sustainable and complies with an ever-evolving, ESG-focused regulatory landscape.
The conversation comes just days after the launch of the nation’s premier report on the decarbonization sector, titled “Catalyzing Indonesia’s Green Growth Potential,” jointly released by ACV and Boston Consulting Group (BCG).
Completing our series on Indonesia’s shift to electric vehicles, host Leighton Cosseboom is joined by Michael Soerijadji of AC Ventures and Raditya Wibowo, the Co-founder and CEO of MAKA Motors, an electric vehicle startup redefining Indonesia's motorcycle landscape through innovation and engineering excellence.
Earlier today, MAKA Motors announced it has just closed a US$37.6 million seed funding round co-led by AC Ventures. MAKA Motors creates durable, powerful, and affordable electric motorcycles tailored to the unique needs of users in Indonesia, with a committed team driving electric mobility adoption for a greener future.
Continuing our series on the archipelago’s impending shift to electric vehicles (EVs), today we’re joined by Oliver Barker, the entrepreneur behind two important EV operations in Bali, SKUTE and Niu Mobility. SKUTE is the island’s pioneering electric scooter rental company, while Niu Mobility Bali is an authorized dealer of the famous China-based EV two-wheeler brand, Niu. Speaking with AC Ventures' Principal of Comms Leighton Cosseboom, Oliver shares his thoughts on how to usher one of the world’s largest two-wheeler markets into a new era of EVs, and how Indonesia can take a significant step toward achieving net zero emissions by 2060.
In today's Mindshare episode, we're discussing Indonesia's imminent electric vehicle (EV) transition, particularly in the context of EV two-wheelers. As the second largest motorbike market in the world after India, and with strong government support, the space presents a robust opportunity for EV entrepreneurs and investors alike. Hosted by AC Ventures' Principal of Comms Leighton Cosseboom, we are joined by Pandu Sjahrir, Founding Partner at ACV, and Jack Yang, the new Managing Director of local EV startup Electrum, an impressive background in the mobility industry from Mobike and Uber. Join us as we explore Indonesia's booming two-wheeler market, projected to surpass US$10 billion in annual value, and the government's goal of putting 6 million new EV bikes on the road in 2025.
In today's MindShare episode, we're looking at the future of education technology in Indonesia, a more than US$40 billion opportunity when combining B2B and B2C demand across multiple sub-verticals. Hosted by AC Ventures' Principal of Comms Leighton Cosseboom, we are joined by Abhay Saboo, the Co-founder & CEO of CoLearn, one of Southeast Asia’s fastest-growing edtech platforms. It combines AI-powered homework help with live classes and a focus on STEM subjects. Also with us is Rangga Husnaprawira, Chief Product Officer at GovTech Edu, an organization that partners with the Indonesian government on tech products to deliver impact at scale nationwide, currently focusing on Indonesia’s vast education sector.
In this MindShare episode, AC Ventures’ Principal of PR & Communications Leighton Cosseboom hosts his colleague Samira Shihab, ACV’s Principal of Value Creation, and Chandan Deep, VP of Strategy and Operations at B Capital, a global venture capital firm anchored by Boston Consulting Group and led by Eduardo Saverin along with other high-profile names. With US$6.5 billion in assets under management across multiple funds, B Capital focuses on seed to late-stage growth investments, primarily in enterprise, fintech, and healthcare.
Samira and Chandan dive into the imperative for modern VCs in Southeast Asia to provide value creation to their portfolio of startups beyond merely writing checks. This means helping startups achieve operational excellence so they may succeed in the market and go on to raise subsequent funding rounds. This kind of support includes recruitment, business development, government relations, marketing, corporate governance, capital advisory, and more.
AC Ventures is Southeast Asia's leading venture capital firm investing in early-stage startups focused on Indonesia. The firm empowers entrepreneurs with more than capital by coming with operational experience, industry knowledge, deep local networks, and resources to create value for startups. It is a generational partner to founders driving positive societal change and economic impact in Indonesia and beyond.
In this MindShare episode, host Leighton Cosseboom of AC Ventures discusses Indonesia's more than 64 million MSMEs, which contribute significantly to the economy, representing 99% of total business activities, creating 97% of jobs, and accounting for around 60% of the nation’s US$1.4 trillion GDP.
These small businesses often take the form of “warungs” – outdoor cafes, food stalls, and family-owned convenience shops. They are vital for Indonesia's inclusive and sustainable economic development, supporting socio-economic progress and resilience at the grassroots level.
We are joined today by Nipun Mehra, Founder and CEO of Ula, a wholesale e-commerce marketplace providing working capital and inventory sourcing for Indonesian small businesses. It has raised over US$117.5 million from a variety of blue-chip investors including Tencent, B Capital, Bezos Expeditions, AC Ventures, and many more. Meanwhile, Teddy Oetomo is President of Bukalapak, one of Indonesia’s earliest unicorn companies that today is focusing on digitalizing MSMEs through its Mitra Bukalapak business unit.
In this MindShare episode, we explore fintech's impact on economic inclusion in Indonesia, a place where consumers can buy a full meal for the same price they usually pay for a simple interbank transfer. Change is afoot, however, as fintech startups create competition and the government is also doing its part to lower costs with rollouts like BI-FAST and others.
With us today to discuss are two experts on the bleeding edge. Tessa Wijaya is the co-founder and COO of Xendit. One of Indonesia’s latest unicorns and sometimes referred to as the Stripe of Southeast Asia, Xendit is a fintech company that provides payment solutions for businesses and individuals in the region. Gita Prihanto is the COO at Flip, a fintech company that enables users to make payments, transfer money, pay bills, and purchase goods and services from their mobile devices.
Hosted by Leighton Cosseboom of AC Ventures, Gita and Tessa dive into a variety of topics, including Xendit's regional expansion plans and strategic investments, as well as how both companies are thinking about Bank Indonesia's newly launched National Open API Payment Standard (SNAP). The pair also discuss why and how more women can join the fold in Southeast Asia's fintech game.
This MindShare episode is all about the next decade of e-commerce in Indonesia, Southeast Asia’s largest and most important retail market.
E-commerce in Indonesia has grown rapidly in recent years, with Lazada, Tokopedia, and Shopee paving the way for new players like Astro. Despite limited internet penetration and low consumer trust a decade ago, the market is now booming with revenue projected to reach US$52 billion in 2023 and US$77 billion by 2027.
Hosted by Leighton Cosseboom, Head of Comms at AC Ventures, we are joined by two experts. Jacopo Mor is now the ex-COO of Lazada Indonesia, one of the largest e-commerce operators in Southeast Asia; and Vincent Tjendra is the co-founder and CEO of Astro, Indonesia’s top quick commerce startup for grocery delivery. With over US$90 million in funding from blue-chip venture capital firms like Tiger Global, Accel, and AC Ventures, Astro has outraised its competitors by around 10x.
As we continue our MindShare series with group discussions on current events in Asia’s tech scene, today's episode is all about the future of crypto in emerging markets like Indonesia.
The possibilities for blockchain in Southeast Asia are many. The region has a rapidly growing population with a high adoption rate of novel fintech. Governments are taking steps to regulate the crypto industry, while businesses are exploring its use for things like payments, remittances, and more. The region also has a large underbanked population, presenting a huge opportunity for financial inclusion via crypto. Despite challenges, including a lack of infrastructure and concerns over security, the future of crypto in Indonesia looks ripe for a boom. That said, it’s hard to have a meaningful conversation without also addressing the broader implications of the FTX implosion.
Hosted by Leighton Cosseboom and Pandu Sjahrir of AC Ventures, with us today are two experts. Jesse Choi is the COO of Reku, a leading Indonesian crypto exchange that gives users a powerful and trusted platform to invest, buy, and sell various crypto assets. Hassan Ahmed is the Head of Southeast Asia at Coinbase, the second-largest crypto exchange in the world.
Today, we continue our MindShare series where we invite guests to have group discussions on current events in Asia’s tech scene.
Stakeholders know that blockchain has the potential to radically change financial systems and, therefore, entire economies. The use of digital assets and smart contracts in DeFi can provide greater financial inclusion for the unbanked population and enable cross-border transactions with lower fees. Crypto trading and mining activities can also drive economic growth and create job opportunities. However, there are also concerns about the potential for illegal activities such as money laundering and fraud. Governments and regulators in Southeast Asia are currently navigating the challenges and opportunities presented by the growth of crypto and DeFi in the region.
Hosted by Leighton Cosseboom, Head of Comms at AC Ventures, we're joined by two experts. Jesse Choi is the COO of Reku, a leading Indonesian crypto exchange that gives users a powerful and trusted platform to invest, buy, and sell various crypto assets. U-Zyn Chua is the co-founder and CTO of Cake DeFi, one of the world's fastest-growing platforms offering access to decentralized financial services. Notably, it offers lending, staking, and liquidity mining for the crypto community.
Continuing our series on impact in Indonesia’s digital economy, AC Ventures' Head of ESG Lauren Blasco is joined by Angelique Timmer, SVP of Impact and ESG at KoinWorks, a full-fledged neobank for MSMEs that started out as a peer-to-peer lending platform for entrepreneurs to access working capital beyond banks and traditional financial institutions.
Today, KoinWorks delivers outsized impact across Indonesia by providing access to financial services and investment opportunities to underserved communities nationwide. This includes small business owners and micro-entrepreneurs that may not have a way to secure working capital. By offering access to loans and investment opportunities, KoinWorks empowers communities to grow and succeed financially.
AC Ventures recently established Indonesia's first quantifiable ESG standards with its debut report, “Scaling Impact With Technology,” produced in partnership with Boston Consulting Group and supported by The Upright Project. KoinWorks was one of the companies highlighted in the report. It delivered a net impact ratio of +63%, a phenomenal score compared to the Nasdaq Small Cap Index (NQUSS) average ratio of +29%.
In our new ongoing series "MindShare," AC Ventures curates expert guests to discuss current events and timely topics in the Southeast Asian tech ecosystem. Via insightful group discussion, we then interpret what it all means for startups, investors, and stakeholders in the region.
Hosted by Leighton Cosseboom, Head of PR & Communication at ACV, today's topic is all about good governance in startups. It’s no secret that corporate governance in early-stage ventures has never been particularly stringent, especially in more nascent tech markets like Indonesia. But now, following a few high-profile scandals last year and with fewer clear avenues to liquidity for investors in tech, governance for startups has become a fiery topic once again.
With us today is Pandu Sjahrir, Founding Partner at ACV, and Joel Shen, a prominent corporate lawyer in Jakarta and Singapore who heads Withersworldwide's technology practice in Asia.
As an independent commissioner at the Indonesia Stock Exchange and an investor sitting on the boards of many tech companies, Pandu is well-placed to unpack this issue. Meanwhile, as a lawyer who specializes in venture day in and day out, Joel has seen firsthand what can happen when best practices are not followed.
Today on Indonesia Digital Deconstructed, Lauren Blasco, Head of ESG at AC Ventures, continues our series on impact and ESG investing in Indonesia's vibrant digital economy. In this episode, Lauren is joined by Neels Steyn, Venture Architect Director at BCG Digital Ventures in Southeast Asia.
Neels, with the support of Boston Consulting Group, helps the world's largest and most influential corporations invent, launch, and scale innovative new businesses, products, and platforms designed to contribute to a better future. As such, he plays an essential role in steering the global economy toward a more environmentally sustainable and socially equitable future.
AC Ventures recently established the nation's first quantifiable ESG standards with its debut report, "Scaling Impact With Technology," produced in partnership with Boston Consulting Group and supported by The Upright Project in Finland.
Today, we continue our series on ESG and impact in Southeast Asia’s tech scene with Lauren Blasco, Head of ESG at AC Ventures, as our host.
AC Ventures recently established the nation’s first quantifiable ESG standards with its debut report, “Scaling Impact With Technology,” produced in partnership with Boston Consulting Group and supported by The Upright Project.
There is no question that northern Europe is leading the charge when it comes to companies reporting their impact. Helsinki-based Upright is a high-powered platform that helps companies measure their impact on the environment and society around them. It does this with an AI-powered data engine that maps the impact of 150,000 products based on more than 200 million scientific publications. It gives companies a North Star metric called a ‘net impact ratio.’ This percentage allows them to transparently report to investors, and the public at large, about what they’re doing well with ESG, and what they can improve upon.
With us today is Toni Laitila, VP of Investor Business at Upright.
Today, we kick off a fresh series focused on the intersection of ESG, impact, and tech in Indonesia. AC Ventures recently established the nation’s first quantifiable ESG standards with its debut report, “Scaling Impact With Technology,” produced in partnership with Boston Consulting Group and supported by The Upright Project in Finland.
Hosted by Lauren Blasco, Head of ESG at AC Ventures, we are joined by Mohamad Bijaksana Junerosano(who goes by Sano for short). He’s the founder and CEO of Waste4Change, a leading waste management platform for companies, individuals, and government agencies in Indonesia. The firm’s mission since its 2014 inception has been to reduce the amount of waste that ends up in Indonesia’s landfills.
Currently, Waste4Change is present in more than 21 Indonesian cities, managing more than 8,000 tons of waste per year. It has collected waste from more than 117 B2B clients and 3,450 households. Since 2017, it has grown at a compound annual growth rate of 55.1%. The startup also recently raised a US$5 million funding round co-led by AC Ventures.
In today's episode hosted by Helen Wong, Managing Partner at AC Ventures, we are joined by Sreejita Deb, Founder and CEO of RAENA.
Sreejita's startup is the largest beauty product reseller platform in Indonesia. It supports beauty entrepreneurs who run home-based businesses with more than 250 brands and over 1,000 original beauty products. RAENA is on a mission to build Southeast Asia’s deepest and most trusted beauty retail network - all without owning a single storefront.
The company provides beauty solopreneurs with business training and online support. It offers them competitively-priced beauty products by adopting a dropship and resell system that requires no admin fees and no capital to get started. Hear Sreejita's unique journey, as she walks us through the early days of trial and error before finding a repeatable and scalable business model with RAENA.
In official support for gender equality in the workplace, AC Ventures has formally committed to the International Finance Corporation’s Invest2Equal program, as well as the United Nations Women’s Empowerment Principles and its Principles for Responsible Investment. In-house, ACV has a 50% ratio of female team members and a 40% ratio of female founders across its portfolio.
Next up in our series on female founders in Indonesia, we have a very special guest. Hosted by Helen Wong, Managing Partner at AC Ventures, we are joined by Luna Maya, co-founder & CEO of NAMA Beauty. For those who are less familiar with the local entertainment industry, Luna is an Indonesian model, actress, and presenter. Her startup NAMA is a direct-to-consumer (D2C) cosmetics and skincare company. It provides affordable and luxurious goods such as decorative cosmetics and other skincare, health, and beauty products.
In this episode, Helen and Luna explore Luna's journey from artist to entrepreneur and take a closer look at what really makes a D2C brand work in Indonesia's unique consumer market, specifically with retention in mind. Using the simple slogan and hashtag #StayReal, Luna and her team seek to inspire Indonesian women to stay true to themselves and embrace their own natural beauty, no matter what color their skin is. She also comes to the table today with a straightforward yet profound message for female tech entrepreneurs.
In official support for gender equality in the workplace, AC Ventures has formally committed to the International Finance Corporation’s Invest2Equal program, as well as the United Nations Women’s Empowerment Principles and its Principles for Responsible Investment.
Today, we continue our series of episodes focused on female founders in Indonesia. Hosted by Helen Wong, Managing Partner at AC Ventures, we are joined Ellen Pranata, co-founder and CEO of Klar, an oral wellness startup in the archipelago that manufactures clear dental aligners, with each set tailor-made to suit a patient’s needs.
Launched during the pandemic, when most people weren’t making many trips to the dentist, Klar has been making a name for itself as the "Invisalign of Indonesia," but it also takes things one step further by offering a mobile app that allows dentists and patients to interact and monitor treatment progress remotely. The startup recently raised a US$4.5 million funding round, co-led by AC Ventures.
Klar has partnered with over 1,000 dentists and orthodontists to date. It is present in more than 800 dental clinics across every province, making treatment accessible to Indonesia’s entire 275 million population.
In this episode, Helen and Ellen dive into the unique challenges and opportunities that Klar is addressing in emerging Asia, while also analyzing how a feminine mindset in entrepreneurship can sometimes help companies improve their communication, cultures, and operations from the top down.
In official support for gender equality in the workplace, AC Ventures has formally committed to the International Finance Corporation’s Invest2Equal program, as well as the United Nations Women’s Empowerment Principles and its Principles for Responsible Investment.
Today, we continue our series of episodes focused on female founders in Indonesia. Hosted by Helen Wong, Managing Partner at AC Ventures, we are joined by Shox Rumahan's Co-founder and Chief Commercial Officer Vyani Manao, and Aryani Prabowo, the startup's new Chief Financial Officer. The female-led company is the only social commerce firm that uses a B2C model to sell high-ticket items of US$300 or more to underbanked consumers in rural Indonesia via hyperlocal agents.
On a societal level, Shox Rumahan is making a name for itself by bolstering the livelihoods of its female agents nationwide. Agents who join Shox Rumahan - overwhelmingly women spread across Indonesia's villages and remote areas - stand to multiply their current earnings by up to 20x. The platform is a game changer in the context of female entrepreneurship, as Shox Rumahan's agents outside the capital city are able to pull in 300% of the average full-time wage in Jakarta.
In this episode, Helen, Vyani, and Aryani unpack Shox Rumahan's impressive revenue metrics and how the company will soon be profitable, even during an economic downcycle. They also explore what it means to be a woman in venture capital, social commerce, and micro-entrepreneurship, as well as how to create a virtuous cycle to develop all three frontiers.
In official support for gender equality in the workplace, AC Ventures has formally committed to the International Finance Corporation’s Invest2Equal program, as well as the United Nations Women’s Empowerment Principles and its Principles for Responsible Investment.
Today, we kick off a series of episodes focused on female founders in Indonesia. Hosted by Helen Wong, Managing Partner at AC Ventures, we are joined by Jessica Stephanie Jap, Co-founder and COO of Indonesia's top quick commerce startup Astro.
Research suggests that online grocery penetration, within the country's overall US$207 billion grocery market, will exceed 3% by the end of 2026. While multiple unicorns in Southeast Asia have tried and failed to crack the sector in Indonesia (and recreate giant success stories from developed markets like China, the US, and India), newcomer Astro is standing out from the crowd. Having raised over US$90 million from blue-chip venture capital firms like Tiger Global, Accel, and AC Ventures, Astro has outraised its competitors by 10x while on its mission to deliver groceries to doorsteps within 15 minutes.
In this episode, Jessica and Helen discuss what it takes to run a hyperlocal, super-fast delivery service in a market like Jakarta, where debilitating street traffic and recurring infrastructure make it extra challenging. The pair also unpack Jessica's journey as a female entrepreneur in Indonesia and what it will mean to the next generation of startup founders.
In official support for gender equality in the workplace, AC Ventures has formally committed to the International Finance Corporation’s Invest2Equal program, as well as the United Nations Women’s Empowerment Principles and its Principles for Responsible Investment.
With more than 16 million cars on the streets in Indonesia per day, the automotive servicing industry in the country is now worth around US$16 billion. It is ripe for massive disruption, as auto repair and service shops across the nation are riddled with internal and customer experience problems.
These can range from car owners receiving fake spare parts to being greatly overcharged by service providers in general. Meanwhile, the repair service providers themselves (the vast majority of which are MSMEs) suffer from other pain points. They must routinely cope with inconsistent lead generation, a lack of organization and efficiency in their back office bookkeeping, and a misunderstanding of how to accurately forecast things like revenue and demand.
Today, we are excited to be joined by Martin Reyhan, co-founder and CEO of Otoklix. Otoklix is an O2O auto servicing platform that has helped thousands of independent workshops in Indonesia source customers and operate more effectively.
According to the World Bank, Indonesia is the world’s second-largest fisheries producer. The sector creates about US$4.1 billion in annual export earnings and supports millions of jobs. But while the archipelago is one of the world’s largest producers, the industry is highly fragmented, with large swathes of the nation's 12 million fishermen living in poverty. Meanwhile, fishing communities, especially small ones, are routinely forced to cope with fluctuations in demand and price instability.
To address the problem, local startup Aruna was created to bring them closer to customers like restaurants and exporters, similar to how global farm-to-table startups are consolidating the agricultural supply chain.
Today, we go into our 8th episode and unpack Indonesia's maritime and fisheries sector. Joining us is Farid Naufal Aslam, co-founder and CEO of Aruna, the country's largest integrated fisheries commerce platform. Farid and his team are on a bold mission to streamline the supply chain of fishery products by connecting small-scale fishermen to the global market with technology.
Today, we go into our 7th episode and explore the world of Islamic finance in Southeast Asia. Joining us today is Dima Djani, co-founder and CEO of ALAMI, one of the world's leading sharia-compliant SME lending platforms.
Today’s global Islamic banking sector is worth close to US$2 trillion and growing at a CAGR of 14%. Islamic banking has a 6% share in global banking assets. Meanwhile, Indonesia’s Islamic finance market share is set to cross the 10% threshold. For ALAMI, this offers a large and fast-growing market opportunity.
Operating in the world’s largest Muslim-majority country, the startup is facing off against financial giants. To date, it has disbursed over US$200 million to more than 10,000 MSME projects, with an impressive 0% default rate across the board.
Today, we go into our 6th episode and zoom in on Indonesia’s premier B2B food supply chain startup EdenFarm. Join me as I speak to the company’s founder David Gunawan about some of the biggest challenges and key opportunities for tech companies in this multi-billion dollar sector.
As a unique marketplace, EdenFarm is not only bolstering the livelihoods of micro-entrepreneurs. It’s also educating them at scale about how to pull in weekly income, rather than being at the mercy of a seasonal harvest cycle.
Today, we go into our 5th episode and do a deep dive into the importance of the best Environmental, Social, and Governance (ESG) practices as they relate to startup investing worldwide, but specifically in Southeast Asia.
Increasingly, venture capital firms are seeing an imperative from the global community of industry stakeholders to make sure their portfolios adhere to a higher standard of ethics. In places like Indonesia, this is a relatively new paradigm, but is a clear sign that more institutional capital from overseas is seeking in-roads into the local market. Large multinational companies increasingly need to satisfy ESG requirements in their home countries, and the same can be said about how they deploy capital overseas.
In this episode, we uncover how Indonesia-based startups and venture capital firms alike can ensure that they’re following best ESG practices and creating an ecosystem that is more inclusive and responsible for generations to come.
We are excited to be joined by Lauren Blasco. She’s the Head of ESG at AC Ventures, and industry players will recognize her as the former Director of Sustainability at Potato Head Group. Her track record includes senior positions such as Executive Director at Clean the World, Guest Lecturer at the National University of Singapore, Adjunct Professor at The University of Hong Kong, and more.
The MSME retail+ market holds plenty of untapped potentials, with businesses ready to be supercharged through digital solutions that can also combine the scalability of online distribution with an offline presence.
In this episode of Indonesia Digital Deconstructed by AC Ventures (IDDbyACV), we present Adi Wahyu Rahadi, Founder & CEO of majoo, who leads an end-to-end MSME platform that helps companies operate seamless omnichannel sales and digitize their operations.
majoo, which provides a full suite of digital tools to stand-alone MSMEs, offers an end-to-end platform that runs everything from the point of sales to business management and payroll. In addition, they have recently launched their “Shopify for offline stores,” helping MSMEs augment their revenues by enabling their merchants to set up online stores and connect seamlessly to established marketplaces.
Since its launch, majoo has acquired over 25,000 active merchants while maintaining strong user retention. They saw 250% growth during the pandemic, demonstrating their products’ quality and market fit. The startup has processed over 100 million transactions worth US$ 600 million for MSMEs in more than 600 cities in Indonesia across a diverse range of businesses from micro F&B to laundromats and convenience stores.
In this deep dive episode, Adi and Adrian Li, Founder & Managing Partner of AC Ventures, will share many learnings of majoo’s journey and discuss deeper insights from the SaaS business in the MSMEs space.
In this episode, we cover:
- The origin story and problem discovery from majoo. Take a look at Adi’s 20 years of experience in the telco world from the IT department within Telkom before shifting to strategic positions and ultimately becoming the general manager of T-Cash (Link Aja) until he led the mobile money business for MSME enterprises.
- How did he break down the opportunity within the MSME space and figure out which features to prioritize with majoo?
- How did he approach coming to a business model that is affordable to these companies yet scalable in revenue?
- What majoo is doing differently to enter what appears to be a hypercompetitive market?
- What are strategies that majoo has used to achieve top-tier retention rates?
- Key to success (the majoo playbook)
Listen to our Spotify, Apple Podcasts, or Google Podcasts: Indonesia Digital Deconstructed by AC Ventures
In Episode 3 of Indonesia Digital Deconstructed by AC Ventures, we continue to explore the players digitizing Indonesia’s 63 million MSMEs which form the backbone of the country’s economy. This episode features Adrian Li, Founder & Managing Partner of AC Ventures, in conversation with Gunawan Woen, Co-founder and CEO of ESB.
ESB is a leading end-to-end restaurant management SaaS used by many of Indonesia’s most well-known F&B establishments, including Ismaya, Boga Group, and Starbucks. This year, ESB provided a complete solution from POS to ERP and introduced incredible features that enabled restaurants to easily launch delivery direct to customers and contactless in-restaurant dining.
In this episode, we cover:
- The origin story of how Gunawan found his way into the F&B industry despite a 10+ year professional career as an accountant?
- How he was able to introduce ESB as a bootstrapped startup into Indonesia’s most prestigious F&B chains where other well funded F&B ventures had failed
- What are the most significant pain points that restaurants face and the ways that customer-focused product-led innovation led him to the solutions ESB provides.
- What his strategies are around customer retention that has helped ESB maintain a hyper loyal user base.
- What disruptive changes in the F&B space is he seeing post-pandemic and how technology can help restaurants evolve.
- What are some of the developments you foresee will come about in the next 3-5 years?
- Where does he see ESB in the future and his advice to entrepreneurs building for the long game?
Listen on Spotify, Apple Podcasts, or Google Podcasts.
This week we are releasing an incredible podcast episode with Nipun Mehra, Founder & CEO of Ula. This B2B eCommerce platform recently raised US$87Mn Series B led by blue-chip global investors Tencent, Prosus, B Capital, and Jeff Bezos.
The MSME market has long been a core thematic vertical at AC Ventures where we believe the power of technology can create enormous value for the 63M enterprises that make up this overwhelming segment of the economy.
In this deep dive episode, Nipun and Adrian Li, Founder & Managing Partner of AC Ventures will share many learnings of Ula’s journey and discuss the deeper insights from the MSME industry.
In this episode we cover:
- The origin story of Ula as well as how his prior experience all played a role in what he’s doing today
- How did he break down the opportunity within the MSME space, segment the myriad of problems that they face, and use these insights to develop the Ula product
- What are the nuances of Indonesia’s retail consumers that make Ula’s B2B2C strategy so powerful especially with the dominance of incumbent horizontal marketplace platforms?
- What were the strategies and tools he used to scale the business over 100X during the COVID pandemic?
- Where Ula is headed in the future?
About
Nipun Mehra is the Founder & CEO of Ula, a horizontal multi-category wholesale eCommerce platform that combines the technology, tools, and skills of modern retail with the lean cost structure of traditional micro-retail – bringing the best in the selection, prices, and working capital to small store owners to increase their overall income.
Nipun has an illustrious background working at the best-known names in eCommerce such as Amazon and Flipkart. He has also worked in venture capital with Sequoia India and was part of the leadership team at the payments unicorn Pine Labs as Chief Product and Strategy Officer.
In today’s episode, we’re sharing our insights into the tech companies that empower Indonesia’s 63 million MSMEs which form the foundation of the country’s economy. Adrian Li, Founder & Managing Partner of AC Ventures, has invited Alvin Cahyadi, VP of Investment at AC Ventures. He’s led investments into disruptive companies in this sector such as ESB, Majoo, and Ula developed deep insights into the role technology plays in MSMEs, which he’ll share with us today.
“Transforming Indonesia’s SOEs into world-class companies through collaboration with young leaders”, hosted by Mr. Pandu Sjahrir, Founding Partner of AC Ventures & Managing Partner of Indies Capital, featuring a panel discussion and open Q&A session with the SOE professionals, including;
Mr. Budi Gunadi Sadikin (Vice Minister I of State-Owned Enterprises, ex-CEO at PT Inalum & PT Bank Mandiri Tbk)
Mr. Fadli Rahman, PhD (Commissioner at PT Pertamina Hulu Energi, ex-Principal at Boston Consulting Group)
Mr. Fajrin Rasyid (Director of Digital Business at PT Telkom Indonesia Tbk, ex-President at Bukalapak)
Mr. Rainier Haryanto (Director of Business Transformation at PT Pertamedika IHC, ex-Director at Deloitte Consulting)
This session will provide valuable insights into the transformation done by the Ministry of State-Owned Enterprises and potential collaborations with top schools and their alumni to help transform Indonesian State-Owned Enterprises.
Leadership Speaker Series - “SEA Response: What does the current and post-COVID-19 world mean for startups in Southeast Asia” featuring an open Q&A session with our prominent speakers; Mr. Bilahari Kausikan and Mr. Chng Kai Fong, along with participation from Mr. Pandu Sjahrir, Founding Partner of ACV & Managing Partner of Indies Capital. Mr. Bilahari Kausikan serves as a Chairman of the Middle East Institute, an autonomous institute of the National University of Singapore. Previously, he has spent 37 years in the Ministry of Foreign Affairs Singapore, where he had a variety of appointments including but not limited to be the Permanent Secretary to the Ministry, Permanent Representative to the United Nations, and the Ambassador to the Russian Federation. Meanwhile, Mr. Chng Kai Fong is the Managing Director of the Singapore Economic Development Board, a government agency that plans and executes strategies to enhance Singapore’s position as a global center for business, innovation, and talent. The session provides valuable insights on the global market implication of COVID-19, impact on the foreign capital inflow, and how enterprises in Southeast Asia cope with the current condition.