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Fintech, e-commerce firms expected to become next unicorns
After welcoming five unicorns in 2021, Indonesia is going to see more start-ups from the fintech and e-commerce sectors, experts say.
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Experts predict we may see companies in the fintech and e-commerce sectors becoming unicorns in 2022. (Shutterstock/File)
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ndonesia saw five new unicorn companies in 2021, the most the country has ever seen in a single year, and experts project the country will see another record-breaking number of unicorns in 2022, likely coming from the fintech and e-commerce sectors.
Last year, five start-ups reached a valuation of more than US$1 billion, earning them unicorn status. The previous record was set in 2017, when three start-ups, namely Gojek, Tokopedia and Traveloka, became unicorns.
“The additional unicorns mean that investors are paying attention to Indonesian start-ups,” said Institute for Development of Economics and Finance (Indef) economist Nailul Huda on Monday.
In April, local news outlets reported that logistics start-up J&T Express become a unicorn and in July, online taxation consultancy OnlinePajak attained similar status. The outlets cited market intelligence firm CBInsight’s list of unicorns in both cases. J&T Express has never confirmed the status, but OnlinePajak has, even as CBInsight removed OnlinePajak from its list late last year.
Xendit, a payment gateway firm, announced its unicorn status in September, followed by Ajaib’s announcement in October. Ajaib became the first investment app unicorn in Southeast Asia.
Most recently, coffee chain Kopi Kenangan reached a $1 billion valuation in December after receiving a $96 million investment.
