GoTo: The Multibillion-Dollar Superapp Behind Indonesia's Most Valuable Merger
🇮🇩 Indonesia · Jakarta
Secondaries in Indonesia
Indonesia has produced more unicorns than any other Southeast Asian market — and is now the site of the region’s first dedicated startup-secondaries fund.
17 of 59Southeast Asian unicorns that are Indonesian — the most of any market in the region
60+Companies that listed on the Indonesia Stock Exchange (IDX) in 2025
$50M+Target size of Fundnel and BRI Ventures’ dedicated Indonesia startup-secondaries fund
Market and deal figures per Bloomberg, IDX/OJK public materials, and the Chambers Venture Capital 2025 Indonesia guide.
Scale without a matching exit market — until recently
Indonesia’s large domestic market and young population have made it Southeast Asia’s biggest startup ecosystem: more than 2,500 active tech-enabled startups and upward of 15 unicorns and soonicorns across fintech, logistics, e-commerce and digital health, with 17 of the region’s 59 cumulative unicorns being Indonesian. As elsewhere in the region, the constraint has been getting capital back out rather than raising it — though that is starting to shift. IDX hosted more than 60 listings in 2025, with tech and digital services accounting for close to 28% of capital raised, and the exchange is targeting 50 IPOs in 2026 under reforms from regulator OJK that include a dedicated acceleration board for high-growth companies and multiple-voting-share (MVS) structures that let founders retain control after listing.
The clearest sign of secondary demand to date wasn’t a minority stake sale but GoTo’s December 2023 sale of 75% of Tokopedia to TikTok — a scale reminder of how much locked-up value sits in Indonesia’s largest private and newly public names, and why smaller structured secondary routes are now emerging underneath it.
A dedicated secondaries fund has arrived
Singapore-based private-markets platform Fundnel and BRI Ventures — the corporate venture arm of Bank Rakyat Indonesia, one of the country’s largest lenders — launched a secondaries fund targeting at least $50 million specifically to buy stakes in Indonesian startups, giving early investors and employees a structured route to liquidity that didn’t previously exist at this scale. Outside that vehicle, most Indonesian secondary transactions remain private, negotiated deals: an existing shareholder sells to an incoming investor, priced against the company’s last funding round, typically requiring company or board consent under Indonesian company law.
Institutional investors and family offices are increasingly participating in these late-stage secondary transactions alongside dedicated funds, a shift that tracks the broader maturing of Indonesia’s IPO pipeline and regulatory framework.
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Curated from regional investors, platforms, and financial media
Frequently asked questions
How do secondary sales work in Indonesia?
Most are private, negotiated transactions: an existing shareholder sells their stake to another investor, priced against the company’s last funding round and typically requiring company or board consent. A dedicated secondaries fund from Fundnel and BRI Ventures, targeting $50 million-plus, now offers a more structured route for Indonesian startup stakes.
Is Indonesia really the biggest startup market in Southeast Asia?
By unicorn count and active-startup base, yes — 17 of the 59 cumulative unicorns produced across Southeast Asia are Indonesian, more than any other market in the region, with over 2,500 active tech-enabled startups as of 2025.
What reforms is Indonesia making to improve exits?
OJK and IDX introduced an acceleration board for high-growth companies and multiple-voting-share structures to make listing more attractive to founders, part of a push that saw over 60 IPOs in 2025 and a 2026 target of 50 more.
Start with the basics
New to buying and selling existing startup stakes?Secondaries Explained walks through the mechanics, pricing, and pitfalls of secondary transactions in plain language — and it applies across every market on this site, Indonesia included.