DealStreetAsia

16/01/2025

Ronald Simorangkir of Mandiri Capital Indonesia, Jeremy Phua of Seviora Capital, Tubagus Syailendra Wangsadisastra of Chickin, Muhammad Yoga Anindito of Semaai, and DealStreetAsia's Aastha Maheshwari discuss "Tech innovation and scalable models key to fight food security challenges" at the Indonesia PE-VC Summit 2025.
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"Three reasons why we chose to focus on Asia is because Asia has a unique set of challenges in terms of food security. For example, It is home to 60% of the world's global population but only has 35% of arable land," said Jeremy Phua, Associate Director, Seviora Capital.
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"From day one, we never had payment problems because we were always disciplined with our cash management system, SOP, and also we put a lot of emphasis on monitoring and surveillance of where and what our employees, agents are doing and how much money they carry," said Muhammad Yoga Anindito, Co-founder and Chief Executive Officer, Semaai.
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"""MCI is a conservative investor. The due diligence process is quite tough. We need to be very, very careful and now we are going to be more and more careful, not only in looking at the founders but also going through the value chain of the startups,"" said Ronald Simorangkir, CEO, Mandiri Capital Indonesia.
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"Sometimes, we are too focused on the expectations of investors to reach more numbers. But operational excellence is very important. Especially for a sector that is heavy on operations like agriculture, sometimes founders must go down to the operations," stressed Tubagus Syailendra Wangsadisastra, CEO & Co-Founder of Chickin.

16/01/2025

Randolph Hsu of Ondine Capital; Mesty Ariotedjo of Tentang Anak; Roderick Purwana of East Ventures; and Christin Djuarto of Shopee Indonesia at a panel discussion titled "Will consumption tech theme put startup funding on recovery path?" moderated by Andi Haswidi of DealStreetAsia.
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"If we come in and we bring in good innovations and value to the buyers, we're still able to capture a sizable part of the market and be able to continue to make it grow," noted Christin Djuarto.
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"We need to focus on Indonesia, as startups and investors concentrate on developing the country's human capital. So, one day its people are ready to build a better startup ecosystem and make impacts more on solving the real problem and create better value instead of focusing on valuations," said Mesty Ariotedjo.
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"With the slowing consumer spending capabilities, I think a lot of it has to do with the election cycle, both at the national and regional levels, as well as global economic challenges and rising inflation. All of these factors definitely have impacts. While some sectors are doing better than others, we advise our companies to look at the market cautiously and then make sure they're addressing the right parts of the consumer segment,��" said Roderick Purwana.
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"From our observation and all the macroeconomic numbers we see, we still do see the growth in every regard in this market. So we are very much long Indonesian market. However, that being said, as investors we always need to consider price and value, even for the stocks and the potential investment target we are following, they are growing," said Randolph Hsu

16/01/2025

During the Breakfast Session sponsored by Rigel Capital on DealStreetAsia PE-VC Summit 2025 in Indonesia, Justin Patrick, Director of Rigel capital, talks about how Rigel supports startup growth with a fresh approach.

By combining multidisciplinary talent, ESG focus, and a long-term vision, they’re helping companies like Manna Agribio, Nafas, and Noovoleum thrive. From deal strategy to compliance, Rigel ensures startups are built for sustainability and ready to attract big investors, whether it’s through IPOs or strategic mergers.

It’s all about making smart, impactful investments that align with global ESG standards.

16/01/2025

Sebastian Togelang of Rigel Capital, Winston Mandrawa of Affirma Capital, Lisa Genasci of ADM Capital, and Abhishek Mittal of Aavishkaar Capital speak to Michelle Teo about 'Balancing impact and alpha in climate and ESG investments' at the Indonesia PE-VC Summit 2025.
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"Indonesia is the fourth- or fifth-largest emitter of carbon, and at the same time, about 50% of those emissions come from land use change from forest to agriculture. And there's an absence of credit in the sector," pointed out Lisa Genasci.
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"We're not going to be looking at assets, we're looking at platforms, something which is both scalable and replicable, sustainable business models," said Winston Mandrawa.
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"We didn't have a focus on sustainability, just focusing on companies that are scalable and with good returns possibilities. We've been looking at a lot of companies; for example, last year we looked at over 100 companies. Turned out that over 70% or probably almost 90% of our investments are related to sustainability," noted Sebastian Togelang.

16/01/2025

2024 ended with DealStreetAsia’s explosive news break that shook up the Indonesian startup industry — eFishery’s board had suspended its co-founders Gibran Huzaifah and Chrisna Aditya following an investigation into alleged financial irregularities at the company.
The alleged fraud is understood to date back to 2018 when the aquatech startup was raising its Series A round, DealStreetAsia has learnt.

The alleged fraud at eFishery started as far back as 2018, when it was raising its Series A round.

16/01/2025

Stefanus Ade Hadiwidjaja of INA; Ming Eng of Granite Asia; and Pandu Sjahrir of Indies Capital at a panel discussion titled 'Unlocking Indonesia’s Potential: Integrating Tech Enablement, Capital Solutions, and Partnerships' at the Indonesia PE-VC Summit 2025.
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"We are putting more focus now on the expansion of our EV ecosystem pillars, which is part of our green investment pillar, in critical minerals to support the government's ambition on downstreaming," said Stefanus Ade Hadiwidjaja, Chief Investment Officer, Indonesia Investment Authority.
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"Indonesia has been a big market for private credit because there are certain situations where the traditional lender cannot fund.. when you're looking at digital transformation or trying to grow to the next level, they are not only looking for credit but also want to get the help and guidance from the companies," said Ming Eng, partner, Granite Asia.
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Speaking on the crisis at eFishery, Pandu Sjahrir said: "It is our fault as investors. We allow it to happen. We're responsible to our customers, our LPs. Blame yourself for giving that money. Because our fiduciary duty is our investor. And the way we've underwritten things, to be honest, has not been tight."

16/01/2025

David Harrity of HSBC Asia Pacific, Sharon Liang of Siguler Guff, and Pradita Astarina of Strategic Year Holdings discuss 'How are global asset allocators and investors reading Indonesia’s potential?' at the Indonesia PE-VC Summit 2025.
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“The outlook is very positive as we go into 2025, not only in Indonesia but also across the broader Southeast Asia region,” said David Harrity.
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"Everyone looks at the track record, but nowadays we’ll look at how you generate DPI, especially if you’re a VC fund manager," said Sharon Liang.
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"To ensure we deliver the DPI to our LPs, we benchmark the companies in the region to the comparables in North Asia or the global market," said Pradita Astarina.

16/01/2025

Patrick Walujo, co-founder of Northstar and Group CEO of GoTo speaks to Joji Thomas Philip at the Keynote session of the Indonesia PE-VC Summit 2025
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"We need a little bit more stability in the business, and the board had asked me to consider staying longer, which I am happy to do. But along the way, if there is somebody who is a lot better, who can take over, I would be more than happy to pass the baton," said Patrick Walujo.
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"Our competition is obviously bigger, still bigger than us. But all the fundamental problems that we saw on our e-commerce platforms are now fixed. If you are used to Tokopedia, I hope you can tell it's a different experience. So the hypothesis stands out," he added.
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"It's a little embarrassing, and it's a shame on the people who have been running eFishery. It is clear that it was all staged, and it was systematic. So it's really shocking," said Patrick Walujo, co-founder of Northstar, an early investor in eFishery, at DealStreetAsia's Indonesia PE-VC Summit 2025.
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"I think the damage that they [eFishery] have done to Indonesia, to the startup community, and to our credibility is massive. So we'll get to the bottom of it, and I think we'll take this very seriously," Patrick Walujo, co-founder of Northstar, an early investor in eFishery, said at DealStreetAsia's Indonesia PE-VC Summit 2025.

16/01/2025

Curtains rise on the sixth edition of DealStreetAsia's Indonesia PE-VC Summit in Jakarta.

Joji Thomas Philip, Founder & Editor-in-Chief of DealStreetAsia, delivers the welcome note at the sixth edition of the Indonesia PE-VC Summit in Jakarta. DealStreetAsia enters its tenth year in 2025.

Joji launches the 'Mapping SEA & Indonesia’s 2024 Journey' — an 80-page report on startup fundarising in 2024. The report is available to all attendees of the Summit.

15/01/2025

Thank You for an Amazing Night!
What a way to kick off the summit week! Huge thanks to everyone who joined us for the pre-summit networking event. Your energy, ideas, and connections made tonight truly special.
Special thanks to our sponsor, DFIN, for making this event possible 🚀

The Summit Begins Tomorrow!
Rest up and get ready for an even bigger day of learning, collaboration, and inspiration.
See you bright and early! Haven't booked your Indonesia PE-VC Summit 2025 ticket?
Register Now: https://buff.ly/429Roh3!

15/01/2025

Our pre-summit networking event is in full swing, and it’s been an incredible evening so far. The energy is unmatched!

This evening is even more special as we proudly announce that this year marks our 10th anniversary! A decade of data, insights, collaboration, and impactful connections—and tonight is a perfect reflection of that journey.

This amazing evening wouldn’t be possible without the support of DFIN, our longest-standing sponsor who has been a key part of our journey. There’s nothing like the buzz of great minds coming together.

We’re thrilled about the insights shared tonight and can’t wait to see how they shape tomorrow’s conversations at the summit.

15/01/2025

It’s Almost Time! 🔥
The pre-summit networking event kicks off soon, and we’re so excited to welcome all of you at The Bimasena, Jakarta, proudly sponsored by DFIN.

Come ready to connect and enjoy a fantastic evening with fellow attendees.
Let’s get this pre-summit started on the right note!

15/01/2025

CVC Capital Partners-backed hospital chain PT Siloam International Hospitals has expressed interest in acquiring First REIT’s hospital assets in Indonesia. Siloam is an existing tenant and operator of First REIT’s hospitals in Indonesia.

Siloam is an existing tenant and operator of First REIT’s hospitals in Indonesia.

15/01/2025

Oriza Hua, the integrated circuit industry investment platform of state-owned Oriza Holding, has held the first close of its debut merger and acquisition fund at 1.2 billion yuan ($163.7 million).

The fund is expected to hit the final close in Q2, with a final target size of at least $273m.

15/01/2025

DEG, the investment arm of German state-owned development bank KfW, has committed to investing $40 million in Jungle Ventures‘s fifth fund, which has a targeted corpus of $500 million.

Jungle Ventures is said to have made the first close of Fund V and hit half of the fundraising target.

15/01/2025

Dutch development bank FMO is considering a proposal to invest $25 million in Northern Arc Investments IFSC Trust, a $125-million climate-focused debt fund.

Northern Arc has already raised $65m in debt commitments for the fund.

15/01/2025

While Southeast Asia represents heaps of opportunities for healthcare investments in general, Singapore-based August Global Partners is particularly bullish on AI-driven healthcare solutions. “AI healthcare is probably the lowest hanging fruit. It is one of the most monetisable and commercialisable,” August Global founding partner Basil Lui said.

The firm has made two investments from its new fund.