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style="padding-bottom:50%"><img width="1140" height="570" src="data:image/gif;base64,R0lGODlhAQABAIAAAP///wAAACH5BAEAAAAALAAAAAABAAEAAAICRAEAOw==" class="lazyload wp-post-image" alt="Joji Thomas Phillip, Founder and Editor-in-Chief at Deal Street Asia, talked about Indonesia's challenges and opportunities to becoming the 14th largest economy at Indonesia PE-VC Summit 2025 in South Jakarta (01/16). Credit: Sinta" decoding="async" fetchpriority="high" data-src="https://heaptalk.com/wp-content/uploads/2025/01/indonesia-pe-vc-summit-2025-1-1140x570.jpg" data-sizes="auto" data-expand="700"/></div><p class="wp-caption-text">Joji Thomas Phillip, Founder and Editor-in-Chief at Deal Street Asia, talked about Indonesia's challenges and opportunities to becoming the 14th largest economy at Indonesia PE-VC Summit 2025 in South Jakarta (01/16). Credit: Sinta</p></a></div><div class="jeg_share_top_container"></div></div></div><div class="row"> <div class="jeg_main_content col-md-8"> <div class="jeg_inner_content"> <div class="jeg_ad jeg_article jnews_content_top_ads"><div class='ads-wrapper'></div></div><div class="entry-content with-share"> <div class="jeg_share_button share-float jeg_sticky_share clearfix share-monocrhome"> <div class="jeg_share_float_container"><div class="jeg_sharelist"> <a href="https://www.facebook.com/sharer.php?u=https%3A%2F%2Fheaptalk.com%2Finsight%2Findonesias-rise-and-the-challenges-ahead-to-becoming-the-14th-largest-economy%2F" rel='nofollow' class="jeg_btn-facebook expanded"><i class="fa fa-facebook-official"></i><span>Share on Facebook</span></a><a href="https://twitter.com/intent/tweet?text=Indonesia%E2%80%99s%20rise%20and%20the%20challenges%20ahead%20to%20becoming%20the%2014th%20largest%20economy&url=https%3A%2F%2Fheaptalk.com%2Finsight%2Findonesias-rise-and-the-challenges-ahead-to-becoming-the-14th-largest-economy%2F" rel='nofollow' class="jeg_btn-twitter expanded"><i class="fa fa-twitter"><svg xmlns="http://www.w3.org/2000/svg" height="1em" viewBox="0 0 512 512"><path d="M389.2 48h70.6L305.6 224.2 487 464H345L233.7 318.6 106.5 464H35.8L200.7 275.5 26.8 48H172.4L272.9 180.9 389.2 48zM364.4 421.8h39.1L151.1 88h-42L364.4 421.8z"/></svg></i><span>Share on Twitter</span></a><a href="https://www.pinterest.com/pin/create/bookmarklet/?pinFave=1&url=https%3A%2F%2Fheaptalk.com%2Finsight%2Findonesias-rise-and-the-challenges-ahead-to-becoming-the-14th-largest-economy%2F&media=https://heaptalk.com/wp-content/uploads/2025/01/indonesia-pe-vc-summit-2025-1.jpg&description=Indonesia%E2%80%99s%20rise%20and%20the%20challenges%20ahead%20to%20becoming%20the%2014th%20largest%20economy" rel='nofollow' class="jeg_btn-pinterest"><i class="fa fa-pinterest"></i></a> <div class="share-secondary"> <a href="https://www.linkedin.com/shareArticle?url=https%3A%2F%2Fheaptalk.com%2Finsight%2Findonesias-rise-and-the-challenges-ahead-to-becoming-the-14th-largest-economy%2F&title=Indonesia%E2%80%99s%20rise%20and%20the%20challenges%20ahead%20to%20becoming%20the%2014th%20largest%20economy" rel='nofollow' class="jeg_btn-linkedin"><i class="fa fa-linkedin"></i></a></div><a href="#" class="jeg_btn-toggle"><i class="fa fa-share"></i></a></div></div></div><div class="content-inner"> <p><strong>Heaptalk, <a href='https://heaptalk.com/govact/jakarta-will-remain-the-capital-for-several-more-years/' title='Jakarta will remain the capital for several more years'>Jakarta</a> — </strong><a href='https://heaptalk.com/govact/indonesia-to-amplify-partnership-with-united-states/' title='Indonesia to amplify partnership with United States'>Indonesia</a>’s growth is on track to become the world’s 14th-largest <a href='https://heaptalk.com/news/be-familiar-with-gig-economy-and-the-trend-works-without-jobs/' title='Be Familiar with GIG Economy and The Trend Works Without Jobs'>economy</a> in the next three years. Joji Thomas Phillip, Founder and Editor-in-Chief at Deal Street Asia, made this prediction at the beginning of 2024, and it has been proven true.</p> <p>However, Joji recognized several challenges the country faces, one of which is its middle class shrunk by about 9.5 million to 48 million. This can be derived from the lingering effects of <a href='https://heaptalk.com/news/homework-of-indonesia-in-adopting-indonesian-virtual-healthcare-amidst-the-covid-19-pandemic/' title='Indonesia’s Homework in Adopting Virtual Healthcare Amidst the Covid-19 Pandemic'>covid-19</a> and the fact that <a href='https://heaptalk.com/industry/__trashed-2601/' title='Indonesia’s manufacturing continuously performs fantastic performance'>manufacturing</a> has not yet developed. “There are several other factors like <a href='https://heaptalk.com/govact/airlangga-12-vat-could-trigger-inflation-but-not-high/' title='Airlangga: 12% VAT could trigger inflation but not high'>inflation</a> and lack of social support schemes. But the fact that the middle class is declining, the numbers have come down, is a cause for concern,” Joji said in his opening remarks at Indonesia PE-VC Summit 2025 in South Jakarta (01/16).</p> <p>For the investor community, the declining purchasing power of the international middle class propels the private equity and <a href='https://heaptalk.com/insight/five-ways-to-obtain-startup-funding-from-a-venture-capital/' title='Five ways to obtain startup funding from a venture capital' target='_blank'>venture capital</a> (PE-VC) community to reassess their <a href='https://heaptalk.com/industry/apple-adds-investment-offer-of-100m-to-bring-iphone-16-to-indonesia/' title='Apple adds investment offer of $100m to bring iPhone 16 to Indonesia'>investment</a> strategies. Some have concentrated on the premium segment, while others focus on the mass market segments.</p> <p>In the EV supply chain, Joji admitted that Indonesia has a monopoly on nickel, but its overall foothold is still very low. Globally, more than 400 battery plants have announced they are already functioning, with only two major battery plants in Indonesia. He said, “When it comes to job creation in the EV space, the numbers have not shot up as they were projected to be.”</p> <h2>Scandals, accounting frauds among tech companies</h2> <figure id="attachment_45729" aria-describedby="caption-attachment-45729" style="width: 1280px" class="wp-caption alignnone"><img decoding="async" class="wp-image-45729 size-full" src="https://heaptalk.com/wp-content/uploads/2025/01/goto-res-1.jpg" alt="GoTo’s share price is about 80% down from its listing price. Credit: GoTo" width="1280" height="630" srcset="https://heaptalk.com/wp-content/uploads/2025/01/goto-res-1.jpg 1280w, https://heaptalk.com/wp-content/uploads/2025/01/goto-res-1-300x148.jpg 300w, https://heaptalk.com/wp-content/uploads/2025/01/goto-res-1-768x378.jpg 768w, https://heaptalk.com/wp-content/uploads/2025/01/goto-res-1-750x369.jpg 750w, https://heaptalk.com/wp-content/uploads/2025/01/goto-res-1-1140x561.jpg 1140w" sizes="(max-width: 1280px) 100vw, 1280px"/><figcaption id="caption-attachment-45729" class="wp-caption-text"><a href='https://heaptalk.com/news/goto-derives-8-7mn-in-its-q3-ebitda-this-year/' title='GoTo derives $8.7mn in its Q3 EBITDA this year'>GoTo</a>’s share price is about 80% down from its listing price. Credit: GoTo</figcaption></figure> <p>The other major challenge is the country’s tech status, as a severe funding crunch currently exists. Simultaneously, some tech companies have confronted scandals, <a href='https://heaptalk.com/govact/east-kutai-cooperatives-and-smes-dept-conducts-accounting-training-for-30-cooperatives-managers/' title='East Kutai Cooperatives and SMEs Dept conducts accounting training for 30 cooperatives managers'>accounting</a> frauds, and other issues in Indonesia and <a href='https://heaptalk.com/govact/ina-digital-officially-launched-southeast-sulawesi-govt-to-expedite-the-regions-public-service/' title='INA Digital officially launched, Southeast Sulawesi govt to expedite the region’s public service'>Southeast</a> Asia. Joji saw that this issue had a significant impact on investor confidence, which in the long term could also influence the country’s path to becoming the world’s 14th-largest <a href='https://heaptalk.com/news/be-familiar-with-gig-economy-and-the-trend-works-without-jobs/' title='Be Familiar with GIG Economy and The Trend Works Without Jobs'>economy</a>.</p> <p>Moreover, many of the listed companies demonstrated somewhat disappointing financial performance. <a href="https://heaptalk.com/news/patrick-walujo-to-lead-goto-as-ceo-until-four-years-ahead/">GoTo</a>’s share price is about 80% down from its listing price, while <a href="https://heaptalk.com/news/ceo-of-bukalapak-meets-trade-minister-after-ceasing-physical-good-sales-unit/">Bukalapak</a>‘s is over 90% down. Similar to the funded startups, many late-stage companies exhibit disappointing financial performance. These findings occur not only in Indonesia but throughout Southeast Asia.</p> <p>On top of that, most of the investors are still skeptical about the ability of Southeast Asian and Indonesian <a href='https://heaptalk.com/technology/toughening-the-cybersecurity-sector-with-artificial-intelligence-adoption/' title='Toughening the cybersecurity sector with Artificial Intelligence adoption'>AI</a> startups to build scalable models that can compete with the rest of the world. “If you look at all the announcements in the last couple of months, Southeast Asia has seen <a href='https://heaptalk.com/press-release/or-records-600-year-on-year-quarterly-profit-growth-in-q3-2023-driven-by-mobility-business-maintaining-positive-momentum-of-international-expansion/' title='OR records 600% year-on-year quarterly profit growth in Q3 2023 driven by mobility business, maintaining positive momentum of international expansion' target='_blank'>or</a> will see about $60 billion in <a href='https://heaptalk.com/technology/telkoms-strategies-to-expand-data-center-business-in-response-to-soaring-demand/' title='Telkom’s strategies to expand data center business in response to soaring demand'>data center</a> <a href='https://heaptalk.com/news/ac-ventures-indonesia-needs-20bn-ai-investment-in-2-years-ahead/' title='AC Ventures: Indonesia needs $20bn AI investment in 2 years ahead'>AI investment</a> from global technological giants. But very little of that is going into local startups in this region, or AI startups in this region,” Joji explained.</p> <h2>IPO market to rebound</h2> <figure id="attachment_45728" aria-describedby="caption-attachment-45728" style="width: 1280px" class="wp-caption alignnone"><img loading="lazy" decoding="async" class="wp-image-45728 size-full" src="https://heaptalk.com/wp-content/uploads/2025/01/IDX-1-res-1.jpg" alt="IDX is expected to perform around 66 IPOs this year. Credit: IDX" width="1280" height="630" srcset="https://heaptalk.com/wp-content/uploads/2025/01/IDX-1-res-1.jpg 1280w, https://heaptalk.com/wp-content/uploads/2025/01/IDX-1-res-1-300x148.jpg 300w, https://heaptalk.com/wp-content/uploads/2025/01/IDX-1-res-1-768x378.jpg 768w, https://heaptalk.com/wp-content/uploads/2025/01/IDX-1-res-1-750x369.jpg 750w, https://heaptalk.com/wp-content/uploads/2025/01/IDX-1-res-1-1140x561.jpg 1140w" sizes="(max-width: 1280px) 100vw, 1280px"/><figcaption id="caption-attachment-45728" class="wp-caption-text"><a href='https://heaptalk.com/technology/idx-partners-with-nasdaq-to-advance-stock-market-technology/' title='IDX partners with Nasdaq to advance stock market technology'>IDX</a> is expected to perform around 66 IPOs this year. Credit: IDX</figcaption></figure> <p>Despite the challenges, Joji acknowledged five opportunities Indonesia has to keep on the path to becoming the world’s 14th-largest <a href='https://heaptalk.com/news/be-familiar-with-gig-economy-and-the-trend-works-without-jobs/' title='Be Familiar with GIG Economy and The Trend Works Without Jobs'>economy</a> in the next three years. The <a href="https://heaptalk.com/news/understanding-the-different-stages-of-startup-funding-ranging-from-pre-seed-to-ipo/">IPO market</a> is expected to rebound in 2025. As IDX mentioned, approximately 66 IPOs are expected to occur this year, with 22 already in the pipeline. The stock exchange also aims to expand the retail base it is trading by about $2 billion. However, the outcome of IPOs will still depend on many global factors, including interest rate cards and geopolitics.</p> <p>The <a href='https://heaptalk.com/govact/jokowi-pushes-for-inclusive-and-equitable-digital-transformation/' title='Jokowi pushes for inclusive and equitable digital transformation'>digital</a> space offers startups and investors a wide range of opportunities. Indonesia’s internet penetration is 77%, but only 2% of the population has done online stock trading. Only 30% of the <a href='https://heaptalk.com/govact/providing-technical-guidance-for-operators-east-kutai-govt-to-improve-its-population-administration-services/' title='Providing technical guidance for operators, East Kutai Govt to improve its population administration services'>population</a> has used <a href='https://heaptalk.com/govact/indonesian-parliament-urges-govt-to-intervene-in-30-ride-hailing-tariff-cut-dispute/' title='Indonesian Parliament urges govt to intervene in 30% ride-hailing tariff cut dispute'>ride-hailing</a>, 20% have used food delivery, and 60% have not done an <a href='https://heaptalk.com/industry/indonesia-to-forbid-imported-products-sale-below-100-in-e-commerce/' title='Indonesia to forbid imported products sale below $100 in e-commerce'>e-commerce</a> transaction, and 75% do not use OTT services.</p> <p>The third big opportunity to achieve the world’s 14th-largest economy is that valuations are corrected. Many companies have raised funding at less than 50% of their past valuation at some of the latest funding rounds in the last few months. The other thing that has changed over the last couple of years is that the talent of both engineering and founders in Southeast Asia and Indonesia has increased significantly.</p> <h2>SEA VCs have over $5bn in dry powder</h2> <figure id="attachment_45726" aria-describedby="caption-attachment-45726" style="width: 1280px" class="wp-caption alignnone"><img loading="lazy" decoding="async" class="wp-image-45726 size-full" src="https://heaptalk.com/wp-content/uploads/2025/01/yupi-gummy-jelly-2-res-1.jpg" alt="Yupi, an Indonesian brand of gummy candy. Credit: Yupi" width="1280" height="630" srcset="https://heaptalk.com/wp-content/uploads/2025/01/yupi-gummy-jelly-2-res-1.jpg 1280w, https://heaptalk.com/wp-content/uploads/2025/01/yupi-gummy-jelly-2-res-1-300x148.jpg 300w, https://heaptalk.com/wp-content/uploads/2025/01/yupi-gummy-jelly-2-res-1-768x378.jpg 768w, https://heaptalk.com/wp-content/uploads/2025/01/yupi-gummy-jelly-2-res-1-750x369.jpg 750w, https://heaptalk.com/wp-content/uploads/2025/01/yupi-gummy-jelly-2-res-1-1140x561.jpg 1140w" sizes="(max-width: 1280px) 100vw, 1280px"/><figcaption id="caption-attachment-45726" class="wp-caption-text">Yupi, an Indonesian brand of gummy candy. Credit: Yupi</figcaption></figure> <p>Joji voiced, “When it comes to founder talent, we’<a href='https://heaptalk.com/news/rexco-lubricants-launches-new-products-at-giias-2024/' title='Rexco Lubricants launches new products at GIIAS 2024'>re</a> now seeing the next wave of founders who have completed stints and exited some big companies. You have GoTo, <a href='https://heaptalk.com/news/tokopedia-confirms-layoff-plan-as-a-part-of-its-growth-strategy/' title='Tokopedia confirms layoff plan as a part of its growth strategy'>Tokopedia</a>, <a href='https://heaptalk.com/news/grab-posts-a-716mn-revenue-in-q3-this-year/' title='Grab posts a $716mn revenue in Q3 this year'>Grab</a>, and <a href='https://heaptalk.com/industry/bukalapak-launches-technology-hub-in-melbourne-australia/' title='Bukalapak launches technology hub in Australia'>Bukalapak</a>. All of them are now coming back to do their second and third companies. Finally, this region and Indonesia have very good founder talent, which will be exciting and interesting for investors.”</p> <p>The fourth opportunity is that Southeast Asian VCs have more than $5 billion in dry powder, providing plenty of capital for exciting companies. Finally, in private equity (PE), Indonesia had a great year last year, marked by several acquisitions worth billions of dollars.</p> <p>Gummy bear maker <a href="https://www.yupindo.com/">Yupi</a> was acquired by <a href="https://www.affinityequity.com/">Affinity Equity Partners</a>, an Indonesian company, in a billion-dollar transaction. The Columbia Hospital deals led by TPG were also $1.2 billion. The other was Lippo Karawaci, who sold Siloam International Hospitals to CVC Capital Partners for a 65% stake for about $1.6 billion. “When it comes to PE deals, there is still a lot of assets available in the market. Southeast Asia and Indonesia have had a good year,” Joji concluded.</p> <div class="jeg_post_tags"><span>Tags:</span> <a href="https://heaptalk.com/tag/indonesia-pe-vc-summit-2025/" rel="tag">Indonesia PE-VC Summit 2025</a><a href="https://heaptalk.com/tag/southeast-asia-pe-vc-community/" rel="tag">Southeast Asia PE-VC community</a></div></div></div><div class="jeg_share_bottom_container"></div><div class="jeg_ad jeg_article jnews_content_bottom_ads"><div class='ads-wrapper'></div></div><div class="jnews_prev_next_container"></div><div class="jnews_author_box_container"></div><div class="jnews_related_post_container"><div class="jeg_postblock_21 jeg_postblock jeg_module_hook jeg_pagination_disable jeg_col_2o3 jnews_module_45723_0_67b8a10a79f59" data-unique="jnews_module_45723_0_67b8a10a79f59"> <div class="jeg_block_heading jeg_block_heading_6 jeg_subcat_right"> <h3 class="jeg_block_title"><span>Related<strong> Posts</strong></span></h3></div><div class="jeg_block_container"> <div class="jeg_posts jeg_load_more_flag"><article class="jeg_post jeg_pl_sm format-standard"> <div class="jeg_thumb"> <a href="https://heaptalk.com/govact/benyamin-pilar-will-continue-existing-programs-in-south-tangerang/"><div class="thumbnail-container animate-lazy size-715"><img width="120" height="86" src="data:image/gif;base64,R0lGODlhAQABAIAAAP///wAAACH5BAEAAAAALAAAAAABAAEAAAICRAEAOw==" class="lazyload wp-post-image" alt="Benyamin-Pilar have been inaugurated as Mayor and Vice Mayor of South Tangerang. 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