Indonesian Startup with the Largest Funding in 2022

2022 can be considered a challenging year for digital startups. Several startups received large funding until the third quarter of 2022, especially DANA, which was reported to have raised US$450 million in series A funding on August 10, 2022. Many startups must change their strategy in 2022 by focusing their full strength on sustainability and the direction of profitability. This increases the number of Indonesian startups that require large funds. The previous metrics stuck to growth and maximum traction. This is due to a paradigm shift in startup investment.

Investors are becoming “conservative” and want more reasonable numbers rather than lots of “playing around on valuations”. Several startups in Indonesia were directly affected. They have to put the brakes on spending, which results in a reduction in the number of employees, business efficiency (by turning off subunits that have no significant traction), to the choice of pivots. On the other hand, an ecosystem that is already classified as “resilient” means that the velocity of money in the digital sector is still fast, especially for funding at the early stage. 

Here are Indonesian Startup with the Largest Funding in 2022 : 


DANA is an Indonesian digital wallet designed to make every digital non-cash and non-card transaction, both online and offline, run quickly, practically and with guaranteed security. Indonesia’s best talents continue to develop DANA as an open platform digital wallet ready to support all economic activities and digital lifestyles for all Indonesian people.

With DANA, people can become more productive, efficient and competent. DANA can also be optimized to support the government’s commitment to reduce costs for the production and distribution of physical money and increase the financial literacy and inclusion of the Indonesian people. DANA is proof that Indonesia can build and develop digital economy technology and infrastructure that is always ready to rely on.

sourced from, the fund received series A funding of US$450 million last August. 

2. Traveloka

Second of Indonesian Startup with the Largest Funding in 2022 is Traveloka. Traveloka is an Indonesian technology company focused on travel and ticketing. Operating a services website of the same name and based out of Jakarta, Indonesia, Traveloka is active in six countries, and in 2022 remained the largest online travel app in Southeast Asia. Founded in 2012 as a travel search engine, it now also offers services such as attraction tickets, activities, transportation rentals, and restaurant vouchers. It also provides financial services such as credit and insurance.Classified as a unicorn company and regarded as functionally similar to Expedia. In 2022, Traveloka sits in second position with funding of US$300 million. 

3. Xendit

Xendit is an Indonesian fintech company that provides payment infrastructure for Indonesia. It processes payments, helps marketplaces simplify payments, sends payments and loans, detects fraud and helps businesses grow exponentially. Found in 2016 by Moses Lo (CEO), Tessa Wijaya (COO), Bo Chen (CTO), and Juan Gonzalez (CINO). Reported Xendit sits in third position with funding of US$300 million.  

4. Modalku

Modalku application is an online-based peer-to-peer (P2P) lending platform that exists as a solution for borrowers, namely SMEs (Small and Medium Enterprises) and lenders who want to find alternative investments. As a P2P Lending platform, this startup, which establish from 2015, plays the role of intermediary between borrowers and lenders or lenders with guaranteed high protection. As a form of seriousness, the products that are protected are carried out by Modalku’s insurance partners, namely Qoala Insurtech and other insurance company partners. In this case, Modalku also manage and distributing funds from investors to UKM players who need venture capital. Modalku sits in fourth position with funding of  US$144 million.  

5. SayurBox

Another Indonesian Startup with the Largest Funding in 2022 is SayurBox. Founded in 2017 Sayurbox is an e-grocery with a farm-to-table business concept where this concept allows consumers to obtain a variety of quality fresh vegetables and fruits directly from local farmers and producers. SayurBox sits in fifth position with funding of US$120 million.  

In Q1 2022, the startup ecosystem in Indonesia recorded 76 funding transactions. The 50 spins that were valued, $1.22 billion was raised. This number has increased 2x compared to the same period in 2021. Meanwhile, during Q2 2022, 71 transactions booked funds of more than $ 1.4 billion. It’s smaller than Q1 2022, but it’s an increase of almost $300 million on the nominal side. If we look deeper, the trend of funding stages is still relatively the same. T

The amount of initial funding (pre-seed to series A) found to have the highest number of transactions. Then if viewed from the type of business that is getting funding, the trend is still relatively the same. Fintech led the way in terms of transaction volume and value. The next sector to highlight is logistics and agritech. Both saw increased interest compared to the previous period. 

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