When the bust ends in a courtroom
For a decade, Indonesia was not a story about Southeast Asia. It was the story. Two hundred and eighty million people, most of them young, most of them coming online for the first time with a phone in their hand. Gojek, Tokopedia, a parade of unicorns. Every global fund with a Southeast Asia slide put Jakarta in the middle of it, and everybody wanted in.
In 2021, at the peak, Indonesian startups raised about $6.9 billion. Not the region. Indonesia by itself.
Last year, the whole country raised $355.7 million across 91 deals.
That is roughly five cents on the dollar. Indonesia, the giant, the…
The skinny
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