Jakarta, CNBC Indonesia – The potential for Indonesia’s digital economy and startups does not appear to be what it used to be, especially in the ride-hailing sector which includes motorbike taxis and online taxis as well as delivery services.
The Google, Temasek and Bain & Company report entitled e-Conomy Sea 2023 reflects the hard blow felt by technology industry players in Indonesia since 2022.
In this year’s research, the growth in gross product value (GMV) transacted through Indonesia’s digital economic activities was not as bright as described in previous years’ reports.
According to the 2023 report, the value of Indonesia’s digital economy in 2022 will only be US$ 76 billion (Rp. 1,206 trillion) in 2022. In the 2022 report, the GMV of Indonesia’s digital economy in 2022 is estimated to reach US$ 77 billion (Rp. 1,222 trillion).
The impact of the slowdown in 2022 will be felt into the future. In the 2022 report, the value of Indonesia’s digital economy is predicted to reach US$ 130 billion (Rp. 2,063 trillion) in 2025. In the 2023 report, it is estimated that the GMV achieved in 2025 will only be US$ 109 billion (Rp. 1,730 trillion).
This year, Indonesia’s digital economy is projected to exceed US$ 82 billion (Rp. 1,301 trillion).
The future is not as bright as before, which is also reflected in the flow of investment entering technology companies in the country.
In 2021, investment into Indonesian startups will peak. The investment value at that time reached US$ 9.1 billion (Rp. 144 trillion) in 649 funding agreements. In 2022 the investment value will still be high, namely US$ 5.1 billion (Rp. 80.9 trillion).
Throughout the first 6 months of this year, capital entering Indonesian startups fell. The value doesn’t even reach billions of dollars, only around US$ 400 million (Rp. 6.35 trillion) in 100 funding deals. For comparison, in the same period the previous year, there were 302 deals with a total value of US$ 3.3 billion (Rp. 52.37 trillion).
Increasingly pessimistic projections occur in all sectors. However, the transportation and delivery sector led by online motorcycle taxis or ojol is the industry whose bright future is considered to have changed the most drastically.
Google, Temasek, Bain & Company in 2022 predict that the value of the online transportation and delivery business in Indonesia will reach US$ 15 billion (Rp. 238 trillion in 2025. In the 2023 report, the 2025 projection was cut by more than 40 percent to US$ 9 billion (Rp. 142 trillion). .8 trillion).
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