Indonesia's VCs brace for barren year for exits on account of COVID-19

Seberang Menara Astra, Kuningan, Setia Budi, Kota Jakarta Selatan, Daerah Khusus Ibukota Jakarta, Indonesia. Photo: Afif Kusuma/unsplash

Indonesia’s venture capital (VC) scene is now bracing for a dry year for exits as buyers turn wary and sellers wait out the COVID-19 pandemic’s drag on valuations.

“The exit market is practically dead as the COVID-19 just went nuclear,” said BRI Ventures chief executive Nicko Widjaja. “Either you exit at a very low valuation, or not at all.”

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