This weekly newsletter chronicles top digital themes and trends playing out in SE Asia, especially Indonesia.. We will decode policy and regulatory changes affecting digital economy sectors, crunch earnings data of top players, track developments related to gig economy workers and attempt to piece together ecosystem buildouts in some of the fastest-growing, venture-backed plays.You can access the previous 35 editions of the Vantage Point weekly posts here.
Executive Summary:
- How Akulaku managed to raise $200m despite the tech winter
- Murky outlook for capital markets in Indonesia
- Grab, GoTo cut costs and rein in promotions
How Akulaku managed to raise $200m despite the tech winter
In the midst of the funding winter facing tech companies, it was noteworthy that Akulaku raised $200m in fresh funds from Mitsubishi UFJ, Japan’s largest bank. The latest fundraising could value the Indonesian fintech at $1.5 billion, according to market sources.
Akulaku had raised $100 million in new funds in February 2022 in a funding round involving Siam Commercial Bank (SCB), which was, at the time, considered to be a pre-IPO round. Prior to this, it had raised funds from high-profile investors such as Silverhorn, Ant Financial, Sequoia Capital, and Qiming Venture Partners.
