Dear Subscribers,

Indonesia's newly launched sovereign wealth fund, Danantara, has been a hot topic over the past week following its official inauguration by the President and the appointment of key figures. The next big question is: What will be its execution strategy, and what are its investment hypotheses? Danantara's leadership has provided initial insights to the media to shed light on these questions.

Aside from Danantara, there are several key updates you won’t want to miss. From funding rounds in local startups to significant moves by global companies, we’ve got you covered in this week’s newsletter.

Best regards,
The DailySocial Team

Here are some of the latest highlights from Indonesia’s local startup ecosystem:

• Investment Updates: This week saw two major investment moves.

  • First, conglomerate EMTEK, through its digital arm PT Kreatif Media Karya (KMK), increased its ownership in PT Bukalapak.com Tbk (BUKA) to 34.05% from 24.61%, with a transaction valued at US$82 million. [Read More]

  • Second, healthcare service provider Bumame secured a pre-Series A funding round led by Alpha JWC Ventures, with participation from 500 Global and Kopital Ventures. [Read More]

• GajiGesa Distress Sale: Earned Wage Access platform GajiGesa has been acquired by Kredivo. Sources indicate that the acquisition was valued at ~US$5-6 million, significantly lower than its last valuation. Regulatory filings show that GajiGesa raised US$9 million in equity funding, with its last valuation reaching ~US$33 million. Major investors included MassMutual Ventures, Defy VC, January Capital, Quest Ventures, and OCBC NISP Ventura. [Read More]

• eFishery Fraud Scandal Update: The eFishery fraud investigation and reconciliation process continue, following the scandal that surfaced in late 2024. Co-Founder & former CEO Gi...