Indonesia once stood as Southeast Asia’s most promising hub for tech unicorns which are startups valued at over $1 billion.
With a booming digital economy, youthful population, and rapid mobile penetration, the country nurtured several high-profile startups that attracted global attention and investment.
However, the past few years have witnessed a steady unraveling of this narrative. The unicorns that once symbolized Indonesia’s digital rise like Tokopedia, Bukalapak, GoTo, and Traveloka, have either lost their unicorn status, been acquired, or moved abroad.
Tokopedia: Bought by TikTok
Tokopedia was once the pride of Indonesia’s e-commerce sector. Founded in 2009, it grew into a marketplace behemoth that connected millions of sellers and buyers across the archipelago. It became a household name and a symbol of local innovation.
In 2021, Tokopedia merged with Gojek to form the GoTo Group, aiming to become Indonesia’s answer to superapps like China’s Meituan or Tencent. However, the dream began to dim as the competitive pressures from international giants like Shopee and Lazada intensified.
In 2023, TikTok entered Indonesia’s e-commerce space aggressively through TikTok Shop, rapidly capturing market share by blending entertainment and shopping in a way Tokopedia had not adapted to.
After regulatory hurdles forced TikTok Shop to pause operations in Indonesia, ByteDance, the parent company of TikTok, restructured and eventually acquired a controlling stake in Tokopedia.
While this allowed TikTok to legally resume e-commerce in Indonesia, it effectively ended Tokopedia’s journey as an independent unicorn. What was once a local success story, became a chapter in a Chinese tech giant’s expansion playbook.
Bukalapak: Downfall of a Local Unicorn
Bukalapak was another early player in Indonesia’s e-commerce scene. Once valued above $1 billion and a contender for regional leadership, it differentiated itself by targeting small and medium enterprises in rural areas and focusing on digitalizing traditional warungs.
However, despite a promising IPO in 2021, the first for an Indonesian tech unicorn, Bukalapak’s market performance quickly deteriorated. Its share price plummeted post-listing, eroding billions in market capitalization.
The company struggled with profitability and intense competition, and investor confidence waned. Over time, Bukalapak's valuation slipped below the unicorn threshold.
As of 2025, it is no longer considered a unicorn by financial standards. While it continues to operate and serve niche segments, its fall from grace has been a cautionary tale about overhyped valuations and the fragile nature of tech success stories in emerging markets.
GoTo: About to Merge with Grab
The GoTo Group, formed by the merger of Gojek and Tokopedia, was heralded as a milestone in Southeast Asian tech history.
The merger combined two of Indonesia’s most powerful tech forces, one dominating ride-hailing and digital payments, the other commanding online retail.
The aim was to build an integrated digital ecosystem, with synergies across e-commerce, logistics, and financial services.
Despite the grand vision, GoTo faced significant challenges in achieving profitability and maintaining investor enthusiasm after its public listing.
As competition intensified and capital became scarcer in a tighter macroeconomic environment, GoTo found itself under pressure to cut costs and boost efficiency.
In 2024 and 2025, rumors and strategic signals emerged suggesting a potential merger with Singapore-based Grab, Southeast Asia’s other superapp giant.
While the merger is still under negotiation, it indicates that GoTo may not remain an independent Indonesian company for much longer. If the deal goes through, it would mark the absorption of yet another Indonesian unicorn into a larger, foreign-dominated tech entity.
Traveloka: Quietly Moving to Singapore
Traveloka, the travel-tech company founded in Jakarta, once stood out as Indonesia’s most successful startup in the tourism and lifestyle sector.
It expanded across Southeast Asia, offering flights, hotel bookings, and later branching into financial services like pay-later programs.
Traveloka weathered the COVID-19 pandemic by pivoting and diversifying, but the post-pandemic recovery wasn’t enough to keep it rooted in Indonesia.
In a move that drew little fanfare but held significant implications, Traveloka quietly shifted its operational headquarters to Singapore. The move was likely driven by strategic considerations, proximity to investors, more favorable regulatory frameworks, and access to global talent.
Although it still operates heavily in Indonesia, Traveloka’s heart now beats in Singapore, distancing it from its Indonesian startup origins.
