Malaysia and Indonesia are linked by a common language, geographical proximity, and shared cultural heritage that dates back centuries. However, when it comes to tech and the digital ecosystem, the two countries seem to have completely different climates.
With a population of 260 million, Indonesia has a much bigger market than its neighbor, allowing local startups to scale up at a more rapid pace. According to Google, Temasek, and Bain & Company’s e-Conomy SEA report for 2019, the internet economy in Indonesia (along with Vietnam) is growing at a rate of 40% a year, ahead of other countries in Southeast Asia. This promising market attracts tech startups from nearby countries, and Malaysia is no exception.
In order to strengthen business relations between the two countries, the government-owned Malaysia Digital Economy Corporation (MDEC) has teamed up with Jakarta-headquartered startup hub Y Digital Asia to organize Expand Indonesia, a cross-border initiative that allows seven startups from Malaysia to explore business expansion opportunities in Indonesia.
The startups included in the program are Accendo, eCommunity, NexPlatform, Parkit Solutions, Sonicboom Solutions, Subhome Management, and Supplycart. Held from November 25 to 30 in Jakarta, representatives of these companies met with venture capital firms such as Kejora Ventures and Monk’s Hill Ventures, and with potential partners and clients from prominent property developers and tech companies, to establish business connections and determine market validation.
For this week’s “Early Stage,” KrASIA looked at three of the startups that offer services for the Indonesian market.
ParkIt Solutions connects drivers with spare parking spaces owned by private owners. Think of it as Airbnb for cars—ParkIt allows users to rent out any unused parking spaces that they own, giving them a new channel of passive income, while drivers can get good deals when they need to park their cars. ParkIt was established in 2016. It has helped property owners rent out more than 350 parking spaces around Klang Valley, according to the company’s website. ParkIt is now looking to expand its services beyond Klang Valley, and even beyond Malaysia, as a shortage of parking spaces is a common problem in densely populated countries.
SupplyCart is a B2B procurement platform that simplifies an organization’s procurement processes on an integrated cloud-based platform called Adam. It helps businesses manage, control, and analyze their business expenses. The platform allows SupplyCart’s clients and vendors to use technology in processes like sourcing, order processing, vendor management, invoicing, and contract pricing. In September 2018, the company bagged USD 2 million in a Series A funding from FirstFloor Capital, Japan-listed Capital Aucfan, and other investors.
NexPlatform is a property tech startup that integrates property developer, agent, and banker in a streamlined system that covers everything between pre-sale and post-sale services. Its products include sales lead automation, a property digital storyboard, credit loan assessment, and property rental management. The startup was founded in 2016, and it raised nearly USD 190,000 from Cradle Fund’s Direct Equity 800 in February 2019.
“Early Stage” is a series where KrASIA highlights startups that caught our eyes for the week.