The country now has six unicorn companies, where three of them are in the e-commerce sector
Indonesian e-commerce platform JD.id has confirmed that its company is now valued at more than $1 billion, making it the newest name in the country’s unicorn list. The country now has six unicorn companies, where three of them are in the e-commerce sector.
JD.id, launched by a joint venture of Beijing-based e-commerce giant JD.com and Indonesian ride-hailing company Gojek, did not publish the exact amount of valuation nor how much it had raised from investors. JD.id started operations in Indonesia in November 2015 and now provides delivery services for products ordered at its site to 365 cities across Indonesia. The joint venture e-commerce site is majority owned by JD.com while the rest is owned by Provident Capital, a regional investment firm affiliated with an Indonesian conglomerate.
Southeast Asia is an upcoming market of interest for e-commerce. With the world’s third-largest population and a comparatively low, but growing, Internet connectivity, the ASEAN e-commerce market presents many growth opportunities for businesses ready to face its challenges. SEA is now a very attractive market for companies globally involved in the e-commerce field and smaller local players. At a turning point in terms of Internet and mobile penetration, the population of Southeast Asia is quickly adapting its behaviors to take advantage of new opportunities available in purchasing products and services online.
According to a report by e-Conomy SEA, the e-commerce market in Indonesia reached $21 billion in 2019, and will continue growing to $82 billion in 2025. However, the competition among players in the country will not be easy. JD.id has to face other unicorns such as Tokopedia and Bukalapak, and other players such as Shopee and Lazada.
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