Professional Documents
Culture Documents
Jessica Kurnia
Researcher
News and analysis on business families and controlling shareholders in Asia. Subscribe for full access.
jessica.kurnia@capitalprofile.com
Website
Business
Lazada
B2C
59.7
2.64
70.97%
OLX
C2C
15
14.4
15:39
19.09
20.44%
Tokopedia
B2C
28
7.9
12:20
11.78
32.56%
Bukalapak
C2C
42
6.2
8:42
9.09
41.73%
Elevania
B2C
99
4.1
5:03
4.2
55.39%
Zalora
Fashion
120
2.4
9:52
9.76
32.19%
Blibli
B2C
167
1.9
6:12
6.68
43.25%
Bhinneka
173
4.2
3:59
3.83
52.64%
BerryBenka
Fashion
333
0.59
12:00
16.37
35.81%
Business Family
Notes
Hartono
Martin Basuki Hartono, the second son of Budi Hartono, spearheaded the familys IT expansion. He is the CEO
Flagship Company
of Djarum Groups subsidiary Global Digital Prima (GDP Venture), which is one of Indonesias early strategic
Djarum Group
investors for early and growing stage IT startups. GDP Venture acquired a strategic stake in Indonesias largest
IT/e-Commerce Vehicle
local online community Kaskus.co.id for an undisclosed sum in 2011. Its other investment, Blibli.com, is one
GDP Venture
of Indonesias leading marketspace websites. GDP Venture continues to invest in other tech startups via its
Merah Putih Incubators. GDP Ventures undisclosed sum of initial funding came from the familys wealth, Mar-
USD 16.5bn
tin said in an interview with the Wall Street Journal in October 2012.
PORTFOLIO:
Kaskus.co.id
Lintas.me
Bolalob.com
Blibli.com
Infokost.com
Trenologi.com
DailySocial.net
Mindtalk.com
Kincir.com
Salim
First Pacifics PSE-listed subsidiary Philippines Long Distance Telephone (PLDT) acquired a 10% stake in the
Flagship Company
Germany-based Rocket Internet for EUR 330m in August 2014. The two companies also agreed on a strategic
Salim Group
partnership and established a global joint venture to develop mobile payment services solution in emerging
market in January 2015. PLDTs shareholding in Rocket Internet fell to 6.1% following its IPO in October 2014.
IT/e-Commerce Vehicle
Rocket Internets portfolio includes online marketplace Lazada and fashion retailer Zalora, both of which have
Rocket Internet
Estimated Net Worth
USD 5.9bn
gained traction in Southeast Asian markets including Indonesia. Rocket Internet also led a group of investors,
including Lippo Groups Lippo Digital Ventures, in a USD 2m series A fund raising exercise for Indonesian wedding-focused online marketplace Bridestory. Reuters reported in May 2015 that Rocket Internet was aiming to
list two of its holding subsidiaries, Global Fashion Group and Global Online Takeaway Group, on an unspecified
stock exchange by end-2015 or 2016 at the latest.
PORTFOLIO:
Lazada
Traveloka
Easy Taxi
Zalora
Foodpanda
Bridestory
Widjaja
Sinar Mas Groups IDX-listed subsidiary Dian Swastatika Sentosa acquired a 5.9% stake in Singapore-based
Flagship Company
internet service provider (ISP) startup MyRepublic for SGD 4.4m in May 2014. It made a further SGD 20m in-
vestment in MyRepublic via its Singapore-based holding subsidiary Sunshine Network in July 2014. In June
2014, Sinar Mas participated in USD 10.7m series A funding arranged by tech-focused Ardent Capital, whose
IT/e-Commerce Vehicle
flagship startup is e-commerce development company aCommerce. Sinar Mas repeated its commitment in
USD 5.8bn
September 2014, when it led a USD 12.7m funding exercise for Ardent Capital to support further growth at
aCommerce. Aside from its investments, the group has separately partnered with Alibaba and Japans online
service provider Excite for their Indonesian operations. It was among eight companies that provided funds to
help launch online mutual fund marketplace startup Bareksa in January 2015. Sinar Mas Digital Ventures, the
venture capital arm of Sinar Mas Group, was incorporated in February 2015 with capital of USD 1m. Before its
inception was announced, SMDV had participated in Ideosource-led USD 1m funding for Female Daily Network
in November 2014 and Sovereigns Capital-led USD 2m funding for Gift Card Indonesia in January 2015.
PORTFOLIO:
Ardent Capital
Bizzy
Bareksa
aCommerce
Business Family
Notes
Riady
Lippo Group has a long association with the IT industry through the majority stakes it owns in IDX-listed inter-
Flagship Company
net service provider (ISP) Link Net and IDX-listed IT consulting firm Multipolar Technology. The Riady family-
Lippo Group
controlled Ciptadana Capital is also one of the eight investment management firms which participated in the
Siloam Hospitals
establishment of online mutual fund marketplace startup Bareksa. Lippos venture capital arm, Lippo Digital
IT/e-Commerce Vehicle
Ventures, participated in the Sovereigns Capital-led USD 2m funding for Gift Card Indonesia in January 2015.
USD 2.7bn
In February 2015, it announced the launch of MatahariMall.com with plans for USD 500m investment over the
next two to three years to develop the Alibaba of Indonesia. Lippo has mandated BoA Merrill Lynch and Credit Suisse for a USD 200m fund raising to finance the USD 500m investment. It went on to recruit former CEO of
aCommerce and Zalora Indonesia, Hadi Wenas, former country head of Google Indonesia Rudy Ramawy and
former CEO of state owned-air carrier Garuda Indonesia Emirsyah Satar to the board of MatahariMall.
PORTFOLIO:
MatahariMall.com
Bridestory
Bakrie
The Bakrie family made headlines after announcing its acquisition of a minority stake in social network Path in
Flagship Company
January 2014, which was said to be funded by its internal cash. The USD 25m series C funding amounted to a
less than 1% stake in Path, according to Path Inc CEO Dave Morin in an interview with Tempo in February
IT/e-Commerce Vehicle
2014. Path Inc announced on 29 May 2015 that it has signed a definitive agreement with Daum Kakao for
N/A
Daums acquisition of its social media app Path and Path Talk. Bakrie Group is also one of the financial back-
USD 2.5bn
ers of Indonesia-based venture capital Convergence Accel, whose portfolio includes food startup Qraved and
online local women community Female Daily Network.
PORTFOLIO:
Convergence Accel
Path
Ciputra
Ciputra Group joined hands with the Global Entrepreneurship Program Indonesia (GEPI) and established the
Flagship Company
Ciputra GEPI Incubator (CGI) in September 2013, according to its website. Aside from the incubation program,
Ciputra Group
CGI also provides coworking and event space for startups. It currently houses over 50 startups, including
IT/e-Commerce Vehicle
online food catering BerryKitchen and online tour operator Tripvisto. Junita Ciputra, daughter of the titular
USD 1.5bn
group founder Ciputra, said in a February 2015 interview with Tech in Asia that the family is not looking into
establishing its own venture capital as it might pose a conflict of interest with the holdings other startup initiatives.
PORTFOLIO:
BerryKitchen
Wavoo
Bornevia
Wootag
Polatic
Tripvisto
Tanoesoedibjo
MNC Groups IDX-listed subsidiary Global Mediacom Tbk is a partner of Chinese tech giant Tencent for
Flagship Company
WeChats Indonesian operation. The partnership, which started in late 2012, was further cemented by the
MNC Group
establishment of their flagship joint venture MNC Tencent in February 2013. When local media reported in
IT/e-Commerce Vehicle
November 2012 that MNC Group was seeking to build its own search engine, Tencent was reportedly one of
USD 1.4bn
the frontrunners. MNC Group also partnered with Japan-based retailer Rakuten in 2011 for its Indonesian joint
venture Rakuten Belanja Online (RBO) but the partnership ended in March 2013 due to differences in visions. RBO is now wholly owned by Rakuten, CEO Ryota Inaba told Forbes in February 2014.
PORTFOLIO:
WeChat Indonesia
Business Family
Notes
Jakob Oetama
Kompas Gramedia Group, via its Kompas Cyber Media, acquired online city directory site Urbanesia.com in
Flagship Company
January 2012. Another subsidiary, Gramedia Digital, also raised a SGD 3m series B funding for magazine and
e-book reader app Scoop in April 2013. In the same year, Kompas Gramedia Group partnered with Universitas
IT/e-Commerce Vehicle
Multimedia Nusantara to establish tech incubator Skystar Ventures and venture capital firm Skystar Capital.
Skystar Capital
Skystar Capital made its first investment in the advertising platform Adskom in August 2014. It then participat-
ed in the seed funding round of Indonesias first Muslim fashion ecommerce site HijUp in February 2015. It
USD 1.4bn
also participated in Rocket Internet-led series A funding for wedding marketplace Bridestory in March 2015.
PORTFOLIO:
Urbanesia.com
Bridestory
Scoop
Hijup
Adskom
Sariaatmadja
In June 2014, Emtek Group provided an undisclosed sum of seed funding for Indonesian game developer Ar-
Flagship Company
toncode. Emteks subsidiary Kreatif Media Karya (KMK) partnered with online property group PropertyGuru to
Emtek Group
establish a joint venture, which operates as PropertyGurus Rumah.com. KMK also acquired a minority interest
IT/e-Commerce Vehicle
in Rumah.com for an undisclosed sum. Emtek also staked an undisclosed sum in online marketplace BukaLa-
N/A
pak through series B investment in February 2015. Emtek has its own YouTube-style video streaming startup
USD 820m
called Vidio. In April 2015, KMK was the lead investor in a series A funding round for Indonesian lifestyle marketplace Bobobobo.
PORTFOLIO:
Artoncode
BukaLapak
Rumah.com
Vidio
Bobobobo
Panigoro
Medco Group invested USD 10m in venture capital firm Grupara Incubator in 2012, according to a February
Flagship Company
2014 Forbes Magazine interview. Aside from the financial investment, Medco provided Grupara with a 120
Medco Group
square metre co-working space for startups, the first free facility in Indonesia. Grupara is considered as one of
IT/e-Commerce Vehicle
the most active local venture capital firms investing in Internet businesses in Indonesia, according to the Feb-
Grupara Incubator
USD 680m
PORTFOLIO:
Gravira
Maskool.in
Lolabox