The golden era of startups with fantastic valuations in Indonesia, which peaked during the 2018-2020 period, has now entered a challenging consolidation phase. Tech companies that previously relied on aggressive growth models through 'cash burning' are now forced to adapt to market realities demanding real profitability and long-term operational efficiency.
GoTo Group, as the giant entity resulting from the merger of Gojek and Tokopedia, represents this shift. After recording a positive adjusted EBITDA of IDR 2 trillion in 2025, their business lines began showing significant net profit contributions in early 2026. Despite being hit by internal restructuring issues, Tokopedia's management emphasized that the steps taken were operational optimization, not just mass layoffs (PHK).
On the other hand, travel sector player Traveloka has shown impressive resilience along with the recovery of the tourism sector. Nevertheless, the company continues to carry out strategic efficiency through the relocation of its technology team abroad to reduce costs. In line with this, Bukalapak has now shed its identity as a C2C marketplace and transformed into a tech portfolio management company focusing on the Mitra Bukalapak ecosystem, gaming, and investments.
Players in the digital financial sector such as DANA, Ajaib, and Xendit are also pursuing different paths of diversification. DANA is increasingly strengthening its cross-border payment penetration (QR Cross-Border), Ajaib has transitioned into a crypto asset brokerage platform, while Xendit remains consistent in strengthening its B2B payment infrastructure. OVO, which is now under the full control of Grab, has also focused its business model on monetizing high-margin financial services such as productive lending and microinsurance.
This drastic change marks the end of the startup 'honeymoon' period in Indonesia. The primary focus of industry players is no longer just chasing valuations, but proving business sustainability through fiscal discipline and service innovations that can touch the real needs of both domestic and regional markets.
