After years of scorching growth, the e-commerce market in Indonesia today stands at a crossroads with investments slowing down, several verticals coming under pressure, and questions being raised about the sustainability of some business models.
In the first six months of 2023, only six homegrown e-commerce companies managed to raise funding of above $10 million. These include Evermos, which bagged $39 million in a Series C round last month; and e-grocery firm EdenFarm, which raised $13.5 million in January.