• David Harrity, Head of Corporate & Structured Finance, Commercial Banking, HSBC Asia Pacific
• Elsha Eliasa Kwee, Country Director of Indonesia, Genesia Ventures
• Sharon Liang, Principal and Head of Southeast Asia, Siguler Guff
• Alan Ang, Director, Woori Venture Partners
• Eudora Wang, Deputy Editor, Greater China, DealStreetAsia (Moderator)

Indonesia is riding on favourable macro drivers including demographics, and domestic consumption-led growth, which makes it a compelling destination for capital allocations as it promises to generate great multiples for investors. 

However, the prolonged funding winter is showing no signs of letting up. The region’s largest consumer market saw startup funding hit a new low in Q3 2024 as only 20 equity funding rounds were announced – the lowest quarterly volume recorded in the period under review. This extends a decline that began in the second quarter of 2022. In the first nine months of the year, the country reported 71 equity deals, down 28% YoY, with total funding plunging 66% to $379 million. This makes Indonesia the second-worst performer after Vietnam in the region.

How are investors reading these numbers? Will 2025 lead to a recovery as companies step up focus on profitability metrics?