Fore Preps for IPO☕, Tencent Doubles Down on Indonesia☁️, and a Tumbling Market📉

Dear Subscribers,

In the last week of work before the week-long Eid holiday, the tech scene shows no sign of slowing down. While the ongoing Grab-GoTo merger rumors continue to spark conversations, this past week has brought several noteworthy developments across the startup ecosystem—from Bukalapak’s FY24 earnings report and fresh fintech investments to Fore Coffee’s upcoming IPO amidst a turbulent public market.

We’ve curated the highlights below for you to enjoy. But before we let you go, we want to wish all of you a festive Eid holiday, as our team will also take a break and we will be back on the second week of April to bring more updates on Indonesia’s tech scene. Cheers!

Best regards,
The DailySocial Team

• Bukalapak FY24: A Strategic Pivot Amid Revenue Shift
  Bukalapak closed 2024 with IDR 4.46 trillion in revenue—56% of which came from its now-discontinued physical goods marketplace. While this segment saw a 40% YoY drop in contribution margin, the O2O business recorded a 420% increase in margin despite a 5% revenue decline.

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