Adani Enterprises to Exit Indonesian Subsidiary in USD 125 Million Deal with Dubai’s Energico FZCO

Adani Enterprises has announced it will divest its entire stake in PT Adani Global (Indonesia) to Dubai-based ENERGICO FZCO for USD 125 million, with completion expected by November 30, 2025.

Adani Enterprises filed a disposal/divestiture notice on November 6, 2025, confirming the sale of its stake in PT Adani Global (Indonesia) to ENERGICO FZCO for USD 125 million. Media outlets such as ScanX News reported the same details, citing the official filing and highlighting that the divested entity contributed only 0.83% of consolidated revenue and 1.11% of net worth.  

Key Highlights of the Transaction

• Seller: Adani Enterprises Limited (AEL), through subsidiaries in Mauritius and Singapore.
• Buyer: ENERGICO FZCO, a Dubai-based company not affiliated with the Adani Group.
• Deal Value: USD 125 million.
• Completion Timeline: Expected by November 30, 2025.
• Impact on AEL: PT Adani Global (Indonesia) contributed only 0.83% of consolidated revenue and 1.11% of net worth.

Strategic Context

• Portfolio Rationalization: Adani Enterprises has been restructuring global holdings, focusing on core infrastructure, energy, and digital ventures.
• Regulatory Compliance: Buyer is independent of Adani Group, ensuring clean regulatory clearance.
• Capital Allocation: Divestment frees up capital for high-growth projects such as airports, green hydrogen, and data centers.

Broader Implications

• Indonesia Exit: Marks a shift away from coal-linked operations in Southeast Asia, aligning with Adani’s energy transition narrative.
• Investor Sentiment: Small financial impact suggests strategic signaling rather than immediate balance sheet gains.
• Global Footprint: Adani Enterprises continues refining its international presence, balancing risk management with expansion in emerging sectors.

Why It Matters

This move underscores Adani Enterprises’ pivot toward cleaner, scalable businesses while trimming non-core assets. For investors and regulators, it signals a commitment to transparency and compliance in cross-border transactions.

Founded by Former Flipkart, Amazon Execs, E-Commerce Firm Ula Raises $20 Mn in Funding

Ula Co-founders [Image - ula.app]

Jakarta, Indonesia headquartered Ula, which aims to help small retailers solve inefficiencies that they face in supply chain, inventory and working capital, has raised $20 million in a Series A financing round led by existing investor Quona Capital and B Capital Group.

Other existing investors including Sequoia Capital India and Lightspeed also participated in the round.

Ula was, founded last year in January, by a former executive of Flipkart in India, Nipun Mehra, along with Alan Wong (former Amazon executive), Derry Sakti (formerly with FMCG giant P&G in Indonesia), and Riky Tenggara (formerly with  Lazada and aCommerce).

Ula, which brings the power of e-commerce to the small store owners across South East Asia, has offices in Bengaluru, India and Singapore.

Earlier in June last year, Ula raised $10.5 million in a funding round led by Sequoia India and Lightspeed India. SMDV, Quona Capital, Saison Capital, Alter Global and a clutch of prominent angels, and interestingly the whole founding team of India's B2B marketplace, Udaan, participated in that round.

In an interview with TechCrunch, Nipun Mehra, said -

Much like India, much of the Indonesian retail market is unorganized. In the food and vegetable category, for instance, there are lots of farmers who sell to agents, who then sell to markets. From these markets, the inventory goes to small wholesalers, and so on. There are lots of players in the chain.

In one of his previous stints, Nipun Mehra has also worked with Sequoia Capital India.

Serving more than 20,000 stores, Ula currently operates in the FMCG and food and vegetable spaces, but it intends to broaden its offerings to include apparel and eventually electronics.

Alodokter Raises Series-C Extension Funding from MDI Ventures

Suci Arumsari, President Director of Alodokter

JAKARTA, Indonesia , Nov. 12, 2020 /PRNewswire/ -- Alodokter , Indonesia's leading telemedicine superapp, announced today that it has successfully raised funding from MDI Ventures, a corporate venture capital initiative by Telkom Indonesia. This funding is an extension of the USD33M Series C raised in 2019 by Alodokter. Former investors such as Sequis, Golden Gate Ventures, Heritas and Hera Capital also joined this extension.

Donald Wihardja , Chief Executive Officer of MDI Ventures stated ," As a Corporate Venture Capital arm of Telkom group, MDI has always seen our role as a bridge to bring excellent innovations from the best and proven startups to partner and grow with telkom. With the new, larger, funding we received from telkom this year, we are also tasked to bring such innovative partnership to other state-owned enterprises, especially in such critical sectors like Healthcare. With the rise of the adoption of telemedicine, and the leadership of Alodokter, we look forward to help spread the impact of such solution throughout Indonesia ."

Suci Arumsari, President Director of Alodokter ,  stated, "MDI's investment into Alodokter proves our commitment towards improving millions of lives across Indonesia . This funding brings together Telkom Indonesia's public service mission for Indonesians and Alodokter's business approach to supporting general healthcare. We will utilise this funding to scale up our ability to deliver on the expectations of Indonesian users and enhance our digital health platform to be more robust, accessible and affordable."

The platform connects more than 30,000 doctors and 1500 hospitals and clinics with millions of Indonesian patients. It also arrays a wide array of services around telemedicine such as offline doctor booking, insurance services and digital healthcare content. Alodokter is also set to launch new epharmacy services in the next few months. The company is building one the world most complete 1-stop solution for people to fully manage their health.

According to Similarweb and apptopia, Alodokter is the most used healthcare platform in Indonesia both in mobile web and app. The company currently boasts over 27 million monthly active users or more than 10% of all Indonesian population using at least once a month Alodokter services. This fast trend towards digital health is today mostly driven by young female adults that account for more than 70% of its app users.

"Our secret sauce has always been our deep focus on medical excellence. We created Alodokter to provide reliable and trustworthy medical services for all Indonesians. We always believed that if providing high quality medical services at a very affordable price was the key to attract millions of patients. This strategy is paying out and we are very proud to support millions everyday," says Nathanael Faibis , Alodokter CEO.

MDI Ventures is the corporate venture capital initiative of Telkom Indonesia. This announcement paves the way for a long-term strategic collaboration between Alodokter, MDI Ventures and Telkom Group, as the telemedicine platform expands to serve the Indonesian population's rising needs better.

About Alodokter

Alodokter is the leading Indonesian healthcare superapp created in 2014 by Nathanael Faibis and Suci Arumsari. Alodokter provides an end-to-end digital solution to patients including telemedicine, doctor booking, medical content and health insurance services. As the leading telemedicine platform in Indonesia , Alodokter has more than 27 million monthly active users, and more than 30,000 certified doctors on the platform.

World's 1st COVID-19 Business Readiness and Impact Assessment Tool Launched by Indian-Indonesian Venture

• More than 50,000 Indian companies and 10,000 Indian start-ups can benefit from the CoRe among the 100,000 companies expected to use it globally


• Orbit Future Academy from Indonesia and Natio Cultus in India have developed an advanced tool for businesses to quantify and understand the impact of COVID-19 on their businesses.


• A first-of-its-kind, the tool was created based on the extensive experience of Cultus in this field and the combined skills and experience of the contributors; Nalin K Singh, Sachin V Gopalan, Dr. Ilham A Habibie, Deny Rahardjo & Sunil Girdhar

The onset of the COVID-19 pandemic has forced business owners and entrepreneurs to re-examine their business continuity plans. Orbit Future Academy, in partnership with Cultus has created CoRe, the world's first COVID-19 Readiness & Business Impact Assessment Tool.

CoRe uses powerful algorithmic tools to allow an individual to assess the impact of COVID-19 on their business. It analyses twenty-eight factors that are impacting businesses in these times along with the answers provided by the user to formulate a quantified impact score between 0 and 99. A low score indicates future difficulties for a company, whereas a high score not only suggests that the company is healthy, but also indicates that there exist potential opportunities for growth.

This Indian-Indonesian venture provides businesses with an analytical basis to assess and formulate business plans and long-term strategy for the post-COVID world. Moreover, the tool generates the report within 4 hours of submission of answers by the user and the tool is reasonably priced at US$9.45. The time a user spends is less than thirty minutes. The report comes with an explanation provided by industry leaders and offers possible scenarios for your business to help it encounter potential challenges.

Dr. Ing Ilham A Habibie, who is analyzing the socio-political impact of COVID-19 stated, "With great economic uncertainty engulfing businesses around the world including Indonesia, entrepreneurs and business owners need new tools to navigate their way our of the COVID-19 pandemic. Technology can be an enabler for businesses to survive the current downturn and prepare for the post-COVID-19 environment."

Nalin Kumar Singh who led the project explains: "The tool provides business owners an understanding of the severity of the impact to their business, whether positive or negative and provides business owners the baseline from which to get a headstart in planning for the post-COVID world." The online tool is available at multiple platforms including the primary website www.orbitfutureready.com.

The technical architect, Sunil Girdhar elaborates on the challenges in building the assessment tool, "It was not about just giving a score. There are so many factors that are impacting businesses individually and in combination depending on where the business is located, where their clients are, their cash position, the industry they are in, the supply chain disruption and so on. The tool appears as a simple thirty minute questionnaire at the front-end but the complexity of the algorithm is immense."

Sachin V Gopalan, who helped build the strategic outreach plan for the tool stated that, "We will use this tool to assess not only over 10,000 existing companies and start-ups in our and partner ecosystems, but also the 3,500 new Post-COVID start-ups that we have been asked to incubate, train and mentor over the next 3 years. We are working closely with several Indonesian Government agencies and Universities to mitigate the effects of a post-COVID world by creating new jobs and start-ups at a grassroot level. The aim is to bring in technology based innovations, build local supply chains solutions and kickstart the process of value creation and money flow at a village level."

CoRe aims to start as a quick assessment tool but will eventually use elaborate AI algorithms to suggest and recommend new approaches and directions based on data emerging from the collective wisdom and action of companies, entrepreneurs and innovators who are responding in myriad ways to the business impact of COVID-19.

Orbit Future Academy has been founded with the aim of improving the quality of life through innovation, education and skills training. The Orbit brand is a continuation to the legacy of the Late Dr. Hasri Ainun Habibie and the Late Prof. Dr. Ing. B J Habibie, 3rd president of the Republic of Indonesia. They both have been a moving force in supporting the development of Education, Innovation and Technology in Indonesia.

Natio Cultus is a global strategy consulting company. We counsel our clients on their key strategic issues, leveraging our deep industry expertise and using analytical rigor to help them make informed decisions more quickly and solve their toughest and most critical business problems. We cut through the standard layers of Corporate speak to align you and your organization for optimum focus towards your clients & markets.

Started by industry veterans with more than twenty-five years' experience each, in some of the top global corporates; we are committed to aligning vision of the company to its strategic objectives. Regardless of whether you are a start-up looking for a distilled strategy or a mid-size company looking at international markets or a large company looking for complete organizational transformation or an executive looking for career advice or a business leader looking for strategic guidance; we are your partners every step of the way. We don't just advise but implement & deliver!!

NIUM (formerly InstaReM) launches Digital Cross-Border Payments Platform in Indonesia

Consolidating its strong position in the digital cross-border payments space in Southeast Asia, the recently-rebranded NIUM (formerly, InstaReM) has received the Fund Transfers license from the Bank Indonesia. With NIUM’s innovative payments platform, retail consumers, Small & Medium Enterprises (SMEs), Financial Institutions and the other payment service providers in Indonesia can look forward to a seamless digital experience while moving money – whether sending or receiving - across borders.    

NIUM-powered PT InstaReM Mitra Indonesia is registered as a Fund Transfer Operator with the Bank Indonesia to remit and transmit funds in and out of Indonesia. NIIUM’s digital money transfer service will enable consumers and enterprises in Indonesia to send money to over sixty destinations globally efficiently and cost-effectively. 

The NIUM platform will also enable globally-connected enterprises and fintech companies in Indonesia to make B2B commercial payments, issue their own-branded employee expense cards, supplier card payments and customer cards. The NIUM platform will also enable the enterprise users in Indonesia to automate and expedite the receipt of multi-currency payments from the different parts of the world with account real-time receivable tracking.  

Prajit Nanu, the India-born Co-founder and CEO of NIUM (formerly known as InstaReM) said: “We already serve Indonesia as an inbound market and are excited to launch our complete value proposition now with the new license that empowers us to conduct outbound transfers from Indonesia. With Indonesia’s enterprising population increasingly connecting with their global counterparts, we see immense potential for cross-border money movements in and out of Indonesia. One of the most promising markets in the Asia, Indonesia offers a great ecosystem for fintech services like NIUM to develop and grow. We are confident that NIUM’s innovative payments solutions will enable individual and enterprise users in Indonesia to send, spend and collect money to and from any part of the world – while saving on high transaction costs that are associated with traditional methods.”

NIUM’s Indonesian operations will be headed by the industry veteran Vadyo Munaan, who comes with extensive experience in financial services and payments industry at reputed organisations including Citibank GCB, Cigna International, Mastercard, Visa, Banks of Indonesia and MoneyGram.

"With growing individual remittances, cross-border trade, e-commerce, and freelancing opportunities, there is an urgent need for an efficient platform in Indonesia that addresses the needs of different stakeholders while sending or receiving payments across borders. With its unmatched technological capabilities and strong global banking partnerships, NIUM's digital platform promises to take the pain out of the process. NIUM's global presence adds extensive payments network to the country’s cross-border payments infrastructure. We are delighted to introduce to Indonesia a full suite of NIUM products and services offering, which is coming at the perfect time to meet the changing needs of the market," says Vadyo.

About NIUM

NIUM (formerly known as InstaReM) was founded in 2015 with a mission to improve the cross-border payments experience for consumers in the APAC region. While continuing to be an expert in consumer remittances, InstaReM expanded and scaled its offerings to meet the needs of SMEs, Financial Institutions, Enterprises and other payment service providers. Its network is powered by a portfolio of licenses, hard-earned by building trust with financial regulators in over 38 countries.

NIUM’s platform - a digital collective of financial institutions, fintechs, eCommerce platforms, travel companies and online markets - offers a wide range of payments services grouped into three categories: Send, Spend and Receive. As a company, NIUM is continuously innovating and pushing boundaries. NIUM aspires to become enabler, creator of an open platform that businesses and partners can use to build a world free of the old constraints and restrictions – a world of Open Money.

Ride-Hailing Giant Grab to Invest $2 Bn in Indonesia using SoftBank funds

Ride-hailing giant Grab is investing USD 2 billion in Indonesia over the next five years, using funds from Japan's SoftBank Group to boost its presence in Southeast Asia's biggest economy, the firms said Monday.

The Singapore-based firm has seen its business grow rapidly since it bought US-based rival Uber's regional ride-hailing and food business in March last year in exchange for a 27.5 per cent stake in Grab.

Its Indonesian investment will focus on building a next-generation electric vehicle transport network and rolling out e-healthcare services to improve access to doctors and medical services across the archipelago.

The announcement came after SoftBank last week said it would partner with tech firms including Apple and Microsoft in a new USD 108-billion investment fund.

It is the long-mooted successor to its mammoth Vision Fund, which took stakes in leading tech start-ups from Uber to WeWork.

"Indonesia's technology sector has huge potential," SoftBank chairman Masayoshi Son said in a statement. "I'm very happy to be investing USD 2 billion into the future of Indonesia through Grab."

The Japanese firm has also invested in Grab, which competes with Indonesian ride-hailing giant GoJek, and offers a host of services, including food delivery and bill payments.

On Monday, Grab also announced plans to build a second headquarters in Indonesia that will house a research and design centre. (AFP)

Indonesia's Largest PoS Provider Moka Acquires Indian Retail-tech Firm GetFocus

Indonesia's largest point-of-sale (PoS) provider Moka has acquired an innovative Mumbai-based retail-tech startup GetFocus for an undisclosed amount, announced GetFocus through its website. With this acquisition, Moka will look to combine synergies with the Mumbai-based startup to strengthen its technology capabilities and leadership.

Founded in 2013, GetFocus uses indoor navigation technology that utilizes existing hardware, like WiFi and mobile phones, to accurately locate consumers inside indoor locations such as malls, shops, airports, warehouses etc.

GetFocus offers an SDK that app developers integrate into their apps. It identifies the real-time location of the users and relays it to the app developer, who can then use this information to send notifications, change the UI of the app, perform business intelligence etc. The company claims its solutions have a total download base of 10 million end-users.

The startup that sounds very innovative managed to raise only one round of funding since December 2015, according to Crunchbase data.

Founded by IIT Bombay graduates, Prateek Chaturvedi (ex-Deutsche Bank), Manoj Gudi (ex-Aakash Tablet) and Aditya Misra (ex-A.T.Kearney), location based mar-tech startup GetFocus had last raised funding, from angels, in December 2015.

Interestingly, Moka’s India Technology Centre is being set up in Bengaluru by Chaturvedi and aims to double its workforce by December. Besides Moka, another Indonesian startup, Go-Jek also has its engineering facility in Bengaluru. GoJEK is planning to launch its bike-taxi service in India in the second half of this year.

Moka, on other hand, has recently raised $24M from Sequoia Capital India in mid of last month, and so far has raised a total of $28M in funding over five rounds from investors including Softbank Ventures Korea, EDBI, a Singapore-based global fund and Jakarta-based Mandiri Capital Indonesia, a corporate venture firm, among others.

Commenting on the acquisition, Moka CEO Haryanto Tanjo said, “Moka has been growing very rapidly in the past and we have more than 12,000 merchants using our services every day. We realised the need to have a very strong technology and research arm in India and acquiring GetFocus will help us strengthen our technology excellence and leadership and bring the best services for your customers.”

Founded by Haryanto Tanjo and Grady Laksmono, in 2014, Moka provides an end-to-end POS and payment solution that caters to small and medium businesses in Indonesia. The service includes an Android/iOS app used by store cashiers and a web back-office that allows store owners to access data such as sales reports, inventory, and customer feedback in real-time.

[Top Featured Image - Moka Founders - (L-R) Grady Laksmono and Haryanto Tanjo]