OnlinePajak, Indonesia’s New Unicorn Startup with Valuation

OnlinePajak followed J&T which had unicorn status last April. This information is based on The Complete List of Unicorn Companies from the CBInsights research website.

The startup ecosystem has successfully demonstrated its capabilities in the midst of the complicated situation of the Covid-19 pandemic by adding to the list of unicorns with a valuation value of US$1 billion or around IDR 14 trillion.

Citing the unicorn list owned by CBInsights, Thursday (22/7/2021), the startup in the fintech field OnlinePajak was registered as a unicorn startup on July 15, 2021.

It is also written that currently, the OnlinePajak startup has a valuation value of USD 1.7 billion or equivalent to IDR 24, 6 trillion.

This Jakarta-based startup was funded by several investors, including Sequoia Capital India, Warburg Pincus, and Altos Ventures. On the CBInsights page, OnlinePajak received the latest funding 8 days ago, on July 15, 2021, with a value of USD 12 million.

This startup is under a company called PT Achilles Advanced Systems with an online tax application product that can provide benefits in tax matters. The services provided include automatic calculations, deposits, and reports in one application.

OnlinePajak Successfully Raised Funding since 2017

The startup software provider or software-as-a-service (SaaS) in the field of taxation raised US$25 million in series B funding in October 2018. This was obtained from Warburg Pincus, Endeavor Catalyst, Global Innovation Fund.

Longtime investors such as Alpha JWC Ventures, Sequoia Capital and Primedge are also taking part in the series B funding round. OnlinePajak adopts blockchain technology to make it easier for people to pay taxes.

Previously, OnlinePajak received series A funding led by Alpha JWC Ventures in 2017. This application was developed by Achilles Advanced System, which is the official service provider partner of the Directorate General of Taxes for e-filing and tax e-billing.

The company, which was founded in 2015, integrates web-based data that can be used by taxpayers to calculate, deposit, and report taxes in one platform. Users can also manage taxes for free with additional premium features such as invoicing and payroll.

Founded in September 2014

This startup was founded by Charles Guinot in 2014. At the beginning of his presence, he said that the tax system in Indonesia was considered quite inconvenient, and conventional methods made it difficult for users. That’s why the OnlinePajak platform is here.

OnlinePajak is now used by hundreds of thousands of users, including companies, tax and financial consultants, to companies ranging from Tokopedia, Gojek, Garuda Indonesia, PT Astra Otoparts Tbk, Huawei Tech Investment, Jasa Marga, and others.

In an interview some time ago, Guinot said, OnlinePajak is an Application Service Provider (ASP) that has received the blessing of the Directorate General of Taxes.

Various tax services are also available in full on the OnlinePajak platform. Starting from calculating the types of taxes such as Income Tax (PPh) 21, PPh 23, and Value Added Tax (VAT). Users can also create e-Invoices and SPTs easily on the OnlinePajak platform.

List of Indonesian Unicorns

Based on The Complete List of Unicorn Companies from CBInsight, Indonesia now has a number of unicorn startups. J&T Express, Bukalapak, Travelola, and Ovo. J&T Express, which is engaged in the supply chain, logistics, and shipping, has a valuation value of USD 7.8 billion.

Meanwhile, Bukalapak, which has become a unicorn since July 2017, has a valuation value of USD 3.5 billion. Traveloka as a startup company in the travel sector has been listed as a unicorn since early 2017 and now has a valuation of USD 3 billion.

Finally, there is Ovo, a fintech startup that was injected with funds by Grab, Tokopedia, and Tokyo Century Corporation, which has a valuation value of USD 2.9 billion.