Rocketindo looks beyond bootstrapping to propel expansion dreams

Check out our top articles for the week. [Read from your browser]( Top Stories of the Week Welcome to Tech in Asia's free Sunday newsletter! Get full access to our subscribers-only premium content and other insightful analysis on the big and messy topics of Asia’s tech and startup community by [registering here](. Hello {NAME} If you’re a founder considering market expansion, here’s a friendly reminder: Industry expertise alone isn’t enough to succeed. You need to understand the specific context and environment of the market you want to go into. This was the exact issue Daniel Liu encountered in 2013 when he ventured into Indonesia’s ecommerce scene. Before founding Rocketindo in 2016, the Taiwanese entrepreneur had three failed attempts at starting a venture, losing US$463,000 over three years. However, he eventually found his footing with ecommerce enabler Rocketindo, which he currently manages with his twin brother, Jerry Liu. The firm has seen notable success, including an over 300% GMV growth between 2021 and 2023. For eight years, Rocketindo has been bootstrapped, working with Taiwanese beauty brands to break into Southeast Asia’s largest economy, Indonesia. However, in an interview with Tech in Asia, Jerry - who is the company’s COO - revealed that the business is now seeking outside funding to expand its offline presence and develop more private brands. In Indonesia, Rocketindo faces tough competition from other ecommerce enablers like Sirclo, which supports 1,000 enterprise-level brands. Focusing on beauty products and positioning its partners as providers of “premium” goods are some of the ways Rocketindo tries to differentiate itself. -- [Gabriel Budi Sutrisno]( journalist at Tech in Asia  --------------------------------------------------------------- TOP STORIES THIS WEEK 1️. [Ecommerce enabler Rocketindo bootstraps its way to 300% growth, profitability]( Founded in 2016, the company distributes midrange to high-end Taiwanese beauty products in Indonesia. 2. [Indonesia seeks to surpass Thailand as electric ‘Detroit of SEA’]( Nickel riches or automotive know-how? Indonesia and Thailand compete to attract foreign manufacturers of electric vehicles. 3. [Mapping Singapore’s leading D2C brands]( For Singapore’s D2C brands, the next choice for expansion doesn’t seem to be other Southeast Asian countries but more developed markets like the US. 4. [Ex-Foodpanda CEO speaks out after abrupt exit from firm]( Moving forward after the blunder that cost him his job, Jakob Angele discusses the industry’s future and the perks of focusing on one thing: food. 5. [Patsnap invested ‘7 digits’ to develop an LLM. Will it pay off?]( The patent database firm is not charging customers who use Hiro, a proprietary AI assistant powered by an industry-specific large language model. 6. [Asia layoff tracker: Bytedance cuts 450 jobs, Paytm slashes 3500]( Tech firms are dismissing staff to stay afloat as headwinds hit Asia. This layoff tracker is keeping tabs on marching orders. 7. [Indonesia’s top-funded tech companies in the last decade]( Which companies in the country are getting the lion’s share of investments? This automated tracker will help you stay up to date. 8. [China EV makers struggle to break VinFast’s hold in Vietnam]( While Chinese EV firms have made big strides across Southeast Asia, they are struggling to compete with VinFast in its home turf. 9. [Mapping Khazanah’s role in Malaysia’s tech investments]( The Malaysian sovereign wealth fund seeks to up its game, but government policies may hamper its progress. 10. [Sri Lanka’s startup ecosystem has all it needs to thrive]( The country’s ecosystem is ready to take off if it can adopt an outward-looking mindset, tap the diaspora, and find local talent ready to take risks. --------------------------------------------------------------- JOIN THE FUTUREMAKERS CHALLENGE AT PDC 2024 Take the first step toward revolutionizing the Indonesian banking scene Are you passionate about fintech and its potential to revolutionize the banking industry in Indonesia? 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