Indonesia’s quick commerce startups lose speed amid tight competition and funding crunch

[JAKARTA] Once hailed as the fastest-growing sector during the Covid-19 pandemic, Indonesia’s quick commerce industry is losing steam. Several home-grown startups are leaving the market or pivoting to new ventures.

The industry is grappling with profitability challenges and is increasingly focusing on economic indicators. The recent exit of GoTo’s quick commerce business, Tokopedia Now, underscores the trend of companies striving for profitability by shedding loss-making operations and concentrating on financial sustainability.

Tokopedia Now, a quick service that delivered daily necessities within two hours of an order, shut down last month after three years of operation.