Indonesian fast-paced trading startups lose momentum amid fierce competition and funding shortages

(JAKARTA) Once hailed as the fastest-growing sector during the Covid-19 pandemic, Indonesia’s fast-paced retail sector is losing steam, with several domestic startups exiting the market or moving on to new ventures.

The industry is grappling with profitability challenges and is increasingly focused on economic indicators. The recent exit of GoTo’s fast-trading business, Tokopedia Now, highlights the trend of companies pursuing profitability by shedding unprofitable operations and focusing on financial stability.

Tokopedia Now, a service that delivers daily necessities within two hours of an order being placed, closed last month after three years of operation.