Fandy Cendrajaya: Indonesia Bull vs. Bear Market, Founding Kopital Ventures and Tough Startup Exit Environment & Strategy - E364

In this discussion, Fandy Cendrajaya, Founding Partner of Kopital Ventures, and Jeremy Au talked about three main themes:

1. Indonesia Bear vs. Bull Market: Fandy talked about Indonesia’s evolving market sentiment from the bullish 2020-2021 to the more cautious investor sentiment in from 2022 to 2024. He shared the importance of being realistic in comparing Indonesia vs. benchmark startups in larger markets like India, China, and the US. He also explained the nuances of the local tech ecosystem across commodity-based growth, consumer-driven trends, and localization requirements.

2. Founding Kopital Ventures: Fandy described building Kopital Ventures with his cofounder who shared the same vision and complementary skill sets. He explained their LP fundraising approach by emphasizing their seed-only investments without follow-on funding, allowing them to collaborate with other VCs.

3. Tough Startup Exits & Strategy: Fandy emphasized the scarcity of significant exit opportunities for startups in Southeast Asia, which affects how VCs should both invest and counsel their portfolio companies. He talked about the IPO and stock performance of startups GoTo, Grab, and Bukalapak on the Indonesia Stock Exchange (IDX), and how this local listing approach contrasts with the US IPO strategy. He underscored why founders should therefore be more thoughtful and agile in their exit strategies, thus setting benchmarks for valuations and investor expectations better.

Jeremy and Fandy also discussed the importance of looking at company valuation comparables, the nuances of angel investing, and the significance of empathy in working with founders.

Watch, listen or read the full insight at https://www.bravesea.com/blog/fandy-cendrajaya

Get transcripts, startup resources & community discussions at www.bravesea.com

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English: Spotify | YouTube | Apple Podcasts

Bahasa Indonesia: Spotify | YouTube | Apple Podcasts

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