Northstar Group

Northstar Group, established in 2003, is a Singapore-based private equity firm primarily focused on investing in growth-stage companies in Indonesia, with a secondary focus on other Southeast Asian countries. With over US$2.5 billion in committed equity capital, the firm actively supports the growth of its investee companies across various sectors, including banking, insurance, retail, technology, telecom, and agribusiness. Since inception, Northstar has raised six funds and invested in over 40 companies, collaborating with co-investors to deploy over US$3.0 billion in the region.

Sreejan Choudhary

Managing Director

Glenn Sugita

Co-Founder and Managing Partner

Patrick Walujo

Co-Founder and Managing Partner

37 past transactions

Orange Dental

Venture Round in 2025
Orange Dental operates a network of dental care facilities, providing comprehensive services for patients of all ages. Their offerings include orthodontic treatments, preventive oral care, cosmetic dentistry such as teeth whitening and veneers, and specialized care for children. The company's focus is on promoting overall health and well-being through quality dental care, delivered in a collaborative and supportive work environment.

Salmon

Series A in 2024
Salmon is a financial technology company focused on delivering better, more inclusive financial services in the Philippines by integrating technology, product design, security, data analytics, and a strong emphasis on customer care. It seeks to simplify personal finance, reduce complexity and fear, and give customers greater financial freedom while saving time and energy. Built on experience across global financial services and tech, Salmon operates a scalable platform that serves diverse users—from novices to professionals—with reliable access to finance, responsible data use, and trusted service. The company positions itself as a 24x365 platform that creates jobs and supports millions of Filipinos by enabling easy access to finance for everyday life.

Gently

Seed Round in 2024
Gently is a personal care brand focused on creating gentle yet effective products using natural ingredients. It aims to provide safe and harmful chemical-free options, particularly for children and babies.

DayaTani

Seed Round in 2024
DayaTani is a technology company that provides a comprehensive suite of services to enhance the productivity of smallholder farmers. Its platform integrates advanced tools, including a chatbot for plant disease diagnosis, IoT devices for precise weather data, and a network of research sites, empowering farmers to improve crop yields and access vital agricultural information effectively.

PrimaKu

Seed Round in 2023
PrimaKu is a digital health company specializing in a pediatric platform designed for public use. It offers a suite of features, including an immunization scheduler, child development tracker, growth chart, and medical information repository, to help parents monitor their children's health and development in a personalized and intuitive manner. The platform enables parents to record and track key growth indicators, facilitating informed decision-making about their child's well-being.

AI Hay

Seed Round in 2023
AI Hay is a consumer AI startup that operates a knowledge discovery platform, primarily serving the Vietnamese community. It combines hyperlocal, culturally nuanced knowledge discovery engines with social features, using in-house specialized large-language models and retrieval-augmented generation. The platform aims to enhance knowledge accessibility, enabling users to connect, learn, and share information effectively.

1Bstories

Seed Round in 2023
1Bstories provides a web content platform that enables content creators to produce short-form videos at scale using AI, while preserving full ownership and control over distribution, monetization, and analytics on chat and the web. The platform helps creators and brands build stories and connect directly with their audiences by combining video, images, audio, and text with interactive call-to-actions that work across channels and are not tied to any platform’s algorithms. 1Bstories focuses on giving creators independent access to performance data and scalable tools for publishing, monetization, and audience engagement.

Bunker

Seed Round in 2023
Bunker is a financial analytics tool that gives modern leaders quick access to information and deep visibility. Bunker subsidiary, bunker books, is a strategic consultancy that offers expert financial stewardship.

Maka Motors

Seed Round in 2023
Maka Motors is an Indonesian company specializing in the manufacture of electric motorcycles. It produces vehicles tailored to local road conditions and driving styles, ensuring reliability and capability for its customers. The company's mission is to provide the best electric motorcycle options for Indonesian riders.

eFishery

Series D in 2023
eFishery is an aquaculture technology company that develops IoT-based feeding systems and a cloud data platform to help fish and shrimp farmers grow their businesses sustainably. Its automatic feeder uses motion sensors to gauge appetite and determine feed amounts, while a dashboard provides monitoring and insights. The company also offers integrated services spanning farming operations, financing, and distribution, enabling farmers to boost productivity, reduce waste, and improve safety and equity in aquaculture.

eFishery

Series D in 2023
eFishery is an aquaculture technology company that develops IoT-based feeding systems and a cloud data platform to help fish and shrimp farmers grow their businesses sustainably. Its automatic feeder uses motion sensors to gauge appetite and determine feed amounts, while a dashboard provides monitoring and insights. The company also offers integrated services spanning farming operations, financing, and distribution, enabling farmers to boost productivity, reduce waste, and improve safety and equity in aquaculture.

Jagat

Funding Round in 2023
Jagat is a developer of innovative social network applications focused on enhancing user connectivity through location-based technology. The company's flagship product is a social map app that provides a real-time interactive map, allowing users to track their friends' locations and discover new people and activities in their vicinity. Jagat aims to revolutionize this experience by integrating augmented reality features in the future, further enriching the way users interact with their social environments and facilitating real-life connections. Through its unique approach, Jagat seeks to create a dynamic platform that fosters community engagement and social interactions.

Advance Intelligence Group

Private Equity Round in 2023
Advance Intelligence Group is a financial technology firm that builds an ecosystem of AI-powered, credit-enabled products, and services. Founded in 2016, it leverages innovative technology and partnerships to build an ecosystem of products and services serving consumers, enterprises, and merchants.

Bang Jamin

Seed Round in 2023
Bang Jamin is a digital insurance platform that streamlines the buying and claims process using AI. It offers a comprehensive range of insurance products with transparent pricing, empowering customers to make informed decisions about their insurance needs.

Una Brands

Series C in 2023
Una Brands is a Singapore-based company founded in 2020 that specializes in acquiring and transforming e-commerce brands into prominent market leaders. It focuses on purchasing category-winning brands known for their strong performance, quality products, and positive customer feedback. By leveraging substantial growth capital, Una Brands aims to accelerate the growth of these businesses and enhance their visibility in the market. The company employs advanced data analytics and artificial intelligence to optimize its processes, providing these brands with a competitive advantage. Through its strategic branding services, Una Brands seeks to help e-commerce businesses evolve into globally recognized and enduring household names.

Esensi Solusi Buana

Series B in 2022
Esensi Solusi Buana is the first restaurant technology in Indonesia with the most complete solution under ONE integrated platform.

ESB

Series B in 2022
ESB offers a comprehensive restaurant management platform that streamlines operations such as ordering, point-of-sale systems, and supply chain management. This enables businesses to focus on their core food and beverage services while ESB's technology handles the operational aspects.

Dailybox

Series B in 2022
Dailybox Group is an online restaurant startup with multiple brands. Its product line includes Dailybox (a rice box that serves comfort food), Shirato (a sushi-burrito fusion concept), Breadlife (a well-known bread brand in Indonesia), and Dailymeals (ready-to-heat food). It was founded in 2018 with the goal of providing a wide range of fast and affordable dishes. Its brand is comprised of two words: "Daily" and "Box," which emphasizes its mission to be a chain F&B brand that can serve customers on a variety of menus on a daily basis in a very practical manner.

Pintu

Series B in 2022
Pintu is a cryptocurrency platform based in Jakarta, Indonesia, established in 2020. The company offers a mobile application that facilitates the buying, selling, and management of Bitcoin and other blockchain-based assets. Its platform provides users with a convenient way to access various financial services, allowing them to engage with the cryptocurrency market easily and securely. By streamlining the process of managing digital assets, Pintu aims to support the transition towards a more open financial system for its users.

Moladin

Series B in 2022
Founded in 2017, Moladin is an e-commerce platform specializing in the automotive sector, facilitating online transactions for used vehicles. The company has established partnerships with over 40 dealers and several major financing firms to offer consumers a wide range of options and discounts. Moladin's platform serves as a comprehensive resource for automotive owners, providing access to an online directory of servicing workshops, spare part retailers, accessory dealers, and modifiers. Additionally, it streamlines the financing process, allowing motorcycle users to easily obtain information and funding in one unified location.

Noice

Series A in 2022
Founded in 2018, Noice is a Indonesian audio platform offering radio, music, podcasts, and audiobooks. It operates radio stations in Indonesia, focusing on delivering diverse audio content.

Sayurbox

Series C in 2022
Sayurbox is a web-based platform founded in 2016 and headquartered in Bandung, Indonesia, that specializes in the distribution of fresh agricultural produce. The company connects consumers directly with farmers, enabling them to order fresh, chemical-free, and organic vegetables. This model ensures that customers receive healthy produce that is harvested and delivered on the same day, promoting a farm-to-table approach. By focusing on quality and freshness, Sayurbox aims to facilitate healthier living through accessible and sustainable food options.

Zenius Education

Series B in 2022
Zenius Education empowers Indonesian K12 students with accessible, subscription-based self-learning materials that emphasize critical thinking and scientific knowledge.

Moladin

Series A in 2022
Founded in 2017, Moladin is an e-commerce platform specializing in the automotive sector, facilitating online transactions for used vehicles. The company has established partnerships with over 40 dealers and several major financing firms to offer consumers a wide range of options and discounts. Moladin's platform serves as a comprehensive resource for automotive owners, providing access to an online directory of servicing workshops, spare part retailers, accessory dealers, and modifiers. Additionally, it streamlines the financing process, allowing motorcycle users to easily obtain information and funding in one unified location.

eFishery

Series C in 2022
eFishery is an aquaculture technology company that develops IoT-based feeding systems and a cloud data platform to help fish and shrimp farmers grow their businesses sustainably. Its automatic feeder uses motion sensors to gauge appetite and determine feed amounts, while a dashboard provides monitoring and insights. The company also offers integrated services spanning farming operations, financing, and distribution, enabling farmers to boost productivity, reduce waste, and improve safety and equity in aquaculture.

Qapita

Series A in 2021
Qapita is a software-as-a-service platform that specializes in equity and transaction management services. The company offers an equity management platform that facilitates the management of capitalization tables, employee stock ownership plans (ESOPs), and the digital issuance of ESOPs. This platform is designed to assist equity stakeholders in efficiently managing their holdings throughout South and Southeast Asia. By digitizing these processes, Qapita aims to streamline the complexities associated with equity management, enabling users to work more effectively and with greater accuracy.

Ula

Series B in 2021
Ula is a technology-driven distribution and credit marketplace application that focuses on supporting micro, small, and medium enterprises in Indonesia. Founded in 2020 and headquartered in Jakarta, with additional offices in Bengaluru and Singapore, Ula provides a B2B marketplace designed specifically for small retailers. The platform enables these retailers to access a diverse range of products at competitive prices while managing their inventory and supply chain more effectively. Ula offers favorable payment terms and working capital solutions, allowing store owners to stock only the inventory they need and ultimately enhance their profitability. By leveraging technology, Ula addresses key challenges in traditional retail, ensuring that small businesses can thrive in a rapidly evolving digital marketplace.

Advance Intelligence Group

Series D in 2021
Advance Intelligence Group is a financial technology firm that builds an ecosystem of AI-powered, credit-enabled products, and services. Founded in 2016, it leverages innovative technology and partnerships to build an ecosystem of products and services serving consumers, enterprises, and merchants.

Zenius Education

Series B in 2021
Zenius Education empowers Indonesian K12 students with accessible, subscription-based self-learning materials that emphasize critical thinking and scientific knowledge.

eFishery

Series B in 2020
eFishery is an aquaculture technology company that develops IoT-based feeding systems and a cloud data platform to help fish and shrimp farmers grow their businesses sustainably. Its automatic feeder uses motion sensors to gauge appetite and determine feed amounts, while a dashboard provides monitoring and insights. The company also offers integrated services spanning farming operations, financing, and distribution, enabling farmers to boost productivity, reduce waste, and improve safety and equity in aquaculture.

Tiki

Private Equity Round in 2020
Tiki is an e-commerce company that operates a comprehensive platform offering a diverse array of products across multiple categories, including electric appliances, fashion accessories, mobile devices, and health products. With a catalog of over 300,000 items, Tiki partners with various global brands to enhance its product offerings. The company emphasizes customer satisfaction through efficient logistics and reliable customer service, creating a secure and convenient shopping experience that allows customers to explore and purchase a wide variety of products from a single, user-friendly platform.

Zenius Education

Series A in 2019
Zenius Education empowers Indonesian K12 students with accessible, subscription-based self-learning materials that emphasize critical thinking and scientific knowledge.

Topica Edtech Group

Series D in 2018
Topica Edtech Group is a multinational educational technology company offering online education solutions. It provides Bachelor's Degree programs through Topica Uni, English speech tutoring courses via Topica Native, and hosts massive open online courses on various fields through Edumall. Headquartered in Hanoi, Vietnam, the company has expanded its presence to the Philippines, Singapore, Thailand, Indonesia, and the United States.

Du’Anyam

Pre Seed Round in 2018
Du'Anyam is a social enterprise based in East Flores, Indonesia, established in 2014 with the mission of empowering women and enhancing livelihoods in rural areas through the production and distribution of wicker crafts. The organization collaborates with over 1,000 local weavers, providing training in quality and design to improve their skills. By connecting these artisans to both domestic and international markets, Du'Anyam offers a variety of high-quality products, including office souvenirs, hotel amenities, and handmade home décor. The enterprise has successfully partnered with more than 200 hotels and companies, supplying over 150,000 crafts that carry significant social marketing value. Du'Anyam's commitment to cultural promotion and economic empowerment has also earned recognition, as it was selected as the sole craft-based official merchandiser for the ASIAN Games 2018.

Innovalues

Acquisition in 2016
Innovalues Limited is a Singapore-based company that specializes in the manufacture and assembly of precision machined parts and components. Founded in 1997, the company operates through three primary segments: Automotive, Office Automation, and Others. Innovalues produces precision components for vehicles, including automotive parts, as well as office automation products like shafts and rollers for printers. Additionally, it offers a range of rubber-related products and surface treatment services, such as electroless nickel plating and hard anodizing. With operations extending across Singapore, Thailand, Malaysia, China, the United States, Mexico, Brazil, and Germany, Innovalues is committed to building long-term partnerships with its clients by providing tailored solutions that enhance their operational needs.

Gojek

Series D in 2016
PT Aplikasi Karya Anak Bangsa, commonly known as Gojek, is a mobile application-based platform founded in 2010 and headquartered in Jakarta, Indonesia. The company initially operated a motorcycle taxi fleet but has since evolved into a comprehensive Super App, offering a wide range of services including food delivery, transportation, digital payments, shopping, and various on-demand services such as massages. Launched in 2015, Gojek has rapidly become the largest consumer transactional technology group in Southeast Asia, driven by its commitment to speed, innovation, and social impact. The platform aims to empower the informal sector in the region while catering to diverse markets, including logistics, food, and entertainment.

Moka

Series A in 2016
Moka is a Jakarta-based technology company that specializes in developing a cloud-based point-of-sale application and integrated card reader solutions for small and medium-sized businesses. Founded in 2014, Moka's application enables users to process payments via debit and credit cards while also providing features such as sales reporting across multiple outlets, inventory tracking, customer feedback collection, and analytics. The company offers a range of hardware, including Apple iPads, printers, cash drawers, barcode scanners, and mobile point-of-sale devices, catering to various sectors such as coffee shops, barbershops, retail stores, and restaurants, as well as mobile vendors like food trucks and kiosks. Moka operates on a subscription-based model, charging users a monthly fee that varies according to the number of locations they manage. This approach allows business owners to access real-time sales data stored in the cloud from any location.
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