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

Past deals in Indonesia

Maka Motors

Seed Round in 2023
Maka Motors is an Indonesian company specializing in the manufacture of electric motorcycles. It focuses on producing vehicles tailored to local road conditions and driving styles, ensuring reliability and capability for its customers.

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.

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.

Noice

Series A in 2022
Noice is a local audio platform that offers a diverse range of content, including radio, music, podcasts, and audiobooks. Founded in June 2018 as part of the Mahaka Media Group, Noice operates radio stations in Indonesia, specifically targeting geographic segments in Jakarta and Surabaya. The platform facilitates access to informational podcasts and radio shows, allowing users to engage with various audio content while also providing opportunities for content creators to produce and share their own work online. Through its focus on audio, Noice aims to enhance the listening experience and broaden the availability of informative and entertaining content for its users.

Sayurbox

Series C in 2022
Sayurbox is a web-based platform based in Bandung, Indonesia, that specializes in the distribution of fresh fruits and vegetables. Founded in 2016, it connects consumers directly with farmers, allowing them to purchase chemical-free and organic produce. The platform emphasizes healthy living by offering vegetables that are harvested and delivered on the same day, ensuring freshness and quality. By facilitating online orders, Sayurbox aims to make healthy eating more accessible to its users.

Zenius

Series B in 2022
Zenius is an online education platform that aims to enhance the learning experience of K12 students in Indonesia by promoting critical thinking and scientific knowledge. The company offers subscription-based self-learning materials that are accessible and tailored to the needs of Indonesian students. Zenius utilizes a combination of online educational videos and offline media formats, such as CDs and DVDs, to ensure comprehensive access to its resources. By focusing on providing visual content, Zenius enables students to acquire critical, logical, and integrated scientific knowledge effectively.

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.

Zenius

Series B in 2021
Zenius is an online education platform that aims to enhance the learning experience of K12 students in Indonesia by promoting critical thinking and scientific knowledge. The company offers subscription-based self-learning materials that are accessible and tailored to the needs of Indonesian students. Zenius utilizes a combination of online educational videos and offline media formats, such as CDs and DVDs, to ensure comprehensive access to its resources. By focusing on providing visual content, Zenius enables students to acquire critical, logical, and integrated scientific knowledge effectively.

Zenius

Series A in 2019
Zenius is an online education platform that aims to enhance the learning experience of K12 students in Indonesia by promoting critical thinking and scientific knowledge. The company offers subscription-based self-learning materials that are accessible and tailored to the needs of Indonesian students. Zenius utilizes a combination of online educational videos and offline media formats, such as CDs and DVDs, to ensure comprehensive access to its resources. By focusing on providing visual content, Zenius enables students to acquire critical, logical, and integrated scientific knowledge effectively.

Topica Edtech Group

Series D in 2018
Topica Edtech Group is a multinational educational technology company headquartered in Ho Chi Minh City, Vietnam. It specializes in offering a wide range of online education solutions, including Bachelor's degree programs through Topica Uni, English speech tutoring courses via Topica Native, and a technology platform for massive open online courses through Edumall. The company employs augmented artificial intelligence to enhance learning experiences, catering to the diverse needs of students. In addition to its operations in Vietnam, Topica Edtech Group has successfully expanded its reach into markets such as the Philippines, Singapore, Thailand, Indonesia, and the United States, providing personalized learning experiences and high-quality online education to millions of learners.

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.

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.
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