1. Startups

OnlinePajak Raises Series C Funding, So far Collects Rp243 Billion from Visa, Tencent, and Several Investors

OnlinePajak's valuation is not yet a unicorn, estimated at $184 million (2,6 trillion Rupiah)

Taxation SaaS startup OnlinePajak is reportedly currently raising Series C funds. Based on the data we obtained, Tencent, Altos Korea, and Warburg Pincus have entered since July 2021. Most recently, as of November 2021, Visa has contributed to an investment of $5 million. The total funds collected in this round reached $17 million or the equivalent of 243 billion Rupiah.

Previously, the company had announced series B funding valued at $25 million in October 2018. The funding was led by Warburg Pincus, with support from the Global Innovation Fund (GIF) and Endeavor Catalyst. Previous investors such as Alpha JWC Ventures, Sequoia India and Primedge participated. While their series A funding managed to raise $3,5 million in early 2018.

OnlinePajak funding journey / DailySocial.id

It is estimated that, with the acquisition of this investment, OnlinePajak's valuation has reached $184 million or around 2,6 trillion Rupiah. Previously OnlinePajak has claimed status unicorn at a media meeting. We have tried to contact the relevant parties for more information, but have not received a response.

Service and market competition

Present as a SaaS service for businesses, OnlinePajak currently provides several services that are packaged in three main product categories: Invoice, Payroll, and Others. In the Invoice sub-service there are various features such as calculating/depositing/reporting VAT and PPh, making withholding books, invoices, NPWP validation, and others.

Payroll menu related to payroll features, including PPh 21 tax, salary calculation, and payslips. Then in the Other category there are channels for payments, reporting, including for personal taxes. They also operate the TaxPay service to facilitate the tax payment process. There are also a number of API-based services for service integration with partners.

A number of startups have developed similar services. For business tax management, so far there are several startups that have played in this segment, including HiPajak, Tax.io, Catapa, Fast-8, and Mekari.

However, if you look at some statistics, OnlinePajak's position as a tax management service is indeed higher than others. Based on site visit statistics, the OnlinePajak site ranks first in the Finance (Accounting and Auditing) category.

Comparison of OnlinePajak site traffic with Mekari / SimilarWeb

Market size

According to Fortune Business Insight data, the market size of tax management software has reached $5,24 billion in 2018 globally. The figure is projected to increase to $11,19 billion by 2026 at a CAGR of 10,4%.

Basically the nature of the service helps businesses or companies to do tax management. However, as in Indonesia, all processes can actually be done independently. Even among corporations, they usually have a special consultant who focuses on tax advocacy.

More Coverage:

The MSME segment may be the main target. According to data from the Directorate General of Taxes, the Ministry of Finance in 2019, the contribution of the final income tax for SMEs was only around Rp.

However, according to MSME Empowerment Report 2021 released DSInnovate, digital tax management services have not been much in demand. This is because tax matters are considered not yet point bread their current main concern, compared to other factors such as product distribution, capital, and logistics.

Digital services that are currently widely used by MSMEs / DSInnovate

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