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Ex-OYO Finance Controller went from startups to opportunities in Indonesia?

I’m Anuj Maheshwari, a finance leader who rode the exhilarating wave of India’s unicorns - Oyo, Flipkart, and Cars24 - thriving in the fast-paced world of startups.

I thought I’d be riding this wave forever when a colleague casually suggested, “Hey, why don’t you check out an opportunity in Jakarta?”

Skeptical, I decided to take a look...But what I discovered was fascinating!

Fast forward, to 2019 I relocated to Indonesia!

Here is why I chose Indonesia and the opportunities I spotted!

Here’s What I Looked At:

Career Growth

I first considered how relocating could help me advance my career.

I was keen to work on high-profile projects like fundraising, private equity, and IPOs.

KANMO in 2022 raised private equity, followed by our IPO in 2023. Now, I’m focused on driving several M&A projects. So the career growth was terrific!

Culture Fit

Indonesian companies generally have a very welcoming vibe.

While I was accustomed to the fast-paced high pressure nature of the Indian startup scene, Indonesia offered a different, more balanced pace of life.

Long-term Goals

I also thought about whether I could live in Indonesia for over five years.

The Indonesian economy’s growth and how it compares positively to other Southeast Asian markets boosted my confidence.

I met people who had been in Indonesia for over a decade, and they seemed genuinely happy.

Friendly Community

During my initial visit, I took time to explore local communities and schools, assessing if they would be suitable for my family.

Climate

Generally comfortable and stable, without extreme temperatures.

Indonesia’s Economic Landscape: What Makes It Unique?

Indonesia is a massive country, both in terms of geography and population.

It’s the world’s 14th largest country by area and the 4th most populous, with over 270 million people. Its location, in the heart of Southeast Asia, fosters strong partnership opportunities with neighbouring countries like Singapore.

Indonesia’s economy is growing at a robust 5.1% GDP rate, attracting over $20 billion in foreign direct investment in 2023 alone, with even higher expectations for next year.

Several factors drive this growth:

1. Consumerism: Young people drive Indonesia's strong consumer economy.
2. Natural Resources: Rich resources like coal, palm oil, and nickel boost exports.
3. Infrastructure: Significant infrastructure development supports government projects like road construction and energy plants. Indonesia even launched a bullet train last year.
4. Digital Economy: Indonesians have the highest screen time globally, spending an average of six hours a day on platforms like TikTok and Instagram. With 110 million Instagram users and 113 million TikTok users, Indonesia is a social media powerhouse, and social commerce has a penetration rate of around 70%.

Opportunities for Finance Professionals in Indonesia

One challenge Indonesia faces is a persistent shortage of skilled finance professionals.

Reflecting the high demand for finance expertise, especially in specific roles like:

• Corporate Restructuring, M&A, capital raising, business transformation, investment banking, and consulting are widely sought.
• Several fast-growing industries also require finance professionals, including e-commerce, digital payments, fintech, and consumer goods.
• The primary demand is concentrated in cities like Jakarta and Bali, along with surrounding satellite towns for manufacturing and textile roles.

Work Permits in Indonesia

Securing a work permit in Indonesia is not easy due to specific compliance and labor regulations.

Companies must navigate quota requirements (such as 3% or 5% for foreign professionals) and prove that the role requires skills unavailable in the local workforce.

Once approved, the work permit, known as a Limited Stay Permit (ITAS), lasts for one year and can be renewed annually.

Compensation Expectations

Salaries for expatriates in Indonesia are generally 2 to 2.5 times higher than in India.

In addition to a mandatory Eid bonus, stock options and an expat package—which may include housing, transportation, schooling for children, medical care, and travel expenses—are often provided, especially for senior roles.

Cost of Living

Despite higher rental costs in prime areas of Jakarta, it’s possible to save 50-60% of one’s income.

However, costs for housing, groceries (as Indonesia relies heavily on imports), and international schooling can be high.

Challenges in My Role as CFO

Regulatory challenges are a major hurdle.

Indonesia's regulatory landscape changes rapidly, impacting everything from imports to labour laws, which can lead to increased costs and logistical complications.

Additionally, talent shortages, high employee turnover, and logistical issues across Indonesia’s 17,000 islands add complexity to managing operations.

A robust technology infrastructure is essential to handle the multi-channel financial management necessary in such a diverse landscape.

Wrapping up...

Looking back, I don’t regret moving to Indonesia, even though the post-COVID boom has been phenomenal in India, with friends and ex-colleagues moving around Zepto, Zomato, and Swiggy.

Yes, I missed the startup energy in India, so I ventured into angel investing during the COVID-19 pandemic.

Since then, I’ve invested in over 30 startups across sectors like health tech, climate tech, and fintech, keeping me closely connected to India’s dynamic ecosystem.

Big question - If you’re thinking about relocating, I’d say welcome!

Key factor: Focus on finding a sector that aligns with government priorities and consider whether the lifestyle suits you and your family.

Indonesia has incredible opportunities for growth, and it’s a place where finance professionals are truly in demand.

That i it for today!!!

The Finance Story Team