BRI Ventures on Tech Winter: A Continuing Challenge for Venture Capital

Disciplined Investment Approach Amid Uncertainty

PT BRI Ventura Investama (BRI Ventures) believes that the tech winter phenomenon continues to affect the venture capital industry, according to Indra Bayu Gunawan, the company's Chief Financial Officer. In response, BRI Ventures is maintaining a disciplined investment strategy, focusing on businesses with strong fundamentals and a clear path to profitability. This selective and adaptive approach allows the company to navigate industry dynamics while prioritizing sectors with sustainable growth potential and synergies within the BRI Group ecosystem.

Balancing Growth and Risk Management

The venture capital industry now faces the challenge of balancing growth opportunities with effective risk management, particularly amid global uncertainties and their impact on the fintech sector. BRI Ventures views this balanced approach as crucial for future success. Indra emphasized that venture capital firms are becoming more prudent, needing to carefully consider global uncertainties, regulatory changes, and startups' ability to adapt to evolving market expectations.

Industry Outlook and Diversification

As of October 2025, Indonesia's venture capital portfolio remains diversified according to Otoritas Jasa Keuangan (OJK) data, with the largest allocation in the trade sector (Rp7.86 trillion or 46.48%), followed by rental services (Rp2.17 trillion or 12.85%) and information and communication (Rp1.81 trillion or 10.68%). Experts suggest that while trade dominates venture debt corporation (VDC) investments, venture capital corporation (VDC) focuses more on telecommunications and information technology.

Expert Insights on Recovery and Challenges

Nailul Huda from the Digital Economy Center at Celios noted that while VDC and VCC disbursements are expected to recover, challenges persist. VDCs face issues related to consumer purchasing power, while VCCs must address investor confidence in Indonesia's digital economy climate. Issues such as mismanagement and fraud continue to affect investor perceptions. Despite these challenges, growth is expected to improve, particularly for VCCs, with potential double-digit growth in the coming year.