IIM Bangalore Goes Global: First Overseas Campus Opens in Indonesia

• Chief Minister Omar Abdullah bets on Enterprise over Subsidies
• IIM Bangalore charts global leap by establishing first overseas campus in Indonesia and announces decision to admit undergraduate students

More than 1500 delegates came together at IIMBue 2026 this morning as IIM Bangalore's flagship alumni leadership conclave IIMBue 2026 opened under the theme 'Changing the Orbit'.

Prof. Dinesh Kumar, Director-in-charge, IIM Bangalore, while welcoming the delegates made two announcements. For the first time in its history, IIM Bangalore will admit undergraduate students through the newly established Gorur Ratan Tata School of Undergraduate Studies, supported by a grant from Tata Trusts and IIM Bangalore will establish its first overseas campus in Indonesia. The campus is expected to strengthen the institute's presence across Asia. "Nation building remains our key goal. We remain committed to making an impact. We are reimagining our engagement with our wonderful alumni”, he said.

Delivering the keynote address, Jammu and Kashmir Chief Minister Omar Abdullah said that the Union Territory's long-term prosperity would hinge less on government spending and more on creating an ecosystem where enterprise can thrive. He made a strong pitch for entrepreneurship as the next driver of Jammu and Kashmir's economy, saying confidence, strong institutions and policy predictability are the "real infrastructure" that attracts investment and creates jobs.

"Confidence is productive infrastructure," Abdullah said. "A government's task does not end with what it builds. It has to rebuild confidence, reduce uncertainty, improve predictability and restore the belief that effort will find opportunity." He argued that while governments can build roads, schools and hospitals, sustainable economic growth ultimately depends on whether citizens are willing to invest, innovate and take entrepreneurial risks.

Drawing a parallel with Jammu and Kashmir's landmark agrarian reforms after Independence, Abdullah said land was the defining productive asset of the last century, but enterprise occupies that position today. "If land was the productive asset of that age, ours is enterprise. Broadening access to enterprise is the modern equivalent of broadening access to land," he said, adding that entrepreneurial capability must be built through strong institutions rather than distributed through state patronage.

The announcements by IIM Bangalore and Abdullah's call for enterprise-led growth converged around a common message at the conclave: India's next phase of development will be driven not merely by public investment, but by institutions that inspire confidence, entrepreneurship and innovation.

At the opening fireside chat of IIMBue 2026, 'Bridging Capital, Building Futures: The India-Japan Story', Sundeep Sikka, MD & CEO, Nippon Life India Asset Management Ltd., joined Prof. Chetan Subramanian of IIMB for a conversation on long-term capital, investing and the lessons India and Japan can learn from each other. "India has scale; Japan teaches you how to sustain that scale. We need to mesh Indian flexibility with Japanese discipline and long-term planning”, said Mr. Sikka, arguing that lasting partnerships require adapting global best practices to local realities rather than replicating models wholesale.

At IIMBue 2026, Siddharth Sharma, Chief Executive Officer, Tata Trusts, offered a compelling perspective on influence, which he said acquires meaning only when it creates lasting public value “The strength of a nation must be determined not only by what it produces, but by what it enables— opportunity, trust and dignity for its people. That idea has guided the Tata philosophy for well over a century. For us, philanthropy has never been separate from nation building; it has been one of the most enduring ways of making nation building possible. It is particularly meaningful to discuss this here, having announced our philanthropic commitment towards IIM Bangalore’s School of Undergraduate Studies. Through such endeavours, we encourage ourselves to not only ask how far India can go, but what kind of society we hope to leave behind.”

At IIMBue 2026, Vineeth Suresh, Centre Director & India Head, Heineken Business Services India, and Deval Shah, VP & GCC Practice Head, Infosys, joined Dr. Anilesh Seth, GCC Advisor, to discuss how Global Capability Centres are evolving from delivery centres into engines of enterprise transformation. The panel agreed that AI is reshaping not just technology stacks but operating models. "GCCs that are close to the enterprise have a deep and clear understanding of the business”, said Vineeth Suresh. "They bring in the transformation by driving acceleration and best practices”.

Deval Shah echoed the need for agility, observing that AI strategies are constantly evolving and organizations must "build a talent force of engineers, not developers”, with “constant recalibration” becoming the new normal. The discussion also highlighted governance as a strategic priority, with accountability to customers and regulators, shared responsibility across partners, and talent models that move young professionals from operational execution to informed decision-making.

MilikiRumah co-founder and CEO Winston Lee names PropertyGuru Group founder-minus-one Faizal Abdullah as newly-minted chief commercial officer

MilikiRumah (“the Company”), a Singapore-headquartered and Indonesia-based social inclusivity PropTech company for good and owner-operator of two world-firsts – an AI-powered rent-to-own programme and a trailblazing AI-centric SaaS consumer eligibility intelligence platform to effectively qualify consumers to become would-be homebuyers in just under 5 seconds – is pleased to announce leadership renewal with the appointment of former PropertyGuru Group founder-minus-one Faizal Abdullah as chief commercial officer.

“Barely a month into his newly-minted role since joining the Company on 4 May 2026, Faizal is already outperforming expectations by effectively driving a record-breaking 50 per cent month-on-month increase in revenue,” states Winston Lee (“Winston”), co-founder and chief executive officer of MilikiRumah. “We've proven the model works — now we're scaling it. Our focus for this next phase is disciplined expansion: Strengthening our commercial leadership, deepening developer and bank partnerships, and continuing to build the technology infrastructure that makes us the go-to platform for housing finance in Indonesia," opines Winston.

The appointment of Faizal marks a significant milestone in MilikiRumah's trajectory as a fast-growth PropTech organisation; reinforcing the Company's unwavering commitment to operational excellence, revenue growth and strategic commercial expansion across Indonesia. Faizal's depth of experience in revenue generation and business scaling makes him an outstanding addition to MilikiRumah. His leadership will be instrumental as the Company continues to grow its footprint and deliver greater value to business-to-business-to-consumer (“B2B2C”) clients. Underpinned by a robust cap table, MilikiRumah remains steadfastly committed to its partners and stakeholders as the Company continues on its mission of democratising homeownership accessibility to all Indonesians.

"Faizal and I are alumni of PropertyGuru Group and I had the pleasure of working with him for more than 10 years. We kicked off our executive roles in PropertyGuru Group at about the same time with both of us holding the positions of founder-minus-one. Faizal reported to PropertyGuru Group co-founder and chief executive officer Steve Melhuish whilst I reported to co-founder and managing director Jani Rautianen – who is an angel investor of MilikiRumah,” according to Winston. “During Faizal’s stint at PropertyGuru Group as director of sales support and enablement in Singapore, he helped grow overall revenue by 35 per cent year-on-year. When Faizal dual-hatted as acting country manager of PropertyGuru Group’s marketplace business in Indonesia, he attained market leader status for Rumah.com in a highly competitive and saturated market,” says Winston.

With a housing backlog of 15 million units, Indonesia represents one of the largest underserved housing markets in the world. Millions of households remain excluded from traditional mortgage systems; and MilikiRumah views this nationwide issue as evidence of strong structural demand — creating a significant financing gap.

Winston shares his perspective on how MilikiRumah is empowering homeownership for the underserved by harnessing its best-in-class technology solutions: “MilikiRumah’s first-of-a-kind revolutionary, proprietary technology and data opportunity moat encompasses an artificial intelligence-assisted eligibility and underwriting intelligence and first-party ownership-readiness and affordability data. With every completed transaction, MilikiRumah improves it’s intelligence, credit-scoring and decisioning engine. With a clear path to category leadership, MilikiRumah is positioned to become the infrastructure layer for housing finance; as well as set for expansion into embedded finance verticals adjacent to housing finance,” adds Winston.

MilikiRumah confirms that effective 7 April 2026, former co-founder and President Director Marine Novita is no longer with the Company.

A FORMIDABLE TRACK RECORD SHORED BY AN IMPRESSIVE PORTFOLIO SLATE

Faizal brings to the table, deep expertise in the multinational corporate space in more than 26 years of progressive leadership experience spanning some of Southeast Asia's most respected institutions. Faizal has more than demonstrated proven leadership experience – having built, scaled and successfully exited high-growth ventures spanning a diverse range of industries and geographies including PropTech, commercial real estate development and entrepreneurship.

Faizal was with PropertyGuru Group, from 2015 to 2018, as director of sales support and enablement in Singapore where he grew overall revenue by 35 per cent year-on-year. Faizal was then elevated to acting country manager of Rumah.com and Rumahdijual.com – PropertyGuru Group’s marketplace businesses in Indonesia. Reporting directly to the chief executive officer and chief business officer, Faizal was tasked with enabling the successful delivery of commitments made by the sales team; along with maximizing revenue growth through pricing and yield levers. Under Faizal’s cross-border leadership across Singapore and Indonesia, PropertyGuru Group attained market leader status across the 4 markets it operated out of – including Malaysia and Thailand.

At Rumah123 – a 99 Group business unit in Indonesia, Faizal was senior vice president from 2023 to 2025; helming the company's largest business unit. Faizal was responsible for revenue growth, go-to-market performance, operational efficiency and cross-functional strategy execution. As a senior commercial and transformation leader, Faizal delivered 65 per cent year-on-year revenue growth and expanded customer base by 40 per cent.

As the former co-founder and chief executive officer of KOCO Indonesia for over three years from 2020 to 2023, Faizal built and scaled the cross-border EdTech company from inception to near break-even. Faizal led fundraising, market entry, go-to-market architecture and multi-country operations. Faizal raised USD 1.5 million in seed funding – securing institutional investment from a global EdTech accelerator; and scaling operations across Singapore and Indonesia with cross-functional teams spanning sales, operations, product and partnerships.

From 2018 to 2020, Faizal served as executive director and chief revenue officer at PT. Alam Makmur Property – a Ruby Group company and notable regional real estate developer (“developer”, “developers”) with a portfolio asset worth SGD 2.5 billion. Based in Jakarta, Indonesia, Faizal led the launch of three property developments across Indonesia with a total value of USD 600 million to which, he successfully sold 70 per cent of the residential units in 18 months.

Faizal’s regional leadership experience extends further to Motorola Solutions where he was head of sales enablement across Asia Pacific and the Middle East; and to Hewlett-Packard where he served as senior manager of sales operations for Asia Pacific and Japan – having led the company's lead-to-order transformation and support function. Earlier in his career, Faizal was regional sales manager for Southeast Asia and Hong Kong at Getty Images.

DRIVING COMMERCIAL EXCELLENCE FOR MILIKIRUMAH

As the inaugural chief commercial officer of MilikiRumah, Faizal leads business strategy, profitability, customer performance and execution across multiple functions. Faizal drives strategic initiatives to expand MilikiRumah's market share, strengthen organisational capabilities and enhance long-term competitiveness – all with razor-sharp focus on regional partnerships, go-to-market optimisation, and the Company's expansion into key growth markets across Indonesia.

Widely recognised for his strengths in strategic leadership, business transformation, revenue acceleration and talent development, Faizal's appointment positions MilikiRumah to further capitalise on growing consumer demand and evolving market opportunities across the region.

Faizal chimes in on his recent appointment as chief commercial officer: "I am very pleased to join MilikiRumah at such an exciting stage of its growth journey. Indonesia presents tremendous opportunities for MilikiRumah to empower the underbanked to become bankable homeowners. My focus has always been on translating strategy into real, measurable execution. At MilikiRumah, I am already fostering a far more agile and high-performing commercial and marketing team that delivers sustainable growth while placing our underbanked consumers and valued developer and bank partners at the centre of everything we do," comments Faizal.

MilikiRumah Breaks Barriers With World’s First AI-Powered Credit Intelligence SaaS in PropTech

• MilikiRumah’s AI-powered SaaS stack is currently made up of two components for its B2B2C end-users:
• VERO: Instant credit history verification
• TASYA: AI-powered smart customer profiling tool
• MilikiRumah has recorded exceptional usage traction – delivering financial and operational milestones across Indonesia.

MilikiRumah (“MilikiRumah”, “the Company”), operator of the world’s maiden artificial intelligence (“AI”)-powered software as a service (“SaaS”) credit intelligence and mortgage readiness tool and the first rent-to-own program, today announced the Company has delivered a raft of landmark performance milestones for its revolutionary SaaS solution specifically tailored for business-to-business-to-consumer (“B2B2C”) end-users.

In setting groundbreaking benchmarks in the PropTech space, Winston Lee (“Winston”), co-founder and chief executive officer of MilikiRumah states: “MilikiRumah cements its position as the world’s leading social inclusivity for good PropTech company; backed by our revolutionary technology capability – the likes of which have never been seen before.”

Adds Winston: “With real estate developers (“real estate developers”, “developers”) and their cohort of would-be homebuyers, as our valued B2B2C end-users, recording exponential growth in token usage of our proprietary SaaS solution, MilikiRumah is already demonstrating rapid scalability and clear categorical leadership in the PropTech sector; underpinned by the Company’s proven set of financial and operational results.”

FINANCIAL AND OPERATIONAL MILESTONES

• Real estate developer onboarding: 151 projects across 73 developers
• Sales orders: 48% average month-on-month growth; peak 159% in a single month
• Usage: 117% average monthly growth; peak 362% in a single month
• B2B2C end-user retention: 98% since October 2025
• Big data: 37,509 home-seeker data points collected, doubling from Feb 2026

SOLVING A MULTI-BILLION DOLLAR INEFFICIENCY

Indonesia's property sector faces a structural conversion problem: 50 to 70 per cent of leads fail bank eligibility checks, while manual credit history checking processes take up to 14 days!

Consequently, this legacy system results in significant wasted advertising expenditure, inefficient sales cycles, and foregone real estate developer revenue measured in the billions of rupiah each month. MilikiRumah's integrated B2B2C SaaS solution directly addresses this inefficiency by converting uncertain leads into verified, ready-to-buy homeowners – faster, more accurately, and at scale. MilikiRumah's B2B2C SaaS tool is currently available in Indonesia; with a planned expansion pipeline across the broader East Asia region.

“By combining AI-driven credit intelligence with real-time data integration, we are enabling faster, more accurate decisions, unlocking new opportunities for businesses and aspiring homeowners alike – and establishing a strong commercial baseline from a standing start,” according to Prasma Anindita (“Pras”), MilikiRumah’s director of technology.

"Simultaneously, we have rapidly scaled our proprietary data advantage, doubling our dataset of verified home seeker profiles sourced directly from banks and developers. This continuously strengthens MilikiRumah's AI engine and big data repository, reinforcing our barriers to entry and reflecting a rare product competency and mission-critical adoption among our end-users. Developer satisfaction and deep product adoption remain at their highest levels – and we are only just getting started," comments Pras.

UNLOCKING A MASSIVE UNDERSERVED MARKET

• DBS Bank: 96–97.7 million adults unbanked (~48% of adult population)
• Yusof Ishak Institute: 80% of Indonesia’s 275 million population unbanked/underbanked
• Housing backlog: 15 million units as of April 2025

Beyond B2B2C SaaS monetization, MilikiRumah is uniquely positioned to capture value from Indonesia’s large underbanked population and housing backlog; and the metrics are staggering:

According to Singapore multinational banking and financial services corporation DBS Bank Limited: “Indonesia has one of the world's largest unbanked populations, estimated at roughly 96–97.7 million adults, representing about 48 per cent of the adult population. While financial inclusion is rising, many in rural areas remain underserved, fuelling a rapid shift toward fintech and digital banking to reach these individuals,” – source: https://www.dbs.com/newsroom/Indonesia_Has_the_Fourth_Largest_Unbanked_Population_in_the_World_Heres_How_Bank_DBS_Indonesia_Promotes_Financial_Inclusion

In a far more seismic data point reported by Yusof Ishak Institute, and formerly Institute of Southeast Asian Studies which was established as an autonomous organisation by an Act of Parliament in 1968: “About 80 per cent of Indonesia’s 275 million population are unbanked and underbanked.” – source: https://www.iseas.edu.sg/iseas-perspective/2023-78-the-digital-transformation-of-indonesias-banking-sector-current-trends-and-future-prospects-by-manggi-habir-and-siwage-dharma-negara/ via a presentation by Tigor Siahaan, President Director of Superbank.

See: https://www.iseas.edu.sg/mecevents/digital-trends-altering-indonesias-banking-landscape/

Indonesia’s housing backlog has risen and as reported by Indonesia’s foremost leading English language national daily: “Indonesia's housing backlog has risen to approximately 15 million units as of April 2025, driven by population growth and low ownership rates, particularly affecting low-income workers.” – source: https://www.thejakartapost.com/business/2025/04/23/indonesias-housing-backlog-rises-to-15-million-this-year-deputy-minister.html

A SCALABLE SAAS INFRASTRUCTURE

• AI-generated credit intelligence
• Real-time data integration
• Conversion optimisation
• Continuous feedback loops

MilikiRumah's highly scalable SaaS model is architected around four core capabilities: proprietary AI-generated credit intelligence and mortgage readiness infrastructure, real-time data integration sourced directly from real estate developers and banks, conversion optimisation, and continuous feedback loops that progressively strengthen the platform's predictive accuracy over time.

This infrastructure enables real estate developers and banks to identify mortgage-ready buyers at the point of enquiry – eliminating wasted sales effort on unqualified leads, reducing mortgage rejection rates and unit hold-ups through early eligibility assessment, and accelerating the booking-to-closing cycle with data-driven property and payment scheme recommendations. Developer partners have reported booking uplifts of approximately 50 per cent as a direct result of platform adoption attributed to the exponential spike in homebuyer confidence after being assessed by MilikiRumah’s B2B2C SaaS tool.

360° HOMEBUYER PROFILE

At the core of MilikiRumah's platform is a unified customer intelligence layer that combines transaction data, credit history, behavioural signals, and predictive modelling into a single, actionable 360° homebuyer profile. This integration enables developers to assess each prospective buyer's needs, risk profile, and instalment capacity with a depth and accuracy previously unavailable in all of Indonesia and across the globe.

Powered by AI and machine learning, the platform generates precise estimates of eligibility for mortgage loans of consumers of real estate developers, instalment obligations, repayment capacity, and income range – translating raw data into smart, reliable recommendations for the most suitable residential units, payment schemes and homeownership pathways for each individual buyer. The result is faster sales closing for the developer, higher contract success rates, and materially improved customer experience throughout the sales process.

MILIKIRUMAH’S AI-POWERED B2B2C SAAS STACK

• VERO – INSTANT CREDIT HISTORY VERIFICATION:
• VERO is MilikiRumah's proprietary credit history checking and verification engine, delivering a complete Bank Indonesia ("BI") eligibility assessment in as little as five seconds!
• For developers, the commercial impact is direct and measurable: VERO enables the identification and selection of mortgage-ready buyers from the very first point of contact, materially reducing mortgage rejection rates, minimising stalled unit inventory, and accelerating both the sales process and booking decisions. 
• By filtering out ineligible prospects early, sales teams are freed to focus their time and resources exclusively on qualified buyers – reducing customer acquisition costs and improving overall conversion rates.
• VERO's core capabilities include real-time BI and bank data integration, precise credit risk identification, and faster, more certain closing outcomes – compressing what was previously a multi-day administrative process in a matter of seconds.
• TASYA: AI-powered SMART CUSTOMER PROFILING 
• TASYA is MilikiRumah's proprietary AI sales advisor and predictive profiling engine. 
• MilikiRumah's platform delivers quantifiable improvements across the credit assessment and sales conversion lifecycle. DBR analysis – previously requiring 14 days via traditional channels – is now performed instantly, reducing processing time of more than 90 per cent. 
• Through the instant calculation of a prospective buyer's DBR via direct application programming interface integrating, TASYA delivers comprehensive consumer profiles in real time – drawing on consumer personal statements, income prediction modelling, and data integration across multiple sources to determine instalment capacity with precision.
• For Indonesia’s residential real estate developers and MilikiRumah’s B2B2C end-users, TASYA translates this intelligence into direct commercial outcomes. 
• By recommending payment schemes calibrated to each buyer's instalment ability, TASYA increases the probability of contract approval; and focuses the sales journey on ready- and financially-capable customers, and supports more confident, data-driven decisions at every stage of the sales process.
• Beyond its individual capabilities, TASYA functions as a predictive segmentation tool: matching would-be homebuyers to optimally suitable residential units and financing options offered by Indonesia's retail banks, based on AI-driven analysis of income, instalment capacity, and consumer behaviour.
• "By harnessing the power of VERO and TASYA, B2B2C end-users translate that capability into lower customer acquisition costs, higher inventory turnover, and improved revenue realisation," says Prasma. "With strong early traction, high retention, and accelerating usage, MilikiRumah is building a defensible, data-rich infrastructure – swiftly becoming the go-to trusted tool for property transaction qualification in emerging markets."

REAL ESTATE DEVELOPER TESTIMONIALS

• The presence of MilikiRumah has significantly improved our business processes. MilikiRumah is invaluable for business owners who prioritise speed,” – Angga Budi Kusuma, President Director, Pesona Kahuripan Group.
• “We can directly check all prospects using MilikiRumah. The business process is more streamlined and accelerated, increasing bookings by around 50 per cent,” – Anton Suwandi, President Director, Citanusa Group.
• “Harmony Land Group manages several projects simultaneously. Bogor Green Resort, which has used MilikiRumah, appears more responsive and ultimately closes faster,” – Fithor Muhammad, chief executive officer, Harmony Land Group.
• “Prospective buyers who visit can immediately request a deposit, increasing conversion rates twofold,” – Michael J. Pratama, sales section head, Akasa Pure Living BSD. 

MILIKIRUMAH’S OTHER WORLD-FIRST: RENT-TO-OWN PROGRAM

For consumers who do not currently qualify for a conventional bank mortgage, MilikiRumah’s world-first AI-powered Rent-to-Own programme provides a structured, personalised 12-month pathway to build payment track records, financial literacy, and credit profiles – graduating participants to become bankable, mortgage-ready homeowners. 

• LinkedIn (CEO Winston Lee): https://www.linkedin.com/in/winston-lee-a2107126/
• LinkedIn (Finance Director Lau Xin Yuan): https://www.linkedin.com/in/lauxinyuan/
• Corporate Facebook: https://www.facebook.com/profile.php?id=61574959116140
• Corporate Instagram: https://www.instagram.com/milikirumah_com/
• Corporate LinkedIn: https://www.linkedin.com/company/milikirumah-rightkey-capital-pte-ltd/
• Corporate TikTok: https://www.tiktok.com/@milikirumah_com
• Website: https://www.milikirumah.com/en

LEADERSHIP

• Winston Lee, Co-founder & CEO – Award-winning entrepreneur, former PropertyGuru executive, pioneered AI-powered rent-to-own and credit intelligence SaaS.
• Lau Xin Yuan, Co-founder & Finance Director – Oversees finance, investor acquisition, fundraising; founder of Digiboost Marketing.
• Faizal Abdullah, Chief Commercial Officer – 26+ years leadership, ex-Rumah123 SVP, ex-KOCO Indonesia CEO.
• Prasma Anindita, Technology Director – MSc Computer Science, Utrecht University; seasoned developer, serial entrepreneur.

Tata Motors Indonesia Secures its Biggest Order for 70,000 Yodha and Ultra T.7 Vehicles for Deployment in Indonesia

PT Tata Motors Distribusi Indonesia, a wholly owned indirect subsidiary of Tata Motors Limited (Tata Motors Limited and PT Tata Motors Distribusi Indonesia together referred as ‘Tata Motors’), has informed that it has entered into an agreement for the supply of 70,000 vehicles for deployment in Indonesia. The vehicles will be used to support agricultural activities and rural logistics, including farm‑to‑market transportation and regional goods movement across the country.

Tata Motors will support with supply of 35,000 units each of the Yodha (pick-up) and the Ultra T.7 (truck), to its subsidiary PT Tata Motors Distribusi Indonesia. The vehicles will be delivered to PT Agrinas Pangan Nusantara, an Indonesian state‑owned enterprise, focused on modernising agricultural supply chains, empowering rural cooperatives and advancing national food security initiatives. Through the Koperasi Desa and Kelurahan Merah Putih Project, major strategic projects of Indonesia, the vehicles will also support Indonesia’s broader nation‑building efforts by strengthening rural connectivity, livelihoods and economic resilience.

Engineered for operating in diverse and demanding conditions, Tata Motors’ trucks and pick-ups will lower logistics costs and enable efficient movement of goods across Indonesia. The fleet will be rolled out through agricultural cooperatives under a structured, phased delivery programme to ensure seamless integration and sustained operational impact across Indonesia.

Commenting on the development, Mr. Asif Shamim, Director, PT Tata Motors Distribusi Indonesia said, “This order reflects the continued acceptance of Indian commercial vehicles in international markets and the confidence of customers in their ability to operate reliably across diverse conditions. The Tata Yodha and the Ultra T.7 are designed for sustained performance, high uptime and efficient operating economics. Their deployment will support agricultural logistics in Indonesia by improving connectivity, enabling more efficient movement of goods across rural and regional networks. We remain committed to expanding the global footprint of Indian mobility solutions through vehicles and offerings that combine scale, reliability and sustained value creation for our customers.”

Tata Yodha: A rugged, last‑mile mobility platform, built to operate where terrain, load and reliability are non-negotiable—enabling productivity at the grassroots by seamlessly connecting farms, villages and rural enterprises to markets.

Tata Ultra T.7: A refined, high‑efficiency truck designed for modern logistics, combining durability, superior uptime and driving comfort to support dependable cargo movement across both urban and rural networks.

Tata Motors offers one of the industry’s most comprehensive commercial vehicle portfolios across over 40 countries, spanning sub‑1‑tonne to 60‑tonne cargo vehicles and 9‑seater to 71‑seater mass mobility solutions. Supported by advanced R&D, deep manufacturing expertise and rigorous validation standards, Tata Motors continues to reinforce India’s position as a trusted global source for purpose-built mobility solutions.

About Tata Motors Ltd (Formerly TML Commercial Vehicles Ltd):

Part of the USD 180 billion Tata Group, Tata Motors Ltd., (BSE: Scrip code 544569; NSE: Scrip code TMCV) is India’s largest and a globally renowned manufacturer of utility vehicles, pick-ups, trucks, and buses. With over eight decades of leadership in commercial mobility, the company is known for its innovation, reliability, and performance. Its advanced powertrains, connected technologies, and intelligent fleet solutions support a wide range of applications—from last-mile delivery to public transport while seamlessly driving the wheels of the nation’s economy. Guided by its brand promise Better Always, Tata Motors delivers future-ready solutions that enhance customer experience and drive sustainable growth. The company operates in India and South Korea, with a global presence across Africa, the Middle East, Latin America, Southeast Asia, and SAARC countries.

As per the Composite Scheme of Arrangement sanctioned by the Hon’ble National Company Law Tribunal, Mumbai Bench—amongst Tata Motors Limited, TML Commercial Vehicles Limited (the Company) and Tata Motors Passenger Vehicles Limited—the Company’s name was changed to Tata Motors Limited from TML Commercial Vehicles Limited (effective 29 October 2025), and its equity shares are listed on the BSE Ltd. and NSE Ltd.

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Ashok Leyland and PT Pindad Ink Landmark MoU for EVs and Defence Vehicles in Indonesia

Ashok Leyland, the Indian flagship of the Hinduja Group and one of the world’s leading Commercial and Defence Vehicle manufacturers, today signed a landmark Memorandum of Understanding (MoU) with PT Pindad, Indonesia’s premier state-owned defence and industrial equipment manufacturer. The agreement, signed at Pindad’s headquarters in Bandung, marks a major milestone in strengthening bilateral cooperation between the two countries in sustainable mobility and advanced defence technologies.

The MoU outlines a strategic collaboration for the joint development and manufacturing of Electric Buses (EVs) and Defence Vehicles tailored for Indonesia’s growing mobility and national security requirements. The partnership aims to leverage Ashok Leyland’s global expertise in Commercial EV platforms and Defence mobility solutions together with Pindad’s deep engineering capabilities, local manufacturing strength, and longstanding contribution to Indonesia’s defence ecosystem.

The agreement was formalised in the presence of Prof. Sigit P. Santosa, Chief Executive Officer, PT Pindad, Mr. Amandeep Singh, President – International Operations, Defence, LCV & PSB, Ashok Leyland and Lord Tariq, Advisor to the Board, Hinduja Auto.

Indonesia has been accelerating its transition toward sustainable transportation and modernised defence capabilities. This MoU is aligned with the nation’s push for energy-efficient mobility, electric vehicle adoption, and locally produced defence platforms.

Key focus areas under the MoU is to carry out cooperation in the field of Joint Development of Electric Buses and Defence Vehicles.

Mr. Amandeep Singh, President – International Operations, Defence, LCV & PSB, Ashok Leyland, said: “Ashok Leyland has a longstanding legacy of delivering reliable commercial and defence mobility solutions worldwide. Our subsidiary, Switch Mobility has now developed a wide range of electric buses with global appeal. Our partnership with Pindad allows us to jointly develop products uniquely suited to Indonesia’s terrain, infrastructure, and operational needs.”

Adani Enterprises to Exit Indonesian Subsidiary in USD 125 Million Deal with Dubai’s Energico FZCO

Adani Enterprises has announced it will divest its entire stake in PT Adani Global (Indonesia) to Dubai-based ENERGICO FZCO for USD 125 million, with completion expected by November 30, 2025.

Adani Enterprises filed a disposal/divestiture notice on November 6, 2025, confirming the sale of its stake in PT Adani Global (Indonesia) to ENERGICO FZCO for USD 125 million. Media outlets such as ScanX News reported the same details, citing the official filing and highlighting that the divested entity contributed only 0.83% of consolidated revenue and 1.11% of net worth.  

Key Highlights of the Transaction

• Seller: Adani Enterprises Limited (AEL), through subsidiaries in Mauritius and Singapore.
• Buyer: ENERGICO FZCO, a Dubai-based company not affiliated with the Adani Group.
• Deal Value: USD 125 million.
• Completion Timeline: Expected by November 30, 2025.
• Impact on AEL: PT Adani Global (Indonesia) contributed only 0.83% of consolidated revenue and 1.11% of net worth.

Strategic Context

• Portfolio Rationalization: Adani Enterprises has been restructuring global holdings, focusing on core infrastructure, energy, and digital ventures.
• Regulatory Compliance: Buyer is independent of Adani Group, ensuring clean regulatory clearance.
• Capital Allocation: Divestment frees up capital for high-growth projects such as airports, green hydrogen, and data centers.

Broader Implications

• Indonesia Exit: Marks a shift away from coal-linked operations in Southeast Asia, aligning with Adani’s energy transition narrative.
• Investor Sentiment: Small financial impact suggests strategic signaling rather than immediate balance sheet gains.
• Global Footprint: Adani Enterprises continues refining its international presence, balancing risk management with expansion in emerging sectors.

Why It Matters

This move underscores Adani Enterprises’ pivot toward cleaner, scalable businesses while trimming non-core assets. For investors and regulators, it signals a commitment to transparency and compliance in cross-border transactions.

Founded by Former Flipkart, Amazon Execs, E-Commerce Firm Ula Raises $20 Mn in Funding

Ula Co-founders [Image - ula.app]

Jakarta, Indonesia headquartered Ula, which aims to help small retailers solve inefficiencies that they face in supply chain, inventory and working capital, has raised $20 million in a Series A financing round led by existing investor Quona Capital and B Capital Group.

Other existing investors including Sequoia Capital India and Lightspeed also participated in the round.

Ula was, founded last year in January, by a former executive of Flipkart in India, Nipun Mehra, along with Alan Wong (former Amazon executive), Derry Sakti (formerly with FMCG giant P&G in Indonesia), and Riky Tenggara (formerly with  Lazada and aCommerce).

Ula, which brings the power of e-commerce to the small store owners across South East Asia, has offices in Bengaluru, India and Singapore.

Earlier in June last year, Ula raised $10.5 million in a funding round led by Sequoia India and Lightspeed India. SMDV, Quona Capital, Saison Capital, Alter Global and a clutch of prominent angels, and interestingly the whole founding team of India's B2B marketplace, Udaan, participated in that round.

In an interview with TechCrunch, Nipun Mehra, said -

Much like India, much of the Indonesian retail market is unorganized. In the food and vegetable category, for instance, there are lots of farmers who sell to agents, who then sell to markets. From these markets, the inventory goes to small wholesalers, and so on. There are lots of players in the chain.

In one of his previous stints, Nipun Mehra has also worked with Sequoia Capital India.

Serving more than 20,000 stores, Ula currently operates in the FMCG and food and vegetable spaces, but it intends to broaden its offerings to include apparel and eventually electronics.

Alodokter Raises Series-C Extension Funding from MDI Ventures

Suci Arumsari, President Director of Alodokter

JAKARTA, Indonesia , Nov. 12, 2020 /PRNewswire/ -- Alodokter , Indonesia's leading telemedicine superapp, announced today that it has successfully raised funding from MDI Ventures, a corporate venture capital initiative by Telkom Indonesia. This funding is an extension of the USD33M Series C raised in 2019 by Alodokter. Former investors such as Sequis, Golden Gate Ventures, Heritas and Hera Capital also joined this extension.

Donald Wihardja , Chief Executive Officer of MDI Ventures stated ," As a Corporate Venture Capital arm of Telkom group, MDI has always seen our role as a bridge to bring excellent innovations from the best and proven startups to partner and grow with telkom. With the new, larger, funding we received from telkom this year, we are also tasked to bring such innovative partnership to other state-owned enterprises, especially in such critical sectors like Healthcare. With the rise of the adoption of telemedicine, and the leadership of Alodokter, we look forward to help spread the impact of such solution throughout Indonesia ."

Suci Arumsari, President Director of Alodokter ,  stated, "MDI's investment into Alodokter proves our commitment towards improving millions of lives across Indonesia . This funding brings together Telkom Indonesia's public service mission for Indonesians and Alodokter's business approach to supporting general healthcare. We will utilise this funding to scale up our ability to deliver on the expectations of Indonesian users and enhance our digital health platform to be more robust, accessible and affordable."

The platform connects more than 30,000 doctors and 1500 hospitals and clinics with millions of Indonesian patients. It also arrays a wide array of services around telemedicine such as offline doctor booking, insurance services and digital healthcare content. Alodokter is also set to launch new epharmacy services in the next few months. The company is building one the world most complete 1-stop solution for people to fully manage their health.

According to Similarweb and apptopia, Alodokter is the most used healthcare platform in Indonesia both in mobile web and app. The company currently boasts over 27 million monthly active users or more than 10% of all Indonesian population using at least once a month Alodokter services. This fast trend towards digital health is today mostly driven by young female adults that account for more than 70% of its app users.

"Our secret sauce has always been our deep focus on medical excellence. We created Alodokter to provide reliable and trustworthy medical services for all Indonesians. We always believed that if providing high quality medical services at a very affordable price was the key to attract millions of patients. This strategy is paying out and we are very proud to support millions everyday," says Nathanael Faibis , Alodokter CEO.

MDI Ventures is the corporate venture capital initiative of Telkom Indonesia. This announcement paves the way for a long-term strategic collaboration between Alodokter, MDI Ventures and Telkom Group, as the telemedicine platform expands to serve the Indonesian population's rising needs better.

About Alodokter

Alodokter is the leading Indonesian healthcare superapp created in 2014 by Nathanael Faibis and Suci Arumsari. Alodokter provides an end-to-end digital solution to patients including telemedicine, doctor booking, medical content and health insurance services. As the leading telemedicine platform in Indonesia , Alodokter has more than 27 million monthly active users, and more than 30,000 certified doctors on the platform.

World's 1st COVID-19 Business Readiness and Impact Assessment Tool Launched by Indian-Indonesian Venture

• More than 50,000 Indian companies and 10,000 Indian start-ups can benefit from the CoRe among the 100,000 companies expected to use it globally


• Orbit Future Academy from Indonesia and Natio Cultus in India have developed an advanced tool for businesses to quantify and understand the impact of COVID-19 on their businesses.


• A first-of-its-kind, the tool was created based on the extensive experience of Cultus in this field and the combined skills and experience of the contributors; Nalin K Singh, Sachin V Gopalan, Dr. Ilham A Habibie, Deny Rahardjo & Sunil Girdhar

The onset of the COVID-19 pandemic has forced business owners and entrepreneurs to re-examine their business continuity plans. Orbit Future Academy, in partnership with Cultus has created CoRe, the world's first COVID-19 Readiness & Business Impact Assessment Tool.

CoRe uses powerful algorithmic tools to allow an individual to assess the impact of COVID-19 on their business. It analyses twenty-eight factors that are impacting businesses in these times along with the answers provided by the user to formulate a quantified impact score between 0 and 99. A low score indicates future difficulties for a company, whereas a high score not only suggests that the company is healthy, but also indicates that there exist potential opportunities for growth.

This Indian-Indonesian venture provides businesses with an analytical basis to assess and formulate business plans and long-term strategy for the post-COVID world. Moreover, the tool generates the report within 4 hours of submission of answers by the user and the tool is reasonably priced at US$9.45. The time a user spends is less than thirty minutes. The report comes with an explanation provided by industry leaders and offers possible scenarios for your business to help it encounter potential challenges.

Dr. Ing Ilham A Habibie, who is analyzing the socio-political impact of COVID-19 stated, "With great economic uncertainty engulfing businesses around the world including Indonesia, entrepreneurs and business owners need new tools to navigate their way our of the COVID-19 pandemic. Technology can be an enabler for businesses to survive the current downturn and prepare for the post-COVID-19 environment."

Nalin Kumar Singh who led the project explains: "The tool provides business owners an understanding of the severity of the impact to their business, whether positive or negative and provides business owners the baseline from which to get a headstart in planning for the post-COVID world." The online tool is available at multiple platforms including the primary website www.orbitfutureready.com.

The technical architect, Sunil Girdhar elaborates on the challenges in building the assessment tool, "It was not about just giving a score. There are so many factors that are impacting businesses individually and in combination depending on where the business is located, where their clients are, their cash position, the industry they are in, the supply chain disruption and so on. The tool appears as a simple thirty minute questionnaire at the front-end but the complexity of the algorithm is immense."

Sachin V Gopalan, who helped build the strategic outreach plan for the tool stated that, "We will use this tool to assess not only over 10,000 existing companies and start-ups in our and partner ecosystems, but also the 3,500 new Post-COVID start-ups that we have been asked to incubate, train and mentor over the next 3 years. We are working closely with several Indonesian Government agencies and Universities to mitigate the effects of a post-COVID world by creating new jobs and start-ups at a grassroot level. The aim is to bring in technology based innovations, build local supply chains solutions and kickstart the process of value creation and money flow at a village level."

CoRe aims to start as a quick assessment tool but will eventually use elaborate AI algorithms to suggest and recommend new approaches and directions based on data emerging from the collective wisdom and action of companies, entrepreneurs and innovators who are responding in myriad ways to the business impact of COVID-19.

Orbit Future Academy has been founded with the aim of improving the quality of life through innovation, education and skills training. The Orbit brand is a continuation to the legacy of the Late Dr. Hasri Ainun Habibie and the Late Prof. Dr. Ing. B J Habibie, 3rd president of the Republic of Indonesia. They both have been a moving force in supporting the development of Education, Innovation and Technology in Indonesia.

Natio Cultus is a global strategy consulting company. We counsel our clients on their key strategic issues, leveraging our deep industry expertise and using analytical rigor to help them make informed decisions more quickly and solve their toughest and most critical business problems. We cut through the standard layers of Corporate speak to align you and your organization for optimum focus towards your clients & markets.

Started by industry veterans with more than twenty-five years' experience each, in some of the top global corporates; we are committed to aligning vision of the company to its strategic objectives. Regardless of whether you are a start-up looking for a distilled strategy or a mid-size company looking at international markets or a large company looking for complete organizational transformation or an executive looking for career advice or a business leader looking for strategic guidance; we are your partners every step of the way. We don't just advise but implement & deliver!!

NIUM (formerly InstaReM) launches Digital Cross-Border Payments Platform in Indonesia

Consolidating its strong position in the digital cross-border payments space in Southeast Asia, the recently-rebranded NIUM (formerly, InstaReM) has received the Fund Transfers license from the Bank Indonesia. With NIUM’s innovative payments platform, retail consumers, Small & Medium Enterprises (SMEs), Financial Institutions and the other payment service providers in Indonesia can look forward to a seamless digital experience while moving money – whether sending or receiving - across borders.    

NIUM-powered PT InstaReM Mitra Indonesia is registered as a Fund Transfer Operator with the Bank Indonesia to remit and transmit funds in and out of Indonesia. NIIUM’s digital money transfer service will enable consumers and enterprises in Indonesia to send money to over sixty destinations globally efficiently and cost-effectively. 

The NIUM platform will also enable globally-connected enterprises and fintech companies in Indonesia to make B2B commercial payments, issue their own-branded employee expense cards, supplier card payments and customer cards. The NIUM platform will also enable the enterprise users in Indonesia to automate and expedite the receipt of multi-currency payments from the different parts of the world with account real-time receivable tracking.  

Prajit Nanu, the India-born Co-founder and CEO of NIUM (formerly known as InstaReM) said: “We already serve Indonesia as an inbound market and are excited to launch our complete value proposition now with the new license that empowers us to conduct outbound transfers from Indonesia. With Indonesia’s enterprising population increasingly connecting with their global counterparts, we see immense potential for cross-border money movements in and out of Indonesia. One of the most promising markets in the Asia, Indonesia offers a great ecosystem for fintech services like NIUM to develop and grow. We are confident that NIUM’s innovative payments solutions will enable individual and enterprise users in Indonesia to send, spend and collect money to and from any part of the world – while saving on high transaction costs that are associated with traditional methods.”

NIUM’s Indonesian operations will be headed by the industry veteran Vadyo Munaan, who comes with extensive experience in financial services and payments industry at reputed organisations including Citibank GCB, Cigna International, Mastercard, Visa, Banks of Indonesia and MoneyGram.

"With growing individual remittances, cross-border trade, e-commerce, and freelancing opportunities, there is an urgent need for an efficient platform in Indonesia that addresses the needs of different stakeholders while sending or receiving payments across borders. With its unmatched technological capabilities and strong global banking partnerships, NIUM's digital platform promises to take the pain out of the process. NIUM's global presence adds extensive payments network to the country’s cross-border payments infrastructure. We are delighted to introduce to Indonesia a full suite of NIUM products and services offering, which is coming at the perfect time to meet the changing needs of the market," says Vadyo.

About NIUM

NIUM (formerly known as InstaReM) was founded in 2015 with a mission to improve the cross-border payments experience for consumers in the APAC region. While continuing to be an expert in consumer remittances, InstaReM expanded and scaled its offerings to meet the needs of SMEs, Financial Institutions, Enterprises and other payment service providers. Its network is powered by a portfolio of licenses, hard-earned by building trust with financial regulators in over 38 countries.

NIUM’s platform - a digital collective of financial institutions, fintechs, eCommerce platforms, travel companies and online markets - offers a wide range of payments services grouped into three categories: Send, Spend and Receive. As a company, NIUM is continuously innovating and pushing boundaries. NIUM aspires to become enabler, creator of an open platform that businesses and partners can use to build a world free of the old constraints and restrictions – a world of Open Money.

Ride-Hailing Giant Grab to Invest $2 Bn in Indonesia using SoftBank funds

Ride-hailing giant Grab is investing USD 2 billion in Indonesia over the next five years, using funds from Japan's SoftBank Group to boost its presence in Southeast Asia's biggest economy, the firms said Monday.

The Singapore-based firm has seen its business grow rapidly since it bought US-based rival Uber's regional ride-hailing and food business in March last year in exchange for a 27.5 per cent stake in Grab.

Its Indonesian investment will focus on building a next-generation electric vehicle transport network and rolling out e-healthcare services to improve access to doctors and medical services across the archipelago.

The announcement came after SoftBank last week said it would partner with tech firms including Apple and Microsoft in a new USD 108-billion investment fund.

It is the long-mooted successor to its mammoth Vision Fund, which took stakes in leading tech start-ups from Uber to WeWork.

"Indonesia's technology sector has huge potential," SoftBank chairman Masayoshi Son said in a statement. "I'm very happy to be investing USD 2 billion into the future of Indonesia through Grab."

The Japanese firm has also invested in Grab, which competes with Indonesian ride-hailing giant GoJek, and offers a host of services, including food delivery and bill payments.

On Monday, Grab also announced plans to build a second headquarters in Indonesia that will house a research and design centre. (AFP)

Indonesia's Largest PoS Provider Moka Acquires Indian Retail-tech Firm GetFocus

Indonesia's largest point-of-sale (PoS) provider Moka has acquired an innovative Mumbai-based retail-tech startup GetFocus for an undisclosed amount, announced GetFocus through its website. With this acquisition, Moka will look to combine synergies with the Mumbai-based startup to strengthen its technology capabilities and leadership.

Founded in 2013, GetFocus uses indoor navigation technology that utilizes existing hardware, like WiFi and mobile phones, to accurately locate consumers inside indoor locations such as malls, shops, airports, warehouses etc.

GetFocus offers an SDK that app developers integrate into their apps. It identifies the real-time location of the users and relays it to the app developer, who can then use this information to send notifications, change the UI of the app, perform business intelligence etc. The company claims its solutions have a total download base of 10 million end-users.

The startup that sounds very innovative managed to raise only one round of funding since December 2015, according to Crunchbase data.

Founded by IIT Bombay graduates, Prateek Chaturvedi (ex-Deutsche Bank), Manoj Gudi (ex-Aakash Tablet) and Aditya Misra (ex-A.T.Kearney), location based mar-tech startup GetFocus had last raised funding, from angels, in December 2015.

Interestingly, Moka’s India Technology Centre is being set up in Bengaluru by Chaturvedi and aims to double its workforce by December. Besides Moka, another Indonesian startup, Go-Jek also has its engineering facility in Bengaluru. GoJEK is planning to launch its bike-taxi service in India in the second half of this year.

Moka, on other hand, has recently raised $24M from Sequoia Capital India in mid of last month, and so far has raised a total of $28M in funding over five rounds from investors including Softbank Ventures Korea, EDBI, a Singapore-based global fund and Jakarta-based Mandiri Capital Indonesia, a corporate venture firm, among others.

Commenting on the acquisition, Moka CEO Haryanto Tanjo said, “Moka has been growing very rapidly in the past and we have more than 12,000 merchants using our services every day. We realised the need to have a very strong technology and research arm in India and acquiring GetFocus will help us strengthen our technology excellence and leadership and bring the best services for your customers.”

Founded by Haryanto Tanjo and Grady Laksmono, in 2014, Moka provides an end-to-end POS and payment solution that caters to small and medium businesses in Indonesia. The service includes an Android/iOS app used by store cashiers and a web back-office that allows store owners to access data such as sales reports, inventory, and customer feedback in real-time.

[Top Featured Image - Moka Founders - (L-R) Grady Laksmono and Haryanto Tanjo]