Yummy Corp is an affiliate of Indonesia’s food & beverage and entertainment major Ismaya.
Tanglin has already made half a dozen investments from its first fund.
Aruna is understood to have secured funding in the sub-$5-million range.
The fundraising plan follows a restructuring exercise with Sinarmas Group integrating two of its businesses - distribution and logistics - with Bizzy.
The investment pegs the valuation of the fintech startup at $20-25 million.
The tie-up will entail a co-GP arrangement wherein both the firms will scout for investment opportunities together.
The startup is also in talks with VC firms such as East Ventures, Agaeti and SMDV to garner funding.
The Indonesia deal likely forms part of the firm's global strategy of divesting from non-core services in its portfolio.
The startup is looking to expand its footprint, operations and distribution infrastructure to eight major cities.
The firm is in advanced talks with East Ventures, SMDV and Agaeti Venture Capital to raise capital.
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