The $100-million capital commitment, it was later announced, was for a new $150-million venture capital fund formed by East Ventures, Sinar Mas and Yahoo Japan to target growth-stage investments.
Founded by former Sequoia partner Yinglan Tan, the fund marks the largest maiden vehicle by a VC firm in SE Asia.
Existing backers include Kejora, Skystar Capital, Gobi & Axiata Digital.
The investment by Patamar, estimated to be in the region of $200,000-300,000, was made through its women SME-focused impact investment fund launched last year in collaboration with the Australian government’s Investing in Women initiative.
The two firms have applied to Bank Indonesia for an e-money licence.
UShift plans to use the funds for expansion to four markets outside Singapore – Indonesia, Thailand, the Philippines and Malaysia.
With a footprint across Hong Kong, Taiwan, Indonesia, Vietnam and the Philippines, the company partners with financial institutions and other strategic partners in each country to enable and settle cross-border remittance via banks and various modes for top-up and last mile delivery.
Grab and Ovo have another common link: The Riady family. The Riady family, which owns the Lippo Group, has invested in Grab through Venturra.
It acquired Kartuku, Midtrans and Mapan marking the largest exit in Indonesia’s nascent startup ecosystem so far.
It had earlier announced plans to sell a 30% stake via IPO in 2020.