Shiji had in early 2018 secured an investment of $486 million from Chinese internet giant Alibaba in exchange for a 38% stake in a subsidiary.
Prior to the acquisition, which took place late last year, Bibit was an OJK-licensed tech-based mutual fund seller.
The funding round, which saw SoftBank contributing 4.5 billion won ($4 million), is the first raised by the South Korean startup.
The company raised over Rp 630 billion ($45 million) in its November 2018 IPO and followed it up with a 30% stake in startup Pawoon.
The fund will be deployed through sale-leaseback, built-to-suit, and other types of transactions.
The latest funding will help the company further expand into key Indonesian cities, launch new verticals, enhance sales and marketing efforts, and hire new staff.
Qlue CEO Rama Raditya said the funding from MDI was “mostly strategic” and will be used to hire talent in the field of artificial intelligence.
The funding comes from new investors Korean Teachers’ Credit Union (KTCU) and the CITIC Securities One-Belt-One-Road (CSOBOR) Fund, and Warburg Pincus.
Before joining General Atlantic, Saboo was a Business Development Director at CT CORPORA for over 12 years.
The fresh funding will help the company scale up its operations and will also be used to disburse loans to the country’s SMEs.