By Joji Thomas Philip
The fund could end up raising as much as $250 million.
In a heated race to become Southeast Asia’s super-app, Grab Indonesia managing director Ridzki Kramadibrata said the startup is “on good track” towards achieving that goal.
“One really important point regarding the growth of the market is the ‘payment’. Payment is the stopper. Logistics is a challenge but it’s not a stopper,” according to Bukalapak co-founder.
The investment comes just four months after Fore Coffee’s undisclosed amount of seed funding raised from East Ventures.
In the long term, it will create opportunities for consolidation as well as the growth of new niches, investors and founders shared during DEALSTREETASIA’s Indonesia PE-VC Summit 2019 recently.
Traveloka has followed the lead of fellow Indonesian unicorn Go-Jek, which set up its engineering facility in India back in 2016.
The deal comes after Ophir rejected Medco’s $437 million potential buyout offer earlier this month, saying it undervalued the company.
MDI’s first exit came in late 2017 when Japanese adtech startup Geniee listed on the Tokyo Stock Exchange. This was followed by a trade exit of another international portfolio firm last year.
Cuaca said there are ample opportunities available over and above the innovation that has already taken place in Indonesia in terms of digital infrastructure, payments and delivery.
Sovereign’s Capital typically makes growth-stage investments in consumer SaaS, B2B tech, healthcare IT, and medical device startups with $500,000 to $10 million in revenue.