Malaysia's Axiata sells digital ventures portfolio to Pegasus 7 Ventures

Axiata Digital CEO Mohd Khairil Abdullah

Axiata Digital, the digital services arm of telecommunications giant Axiata Group Bhd, has entered into an agreement to sell its digital ventures portfolio at a valuation of $140 million to Singapore investment fund Pegasus 7 Ventures, it said in a statement on Tuesday.

Its portfolio companies include StoreKing, BIMA, FreedomPop, 11street and etobee with operations across Asia, US and Africa. These investments were made with co-investors that include Allianz X, Kinnevik, Millicom, LetterOne, Intel Capital, Atomico, Mangrove Capital Partners, LeapFrog Investments and Kejora Ventures.

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